From its variety of parks and bike trails to its fresh produce and amazing restaurants, Minneapolis is the place to be. Locals will quickly rattle off important facts about the town in which there’s always something new to discover. This includes places to eat and shop along with outdoor areas to explore.
Whether you need a new coffee shop, a new pub or a new place to take a walk, our expert locals have dished out their favorite spots. Where will you try first?
1. Harriet Island
There are plenty of outdoor spots to spend the day in Minneapolis. With the largest parks system in the country, there’s never a shortage of options for outdoor fun. But, with so many options, where to go can leave some locals unsure.
An outdoor spot big with locals for its picturesque views is Harriet Island. “It has amazing views of the river and the St. Paul skyline. The paddle boats along the river are fun to see, and you can make reservations to go out on them for dinner or lunch,” shares Jeannine Marie from Jeannine Marie Photography.
2. Lyndale Park Rose Garden
For a walk among the flowers, check out the Lyndale Park Rose Garden. This local gem is the second oldest public rose garden in the country. Jessica Strobel from Jessica Strobel Photography says the more than 3,000 plants make the garden feel “magical.” Plus, the spot is near the Harriet Lake bandshell, “where there is always something going on.”
3. Mill City Museum
“I enjoy St. Anthony Main and Mill City Museum for walking around in Minneapolis,” says Erin Johnson from Erin Johnson Photography.
The museum is a great spot, alongside Mill Ruins Park in Downton East. It sits right on the banks of the Mississippi River as well, so you’ve got plenty to see all around the area.
4. Greenway Bike Trail
When it comes to the best biking trail, the team from City Paws Pet Club suggests the Greenway Bike Trail. Stretching through Longfellow, and running parallel to Lake Street, this particular trail follows along a former railroad track.
5. Any local lake
Even with these specific spots, you can’t talk about the outdoors in Minneapolis without discussing the city’s lakes. Walking around any of them is a favorite pastime of Amy Lamphere, Founder of Storyline Collection. Walking lakeside is her favorite because she, “thrives on people-watching, and listening…and I get my steps in!”
6. Mr. Paul’s Supper Club
You’ll find fantastic food in every part of Minneapolis thanks to the foodie-friendly vibe throughout the city. But, locals will always have their favorites.
For those in Linden Hills, Ashley Becerra from Everyday Ejiji suggests grabbing a bite at Mr. Paul’s Supper Club. It has an, “absolutely amazing menu, unique NOLA eats and a killer cocktail list.” If you visit, she suggests you try the frozen French 75.
7. Sociable Cider Werks
When you’re craving a refreshing drink that’s crisp and clean, check out Sociable Cider Werks. This hot spot located, in Northeast Park, is a favorite of Devin Abraham from Once Upon a Crime Bookstore. It’s where you’ll find, “great drinks and atmosphere, and they have a delicious food truck on site.”
8. A day of dining in Minneapolis
Planning a whole day around food is certainly possible as well. For Julie Thornburg, Corporate General Manager at The Buttered Tin NE, finding the right is the key to a great day in Minneapolis.
“We would start the day at The Buttered Tin NE for a delicious breakfast, of course!” says Thornburg, “Then we would venture over to the Minneapolis Farmers Market to pick up some fresh goods. Throughout the day we would visit some of our local favorites: Kieran’s Food Building and Centro. For spirits, later on, we love Tattersall Distilling.”
This tour of hidden gems takes you through Northeast Minneapolis and will keep your belly full all day long.
9. Spyhouse Coffee
Josh Olson from J. Olson Weddings believes that every great day begins with Spyhouse Coffee. “My ideal day starts in the morning, spent with a friend, reading a book at Spyhouse Coffee on Nicollet.” This is a perfect stop for those in or near the Whittier neighborhood of Minneapolis, although the coffee shop does have other locations throughout the city.
10. Penny’s Coffee
A great spot for morning commuters trekking through downtown is Penny’s Coffee. Just ask Rachel, the Shop Manager at Anna Bé Bridal Boutique. “I have been obsessed with Penny’s Coffee lately. They have a great outdoor + indoor space with the best coffee, crepes and pastries.”
11. Hunt and Gather
There’s no shortage of hidden gems in Minneapolis when it comes to shopping, and locals all have different favorites. According to Max Zdon, from Corazon, the best thrift shop in town is Hunt and Gather in the Fulton neighborhood.
