Virginia Commonwealth University today announced a $2.5 million gift from real estate data firm CoStar Group to establish the CoStar Group Endowed Chair in Real Estate Analytics in the VCU School of Business.
“In establishing the CoStar Group Endowed Chair in Real Estate Analytics, we aim to bring the intersection of big data and real estate together to bring more transparency, velocity and efficiency to the global commercial real estate market,” said Andrew C. Florance, founder and CEO of CoStar. “Dr. David Downs, Alfred L. Blake Endowed Chair of Real Estate and director of the Kornblau Institute, and his team have done a tremendous job in taking a leadership role in developing the next generation of real estate professionals, and we want to provide VCU with the resources necessary to support and grow that effort.”
Florance founded CoStar in 1987, fundamentally changing the way commercial real estate professionals access, use and share information. Through CoStar, Florance pioneered the concept of commercial real estate firms outsourcing research functions to a third-party information provider. CoStar is among Forbes magazine’s 2017 list of 100 most innovative growth companies in the world, placing it among the top 10 companies within the software and services category.
“We are thrilled and excited to receive such a generous gift from CoStar,” said Ed Grier, dean of the School of Business. “The VCU School of Business and CoStar are natural partners with our common focus on creativity, analytics and innovation. We couldn’t have a better partner for our university and community.”
From an article in Virginia Business, Oct. 22, 2015:
The 1,300 people who attended Thursday’s 25th annual VCU Real Estate Trends Conference in Richmond left with an overview on economics, affordable housing and a how-to on the best practices of social media.
The conference at the Greater Richmond Convention Center began with speaker Mary Ludgin saying the U.S. real estate market is well positioned despite global turbulence in other economies such as China. Ludgin, a managing director and director of global investment research for Heitman, noted that the U.S. doesn’t export much to China, with exports representing less than one percent of America’s GDP. “So I don’t think China … it represents something that will change the course of the U.S. economy in the near -or mid-term,” she said.
Read the full article by Paula Squires, including social media advice shared by bestselling author Erik Qualman, in Virginia Business.
The conference is presented annually by the VCU Kornblau Real Estate Program. Our thanks to everyone who made the program possible – sponsors, faculty, staff and student volunteers, the Real Estate Circle of Excellence, and especially to this year’s conference chair, Rene Shepperson, Senior Commercial Real Estate Banker at Union Bank & Trust.
Erik Qualman, who spawned the “Socialnomics” movement with his book of the same name, will speak at the Virginia Commonwealth University School of Business’ 25th annual Real Estate Trends Conference.
The conference, organized by the Kornblau Real Estate Program in the School of Business, will be held Thursday, Oct. 22, at the Greater Richmond Convention Center. Doors open at 12:45 p.m. with registration and networking. Conference sessions run from 1:30 p.m. to 5 p.m., followed by closing remarks and a reception.
Called a “Digital Dale Carnegie” and “the Tony Robbins of Tech,” Qualman is the author of “Socialnomics” and “Digital Leader,” the latter earning him the distinction of second “Most Likable Author in the World” behind Harry Potter author J.K. Rowling. His latest book, “What Happens on Campus Stays on You Tube,” explains the art and science behind the development and impact of digital reputations.
Joining Qualman are real estate and economics experts Mary Ludgin, Ph.D., Maurice Jones, J.D., and Michael Rubinger.
Ludgin is a managing director at Heitman, where she serves as the firm’s director of global investment research. She is a partner of the firm and holds a seat on its investment, valuation and management committee.
As Virginia secretary of commerce and trade, Jones utilizes Virginia’s assets to solidify its position as one of the preeminent places to live, work and conduct business.
Rubinger, president and chief executive officer of Local Initiatives Support Corp. since 1999, has more than 40 years of experience in the housing and economic development fields. Prior to joining LISC, he was executive vice president of the Pew Charitable Trusts, one of the largest private foundations in the country.
