www.realestate.vcu.edu
Virginia Commonwealth University’s Real Estate Circle of Excellence Russell T. Aaronson, III GrayCo, Inc. Robert M. Atack Atack Properties, Inc. Dr. James H. Boykin Boykin Realty Advisors, LLC Michael B. Broughton DPR Construction Inc. Wayne A. Chasen Gumenick Properties Robert E. Coles Integra Realty Resources - Richmond Andrew M. Condlin Williams Mullen Timothy M. Davey Timmons Group Susan F. Dewey Virginia Housing Development Authority Sterling Edmunds SunTrust Mortgage Gary W. Fenchuk East West Communities Jane C. Ferrara City of Richmond, VA Thomas E. Flynn City of Richmond, VA Gloria L. Freye McGuireWoods LLP Mryl L. Hairfield Dominion Property Services, Inc. Thomas A. Hassard Hines Ralph B. Higgins Higgins & Gerstenmaier PLC C. Lee Hilbert Grubb & Ellis|Harrison & Bates Mark J. Hourigan Hourigan Construction Bruce A. Kay Markel Corporation Neil S. Kessler Troutman Sanders LLP Glade M. Knight Apple REIT Companies Paul W. Kreckman Highwoods Properties John B. Levy John B. Levy & Company, Inc. Alan T. Lingerfelt Lingerfelt Development, LLC John P. McCann McCann Realty Partners, LLC Michael G. Miller MGMiller Valuations, Inc.
Robert W. Miller, Jr. Miller & Associates Jerry L. Moore Moore Real Estate Company, LLC Richard M. Nelms Long & Foster Realtors Frances S. Powell East West Communities William Redd Brandywine Realty Trust J. Sargeant Reynolds, Jr. Reynolds Development LLC William W. Reynolds CB Richard Ellis C. B. Robertson, III LandVest, LLP H. Leon Shadowen Brandywine Realty Trust René B. Shepperson SunTrust Bank Ralph D. Spencer Innovative Learning, LLC Ronald Stallings Walker Row Partnership, Inc. James W. Theobald Hirschler Fleischer Stephen Thomas Vanasse Hangen Brustlin, Inc. Robert M. Thornton Thalhimer Commerical Real Estate William R. Trigg Rutherfoord William A. Walsh, Jr. Hunton & Williams C. Lee Warfield, III Thalhimer Commercial Real Estate Allison P. Weinstein Weinstein Properties, Inc. Marcus M. Weinstein Weinstein Properties, Inc. David Williams Grubb & Ellis|Harrison & Bates Brett H. Womack Divaris Real Estate D. Kyle Woolfolk, Jr. Woolfolk Companies Paul Young Goodman & Company Robert W. Taylor Virginia Commonweath University Denotes conference committee member
19th Annual
PROGRAM VCU’s Real Estate Program, in association with The Kornblau Institute, Real Estate Circle of Excellence, and the Virginia Real Estate Center, presents the 19th Annual Real Estate Trends Conference.
Tuesday, October 13, 2009 Greater Richmond Convention Center
Conference Overview The Annual VCU Real Estate Trends Conference is one of the leading forums in the region for the exchange of ideas and information about real estate. This conference attracts real estate professionals from various industry sectors such as law, finance, construction, development, brokerage and appraisal, and it provides them an opportunity to have a look into the future of real estate, to share their expertise, and to make and strengthen professional relationships and friendships. Predicting real estate trends is much like predicting the weather, but when some of the best minds in the business get together, you can expect a fairly accurate forecast for the future of real estate.