12. Southside vintage shops
Meghan Kujawa-Smith from Fox & Loon Photography prefers to hit up the vintage shops. They include Carousel and Folk and Southside Vintage in Standish and Tandem Vintage just a little to the south.
Discovering the hidden gems in Minneapolis
Seeking out those small, locally-owned spots throughout Minneapolis is a worthwhile endeavor. Make the effort to find these hidden gems and reap the rewards. Where you call home will impact what hidden gems you adopt as your own, but from outdoor fun to fine dining and stellar shopping, you won’t have any shortage of options in Minneapolis as you explore.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.
Hold onto your your design-loving britches, friends. We have the most gorgeous Retail Therapy of all time for you today!
You may remember us talking about The Line a couple of weeks ago; its online shop is gorgre, gorge, gorge, but its physical retail space is a concept that we’re quite confident is going to completely change the shopping experience for us all. Their “store” is styled down to the soap in the bathroom! like an actual lived-in apartment in NYC. And it’s actually IN an apartment in NYC. When we found out that you can walk through each room and shop straight from the comforts of that insanely gorgeous navy tufted suede sofa, or pull things directly out of their beautifully stocked closet, we had to see it for ourselves! Thankfully, our fab photographer Aubrie was headed to New York so we got her in there, pronto!
Be mindful: this isn’t any ole’ apartment, it’s crowned “THE Apartment”…of our dreams. We’ll leave you two alone for a minute…
Isn’t this space un-be-lievable?!
We could have filled this post with effusive descriptions of every detail, but really the images speak for themselves. From the jaw dropping massive Moroccan rug in the living room, to the provocative art in the bedroom and the ceiling-high tree branch in the bathroom, this “store” is truly a game changer. The idea of what shopping should look like will never be the same.
And you won’t believe that this is not everything!
That’s right. This Retail Therapy is so mind-blowing that we decided to break it up into three posts! The details in The Apartment are not to be missed and just WAIT until you see the closet! More to come my friends. More.to.come.
original photography for apartment 34 by Aubrie Pick
For many individuals and families, owning a home is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. This is where jumbo loans come into play.
What is a jumbo loan?
What exactly is a jumbo loan in Alabama? A jumbo loan is a specialized type of mortgage that comes into play when you’re seeking financing for a home that surpasses the conforming loan limits (CLL) established by the Federal Housing Finance Agency (FHFA). Typically, this type of loan is necessary for upscale, luxurious properties or those situated in pricey housing markets.
If the loan amount needed to buy the home is more than the conforming loan limit, you’ll need a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Alabama jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.
What is the jumbo loan limit in Alabama?
In Alabama, the conforming loan limit is $726,200 across all counties. For example, if you’re buying a home in Jefferson County, where the median sale price is $290,000, a loan limit exceeding $726,200 would be considered a jumbo mortgage.
As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home you’re buying. So, if you were to put $100,000 down on a $780,000 home in Birmingham, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
Additional information regarding the conforming loan limits in Alabama can be found here.
What are the requirements for a jumbo loan in Alabama?
The requirements to qualify for a jumbo loan are more stringent than the requirements for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Alabama.
Higher credit score: To qualify for a jumbo mortgage, borrowers typically need to have a credit score of at least 720. However, some lenders may be willing to accept scores as low as 660, although less frequently. A higher credit score demonstrates a borrower’s ability to manage credit responsibly and is an important factor that lenders evaluate when considering jumbo loan applications.
Larger down payment: Buying a high-priced home usually requires a larger down payment from the buyer. Conventional loans may offer programs for down payments as low as 3%- 5%, but non-conforming loans require a minimum down payment of 10%, with some lenders requiring up to 30%. If the homebuyer puts down less than 20%, they will likely need to pay for private mortgage insurance (PMI).
More assets: Jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year’s worth of loan payments.
Lower debt-to-income ratio (DTI): A mortgage lender will look at a borrower’s DTI (debt-to-income ratio) to assess their creditworthiness and spending habits. For a conforming loan, a DTI as high as 50% may be acceptable to some lenders. However, jumbo loan borrowers are required to have a lower DTI, ideally under 43% and closer to 36%. This is because jumbo loans are riskier for lenders due to the larger loan amounts. Applicants with a higher DTI may still qualify for a jumbo loan, but it could result in a higher interest rate or a stricter approval process.