An annual event where speakers discuss trends affecting the real estate and business economies, the Real Estate Trends Conference is expected to attract more than 1,400 people from the academic and professional ranks, representing segments such as banking, engineering, investments, consulting, government, brokerage and appraisal.
Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located in downtown Richmond, VCU enrolls more than 31,000 students in 226 degree and certificate programs in the arts, sciences and humanities. Sixty-seven of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 13 schools and one college. The only academic medical center and Level I trauma center in the region, VCU Health is comprised of five health sciences schools (Allied Health Professions, Dentistry, Medicine, Nursing, Pharmacy), VCU Medical Center, Community Memorial Hospital, Children’s Hospital of Richmond at VCU, VCU Massey Cancer Center and Virginia Premier. For more, please visitwww.vcu.edu and vcuhealth.org.
By Anthony Langley
University Public Affairs
Tuesday, June 2, 2015
The Kornblau Real Estate Program in the Virginia Commonwealth University School of Business added 11 members to its Real Estate Circle of Excellence on May 20.
The Real Estate Circle of Excellence consists of real estate executives that support the program’s education and research programs, offer internships and scholarships and organize the annual Real Estate Trends Conference.
The new members represent a variety of real estate-related businesses, said Robert W. Taylor, executive director of the Kornblau Real Estate Program.
“Each member brings expertise to the circle and our program and students benefit from their involvement,” he said.
The newest members are:
David Andrews, The Shopping Center Group. Bruce Boykin, Eck Enterprises Inc. Melissa Canavos, Safe Harbor Title. James “J.G.” Carter, Union Mortgage Group. David Gerstenmaier, Stewart Inc. Richard S. Johnson, The Wilton Cos. Daniel Jones, East West Communities. D. Brennen Keene, McGuire | Woods. Andrew Little, John B. Levy & Company Inc. Walton Makepeace, Highwood Properties. Muriel Rodriguez, Schnabel Engineering Inc.
Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located in downtown Richmond, VCU enrolls more than 31,000 students in 226 degree and certificate programs in the arts, sciences and humanities. Sixty-seven of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 13 schools and one college. MCV Hospitals and the health sciences schools of Virginia Commonwealth University comprise VCU Medical Center, one of the nation’s leading academic medical centers. For more, see www.vcu.edu.
The additional backing brings the endowment’s total to $100,000 — the largest scholarship for VCU’s real estate students. Awardees are selected based on GPA.
Robert Taylor, executive director of the Kornblau Real Estate Program at the VCU School of Business and Bob Hughes, the 2015 president of GRACRE, announced the news during a meeting of VCU’s Real Estate Circle of Excellence, a group of real estate executives who advise on the quality and relevance of the school’s real estate program and offer student internships and scholarships, bringing practical real-world experience to the program.
“VCU is an excellent source of new talent for the next generation of real estate leaders and we are very proud of our partnership,” said Hughes, noting that GRACRE values its ongoing and special relationship with the Kornblau Real Estate Program, which dates back to when the scholarship was established in 2003.
GRACRE — an advocate for commercial property owners, developers and related professionals, comprising more than 450 area members — established the scholarship in 2003 with an initial $25,000. Since then, the organization has sustained an ongoing relationship with the VCU School of Business, most notably sponsoring the annual Real Estate Trends Conference. Its member businesses have hired VCU graduates and offered numerous internship opportunities.
Pictured in the photo (left to right) are:
Debbie Wake, GRACRE 2010 President, Divaris Real Estate
It’s business alumnus Matt Ball’s second time at the VCU Real Estate Trends Conference. After last year’s iteration of the perennial conference which attracts real estate agents, brokers, analysts and experts, Ball said he found himself experiencing the conference in a different way this year.
“Getting to come here and network with people, that’s how a lot of people in the real estate program get jobs,” Ball said.
He found a job last year as a commercial real estate appraiser for Valbridge Property Advisors . The conference now holds a new value to Ball. This year, he said, he would enjoy the event as a patron wanting to learn more about the market he now works in professionally.
