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1st Quarter—2018

Happy New Year! A real estate-focused publication from the Oregon Chapter of the Institute of Real Estate Management

Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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President’s Message


Can you house a homeless family?


Chapter News & Events


Oregon Attracting More Newcomers


2018 Officers, Board of Directors & Committees


Office Headlines


2018 IREM® Education


Office Portfolio Sale




Amazon’s Newest Deal


IREM® Leadership Award Winners



30th Annual IREM® Forecast Breakfast


Inside Retail


2018 EVENT CALENDAR Save the Dates!!


Purchase of Westfield. Creates World’s Largest Mall Owner!


2018 BRUNCH & LEARN Series


Now What for Simon Group?


Reduce, Reuse & Recycle… The 2018 Retail Outlook


Kohl’s Fills Empty Space with Grocery?


Women hit Hardest in Retail Shifts


Industry News


An Industry in Transition


IREM ® Young Professionals Committee: JOIN US—FREE Happy Hour!


IREM® ’s 2018 Charity of Choice Boys & Girls Aid


IREM® Next-Gen CPM® Leaders Program


IREM® Foundation Text2Give Program!


Multi-Family News


Call to Action, Real Estate Licensing

Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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10 New Office Buildings Planned in Portland

2018 IREM® Industry Partners Program Shout out for Articles! Page -2-


Tara Platt, CPM® 2018 President IREM ®Oregon-Columbia River Chapter No. 29 Dear IREM® Members, Industry Partners & Colleagues: Happy New Year IREM® members and Industry Partners! I am honored that my peers have elected me to be your 2018 IREM® Chapter president and I am excited to be leading such an amazing organization. I would like to recognize that the work of our local chapter would not be possible without the support, dedication and volunteer time of our members, associates and our companies. Your participation and involvement is an indication of your commitment to our profession and personal development. The 2018 Board of Directors and committee members have worked together over the past couple months to define our goals and mission for 2018 and I am excited to share some of the highlights with you. The overarching goal is that together we will work to further promote our profession while remaining relevant to the real estate management market. We intend to increase membership engagement by spending time getting to know and understand who our current and future members are and what they want and need from our Chapter and organization. We will strive to keep the

Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

talent engaged while igniting the current leaders and recruiting, developing and mentoring the next generation of property management professionals. We are excited about engaging with the local high schools and colleges to increase awareness and excitement for our industry as a rewarding career option. We have re-ignited our IREM® Young Professionals (IYP) committee in 2018 so stay tuned for information about our upcoming IYP networking events! We have developed our 2018 calendar to ensure that our events support our mission while continuing to produce quality, relevant, and exciting programing that not only includes fun networking events, but also consistent “learning” based offerings that include panel discussions and workshops that will promote member to member engagement and peer mentorship. We will also be expanding and promoting our Industry Partner Program. In 2017 we re-branded our vendor program from Friends of IREM® to IREM® Industry Partners. 1st Quarter—2018


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….Continued from previous page


Tara Platt, CPM® 2018 President IREM ®Oregon-Columbia River Chapter No. 29 IREM® seeks to highlight and enhance the benefits of becoming an Industry Partner, one of which will include utilizing our IREM® Industry Partners as our go-to Preferred Vendor and Services list. We recognize that our partners not only help support our events, but ultimately, we would not be able to do our jobs as real estate managers without their services, skills, and expertise. Community outreach continues to be important to IREM® and our local Chapter. One of our signature events over the years had been our annual benefit action where 100% of the auction proceeds are donated to a local charity. We will expand our community outreach program to include special events throughout the year and I am pleased to announce that we will be partnering with Boys and Girls Aid in 2018. To learn more about the organization, please visit their website at:

further the mission and goals of the Institute of Real Estate Management. My vision is that together, we will continue the hard work of those that have led our industry before us while laying a solid foundation for those who will lead in the future. If you have any questions, concerns or want to learn about how you can get more involved, please do not hesitate to contact me at 971-470-6295, email or visit our website at Wishing you all a joy-filled prosperous 2018! Tara Platt, CPM®

I am excited to connect with as many members as I am able to this next year and look forward to working together to Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Chapter news and items of interest in the

Pacific Northwest

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2018 Officers and Committee Chairs: OFFICERS





Tara Platt, CPM®

Specht Properties Inc


Chris Pasteur, CPM®, ARM®

Sequoia Equities


Cynthia Sparks, CPM®

Enterprise Comm Asset Mgmt


Jennifer Tyler, CPMC®

Unico Properties


Julie Scott, CPM®

Newmark Knight Frank


Kristi Carver, CPMC®

Interurban RE Group


Cammie Allie, CPM®, ARM® Fortress Property Management


Valorie Cochran, CPM®

Melvin Mark Companies


Traci Twitchell, CPM®

Colliers International


David Genrich, CPM®

Jones Lang LaSalle






Tammy Mills, CPMC®, ARM® Fortress Property Management


Shelby Skubic

Western States Fire Protection


Susan Korshoj, CPMC®

Unico Properties


Tara Platt, CPM®

Specht Properties Inc


Chris Pasteur, CPM®ARM®

Sequoia Equities


Nicole Koen. CPMC®


Carmella Byers, CPM®

Jones Lang LaSalle


Steve Platt



Laura Natale, CPMC®

Interurban Real Estate Group


Ella Raff, Associate

TMT Development


David Genrich, CPM®

Jones Lang LaSalle


Hannah Hardy



Luauna Dean

Rose City Moving & Storage


Thuy Doan, CPMC®

Jones Lang LaSalle


Kristi Carver, CPMC®

Interurban RE Group


Kagney Parsley, CPMC®

Jones Lang LaSalle

Institute of Real Estate ManagementJulie Scott, CPM® IREM® ASSOC. River EXEC. Oregon-Columbia Chapter No. 29 1st Quarter—2018

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2018 IREM Education: Ready, set go! Is 2018 the year that you finish your IREM® education and earn that coveted CPM® or ARM® designation? See below for the courses being held in 2018! NEW: All courses will now be held at One Main Place, 2nd Floor Conference Room, Portland, Oregon! A HUGE thank you to Jones Lang LaSalle & David Genrich, CPM® for donating our classroom space! Remember, anyone can retake a course for HALF PRICE! And, with CE credits available, why not take a refresher? Need assistance? Check out all of the ways in which you can earn a Scholarship towards your education on the following pages!