Additional home appraisals: A mortgage lender may require a second home appraisal for a jumbo loan, in addition to the standard appraisal, to get another opinion on the property’s value. This is especially true in places with limited comparable property sales. The second appraisal helps lenders ensure that they are providing funds for a property that is worth the loan amount or more.
Former President Donald Trump has not made his real estate great again.
Trump has dominated the headlines recently, as he announced his intention to run for office again and then became the first former commander in chief to face criminal charges. But the polarizing politician and reality TV star is first, and perhaps foremost, a real estate mogul. And the past few years have not been kind to his sprawling residential real estate portfolio.
While home prices across America generally rose quickly during the “pandemic pump” housing market, sale prices at the properties listed on the Trump Organization’s website have either declined or appreciated at a slower pace than the local markets they’re in.
To be sure, the COVID-19-era real estate market will be one for the history books, defined initially by ultracheap mortgages, the liberation of newly mobile Americans who could pursue “remote work” away from their abandoned offices, and a continued housing shortage that all pushed home prices up in dramatic ways. The price gains have begun to correct in some areas, but in large part, historically high prices appear to have stuck.
But Trump’s real estate brand hasn’t benefited as much from the favorable housing market. Price appreciation for condos in properties listed on the Trump Organization’s website has been lower both in the luxury real estate and overall housing markets.
For example, the median condominium sale price in the U.S. rose 38% between 2019 and 2022, according to CoreLogic data. But over the same period, the median sale price at Trump Organization properties declined 14%. (The properties Realtor.com® analyzed were all condos.)
And while the price changes varied around the country, his condos didn’t outperform any of the local markets where they’re located.
Some local experts believe the price declines are related to the former president’s controversial politics, especially since most of his properties are in Democratic-leaning areas. Since he ran for office, his name has been pulled off some of his prime real estate holdings in major cities.
“A lot of people have said the buildings are great,” says Dan Neiditch, the president of River 2 River Realty in New York. “But when they have the Trump name on the buildings, it’s all about branding. And when that’s the case, you live and die by your brand, by your name.”
Trump was recently charged with 34 felony counts related to hush money payments made to an adult film star, is under investigation for election interference in Georgia, and is facing multiple lawsuits. That could also affect his real estate holdings, especially in places where the former president isn’t popular.
To come up with our findings, we pulled home sale records from CoreLogic, a real estate transaction data provider, for properties listed on the Trump Organization’s website. Then we compared them with condo sale prices for the counties where those properties are located. Because the CoreLogic data is not perfect, we also excluded transactions that appear to have erroneously high and low transaction amounts recorded (likely data entry mistakes).
While all of the Trump Organization’s condo projects were included in the national numbers, Trump real estate markets with fewer residential units (including Connecticut, Hawaii, and Westchester, NY) are not detailed in the pull-out sections below.
We used 2019—the year before pandemic fluctuations roiled U.S. housing—as a starting point/benchmark for our calculations.
Note: It’s unclear if every property listed on the Trump Organization’s website is owned by the organization. The Trump Organization is a privately held corporation, so it isn’t required to disclose the specifics of its real estate holdings to the public. And even though the Trump name might prominently grace a building, it doesn’t mean that the organization owns the property. The former president licenses his name for a host of different things, including real estate and consumer products.
The Trump Organization did not respond to a request for comment.
For decades, Donald Trump made a name for himself as a New York City real estate celebrity and tabloid fixture. The Big Apple was his launching pad, where the Trump Organization began developing residential properties in the early 1980s. And it’s still where his company has the most buildings.
He announced his first run for the presidency, in 2015, in his iconic Trump Tower on 5th Avenue, where he rode down a golden escalator.
But in the past few years, the organization’s Manhattan properties have fallen behind the competitive Manhattan condo market.
In 2022, the median sale price for all of the organization’s New York City properties combined was about $1.75 million. Within the past 10 years, that figure hit a high point in 2015, at $2.3 million, and a low in 2020, at around $1.4 million.
Since just before the COVID-19 pandemic, the Trump Organization’s prices are down about 16%—far behind the roughly 11% price growth for all condos in Manhattan over the same period.
