During the ULI Nashville Annual Emerging Trends in Real Estate event held on December 1, 2015 Washington, D.C ULI’s Executive VP and Chief Content Officer Kathleen Carey stated that Nashville has recently placed 7th nationally in the real estate classification of an “18-hour city” in their Trends in Real Estate 2016 report which is a joint publication of ULI and PricewaterhouseCoopers. 18-hours cities are compared against 24-hour cities include cities Los Angeles and New York.
18 Hour Cities are noted to include metrics such as relatively low cost of doing business and cost of living and vibrant urban core. These metrics tend to yield higher growth and development opportunities suggested Carey.
Nashville based MarketStreet Enterprises development directory Dirk Melton stated that the city’s office market sector could soon experience an increase in cost for Class A building pushing a new floor of $40 per foot.
Atlanta-based SWH Residential Partners managing partner John Tirrill, countered the upward tone of the event with noting the apartment building displaying signs of potential concern with increase of apartments available increasing at a significantly higher rate than the actual demand presented by households noting instability. He noted a growing concern by the investing banks over rents not increasing to match the cost of development noting an average rent of $1,022
Other panelists featured at the ULI Nashville Annual Emerging Trends in Real Estate event included Hendersonville STR Inc. Senior Vice President Jan Freitag on the hotel industry, Panattoni Development Co’s partner Whitfield Hamilton discussing the real estate sector and Colliers International CEO Janet Miller serving as a moderator.
This recap of ULI Nashville Annual Emerging Trends in Real Estate event has been brought to you by Scott Lumley of Resolve Financials, a leading real estate development company in the Nashville area. Scott Lumley specializes in renovating older buildings to a modern day feel.
Scott Lumley offers extensive entrepreneurial experience launching successful businesses including e-dopotonline.com selling electronics wholesale, bifFlame.com offering comprehensive auctioning online and the Large Lots retail chain offering overstock merchandise earning a combined total of over $47 million in 2007.
In addition to Scott’s online and real-estate entrepreneurial adventures Scott acquired the Broncs franchise. The Broncs team has since secured sponsorship deals with a long list of sponsors including Hotel Indigo, NovaCopy and local ESPM affiliate 106.7 FM ‘The Fan’ increasing the Franchise rights by $10,000.