Budgeting, Cashflow and Reporting for Investment Real Estate

ASM Track


Financing and Loan Analysis for Investment Real Estate (ASM603) Performance and Valuation of Investment Real Estate (ASM604) Asset Analysis of Investment Real Estate (ASM605)



Marketing & Leasing Strategies for Office Buildings



Ethics for the Real Estate Manager


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Take advantage of IREM® Scholarships to fund your education and help you on your way to earning an IREM® Credential! The IREM® Foundation has several to choose from, as does our local Oregon-Columbia River Chapter No. 29: (Steve Barber [for ARM® Education] & Jack Stevens [for CPM® Education]) ! Apply today!* Questions? Contact our Scholarship Chair: Kristi Carver at: or the local IREM® office at (503.228.0002). Apply Nationally at: Apply Locally at: *IREM®Foundation Scholarships are available for use during the Calendar year awarded. Applications are accepted throughout the year, except for the last quarter (October though December).



Bette Fears Scholarship for ARM® Education

Bette Fears, ARM® served as the community manager for ParkPlace Apartments in Coeur d’Alene, Idaho. ParkPlace Apartments was a member of Tomlinson Black Management Inc., an ACCREDITED MANAGEMENT ORGANIZATION® Bette was an active member of IREM ® Inland Northwest Chapter No. 49, serving in local, regional and national positions within IREM. As a member of the Foundation’s Scholarship and Grant Committee, Bette brought a sense of caring for all applicants as they exhibited a desire to advance careers in multi-family housing.

Donald M. Furbush SCHOLARSHIP for cpm® education

Donald M. Furbush, CPM® was senior vice president for BRE Properties, Inc. of San Francisco, heading the company’s asset management department. He served as IREM® President in 1990, which capped a leadership commitment that began as president of IREM® San Francisco Bay Area Chapter No. 21. Mr. Furbush also held the Counselor of Real Estate (CRE) and the Real Property Administrator (RPA) designations. He was a member of the Society of Real Property Administrators, Building Owners and Managers Association of San Francisco, and the International Council of Shopping Centers.

Diversity Outreach Scholarship for all designations

The Foundation is committed to helping the Institute increase diversity in the real estate management industry and within IREM®. The purpose of the Diversity Outreach Scholarship is to assist individuals from underrepresented population groups with the cost of tuition associated with achieving an IREM® credential.

Paul H. Rittle, Sr. Memorial Scholarship for Acom® educaiton Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

Paul H. Rittle, Sr., CPM® was president of the Pittsburgh real estate firm of Rittle-Rosfeld, which he founded in partnership in 1945. He served as IREM ® President in 1972. He played an active role in local and national real estate organizations having served as president of the Pittsburgh Board of Realtors and chaired the NAREB Make America Better Committee for the state of Pennsylvania. In 1967 he was selected Realtor of the Year by the Pittsburgh Board. 1st Quarter—2018

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IREM® Event Congratulations to our 2017 Leadership Award Winners! Highlights


CPM® of the YEAR

ARM® of the YEAR

Cynthia Sparks, CPM®

Cammie Allie, CPM®, ARM®

CPM® candidates of the YEAR

Kristi carver, CPMC® &

Jennifer tyler, cpmc®

amo® firm of the year



Presidents award

Tara platt, CPM®

Board member of the year

David Genrich, cpm®

Past president of the year

Traci twitchell, CPM®

Co-chairs of the YEAR

Cristin bansen, Associate Carmella jaskiewicz-byers. CPM®

irem® industry partners of the year

Steve platt

Luauna dean

Many thanks for leading our chapter in 2017:

Valorie Cochran, cpm® 2017 irem chapter president Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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30th Annual IREM® Forecast Breakfast

30 years of forecasting Oregon’s real estate market, and 30 years of successful events was marked on December 7, 2017 at the Oregon Convention Center. With a packed house, our presenters took the stage and gave their expert forecasts in their respective markets. A huge thank you to our valued presenters: Lana Baldock, CCIM Cushman & Wakefield Stuart Skaug, SIOR CBRE, Inc.

Jordan Carter, J.D. Kidder Mathews

Jeff Olson Commercial Realty Advisors

MaryKay West, CCIM Colliers International

Gerard Mildner, PhD Portland State University

Many additional thanks to the 2017 international IREM® President, Michael Lanning for joining us and to our illustrious committee members who work tirelessly for months out of the year handling the event from start to finish: ®

Tara Platt CPM • Specht Properties • Chair Caroline Karl, CPMC® • C & R Real Estate Laura Barry, CPM®, ARM® • CBRE, Inc. Jessica Gies, CPM® • Kidder Mathews Katrin Arp • J.R. Johnson, Inc. Ronda Butler • Raindrop Supply Valorie Cochran, CPM® • Melvin Mark Properties Sarah Haws • Fast Signs Loyda Timmins • Norris & Stevens Traci Twitchell, CPM® • Colliers International Corey Petersen • Pacific Landscape Management Steve Platt • LandCare Melinda Pursley, JR Johnson, Inc. Julie L. Scott, CPM® • Newmark Knight Frank

THANK YOU to our sponsors: Cort Furniture 7 Dees PlantScapes FastSigns, Tigard The Portland Business Journal Malaina Kinne Photography & Pearl Sponsor: Cushman & Wakefield