The list of Manhattan buildings listed on the organization’s website includes the Trump Tower, in Midtown, and Trump Parc, on the southern edge of Central Park. On the Upper West Side, the organization has six buildings that make up Trump Place, situated along the Hudson River. Three are apartment buildings, which were not included in this analysis, and three are condominium buildings. Residents voted to remove the Trump name from the buildings in 2019. There is also Trump International Hotel & Tower, on Central Park West. In Midtown East, the organization owns Trump World Tower, looking onto the East River, just across the street from the United Nations headquarters. And on the Upper East Side, the organization owns Trump Park Avenue, Trump Palace, and 610 Park Avenue.
Despite the successful efforts to remove the Trump branding from several of his New York properties, much of the Trump residential real estate is still highly valued among certain buyers.
According to luxury real estate broker Dolly Lenz, the properties themselves and their management are second to none.
“The management of the properties—whether it’s Trump Tower, Trump International, Trump World Tower—are some of the best-run buildings in New York,” she says. “They choose the best doormen, the best concierges, so the service is top quality.”
But many of the Trump Organization’s properties are older and have trouble competing with the newer buildings, which offer more modern designs, layouts, and amenities. Trump Tower opened in 1983—40 years ago.
For some local experts, it’s politics that have caused the lagging prices.
“New York and New Jersey are majority-Democrat states. I believe the prices of Trump’s properties take a hit just because of the politics of the people in the area,” says Neiditch, of River 2 River Realty. “We’ve had people who lived there, who said, ‘Hey, we want to sell. We don’t want to live in a building where that name’s on the outside.’”
Access to Trump Tower, which was more restricted during Trump’s presidency due to heightened security and Secret Service activity, also likely affected the value of the units in the bellwether building, says one real estate expert, who asked not to be named.
Fed up with the backlash against him and his politics, Trump officially left New York. Since 2019, the former president has called the purple state of Florida home. He now resides in his oceanside Mar-a-Lago resort in Palm Beach.
The Trump Organization has residential properties in and around Miami, including Trump Grande, Trump Tower Sunny Isles, and Trump Hollywood.
The Trump-branded properties in Florida’s Miami-Dade and Broward Counties appreciated by about 15% between 2019 and 2022, after first dipping in 2020, the biggest price gains of any location analyzed.
But prices shot up much higher in Florida during the pandemic as the Sunshine State saw an influx of companies and new residents. In the Miami-Dade and Broward markets where Trump properties are located, the median condo sale price has increased by more than 50%, going from just under $200,000 in 2019 to just above $300,000 in 2022.
And for the luxury condo segment in the same area (the upper 10% of sales by price), which is closer to the price range of the organization’s properties, prices grew by more than 60% over the same period.
Trump International Hotel & Tower’s opening in Las Vegas in 2008 marked the organization’s first expansion into the western U.S. But condo sale prices in the building have substantially lagged behind overall Las Vegas condo price appreciation.
The median sale price at Trump International Hotel & Tower took a significant hit in 2020, dropping from $305,000 to $214,500. Since then, the prices rose but were still down about 8% below pre-pandemic prices.
Meanwhile, in Clark County, which includes Las Vegas and the surrounding cities, the median condo sale price rose by more than 50% from 2019 to 2022.
June Stark, a real estate agent and broker at The Stark Team–Elite Realty, in Las Vegas, blamed pandemic restrictions as one of the reasons that Trump property prices dropped. Reduced tourism affected the building, which is a combined hotel and condo tower.
“The building itself is beautiful, probably the best-maintained hotel and condo tower in the city,” Stark says, noting that she was among the first agents to sell the residences.
Trump International Hotel & Tower in Chicago looms large in the city, with its height, distinctive style, and prime location, but the sale prices have taken a dive.
At 98 stories and reaching 1,388 feet, it’s the seventh-tallest building in the nation and second in Chicago (behind the Willis Tower, formerly known as the Sears Tower). The building’s off-centered, tapering spire is hard to mistake, but it’s the 20-foot-tall and 141-foot-wide “TRUMP” sign on the building on the northern bank of the Chicago River that informs anyone who passes by who owns the building.
But while the building’s prominence is unquestionable, the median sale price for residences there dropped by almost half in 2020 alone—going from just below $1.5 million the year before to $750,000. Since then, prices have come back some, but at $1 million in 2022, the median sale price is still down more than 30% compared with before the pandemic.
During the same three-year period, 2019–22, the median condo sale price in Cook County, which includes most of the Chicago area, rose about 12%. But for additional context, condos priced closer to Trump International Hotel & Tower in Chicago, those within the top 10% of sales by price for Cook County, also saw a big drop in prices in 2020, and an overall price decline greater than the Trump Organization’s building.