“I’m not coming here networking looking for a job, I’m handing out cards and making business connections. It’s sort of the same thing, but it’s totally different,” Ball said. “It feels great.”
Visiting this year’s 2014 Real Estate Trends Conference was Real Estate Research Corporation president and CEO Kenneth Riggs, Realogy Holding Corp. CEO Richard Smith and Freakonomics author and media personality Stephen Dubner.
Attempting to keep the event fresh, conference organizers opted to hold the first two sessions as discussions instead of the panel forum that’s been most common in previous years.
Offering an economic overview and discussion on housing trends during the two sessions, Economics department chair Dr. Carol Scotese and School of Business dean Ed Grier facilitated conversations between invited speakers, themselves and event guest.
Rho Epsilon president and Kornblau Real Estate program ambassador Steven Lindsay said this year’s event came together in a much faster fashion than usual. Despite last minute pressure building for organizers leading up to the event, Lindsay said the conference seemed to be better than previous years.
“The speakers seemed to resonate with the crowd and we got a lot of questions out of them,” Lindsay said about conference speakers.
For younger Rho Epsilon students, Lindsay said he was proud of his colleagues for effectively networking at the event. This year, the student honor society invited mentors to help students meet and speak with members of the business community in attendance.
McGuireWoods partner Gloria Freye has been involved as an event sponsor for nearly eight years. Working in the legal commercial and residential real estate field, Freye has been a partner at McGuireWoods for over 20 years. The Trends Conference, she said, provides one of the region’s best opportunities to interact with VCU, The Kornblau Institute and eager students.
“The funds that we raise support scholarships and programs for the students,” Freye said. “It also helps establish a huge network for those students to get to know the real estate professionals in the area and what their businesses are and see all the ways you can use an education in real estate and develop as a professional. It’s pretty diverse.”
At the conclusion of the 2014 trends conference, guests were given note-cards and t-shirts asking patrons to mark their calendars for next year. The 2015 Real Estate Trends Conference will be held on Oct. 22, 2015 at The Greater Richmond Convention Center.
Effective July 1, new members of the VCU Real Estate Circle of Excellence were announced. The new members are:
· David R. Auman, Capstone Contracting Co. · Eileen Dahlstedt , Luck Development Partners · Andrea J. Harlow, Williams Mullen · Paul Heckman, Keiter · Jane Henderson, Virginia Community Capital · Jeffrey N. Lighthiser, Draper Aden Associates · Diane Linderman, Vanasse Hangen Brustlin Inc. · Ryan Lingerfelt, Lingerfelt Development · Brian Marron, Spotts Fain · James T. Napier, Napier Realtors, ERA · Sam Reynolds, Apple REIT · Drew Wiltshire, Thalhimer Realty Partners
To read the VCU News story on the announcement, click here.
For more information on the Real Estate Circle of Excellence, click here.
On behalf of Dean Ed Grier, the faculty of the Kornblau Real Estate Program and the School of Business, we would like to take a moment to remember a man who transformed not only the real estate landscape in Richmond, but also real estate education here at VCU. Sam Kornblau, friend and staunch supporter of the VCU School of Business, passed away this morning.
Mr. Kornblau was instrumental in shaping the Kornblau Real Estate Program and left an indelible impact on it with his support. In 2006, he donated a generous gift to establish a real estate institute and in 2013 he renewed his commitment to formally name the program. His consistent and generous investment in future generations of real estate leaders was inspirational and leaves a lasting legacy in the Richmond community.
Our thoughts go out to the Kornblau family during this difficult time.
On Friday, April 11th, the School of Business held its Awards Ceremony in the Snead Hall Atrium recognizing outstanding students, faculty and staff.
We want to congratulate all of the award recipients for their hard work and dedication in furthering themselves as well as the School. We are proud to have such incredible individuals a part of the School of Business community.
Below is a list of all of the award recipients along with an image gallery.
VCU held it’s 23rd annual Real Estate Trends Conference on Tuesday to a record 1200 guests registered for the event.