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IREM®‘s 2018 Event Calendar




1/25/2018 Thursday Feb-18 2/8/2018 Thursday 2/13/2018 Tuesday 2/20/2018 Tuesday Mar-18 3/13/2018 Tuesday 3/20-22/2018 Tues-Friday Apr-18 4/10/2018 Tuesday 4/17/2018 Tuesday 4/26/2018 Thursday 4/19-20/2018 Thurs - Friday May-18 5/8/2018 Tuesday 5/14 - 5/18/2018 Mon-Friday Jun-18 6/12/2018 Tuesday 6/21/2018 Thursday 6/26/2018 Tuesday Jul-18 7/24/2018 Tues. (TBD) Aug-18 08/16-17/18 Thurs/Friday Sep-18 9/18/2018 Tuesday 9/26-9/29/2018 Oct-18 10/9/2018 Tuesday 10/16/2018 Tuesday 10/17-10/18/2018 Wed - Thurs 10/19/2018 Friday 10/23/2018 Tuesday Nov-18 11/8 or 9/2018 Thurs or Fri 11/13/2018 Tuesday 11/27/2018 Tuesday Dec-18 12/1/2018 Saturday 12/6/2018 Thursday 12/11/2018 Tuesday Institute of Real Estate Management Oregon-Columbia River Chapter No. 29





4:30 p.m. - 7:30 p.m.

Montgomery Park

IYP Happy Hour Board Meeting IREM Brunch n Learn

4:30 - 7:00 p.m. NOON - 1:30 PM 9:00 - 11:00 a.m.

Rock Bottom Brewery 760 SW 9th, 3rd Floor Portland City Grill

Board Meeting IREM Super Regional Conference

NOON - 1:00 P.M. 8:00 a.m. - 5:00 p.m.

760 SW 9th, 3rd Floor Scottsdale, AZ

Board Meeting IREM Brunch n Learn IYP/CPM Candidate Afternoon Tea FIN402

NOON - 1:00 P.M. 9:00 - 11:00 a.m. 4:00 - 6:00 p.m. 8:00 a.m. - 5:00 p.m.

760 SW 9th, 3rd Floor Portland City Grill TBD 101 SW Main Street

Board Meeting ASM Course

NOON - 1:00 P.M. 8:00 a.m. - 5:00 p.m.

760 SW 9th, 3rd Floor 101 SW Main Street

Board Meeting SILENT AUCTION IREM Brunch n Learn

NOON - 1:00 P.M. 4:00 p.m. - 7:00 p.m. 9:00 - 11:00 a.m.

760 SW 9th, 3rd Floor Lagunitas Portland City Grill

IREM Summer Social

4:00 - 7:00 p.m.

Revolution Hall

IREM Region 12 Conference

8:00 a.m. - 5:00 p.m.

Boise, ID

Board Meeting IREM Global Summit

NOON - 1:00 P.M. 8:00 a.m. - 5:00 p.m.

760 SW 9th, 3rd Floor Ft. Lauderdale Florida

Board Meeting Industry Partner Appreciation MKL403 - Office ETH800 Course IYP Roundtable Brunch

NOON - 1:00 P.M. TBD 8:00 a.m. - 5:00 p.m. 8:00 a.m. - 5:00 p.m. 9:00 - 11:00 am

760 SW 9th, 3rd Floor TBD 101 SW Main Street 101 SW Main Street TBD

INAUGURAL Board Meeting IREM Brunch n Learn

TBD NOON - 1:00 P.M. 9:00 - 11:00 a.m.

TBD 760 SW 9th, 3rd Floor Portland City Grill

2019 Budget due to HQ 31st ANN FORECAST BREAKFAST Board Meeting

7:00 a.m. - 9:00 a.m. NOON - 1:00 P.M.

Convention Center 760 SW 9th, 3rd Floor 1st Quarter—2018

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IREM®‘s Brunch & Learn Series for 2018


SAVE the DATES for our 2018 Brunch & Learn Series. Each Session builds upon the prior Series Attend all of them and leave with the knowledge and tools you need to manage disasters from start to finish! All are being held at the Portland City Grill and offer 2 Hours of Oregon CE Credits! Register:

Series #2

Series #3

Best Practices for Maintaining the Physical Asset April 17, 2018

Dispute Resolution June 26, 2018

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Series #4 Disaster & Damage Restoration November 26, 2018 Page -12-


IREM® Welcomes the 2018 Young Professionals Committee

Who We Are:

Ella Raff Property Assistant TMT Development

Laura Natale Assistant Property Manager Interurban Real Estate Group

IREM® and its members are committed to the advancement of the profession of real estate management. We encourage the recruitment, education and involvement of those affiliated with the real estate industry and young professionals are no exception! One of the most effective ways to continue IREM®’s goal of encouraging job growth and retention within our industry (members and non-members alike) is to focus on the talent that exists in our own management offices. We challenge our CPM®s and ARM®s to take a look around your office. Do you see potential in your receptionist, your assistant, and/or your tenant coordinator, etc.? Do they have the potential to be the next generation of real estate professionals? If so, we encourage you to use your influence and encourage their growth within the industry and IREM® wants to help!

Let’s Get Connected!! One of our objectives as your 2018 IYP co-chairs is to help bridge the gap for support staff and young professionals in the property management industry. Our industry can be challenging at times, and it’s important to have resources available to anyone in the industry, no matter where they fall on their career ladder. As young real estate professionals, we too need to network, meet our vendors and colleagues, ask others for advice and have a sounding board for our daily responsibilities. Having your assistants attend events will help keep them engaged in their job and in the industry. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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IREM® Welcomes the 2018 Young Professionals Committee

With all of this in mind, the IREM® Young Professionals committee has elected to host a couple of support staff targeted events this year which we are really looking forward to! On February 8, 2018, we are organizing a FREE and informal happy hour at Rock Bottom Brewery from 4:30 PM to 7:00 PM (yes! FREE! With

snacks and 2 drink tickets)

If you’re an IREM® member, bring your assistant, bring your site managers, and office staff to share the gift of networking opportunities and help facilitate their growth. Formal registration is not required to attend but we are tracking our attendance via likes on our IREM® Facebook Event! We particularly hope to see support staff and those who are new to the industry at our event! Also, be on the lookout for information on the up and coming Summer Social and Concert in July! We look forward to meeting you and your support staff at our February Happy Hour.