Across the Hudson River from the Trump Organization’s Manhattan properties is 88 Morgan Street Condominiums, formerly known as Trump Plaza Residences, in downtown Jersey City. The 55-story building, developed by the organization in the late 1980s, provides a sweeping view of the Manhattan skyline and the Upper Bay.
But 88 Morgan Street has not seen the same price gains as condos nearby. The median condo price in Hudson County, NJ, which includes everything from Bayonne to North Bergen and from the Hudson River across the Hackensack River to Kearny and Harrison to the west, saw modest appreciation during the pandemic, rising by about 14% from 2019 to 2022.
In Jersey City, condo sale prices at 88 Morgan Street rose only 4%.
“I know in those buildings in New Jersey, there have been fights about taking his name off,” says Neiditch, of River 2 River Realty, “but that’s been going on since back in 2016.”
VTS, a New York-based company has announced they’ve raised an additional $90 million in Series D funding led by Brookfield Ventures. In total the startup has gleaned $187.4 million since it’s entry seven years ago. According to the company, this funding round makes VTS the largest software venture in CRE history.
According to the Wall Street Journal, the Series D funding values the company at over $1B, which makes one of the 20 or so “unicorn” startups valued at $1B or more.
Other investors in this round included GLP and Tishman Speyer, as well as Fifth Wall, along with others. VTS’ Saas business model innovation has had revenue growth of 70% year on year in 2018, according to the company’s press. VTS says its software empowers landlords to convert leads into leases 41% faster with data-led strategies. Josh Raffaelli, Managing Director, Brookfield Ventures, offered this:
“VTS has been one of the most impactful technology platforms we’ve incorporated into our organization and we are excited to be playing a part in their future. VTS’ market-leading technology platform has transformed the way the industry operates, and we’re incredibly excited to partner with them in this new capacity.”
Back in 2016, VTS and competitor Hightower merged to grow square footage of office, retail, and industrial assets managed from a combined 2 billion to 10 billion by the end of 2018. The proptech company now boasts of over 35,000 users which include brands like Jones Lang LaSalle and Blackstone. Nick Romito, Co-Founder, and CEO of VTS offered this via press release:
“There’s no truer validation as a founder when your customers invest in your product and we’re thrilled to welcome Brookfield Ventures and GLP as our partners, alongside return investor Fifth Wall, as we enter the next phase of growth. This funding will enable us to accelerate the pace at which we build the best technology for commercial real estate landlords, brokers, and tenants, as we arm them with the sophisticated solutions they need to win in a rapidly changing environment.”
The new funding will be used to enhance the VTS platform, according to the company press. VTS also plans to accelerate the launch of its commercial real estate (CRE) marketplace, Truva, slated to go live later this year.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Months of high mortgage rates and low existing inventory led to another annual increase in new home purchases in June. Mortgage applications for new home purchases jumped 26.1% in June from the same period last year, according to the Mortgage Bankers Association builder application survey. Compared with the prior month, applications dropped by 5%.
MBA estimates that about 687,000 new single-family homes were sold in June at a seasonally adjusted annual rate. It’s a decline of 9% from the May pace of 755,000 units. On an unadjusted basis, MBA estimates that there were 60,000 new home sales in June 2023, a 6.3% decrease from 64,000 new home sales in May.
“New home purchase activity continues to be a bright spot, as both new home applications and home sales were up on an annual basis,” said Joel Kan, MBA’s vice president and deputy chief economist. “With existing inventory still held back by homeowners, prospective buyers have turned to newly built homes instead. Rising mortgage rates in June likely caused some pullback in purchases over the month, as the 30-year fixed rate averaged close to 6.8%. However, applications for new home purchases have now shown annual increases for five consecutive months.”
Purchase mortgage rates this week averaged 6.78%, the biggest weekly decline since mid-March, according to the latest Freddie Mac PMMS.
Homebuilders constructed an annualized rate of 1.434 million houses in June, down 8% from May and 8.1% from June 2022, according to the U.S. Census Bureau. Single-family home constructions saw a 7% month-over-month decrease to rate of 935,000 in June.