Gold Program Sponsor Apple REIT Companies McGuireWoods, LLP SunTrust Mortgage Troutman Sanders, LLP Virginia Business Breakfast or Break Sponsors Gumenick Properties Highwoods Properties Hirschler Fleischer LeClair Ryan Williams Mullen Patron Sponsors Barton Malow Company Brandywine Realty Trust First Potomac Realty Trust French Consulting Company Goodman & Company, LLP Greater Richmond Association of Commercial Real Estate Grubb & Ellis /Harrison & Bates Hunton & Williams Jones Lang LaSalle Kjellstrom & Lee Construction Markel Corporation Rocketts Landing Rutherfoord Thalhimer Commercial Real Estate Timmons Group Vanasse Hangen Brustlin, Inc. Virginia Housing Development Authority W.M. Jordan Company Weinstein Properties Friend Sponsors Central Virginia IREM Chapter #38 Dominion Realty Partners, LLC Hourigan Construction McKinney and Company Reynolds Development, LLC SunTrust Bank Virginia CCIM Chapter
Dean’s Message
The markets for commercial and residential real estate are pillars of our domestic economy. Our economy will not truly recover from its recent turmoil without renewed strength in real estate. Accordingly, the speakers at the 19th Annual VCU Real Estate Trends Conference will focus on the state of these markets and the broader economy. Our conference organizers have done another outstanding job in planning for this event, the premiere real estate conference in the Mid-Atlantic region. I welcome you to the conference and encourage you to stay in touch with the VCU School of Business (www.business.vcu.edu), as well as our real estate programs (www.realestate.bus.vcu.edu). ~ David J. Urban, Ph.D., P.C.M.
Program Overview 7:30 a.m. - 8:30 a.m. Registration and Continental Breakfast
Opening Remarks and Welcome
8:30 a.m.
David H. Downs, Ph.D., Professor, Alfred L. Blake Chair, & Director, The Kornblau Institute C. Lee Warfield, President, VCU Real Estate Circle of Excellence Gloria Freye, Chair, VCU Real Estate Trends 2009 Economic Overview and Commercial Real Estate Trends
8:45 a.m.
Sally Gordon, Ph.D., Managing Director, BlackRock Questions & Answers - Moderated by Andrew Condlin
The Kornblau Institute
The Kornblau Institute at Virginia Commonwealth University was established in 2006 through the generosity of Richmond businessman and philanthropist, Sam Kornblau. The Institute focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. Collaborative research seeks to engage other programs and schools, such as nursing, social work and government & public affairs, working with various departments in the School of Business. This collaborative approach seeks to elevate the national and international profile of the Real Estate Program at Virginia Commonwealth University. Over the last three years, representatives of the Institute have presented research papers and participated in academic & industry panel discussions at the Homer Hoyt Institute, American Real Estate and Urban Economic Association meetings, American Real Estate Society meetings, Asian Real Estate Society meetings, the Governor’s Conference on Housing, City University of London and the University of Regensburg. Proposals and partnership are sought with the objective of creating meaningful and impactful knowledge in support of real estate decisions. To learn more about the Institute, please contact our director, Dr. David H. Downs - dhdowns@vcu.edu.
Announcements and Break 10:05 a.m.
“Hot Topics” in Real Estate Capital Markets Stephen Blank, Senior Resident Fellow, Finance, The Urban Land Institute Housing Market David Lereah, Ph.D., President, Reecon Advisors Announcements and Break
11:15 a.m.
Public Policy and Real Estate Jeffrey D. DeBoer, President & Chief Executive Officer, The Real Estate Roundtable Questions and Answers - Moderated by John B. Levy Closing Remarks Michael Rao, President, Virginia Commonwealth University
VCU offers Virginia’s only B.S. Degree in Real Estate In May 2009, the State Council for Higher Education (SCHEV) approved the creation of a Bachelor of Science in Real Estate, effective Fall 2009. No other school in the Commonwealth of Virginia offers a BSRE, and it is one of only 20 or so AACSB - accredited schools in the United States to offer a stand-alone bachelor’s degree in real estate. This degree is another way in which the School of Business distinguishes itself.
Sally Gordon, Ph.D.
Stephen R. Blank
David Lereah, Ph.D.