Ella and Laura Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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IREM®‘s 2018 Charity of Choice

In 1885, there was a boy named Henry. He was parent-less and unsure what would happen to him. He looked like many other children living on the streets of Portland during this time. He had been abandoned by his parents and had nowhere to go. The agency was founded by Portland citizens like Henry Corbett and William Ladd to address a growing population of abused and homeless children. The difference between Henry and the abandoned children that came before him, was that Henry had an agency devoted to his future. Prior to the founding of the Boys & Girls Aid Society of Oregon in 1885, growing up on the streets would have been Henry’s only outcome. The agency was the first of its kind in Oregon. Compared to the orphanages on the East Coast that saw children as labor, the Boys & Girls Aid Society of Oregon was viewed as innovative and compassionate. It implemented a model that served children on an individual level by connecting them with families who may eventually one day adopt them. Henry, and the many children that came after him, now had an organization devoted to his future. With each passing year, the agency became ingrained in Oregon’s culture. The state of Oregon eventually used The first child served in Oregon the framework of the Boys & Girls Aid Society of Oregon to found the Department of Human Services. The first child served at Boys & Girls Aid is a reminder that while our approach and practices have changed, our beliefs have not. Every child deserves the guidance, love and support that comes from a family.

IREM® Oregon is proud to sponsor this local charity in 2018. Watch for ways in which you can contribute in the coming months, and at our Annual Silent Auction in June! Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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IREM® Next-Gen CPM® Leaders Program

Do you have a rock star employee who is under the age of 35 and who you want to invest in? Would this person be a great candidate to earn the CPM® designation and get additional leadership training within a condensed 16-18 month timeframe? If yes, you must nominate him/her for IREM® Next-Gen CPM® Leaders! IREM® Next-Gen CPM® Leaders is a talent management initiative exclusively for AMO® Firms. This initiative fast tracks a class of young professionals through the CPM® program, providing supplemental leadership training at a savings of more than 50% on tuitions and registrations. The program will not only help your firm develop talent, it will create a sense of community and camaraderie among the participants to network and share best practices from around the country. A win-win for your company and your employee! Nominations due by February 15, 2018. Who is eligible? AMO® Firms can nominate an employee who is not currently an IREM Member and is: • 35 year old or under as of February 15, 2018. • Has at least two years of real estate management experience that would qualify for CPM credit as of February 15, 2018. • Is able and willing to complete all of the CPM requirements by June 2019, as outlined in the timeline. • Is able and willing to attend the 2018 (Ft. Lauderdale, FL) and 2019 (San Francisco, CA) IREM Global Summits.

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IREM® Next-Gen CPM® Leaders Program

What will my firm gain? • • • •

A future leader. A new CPM who is trained to create value for your properties and your clients. A committed, dedicated employee who will appreciate your investment. Statistics show that employers who pro professional development opportunities increase employee retention. Recognition and publicity through IREM promotional efforts.

What is the commitment of my firm?

• • •

The fee to participate is $5,200 (non-transferrable, non-refundable), which covers all tuitions, registrations, application fees, and two-years of national and chapter dues for 2018 and 2019. This is a savings of more than 50 percent! Allow your employee the time to participate in online courses and webinars, attend two week-long CPM education tracks, and attend two IREM conferences. Travel and lodging expenses for the two, week-long CPM education tracks and two IREM conferences.

How do we make a nomination? Click here to complete a nomination form by February 15, 2018. • If your employee is chosen for the program, an acceptance form, a CPM Candidate application, and the $5,200 fee would be due by April 5, 2018.

Questions? Contact Career Services at IREM Headquarters in Chicago at 800-837-0706 ext. 6001 or Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Every Member Gives Giving to the IREM® Foundation has never been easier. Donate through your annual dues payment, click the “Donate Now” button on the IREM® Foundation web page and now, introducing IREM®’s newest way to give:…

TEXT2GIVE Simply text “iFound” to 444-999 and donate as little or as much as you wish to the IREM® Foundation. Perhaps you’ve been helped by the IREM® Foundation through scholarships and/or grants. Perhaps now that you’ve earned your credential or are at the top of your career ladder...maybe you’ve been thinking of ways to give back? Help others achieve their dreams by helping fund the IREM® Foundation so more scholarships and grants can be awarded! Spread the word about IREM® Foundation scholarships—and Text2Give—an easy way to give back. If every IREM® member donated even just a small sum each year...imagine how many people we could reach? The IREM® Foundation is a 501c3, non-profit charitable organization and your donations are 100% tax deductible

Why wait? Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Multi-Family NEWS

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Let Your Voice Be Heard!

David Genrich, CPM® 2018 Legislative Chair 2018 3rd Member at Large

A group of Real Estate professionals have formed to review proposed action pertaining to Oregon licensing. In order to protect the interests of our membership, IREM® has a seat at the table. As a Board of Directors, we voted and sent the following statement to this group::

“As it pertains to the recent discussions/concerns of the Property Management license status in Oregon, the local IREM® Chapter has the following general position:  We believe the Property Management license is important for Oregon and should be retained.  We acknowledge that modifications to the current license requirements may be discussed in the effort to better protect the general public.  We would like to be involved in any ongoing discussions as it pertains to modifications to the Property Management license.” For additional information, please feel free to contact me at: or by calling 503.295 5555 Ext. 2 Thank you for your support!

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Have a spare apartment this winter? Portland officials want you to house a homeless family. Local officials want landlords and property managers to come up with 40 rental units for homeless families in a "Home for the Holidays" campaign.. Portland Mayor Ted Wheeler and Multnomah County Chairwoman Deborah Kafoury plan to personally appeal to property owners and managers around the region to sell the idea. They hope to house 40 families who are currently in shelter by Jan. 15.. Multifamily NW, an apartment industry association that represents property agents throughout the region, committed to boosting the call throughout its networks.