The average loan size decreased from $403,581 in May to $400,281 in June. Conventional loans accounted for 65.5% of loan applications. Federal Housing Administration (FHA) loans composed 24.1%, Veterans Affairs (VA) loans took up 10% of total applications and Rural Housing Service (RHS) and United States Department of Agriculture (USDA) loans consisted of 0.3%.
The survey tracks application volume from mortgage subsidiaries of homebuilders across the country. Using this data, MBA provides an early estimate of new home sales volumes at the national, state and metro level.
[Note from the editor: Originally published on Thomvest’s Blog]
Today we’re releasing an updated version of our commercial real estate technology market map. The full list of companies is available here, and a high-resolution version of the map can be accessed here. This market map includes more than 220 technology companies operating across every aspect of commercial real estate, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.
Broadly defined, commercial real estate (CRE) includes any property owned to produce income. In total, more than 100 billion square feet of space in the United States is devoted to commercial use. Because commercial property is acquired for investment purposes, it differs from its residential counterpart in several important ways:
Commercial real estate is a diverse asset class that can take on many forms: office buildings, retail stores, malls, apartment complexes, homes, hotels and more.
Every property is analyzed for its ability to generate income. In most cases, there is a leasing component to commercial property ownership (which is the main revenue-generating activity), whereas in residential real estate properties are often owner-occupied.
Commercial properties are actively managed by teams responsible for leasing, routine maintenance, improvements and amenities to ensure that the building is suitable for occupants.
As the map above indicates, there are hundreds of technology companies across every aspect of the commercial real estate lifecycle, from property search and financing, to leasing and ongoing management. You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the CRE lifecycle. For example, VTS recently launched a listings marketplace offering to compliment its suite of leasing and asset management tools. As such, we’ve included VTS in both the “Find Property” and “Manage Property” sections.
Assessing the Impact of COVID-19 on Commercial Real Estate
It’s no secret that the pandemic has dramatically altered our ability to utilize commercial real estate. The pandemic has impacted every CRE segment (office, hospitality, retail, etc.) and every phase of the asset ownership lifecycle (leasing, financing, utilization, etc.). The pandemic will likely continue to influence occupiers and end users of real estate in unprecedented and unique ways, which will have implications for the entire CRE industry.
This is particularly true in the office segment, as the abrupt change in the way we work has required mass remote working. Interestingly, as companies have transitioned from office work to remote work, many employees are reporting no meaningful impact on productivity. Even as lockdowns are slowly eased, as many as 75% of employees prefer to work from home out of caution or convenience. This has caused many in the industry to ask: Is the office as we know it dead?
Given these lingering existential questions, we’re witnessing the reimagining of office environments designed to anticipate what the “next normal” will look like. Tenants and landlords are working hard to determine an approach for re-entering the office, and the impact of remote work on future space needs. While there are many questions we’ve yet to answer, we anticipate the office category evolving in several important ways, and expect technology companies to play a central role in that evolution:
Emphasis on Safety:As new case volume persists, businesses have been cautious to re-open offices. In an August survey of 15 employers that collectively employ about 2.6 million people, 57% said they had decided to postpone their back-to-work plans because of recent increases case volume, according to the Wall Street Journal. Employers are also developing safety measures to facilitate a smooth re-opening, including redesigned workspaces and temperature checks. We expect additional safety standards to be developed, including staggered employee schedules, space plans to promote social distancing, safe hygiene practices, cleaning protocols, and guidance on using elevators. Technology is a key component of ensuring that both tenants and landlords abide by these emerging safety protocols.
Flexible Work Arrangements:The pandemic catalyzed a massive work-from-home experiment. In many cases, employees actually prefer remote work as it provides flexibility, reduces (or eliminates) commute times and enhances productivity. More than 75 percent indicate they would like to continue to work remotely at least occasionally, while more than half — 54 percent — would like this to be their primary way of working, according to IBM. The forced shift to operating remotely has led to nearly 40 percent of employees indicating they feel strongly that their employer should provide opt-in remote work options when returning to normal operations.
Flexible Space Needs: As offices reopen after COVID-19 shutdowns, we will likely see a mix of new use cases. Some companies will require more office space to further space out employees and reduce potential transmission, while others will move to permanent work-from-home arrangements or a hybrid of home, co-working, and office spaces to minimize commutes and maximize social distance. This will create more demand for flexible office space, including co-working space offered by companies like WeWork and Industrious. According to JLL, 67 percent of corporate real estate decision-makers are increasing workplace mobility programs and are incorporating flex space as a central element of their agile work strategies. JLL “expects 30 percent of all office space globally to be flexible in some form by 2030” (up from about 3% today).
