Panelists: Doug Bibby, President, National Multifamily Housing Council (NMHC); John McManus, Editorial Director, Hanley Wood; and Rohit Anand, AIA, Managing Principal of KTGY’s East Coast Office
TYSONS, VA – (RealEstateRama) — International award-winning firm KTGY Architecture + Planning recently held an invite-only KTGY Leadership Series event with real estate experts Doug Bibby, president of National Multifamily Housing Council (NMHC), and John McManus, editorial director of Hanley Wood, with Rohit Anand, AIA, managing principal of KTGY’s East Coast office, as the moderator. The event, which was held at KTGY’s new offices at 8609 Westwood Center Drive, Suite 600, Tysons, VA 22182, was attended by some of the region’s top builders and developers.
“KTGY is thrilled to provide our clients with a unique opportunity to hear from leading industry thought-leaders about what trends and economic factors are impacting their business,” said Anand. “Guest speakers Doug Bibby and John McManus offered many great insights about national and regional housing trends. Later this month, as the next installment in the Leadership Series, KTGY has invited noteworthy experts from John Burns Real Estate Consulting (JBREC) to present their latest research.”
“We are in the eighth year of economic expansion,” said Bibby. “Across the country, economic fundamentals for apartments remain strong. There may be a few challenged sub markets, including in the Washington, DC area, but the number of apartments being built is not enough to keep up with demand. Demand is coming from job growth, millennials entering the workforce, downsizing baby boomers and immigration. We see a continued run for apartments in the next few years.”
McManus expects that new home sales figures will continue to be inconsistent. “They vary from week to week; different communities do well one week and not the next,” McManus said. “A product type may do well one month but not the subsequent month. It is inconsistent across all housing types, from entry level to move up. Entry level of the market remains the most challenged.”
According to McManus, “The biggest challenge in residential construction in 2016 is access to developed lots; on-time, quality construction, reliable sub-contractors; and available new talent.”
Bibby said that onerous new regulations like those governing watersheds add cost and increase approval times for projects. “This increases costs for developers and has a direct effect on affordability for renters,” Bibby added.
Looking ahead at opportunities and trends, Bibby said that much of the new development has focused on the urban core and inner ring suburbs. This has resulted in the revitalization of many downtowns in large cities. “Downtown Los Angeles used to shut down at night when offices would close. Now, with many apartments built, downtown Los Angeles has active neighborhoods like around LA Live,” Bibby said. “We are also seeing much architectural innovation in the new product being built.”
McManus added that there is opportunity for new home builders to “put distance” between themselves and what’s out there. “There are successful attempts at designs that get first-time buyers back into the market. Design and architecture that focuses on evolving trends and patterns in demand for livability, health, energy and water high-performance will be successful,” McManus noted.
The next Leadership Series event will be held on Tuesday, June 28, 2016, at KTGY’s Tysons office. The exclusive presentation and networking for housing executives will be presented by John Burns Real Estate Consulting (JBREC) and KTGY. Speakers will include JBREC principal Mollie Carmichael and senior vice president Dan Fulton as well as KTGY principal Rohit Anand. They will present: product trends; the findings from Product & Consumer Insights, JBREC’s survey of over 21,000 home shoppers nationally; and JBREC’s housing market outlook for the Washington, DC region and beyond.
About KTGY Architecture + Planning
Celebrating 25 years, KTGY Architecture + Planning is an international award-winning full-service architecture and planning firm delivering innovation, artistry and attention to detail across multiple offices and studios, ensuring that clients and communities get the best the firm has to offer no matter the building type or location. KTGY’s architects and planners combine big picture opportunities, leading-edge sustainable practices and impeccable design standards to help create developments of enduring value. KTGY serves clients worldwide from offices located in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons. Call 888.456.KTGY or visit www.ktgy.com, Facebook, Twitter, LinkedIn,
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