The event was held at the Greater Richmond Convention Center near downtown. Tuesday’s event featured speakers covering the US economy, housing and finance, and future real estate developments.
“We are proud to bring you some of the the most respected leaders in real estate today,” said Dean Ed Grier of the VCU School of Business in his opening remarks for the conference.
In the opening remarks, VCU President, Michael Rao announced the naming of the Kornblau Real Estate Program in honor of Sam Kornblau, a renown leader in the Virginia Real Estate community over the last 60 years. The Kornblau family gifted $1 million to the program.
After the opening remarks from Dean Grier and President Rao, the conference commenced with speaker Marci Rossell, former CNBC Chief Economist and Co-Host of the Squawk Box. Rossell’s speech highlighted statistics that predict future growth for the US economy despite the 2008 recession and current government shutdown.
Comparing the US governments reaction to their recession to that of Japan’s reaction of their last 20 years and Europe’s current economic troubles, the US has managed to recover and continue growing. “Instead of going into a long-term economic stagnation, the economy recovered about two years in and it fully recovered, in terms of economic activity, a full year ago,” said Rossell. “Think about the overall level of economic activity today. It’s actually higher than it was in 2006, the prior peak.” Rossell attributes this to what she calls the “quick easing of monetary policy” by the Federal Reserve.
While the economy is continuing to grow, Rossell says the reason many Americans may still feel as if we’re in a recession is due to the high unemployment rate. “The composition of growth has changed. It’s been a lot of exports driving growth, which is unusual in the United States,” she says. “Exports tend to be capital intensive, not labor intensive, so that’s one of the reasons why the unemployment rate is still hanging up there.”
Regarding the housing market, Rossell emphasizes that booms and busts in the sector usually run in ten year cycles and that she expects the housing market will not look normal again until 2016. Rossell believes that little to nothing has been done to prevent another similar crisis from happening again. It is the aggressive work to repair the banking sector that has led to the ongoing recovery.
Rossell says that people who invested in new homes during the recession will play a pivotal role in helping bring the unemployment rate down as the housing market starts to make it’s recovery. She cites what most economists call the ‘wealth effect’, which is what most home owners who bought their houses in the last few years may be feeling. “The most recent estimates of the wealth effect on housing suggests that for every dollar that your home increases in value, your spending goes up by 5 to 8 cents,” says Rossell. “Now that’s an asset. Not your income. But every dollar your wealth goes up, the unrealized gain makes you feel wealthier.”
The ‘wealth effect’ in turn will encourage home owners to begin spending more money on labor intensive services, such as home improvement and dining out. Those who’ve invested wisely within the stock market are susceptible to this ‘wealth effect’ as well, spending the same estimated amount on each dollar gained in their stock portfolios.
Following Rossell’s talk, she took questions from the audience, with Brandywine Vice President, H. Leon Shadowen moderating. Questions regarding Social Security, future markets, and immigration reform were discussed, with Rossell suggesting that American families could have more children to pay taxes in the future or tackle immigration reform to encourage more potential taxpayers to immigrate.
After Marci Rossell’s presentation, the second session began with a panel discussion of Housing and Finance. The panel consisted of Todd Harrop, the Investments Leader for Real Estate Investments for Nationwide, Jerome Lienhard, President and Chief Executive Officer of SunTrust Mortgage, and Vincent Toye, Managing Director and Head of GSE National Production for Wells Fargo.
The Panel began with moderator, John Levy, President of John B. Levy & Company asking the panel members to describe their firms, their responsibilities, and what keeps them up at night. The panel divulged in their combined, long-run as financiers and lenders. The things they described as ‘keeping them up at night’ reflected worries over the still recovering housing market.
The panel answered questions and discussed federal programs, benefits, and the future of the housing market. They allowed associates and members of the industry to ask in-depth questions about the future of housing and finance markets.