In every industry, technology is an important enabler of not only process efficiency, but also of customer satisfaction and growth, and real estate is no exception (particularly during this pandemic). We’ve already seen technology companies step up to offer useful solutions for landlords and tenants. For instance, companies like Envoy are offering safety-focused tools including employee registration, touchless sign-in, wellness checks and capacity management to employers preparing to re-open their offices. We also expect accelerated adoption of digital solutions related to property and building management, leasing and transaction management. Working on furthering the adoption of technology in real estate? We’d love to talk.
Real estate investors are great for repeat and referral business—if you’re the right type of real estate agent. Hear how to be an investor-friendly agent on this podcast with James Dainard. James is a co-host on BiggerPockets’ On the Market podcast, and he’s been in this industry for over a decade. On today’s show, James shares what Realtors can do to service investors, where to find investment opportunities right now, and why all agents should niche down for more deals.
Listen to today’s show and learn:
James Dainard’s start in real estate [3:04]
Starting a real estate business in a very bad market [4:52]
About Heaton Dainard Real Estate [7:36]
Some of the best real estate clients: real estate investors [9:01]
The Austin real estate market and opportunities for agents [11:04]
How to start working with investor clients [12:05]
Why market adjustments have such a major impact on land values [17:10]
Real estate trends in Oregon and Washington [18:17]
Buyer clients chasing affordability [21:07]
Paying attention to the economy to find better business opportunities [24:15]
James’ recent real estate investments [27:47]
Educating your buyer clients [31:11]
How to find prospective sellers in a shifting market [33:03]
Why you should write your own real estate scripts [36:58]
Advice for brokers and real estate business owners [40:40]
Niching down for more deals [41:37]
About BiggerPockets’ On the Market Podcast [45:02]
James Dainard
As a Managing Principal of Heaton Dainard Real Estate, James is responsible for the development and execution of corporate strategies, marketing, and property acquisitions.
James has been actively investing in multifamily and single-family units in the Puget Sound region for over 12 years and has lead his team to over 3,000 transactions. His over a decade of experience investing in multi-family and single-family units in the Puget Sound region has guided Heaton Dainard to more than 131 million in sales volume from 265 transactions in 2021. James has received multiple awards and recognition for his role in growing Heaton Dainard into one of Washington’s Fastest Growing Private Companies for 2013, 2014, 2015, and 2016. Puget Sound Business Journal also recognized James as a 40 under 40 honoree.
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Breaking a tradition since 1961, the Oscars theme was a champagne hue instead of the classic red. Critics may have been divided on the change, but the stars outdid themselves in high-fashion couture, from delightful rosette accents to ethereal white gowns. Lady Gaga turned heads in a jaw-dropping Versace creation, Rihanna made a statement with her Eagles t-shirt and a sultry Alaïa midriff-baring dress, while Nicole Kidman sizzled in an Armani ensemble adorned with sequined flowers and a daring thigh-high slit. Here are the most fashionable Celebrities at the Oscars.
1. Nichole Kidman
Rosettes are a ubiquitous sight on the red carpet, including the Oscars champagne carpet, but Nicole Kidman managed to make them appear fresh and alluring rather than mundane. The Armani Privé gown adorned with rosettes seemed to blossom off her shoulder and at the top of her skirt. It seemed intimate and warm, like a fresh boquet. Kidman exuded a remarkable sense of confidence, evident in her poised demeanor.
2. Lady Gaga
Lady Gaga’s stunning Versace dress was recently showcased at Donatella Versace’s fall 2023 runway show in Los Angeles and was previously modeled by Gigi Hadid. Despite Gaga’s penchant for red-carpet theatrics, her stunning attire this time spoke for itself. Her natural beauty was on full display, and the dress perfectly complemented her vibrant personality without requiring any additional embellishments.
Personality and Drama
As expected, Gaga’s signature flair was still evident with the surprise low-cut back, which playfully revealed a glimpse of skin and embodied her cheeky style. This playful detail added a touch of fun and glamour, without the need for a large entourage on the red carpet.