In exchange, landlords will get publicly acknowledged for offering affordable housing to homeless families. The city and county will provide financial assistance to cover missed rent payments, security deposits and move-in costs among other social services to make sure families are successful at staying in the apartment. Officials are looking for units that have up to four bedrooms and are $600 to $1,600 per month. The families who would move in are working or have vouchers that would pay part of the rent. According to the Joint Office of Homeless Services, a city-county agency, families remain in homeless shelters three times as long as they used to, because they can't find anywhere to use their housing vouchers. Human Solutions, one of Portland's largest shelter operators, reported that families stayed an average of 23 days in a shelter three years ago. Now, it's 65 days. There are 500 people in Human Solutions' family shelter this fall. That number grew from a previous record of 300 in August. There are more than 4,000 homeless people in Multnomah County, according to a 2017 count. Officials and advocates only expect that to rise as the city's affordable housing crisis continues. People who don't own properties can contribute by donating new or lightly used household items and furnishings to Community Warehouse, 3969 NE Martin Luther King Jr Blvd. Courtesy: OregonLive Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Oregon still attracting more newcomers than most states

49% say they moved for a new job or company transfer

Two moving companies say Oregon remains one of the most popular destinations for relocating in the country. But United Van Lines ranks the state second behind Vermont, while Atlas Van Lines says Oregon is No. 8 and puts Idaho in the top spot. The average rent for a two-bedroom apartment in Portland, computed by three rental tracking companies, is $1,334. Abodo says that makes Portland the 17th-most expensive rental market in the country, while Zumper ranks it No. 20, and Apartment List puts the city in 29th place. The Zillow real estate tracking company says the median home sales price in Portland was $393,458 in November, the most recent month for which figures are available. But the Regional Multiple Listing Service put it at $377,000 then. Such contradictory information is typical from private companies involved in the real estate industry and related fields, like moving. They tend to increase in January, when many of the companies issue special year-end reports covering the previous 12 months. But that does not mean the news releases — which link to larger reports with more details — are not valuable. They tend to track similar trends, which are almost always confirmed by the official figures. And the trends in the most recent releases are significant. First, Oregon is still attracting a lot of new residents. The U.S. Census Bureau said Oregon was the ninth-fastest growing state in 2017, with most of the growth coming from people moving here from somewhere else.

The Population Research Center at Portland State University said the state added approximately 65,000 people in 2017. Historically, more than half of the people moving to Oregon have settled in the Portland metropolitan area, which has been experiencing near-record growth since the end of the Great Recession. Although the growth has contributed to the affordable housing crisis, the rental and real estate companies all agree that double-digit annual rent increases of recent years have slowed dramatically — and some say rents are even falling. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

For example, Apartment List says that after rising through August 2016, rents in Portland dropped the rest of the year and are now down 1.7 percent from last January, including a 1.0 percent drop last month. Abodo also says the rent for a one-bedroom apartment in Portland dropped 0.95 percent last month. Abodo senior communication manager Sam Radbil says rents may continue to decline through 2018, because so many new apartments are coming online in Portland. “New developments that were just built are now coming available and accepting new residents. Pretty much a standard function of supply and demand,” Radbi says.

Sifting through data: The information in the news releases and reports are examples of how companies are trying to use the tremendous amount of data they are now collecting on a regular basis. Amazon, Facebook and Google are well-known for their relentless drive to collect, analyze and use data on their customers, but many other smaller businesses are doing much the same thing. With the news releases, the moving, rental and real estate companies are hoping to generate coverage by sharing some of their data. The details differ slightly between similar news releases because each company relies on different sources of information. The two moving companies survey their customers. The rental companies use their own figures. The real estate tracking companies receive sales figures from different sources. But some of the companies are trying to be more accurate. For example, Apartment List made a concerted effort last year to incorporate more sources of information in their reports, much like the well-respected Case-Shiller real estate tracking methodology. “Data from private listing sites, including our own, tends to skew toward luxury apartments, introducing sample bias,” says Apartment List housing economist Chris Salviati. “In order to address these limitations and provide the most accurate rent estimates available, we now start with reliable median rent statistics from the Census Bureau, then extrapolate forward based on our own rental listing data, using a same-unit analysis similar to Case-Shiller’s approach, which compares only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.” Although the two moving companies still only rely on their customers for information, United Van Lines released details of their customer surveys for each state. Of moves to Oregon, the highest-ranking Western state, a new job or company transfer (49 percent) and proximity to family (24 percent) led the reasons for most inbound moves, the company said in its news release. Courtesy: Willamette Week Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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NBP Capital has acquired a three-building creative office portfolio in Portland from Swift Real Estate Partners for $19M. All of the properties are older structures recently renovated to modern creative standards. The deal includes the sale of the Merchant Hotel, a four-story, 56K SF creative office building at 222 NW Davis St. originally built in 1888 and most recently renovated in 2017. Also part of the portfolio is the Captain Couch, a two-story, 17K SF creative office building at 24-32 NW Second Ave. developed in 1912, and Norton House, a two -story, 13K SF creative office building dating from 1875 at 31-53 NW First Ave. During its ownership, Swift did extensive capital improvements to the properties. The Merchant Hotel received the largest renovation, with a multimillion-dollar seismic upgrade and the addition of tenant amenity spaces, including a tenant lounge, a conference center and a bike storage room. Captain Couch Square Courtesy of CBRE Portland Captain Couch Square Swift also completed cosmetic upgrades to the interior common areas at the Norton House and Captain Couch buildings. The upgrades, according to Swift, enhanced the overall profiles of the buildings while preserving their historical features — the kind of authenticity hard to find in newer buildings. Charles Safley and Trevor Kafoury of CBRE’s Portland office represented both the seller and buyer, while Nick Santangelo of CBRE’s Portland office, and Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office, secured the $17.5M acquisition bridge financing using 70% LTC floating rate debt. “Investors and developers have taken an interest in Old Town,” Safley said. "There's a flurry of new capital investing in this district. Everywhere you turn, there's planned development, new construction, renovation projects and institutional investment coming in.” According to NBP Capital, it will pick up where Swift Real Estate Partners left off and continue to upgrade the buildings to further enhance them as creative office environments. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Amazon plans to substantially boost its Portland outpost by leasing space in a new building across the street from its current location at the south end of downtown. AWS Elemental, Amazon's Portland subsidiary, said Amazon will lease 85,000 square feet in the Broadway Tower. That's cater-corner from Elemental's current offices in the former Oregonian building at the corner of Southwest Broadway and Columbia. Amazon employs about 400 at its current site, a mix of Elemental staff and Amazon workers. It has room to expand in its current office, which totals 100,000 square feet, and the new space could accommodate another 400. The Portland Business Journal first reported Amazon's plans. Elemental declined to comment on the new lease except to say Amazon is "leasing the space as a normal part of scaling to meet the needs of its customers." Also Friday, Amazon said it plans to lease more office space near its Seattle headquarters. The company said the new Portland office is unrelated to Amazon's search for a second headquarters. Portland and hundreds of other cities submitted bids for that new headquarters complex, but Portland is an extreme longshot because of its proximity to Seattle. The Broadway Tower is a 19-story building on the site of a former gas station. Due to open later this year, it will house a Radisson hotel and office space.