The conference closed with speaker, Joel Kotkin, a Distinguished Presidential Fellow in Urban Futures at Chapman University. Author of The Next Hundred Million: America in 2050, Kotkin presented statistics that can be found in his book along with other works predicting which real estate trends will be most dominant in the future.
Kotkin began his presentation stating that the current birth rate in the United States will lead to an expanding labor force. According to Kotkin, demographics show that the ratio between the work force and retired elderly will be a healthy one, with the expected median age to be 34 in the next few years. The current median age in the United States is 38 according to the 2010 U.S. Census.
In Kotkin’s slideshow of charts along with statistics of sociological research, he demonstrates that the continued domestic migration into the suburbs is expected. “Most people, for most of their lives, are going to want a single family house,” said Kotkin. “I think that’s what you’ll continue to see.” S]His slides showed surveys asking where people want to live and was dominated by respondents wishing to live in the suburbs. The demographics of those wanting to live in the suburbs show that over 25 percent currently live and would prefer living on the periphery of metropolitan areas, followed by residential zones in urban areas.
In addition to further growth of suburbs, Kotkin’s research shows that people are starting to move into smaller cities, such as Richmond, and away from large cities such as New York City or Los Angeles. Cities with a population of over 10 million lost 11.3 percent of its residents, while it increased 1.4 percent in cities between of 2.5 to 5 million.
“People seem to be looking for smaller, more affordable cities, where they can get around easily,” said Kotkin. “These kinds of cities will begin to build an amenity base, that will allow people to say, ‘I can move to a city like Richmond and get much of what I can get in New York or in Washington.” Growth in cities smaller than 2.5 million are growing significantly according to Kotkin’s research.
With this expansion of smaller cities, Kotkin gave numbers of where people moving to Richmond are coming from. Richmond heavily draws people from the northeast corridor, attracting people from Washington, New York, and Boston. “Even though the media there doesn’t know [Richmond] exists, the fact of the matter is people from those places are coming here,” said Kotkin.
“Between 2000 to 2010, Richmond’s population net migration drew 13,000 from Washington, 12,000 from New York, 8,000 from Virginia Beach, and 2,500 from Charlottesville,” says Kotkin. Richmond is also attracting people from southern California and the Gulf Coast region, but losing some residents to the large metropolitan areas of Texas and the Pacific Northwest.
Kotkin went on to say that those who are moving into these cities throughout the southeast are increasingly more educated, finding work suited to them and contributing to these burgeoning metropolitan areas. “You’re getting population from the northeast, that are college-educated, so those are very good signals that people are finding very good things to do in cities like Richmond, with something to build on.”
Three key groups will shape demographics according to Kotkin. Immigrants, Millennials, and Boomers are going to reflect the look of urban and suburban areas.
While diversity in southern cities has historically been just ‘black and white’, larger, diverse communities are growing, “If you look at the foreign-born in owner markets, it’s gone from 5 percent close to 30 percent of new houses,” said Kotkin. “America’s growth in this next generation is going to be immigrants and their children.” Kotkin’s research shows that immigrants from Asia along with Hispanics are moving to the suburbs, quipping that the best place to find ethnic restaurants is now in the suburbs.
While some people may believe that Millennials are not interested in moving to the suburbs or starting families because of low marriage rates, Kotkin cites a pew survey that says the opposite. “About 85 percent want to get married and 77 percent want to have kids,” says Kotkin, “They’re biggest priority is to be near their family and to be good parents.” Kotkin believe that these percentages are on account of that generation having largely grown up suburban areas.
An AARP statistic cited by Kotkin shows that aging baby boomers are more inclined to stay in the suburbs as well. Most respondents to the AARP survey are choosing to stay close to their families, with 90 percent saying they are uninterested in moving anytime soon.
The three sessions of the conference gave praise to Richmond for being what Kotkin describes as ‘a city of aspiration’, a place people would want to improve their lives. While all of the conference’s speakers do admit that the local and national economy is still growing, although slowly, the argument that Richmond could be a city of the near-future seems promising.