3. Michelle Yeoh
Michelle Yeoh is a true red-carpet chameleon, defying convention by experimenting with different styles and constantly reinventing herself. While many celebrities adopt a fixed aesthetic for their Oscars campaign, Yeoh fearlessly steps outside her comfort zone and tries something new every time. For the recent ceremony, she opted for an angelic look in a Dior Couture gown that resembled a wearable cloud, beautifully accessorized with a tiara-like headband.
Young and Playful
This stunning outfit seems like the kind of dress we might have imagined ourselves wearing when we were young, daydreaming about being all “grown up.” It’s fitting that Yeoh made history in this dress, decades after what some in the industry would mistakenly view as her “prime.” Her Oscars moment, embodied by this dress, feels like a childhood dream come true.
4. Michelle Williams
Michelle Williams stunned in an ethereal Chanel couture gown that evoked a heavenly presence, with a forward-falling cape that draped over her figure. The effect was a snowstorm of shimmering sequins, creating a dreamy and surreal visual experience. This particular look took her to another level of otherworldly charm. She gave the impression of a Degas painting, brought to life with a stunning couture gown that accentuated her delicate features.
5. Tems
Tems made a bold fashion statement in a Lever Couture hooded gown, featuring a design that resembled a swirling trail of smoke. The dress was a work of art, meant to be admired from all angles, with tulle around her cheeks, shoulders, and hair. While Williams and Yeoh channeled angelic vibes, Tems embodied the very essence of heaven itself with her cloudy, feathery landscape-inspired dress. She exuded a serene yet powerful energy that captivated everyone’s attention.
6. Rihanna
Rihanna never fails to make a statement, even when it comes to the Oscars red carpet. Rumor had it that she arrived wearing an Eagles T-shirt and a sequined hat so large it could barely fit through the door. But instead of disappointing us with her absence, she made a grand entrance fashionably late in a stunning belly-baring Alaïa gown. The dress was a masterpiece in every way, with daring thigh-high slits and leather detailing wrapped around her neck and chest, framing her midriff. Rihanna looked absolutely breathtaking, radiating confidence and glamour with every step she took.
7. Cara Delevingne
While many guests played it safe with black or white ensembles, Delevingne stole the show in a deep, romantic red gown. The oversized rose detail on her shoulder was a bold choice but not overpowering. The gown draped at her hips in a theatrical manner. Delevingne is not just a fashion icon but a true supermodel with an undeniable presence. Her striking features and confident demeanor were impossible to ignore, making her a true force to be reckoned with. With this appearance, Cara Delevingne cemented her status as a fashion icon with a face card that never declines.
8. Malala Yousafzai
Malala Yousafzai, the educational activist, made a stunning Oscars debut as an executive producer of the short film “Stranger at the Gate”. She arrived on the Champagne carpet early, making a grand entrance in a silver sequined Ralph Lauren hooded gown that set an impossibly high standard. The dress was a perfect match for Yousafzai’s formidable presence, as she is a powerful force in her own right. The glistening sequins of the gown reflected her inner strength and resilience, making her shine even brighter on Hollywood’s biggest night.
9. Michael B Jordan
Michael B. Jordan, who was presenting at the Oscars ceremony, arrived on the Champagne carpet looking sharp and stylish in his custom-made Louis Vuitton double-breasted tuxedo with a satin lapel. He opted for a classic black bow tie and shoes to complement his ensemble. However, he didn’t shy away from adding a pop of color to his outfit through his jewelry choices. Jordan wore a pair of Tiffany & Co.’s Bird on a Rock Brooches on his lapel, one with a pink morganite stone and the other with a green tourmaline. Both brooches featured diamond birds perched on top, adding a touch of glamour to his already stunning outfit.
Sparkling like Champagne
Not stopping there, the 35-year-old actor also wore diamond studs, a diamond tennis bracelet, and a diamond ring, all from Tiffany & Co. The subtle glimmer of his jewelry perfectly complemented his attire, making him stand out on the red carpet. To complete the look, he wore a stainless steel watch with a black strap, adding a touch of sophistication to his already elegant outfit. Overall, Michael B. Jordan’s stylish ensemble was a perfect blend of classic and modern fashion that showcased his impeccable taste.
The Oscars red carpet was a celebration of fashion, with stars dazzling in stunning couture. From Nicole Kidman’s alluring rosette-adorned Armani ensemble to Lady Gaga’s jaw-dropping Versace dress, the red carpet was a sight to behold.
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