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Portland now has 10 new office buildings planned. Still, most

won't actually get built without up-front commitments from major tenants. No fewer than 10 office building projects are now in some stage of planning, permitting or construction in or near downtown Portland, thanks to the market’s continued ultra-low vacancy rates. The latest project to be submitted to the city’s planning division for site plan approval is a proposed mixed-use development at 151 Washington Ave. that would include a four-story structure featuring retail space on the ground floor and office space on the upper three floors. Developer Diving Rock LLC told city officials in its written application, filed Dec. 5, that the project would include nearly 11,000 square feet of total floor space and be consistent with the property’s current zoning. The proposed 151 Washington project brings the total number of Portland office construction projects in the pipeline to 10. Three already are under construction: a 100,000-square-foot headquarters for Wex Inc. at 0 Hancock St.; a three-story, 12,000 -square-foot office building add-on to Ocean Gateway Garage at 167 Fore St.; and a three-story, 18,000-square-foot office building on Widgery Wharf at 230 Commercial Street Other projects still in the planning stage include about 100,000 square feet of office space at the former Portland Co. complex at 58 Fore St., now known as Portland Foreside; 60,000 square feet of office space at Thompson’s Point; a 48,000-square-foot building at 170 Fore St.; a 22,050-square-foot building at 266 Commercial St.; and two other mixed-use projects on Union Wharf and Fisherman’s Wharf. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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….Continued from previous page


Not everyone is happy about the recent surge in proposed development on the Portland waterfront, which includes hotel and retail in addition to office projects. Advertisement Commercial fishermen who have unloaded lobster and groundfish on Portland’s wharves for decades have said they see the changes as the next step in a long process to change the face of the waterfront to their detriment. They are also worried about rising parking costs, traffic congestion on Commercial Street and the loss of berths for recreational vessels.

In July, more than 90 lobstermen, fishermen and waterfront business owners signed a petition submitted to the Portland Planning Board arguing that new developments planned for Commercial Street would put the entire working waterfront in jeopardy. Still, it’s highly unlikely that all of the projects being proposed will actually begin construction in 2018, said Nate Stevens, associate broker at commercial real estate firm CBRE | The Boulos Co. in Portland. “I don’t see all of those happening next year,” he said last week, referring to 2018. “I see maybe one or two.” Stevens said some of those projects’ developers have yet to receive city approval, and others that do have approval are still waiting on an interested tenant or tenants to justify breaking ground. “You have all these projects that are slated,” he said. “They’ve been permitted and approved, but you can’t break ground without a tenant.” Stevens said downtown Portland doesn’t have the sort of hot office market in which developers would be willing to risk building something without a significant portion of space already committed to specific tenants. Despite the vacancy rate for top-tier “Class A” office space in downtown Portland falling from about 14 percent in 2011 to less than 3 percent in 2017, Stevens said demand for new space is also relatively weak, with few large tenants entering the market. “There’s a very, very low supply, but there isn’t a huge demand,” he said. Stevens cited as an example 16 Middle St., the most recently completed office building in downtown Portland. The five-story, 55,000-square-foot office building, which opened in 2017, still contains about 15,000 square feet of unoccupied space as a result of low demand, he said. The best bet for one of the larger proposed office projects would be to lure another big employer such as Wex to the downtown area from a neighboring city or town, Stevens said. He expects at least one such relocation to be announced in 2018. “There are a handful of very large companies that would like to be downtown,” he said. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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European Unibail To Buy Westfield And Create World’s Largest Mall Owner Unibail-Rodamco has agreed to buy Westfield for about $16B in a deal that creates the largest owner of shopping centers in the world with a portfolio valued at $72B. Unibail, which is listed in Amsterdam and Paris, announced Tuesday that it had agreed to buy Sydney-listed Westfield in a deal that has been approved by the boards of both companies and the Lowy family, which founded Westfield and is still a big shareholder. Unibail's $16B bid values Westfield at $25B, including debt. The combined company will have a portfolio of 104 shopping centers in Europe and the U.S., including some of the most well-known in the world such as Westfield World Trade Center in New York, Westfield London and Les Quatre Temps in Paris. It will be listed in Europe and Sydney and have a market capitalization of $36B, which still puts it behind Simon Property Group in terms of overall value. It said 56 of its centers are "flagship" destinations and that the Westfield brand would be rolled out across them over time. As well as the existing portfolio, the combined company will have a $14.5B development pipeline. The move comes at a time of upheaval in the retail world, with consumers spending increasing amounts online rather than in brick-and-mortar stores. This has created the opportunity for consolidation, with the U.K.’s two largest specialist retail REITs, Hammerson and Intu, announcing a merger to create a £19B company last week, and Brookfield attempting to buy General Growth Properties for $15B. Unibail said its focus on the best-quality malls made it more resilient to the challenges posed by online retail, and that its purchase of Westfield would increase this resilience. Continued….