Jeffrey D. DeBoer
Gold Program Sponsor Apple REIT Companies McGuireWoods, LLP SunTrust Mortgage Troutman Sanders, LLP Virginia Business Breakfast or Break Sponsors Gumenick Properties Highwoods Properties Hirschler Fleischer LeClair Ryan Williams Mullen Patron Sponsors Barton Malow Company Brandywine Realty Trust First Potomac Realty Trust French Consulting Company Goodman & Company, LLP Greater Richmond Association of Commercial Real Estate Grubb & Ellis /Harrison & Bates Hunton & Williams Jones Lang LaSalle Kjellstrom & Lee Construction Markel Corporation Rocketts Landing Rutherfoord Thalhimer Commercial Real Estate Timmons Group Vanasse Hangen Brustlin, Inc. Virginia Housing Development Authority W.M. Jordan Company Weinstein Properties Friend Sponsors Central Virginia IREM Chapter #38 Dominion Realty Partners, LLC Hourigan Construction McKinney and Company Reynolds Development, LLC SunTrust Bank Virginia CCIM Chapter
Dean’s Message
The markets for commercial and residential real estate are pillars of our domestic economy. Our economy will not truly recover from its recent turmoil without renewed strength in real estate. Accordingly, the speakers at the 19th Annual VCU Real Estate Trends Conference will focus on the state of these markets and the broader economy. Our conference organizers have done another outstanding job in planning for this event, the premiere real estate conference in the Mid-Atlantic region. I welcome you to the conference and encourage you to stay in touch with the VCU School of Business (www.business.vcu.edu), as well as our real estate programs (www.realestate.bus.vcu.edu). ~ David J. Urban, Ph.D., P.C.M.
Program Overview 7:30 a.m. - 8:30 a.m. Registration and Continental Breakfast
Opening Remarks and Welcome
8:30 a.m.
David H. Downs, Ph.D., Professor, Alfred L. Blake Chair, & Director, The Kornblau Institute C. Lee Warfield, President, VCU Real Estate Circle of Excellence Gloria Freye, Chair, VCU Real Estate Trends 2009 Economic Overview and Commercial Real Estate Trends
8:45 a.m.
Sally Gordon, Ph.D., Managing Director, BlackRock Questions & Answers - Moderated by Andrew Condlin
The Kornblau Institute
The Kornblau Institute at Virginia Commonwealth University was established in 2006 through the generosity of Richmond businessman and philanthropist, Sam Kornblau. The Institute focuses on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. Collaborative research seeks to engage other programs and schools, such as nursing, social work and government & public affairs, working with various departments in the School of Business. This collaborative approach seeks to elevate the national and international profile of the Real Estate Program at Virginia Commonwealth University. Over the last three years, representatives of the Institute have presented research papers and participated in academic & industry panel discussions at the Homer Hoyt Institute, American Real Estate and Urban Economic Association meetings, American Real Estate Society meetings, Asian Real Estate Society meetings, the Governor’s Conference on Housing, City University of London and the University of Regensburg. Proposals and partnership are sought with the objective of creating meaningful and impactful knowledge in support of real estate decisions. To learn more about the Institute, please contact our director, Dr. David H. Downs - dhdowns@vcu.edu.
Announcements and Break 10:05 a.m.
“Hot Topics” in Real Estate Capital Markets Stephen Blank, Senior Resident Fellow, Finance, The Urban Land Institute Housing Market David Lereah, Ph.D., President, Reecon Advisors Announcements and Break
11:15 a.m.
Public Policy and Real Estate Jeffrey D. DeBoer, President & Chief Executive Officer, The Real Estate Roundtable Questions and Answers - Moderated by John B. Levy Closing Remarks Michael Rao, President, Virginia Commonwealth University
VCU offers Virginia’s only B.S. Degree in Real Estate In May 2009, the State Council for Higher Education (SCHEV) approved the creation of a Bachelor of Science in Real Estate, effective Fall 2009. No other school in the Commonwealth of Virginia offers a BSRE, and it is one of only 20 or so AACSB - accredited schools in the United States to offer a stand-alone bachelor’s degree in real estate. This degree is another way in which the School of Business distinguishes itself.
Sally Gordon, Ph.D.
Stephen R. Blank
David Lereah, Ph.D.
Jeffrey D. DeBoer
www.realestate.vcu.edu
Virginia Commonwealth University’s Real Estate Circle of Excellence Russell T. Aaronson, III GrayCo, Inc. Robert M. Atack Atack Properties, Inc. Dr. James H. Boykin Boykin Realty Advisors, LLC Michael B. Broughton DPR Construction Inc. Wayne A. Chasen Gumenick Properties Robert E. Coles Integra Realty Resources - Richmond Andrew M. Condlin Williams Mullen Timothy M. Davey Timmons Group Susan F. Dewey Virginia Housing Development Authority Sterling Edmunds SunTrust Mortgage Gary W. Fenchuk East West Communities Jane C. Ferrara City of Richmond, VA Thomas E. Flynn City of Richmond, VA Gloria L. Freye McGuireWoods LLP Mryl L. Hairfield Dominion Property Services, Inc. Thomas A. Hassard Hines Ralph B. Higgins Higgins & Gerstenmaier PLC C. Lee Hilbert Grubb & Ellis|Harrison & Bates Mark J. Hourigan Hourigan Construction Bruce A. Kay Markel Corporation Neil S. Kessler Troutman Sanders LLP Glade M. Knight Apple REIT Companies Paul W. Kreckman Highwoods Properties John B. Levy John B. Levy & Company, Inc. Alan T. Lingerfelt Lingerfelt Development, LLC John P. McCann McCann Realty Partners, LLC Michael G. Miller MGMiller Valuations, Inc.
Robert W. Miller, Jr. Miller & Associates Jerry L. Moore Moore Real Estate Company, LLC Richard M. Nelms Long & Foster Realtors Frances S. Powell East West Communities William Redd Brandywine Realty Trust J. Sargeant Reynolds, Jr. Reynolds Development LLC William W. Reynolds CB Richard Ellis C. B. Robertson, III LandVest, LLP H. Leon Shadowen Brandywine Realty Trust René B. Shepperson SunTrust Bank Ralph D. Spencer Innovative Learning, LLC Ronald Stallings Walker Row Partnership, Inc. James W. Theobald Hirschler Fleischer Stephen Thomas Vanasse Hangen Brustlin, Inc. Robert M. Thornton Thalhimer Commerical Real Estate William R. Trigg Rutherfoord William A. Walsh, Jr. Hunton & Williams C. Lee Warfield, III Thalhimer Commercial Real Estate Allison P. Weinstein Weinstein Properties, Inc. Marcus M. Weinstein Weinstein Properties, Inc. David Williams Grubb & Ellis|Harrison & Bates Brett H. Womack Divaris Real Estate D. Kyle Woolfolk, Jr. Woolfolk Companies Paul Young Goodman & Company Robert W. Taylor Virginia Commonweath University Denotes conference committee member
19th Annual
PROGRAM VCU’s Real Estate Program, in association with The Kornblau Institute, Real Estate Circle of Excellence, and the Virginia Real Estate Center, presents the 19th Annual Real Estate Trends Conference.
Tuesday, October 13, 2009 Greater Richmond Convention Center
Conference Overview The Annual VCU Real Estate Trends Conference is one of the leading forums in the region for the exchange of ideas and information about real estate. This conference attracts real estate professionals from various industry sectors such as law, finance, construction, development, brokerage and appraisal, and it provides them an opportunity to have a look into the future of real estate, to share their expertise, and to make and strengthen professional relationships and friendships. Predicting real estate trends is much like predicting the weather, but when some of the best minds in the business get together, you can expect a fairly accurate forecast for the future of real estate.