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….Continued from previous page

“It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States,” Unibail Chief Executive Cristophe Cuvillier said. “It provides a unique platform of superior quality shopping destinations supported by experienced professionals of both Unibail-Rodamco and Westfield.” Unibail shares were down 2.6% at lunchtime on the day the deal was announced. “Our first take is that we are not over-excited about the price,” said Peter Papadakos, an analyst at Green Street Advisors in London. “Unibail is buying at an implied initial yield of below 4%. If you think about where cap rates and yields are going in the U.S. and the U.K., which we think will be stable to upwards, the pricing is aggressive.” Unibail said it would be selling around $3B of assets from the combined company, but sales in the U.S. are unlikely for now. “The U.S. is probably not the market where you’d try to sell lowerquality malls at this point,” Unibail-Rodamco Chief Financial Officer Jaap Tonckens said in an interview with Bloomberg Television. “I think we’ll focus on improving them, ride out the storm and see where we go from there.” Cuvillier and Tonckens will be CEO and CFO of the combined company respectively, and the deal sees the Lowy family step back from a company they have built up over six decades. Family patriarch Frank Lowy started the company with a single shopping centre outside of Sydney in 1959. “Assets I’ve spent my life building, I could not imagine a better home for them than in this new company," he said. Courtesy: Bisnow

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Less than two weeks after Unibail-Rodamco agreed to purchase Westfield Corp. for an estimated $16B, experts are speculating the move could force Simon Property Group, the largest REIT and mall owner in the U.S., to make its own acquisition. Unibail's Westfield buyout will create one of the largest shopping center owners in the world with a combined portfolio of 104 shopping centers in Europe and the U.S., and a portfolio valued at $72B. This means the company's worth is edging ever closer to Simon Property, which has a real estate portfolio estimated to be valued at $110B. Experts have weighed two potential scenarios based on the assumption that Simon will want to defend its title as the leading property group giant in the world. Both scenarios would have Simon increasing its dominance and market share through European mall operator Klépierre, in which it owns a 20.3% stake, The Real Deal reports. The first is based on rumors Klépierre was a potential bidder to purchase Hammerson, the secondlargest shopping center owner in Europe behind Unibail. But Hammerson was busy bidding to take over rival and shopping center REIT Intu, which accepted its offer for $4.5B. Experts have said this could lead Simon to make an offer to Hammerson via Klépierre that would encourage shareholders to reject the Intu transaction. The second scenario predicted Klépierre could create a joint venture with Hamburg-based ECE Projektmanagement GmbH & Co. KG, which is a leading owner and operator of European shopping centers, TRD reports. Simon has said it is out of the "big deal business," meaning both scenarios may be nothing more than industry scuttlebutt. The speculation comes at a time consolidations have been hot in the retail industry in an effort to offset much of its upheaval. Toronto-based asset manager Brookfield also attempted to purchase GGP Inc. earlier in December, although the $14.8B bid has been rejected. Courtesy: Bisnow Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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2018s Retail Outlook Can Be Summed Up In 3 Words —

Reduce, Reuse, Recycle

Though retail real estate has suffered greatly from the massive closures of major brick-andmortar retailers in the past year, there are still ample investment opportunities in the sector. Tenants, owners and investors could find opportunities in the sector as retailers strategically transform their business models and physical locations to embrace e-commerce and become more experiential.

TH Real Estate said in a 2018 outlook report that there are three ways the retail sector will be transformed this year. The firm called it the three R's of retail: reduce, reuse and recycle. Reduce Rather than ditching all of their space, a number of retail tenants are opting to decrease square footage in order to hone their focus on the stores that are performing well. Others are choosing to get rid of the brick-and-mortar locations altogether in favor of e-commerce. Reuse Some landlords are getting creative in their attempts to keep pace with the shift in consumers shopping preferences, and are repurposing spaces instead of getting rid of them. Malls are adding tenants like grocers, gyms and medical offices, while retailers are turning spaces previously used for shopping into pickup-and-order counters where consumers can easily collect items purchased online. Recycle While many retail spaces can be revived with an update, others have met their end. This has presented an opportunity for investors and developers who are turning these previous retail spaces into multifamily, residential, office, healthcare, self-storage and industrial properties. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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To Compete With Walmart, Kohl’s Will Fill Empty Store Space

The department store retailer revamped and downsized approximately 300 stores over the past few years to help optimize operations and place more focus on its e-commerce initiatives. But it has also left many of the locations with empty space. To fill said space, Kohl’s plans to team up with food and convenience concepts in order to fill the gaps and offer its customers a wider array of options. Teaming up with other companies is one way retailers are fighting back against the shift in the sector, which has left many struggling to stay afloat. Kohl's has yet to announce who will become its first partner, but there is speculation of a Whole Foods Market partnership already swirling due to the retailers existing relationship with Amazon. While companies like Kohl's are hoping to increase customer traffic by partnering with other retailers, others like Hudson's Bay Co. are looking outside of the sector for inspiration. The department store owner recently partnered with co-working behemoth WeWork to convert the top floors of a number of Hudson Bay's department stores across North America into office space. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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retail’s Seismic Shift Has Drastically Impacted Women More Than Men This year brought a slew of challenges for the retail industry. Bankruptcy filings, store closures and financial distress resulted in thousands of jobs lost. Throughout this time, another surprising trend has emerged: A disproportionate number of men were hired into retail positions this year in comparison to their female counterparts. Retail’s Seismic Shift Has Drastically Impacted Women More Than Men Unsplash/Anna Dziubinska Between November 2016 and November 2017, an estimated 985,000 women gained retail jobs. During the same time period, approximately 1,086,000 men were hired into retail positions, according to a report conducted by the Institute for Women’s Policy Research. Overall, women' s share of retail trade jobs dropped to 49.6% from 50.4%. Experts say the disparity could be due to one of two things: either women are leaving retail jobs for higher-paying industries or retail segments that traditionally hire more men, such as car and furniture sales, are performing better than those segments that tend to hire more women, such as general merchandising, Technology Review reports. When it comes to job losses, the largest number of losses for women were recorded in the clothing and accessories sectors, while men lost more positions in stores that catered to food and beverage, sporting goods, hobbies, books and music, IWPP reports. Segments with the most gains included motor vehicle and parts dealers and building material and garden supply stores. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Having just returned from the very successful IREM Global Summit in Chicago, it became clear to me once again how much this industry is changing.

Profiling an Industry in Transition

A quick scan of the session titles alone would go far toward proving that point, promoting topics inconceivable even a decade ago: “Driving Revenue Through Effective Social Media Content” or “Real Estate Fracking: Impact of the Sharing Economy on Commercial Real Estate.” Even the panel I moderated: “May I Help You? How a New Suite of Amenities Enhances Your Brand and Your Occupancy” underscores the changing nature of occupant expectation--whether that occupant is commercial of residential.

Amenities ranging from dog-walking in apartments and 24/7 package collection in all types of properties now join such new-age services as office concierges and gathering spaces for tenant socialization, all--in the words of one panelist--to “win the market.” (That same building manager--Alan Yeung of Anar Group Shanghai--even talked of offering karaoke services.) It should be noted too that, even though the payback on such services may not be immediate, amenities properly chosen and properly managed can double building value--as another panelist, Tom McAndrews of Tiarna Real Estate Services, made clear. For those more senior IREM members who fear that machines are taking over the world, you ain’t seen nothin’ yet. Artificial intelligence is real and it’s here. As Real Estate Management News reported in its recap of the Summit, Yardi Systems’ Peter Hill “explained how Yardi is using AI in their energy management platform, LOBOS. Rather than rely on manual adjustments of HVAC systems at irregular intervals, LOBOS constantly makes automated corrections to a building’s operations—saving energy and labor. Hill also described how Yardi will employ AI in other platforms. For instance, AI will help predict whether a prospect at a multifamily community is likely to sign a lease.” Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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In the Industry Leaders panel, the shifting nature of the workforce (read: younger) was a major topic of conversation. Dealing with a new generation of job candidate demands a different take, a different mindset, on the part of senior decision makers. Cindy Clare, NAA chair and president of property management for Kettler Management AMO, suggested that millennials are often misunderstood. “It isn’t that they don’t work hard; they often just work differently.” That difference is the sticking point that will confound managers who cling to older methods of team-building every time. Of course, in the midst of changes that range from generational to technological considerations, there are constants, which was also made clear in the Industry Leaders session: As has always been the case, active membership in one or more of the associations represented on the panel is key to maintaining best practices. As Real Estate Management News reported, “It’s not only the information and resources that IREM, BOMA, NAA, and CCIM provide on technology--it’s the ability to network with peers to take advantage of the shared knowledge and experiences in helping to navigate in an era of unprecedented change.” The more things change . . . well, you know the rest. John Salustri is editor-in-chief of Salustri Content Solutions, Inc., a consultancy focused on enhancing the web and print content of clients around the nation. He is a regular contributor to JPM Magazine and a frequent blogger for IREM's website. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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Apartment Guide

Cantel Sweeping

Columbia Roofing & Sheet Metal

Indigo Paint & Contracting

MultiFamily Northwest

Northwest Landscape Services

Portland Business Alliance

Portland General Electric

The Oregonian

Township United Building Services

Rose City Moving & Storage

Squires Electric

Western States Fire Protection


If you’re interested in becoming an IREM® Industry Partner, or know of a company who would benefit from the hundreds of office, retail, residential and industrial property managers who frequent our events, give us a ring! See the following page for a list of benefits! A huge thank you to our new and renewing 2018 IREM® Industry Partners!

THANK YOU!! Contact the chapter office at or 503.228.0002 or the 2018 IREM® Industry Partner Co-Chairs, Steve Platt at or Carmella Jaskiewicz-Byers at for more information. Thanks!

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 TWO complimentary tickets plus advertising at the annual FORECAST BREAKFAST held in December of each year.

Your name will be on the IREM® Industry Partner banner, and your name and company biography will be included in the event transcripts. This is an opportunity to showcase your business to approximately hundreds of real estate professionals in our industry!

 Opportunity to provide articles and information in the quarterly InFocus Newsletter.  Annual access to over 300 participants and members of the Institute of Real Estate Management, including Certified

Property Managers (CPM®), Accredited Commercial Managers (ACoM®) and Accredited Residential Managers (ARM®) in the Portland area.

 One complimentary set of mailing labels to the Chapter membership at no charge. (However, we will not send until

requested so the information you receive is as up to date as possible.)

 The ability for up to two of your company’s representatives to attend IREM

member rate (excludes the Annual Awards/Inaugural Dinner).


monthly membership meetings at the

 A special introduction at the first luncheon after your inception date, and each anniversary thereafter if you renew

your sponsorship. ®

Industry Partner name tags for use at IREM® monthly meetings identifying you as an Industry Partner (direct soliciting is not permitted, placement of brochures and business cards at tables however, is acceptable with advance notice).



 Your company name listed as an IREM Industry Partner on our website:  Multiple opportunities to further advertise your company with meeting and event sponsorships and/or donations for

raffle prizes.

 Introduce and recommend a new IREM


Industry Partner office. Once that referral has been approved, your company will be credited $300 off of your next years' program sponsorship PER NEW Partner! The program allows any IREM ® Industry Partner in good standing to bring up to THREE (3) new Partners per company in the calendar year. That's up to $900 off of your following years’ program sponsorship!

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Send us Your Articles!!

We know our members are multi-talented and have obtained special skills and knowledge over the years! Why not share that information for the benefit of your fellow industry colleagues?

WE WANT YOU! Let your voice be heard! Send us your ideas and/or articles and we’ll do the rest. You don’t have to know how to put an article together...we can help with that. Just get us the facts and figures and your industry expertise! Show the world what you know and what you’ve learned from your experiences.

Submit your ideas and articles to: today!

PO Box 757 | Troutdale | OR | 97060 503.228.0002 | phone | website | national website Institute of Real Estate Management Oregon-Columbia River Chapter No. 29 1st Quarter—2018

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1st Quarter 2018 IREM InFocus Newsletter  
1st Quarter 2018 IREM InFocus Newsletter