The Los Angeles Business Journal presents NAIOP SoCal, · 2012-05-31 · NAIOP SoCal and what we provide on a local, regional and national level to benefit all aspects of real estate

The Los Angeles Business Journal presents

April 30, 2012 Advertising Supplement

NAIOP SoCal,the Commercial Real EstateDevelopment Association

This special advertising supplement did not involve the reportingor editing staff of the Los Angeles Business Journal.

Photos courtesy Colliers International, Watson Land Company, 360 Commercial Partners and LBA Realty

IF you are seeking the best invest-ment for you and your company’sfuture success, I hope you will con-sider membership in NAIOP SoCal,the commercial real estate develop-

ment association. The value created byNAIOP SoCal for its members and spon-sors today is greater than ever. That’sbecause NAIOP SoCal has truly emerged asSouthern California’s premier commercialreal estate association.

Recently, a major national company senta new leader here from back east to acceler-ate the growth of their Southern Californiabusiness. One of his first taskswas to determine which com-mercial real estate associationwas offered the most in theregion and to get involved.Once the research was complet-ed, the answer was clear -NAIOP. The company is now aPlatinum chapter sponsor andthe leader holds an importantand highly visible committeechair and board seat.

The above scenario is animportant acknowledgement ofhow much work has gone intothis chapter’s growth and devel-opment over the years. It’s the result of thecommitment and efforts of the many indi-viduals and companies who have stepped upto be a part of this great organization.

Today, NAIOP SoCal exists to protect andenhance the commercial real estate industryand quality of life in Southern California.This is accomplished through proactiveinvolvement in public policy, interactivebusiness opportunities and superior educa-tional programs.

Our signature events include the annu-al Night at the Fights and USC vs UCLAReal Estate Challenge. These, and manyother events throughout the year, demon-strate NAIOP’s strong connection to thereal estate industry as a vehicle forenhanced success.

As mentioned above, on May 17, thechapter will hold its 21st annual Night at

the Fights. While the event is a greatclient entertainment event completewith boxing and mixed martial arts,gourmet dinner, cocktails, casino games,music and more, it’s also a significantfundraiser for NAIOP SoCal’s PoliticalAction Committee. In addition, the chap-ter donates a portion of proceeds to theBuilding Block Foundation Fund. Createdin 2004, Building Block is a philanthropicorganization for the commercial realestate industry that brings together realestate professionals to support a commongoal. The program was designed to

enable the commercial realestate community to give backin an organized and meaning-ful way for the long-termfuture of Orange County.

On November 15, NAIOPSoCal will once again hold itsUSC vs UCLA Real Estate Chal-lenge. What makes this eventso unique is that graduate stu-dent teams from Ziman Centerat UCLA’s Anderson School ofBusiness compete against theLusk Center at USC’s MarshallSchool of Business and Schoolof Policy, Planning & Develop-

ment in one of Southern California’s mostexciting real estate competitions. Each stu-dent team makes a presentation to a toplevel panel of industry leaders on a uniquelocal real estate site challenge.

Going into 2012, the NAIOP SoCalchapter benefits from strong industrysponsorship and member support. More-over, our board and committees continueto demonstrate a deep, long-standing cul-ture of delivering value in the most effi-cient ways.

If you’re looking for the dominant realestate association, take a closer look atNAIOP SoCal and what we provide on alocal, regional and national level to benefitall aspects of real estate.

For information NAIOP SoCal contactthe Chapter office at 714-979-9131 or goto www.naiopsocal.org.

NAIOP SoCal:The Best ReturnOn Investmentin the Industry

18 AN ADVERTISING SUPPLEMENT TO THE LOS ANGELES BUSINESS JOURNAL APRIL 30, 2012

By STEVEN AMES

Steven Ames is president, NAIOP SoCal, and Managing Director, Western Region,with USAA Real Estate Company.

Ames

PRESIDENT

Steven Ames, USAA Real Estate Company

PRESIDENT-ELECT

Lang Cottrell, LNR Property, LLC

VICE PRESIDENT

Jim Proehl, PM Realty Group

SECRETARY

Kevin Jennings, Bank of America Merrill Lynch

TREASURER

Thomas W. Wulf, Lowe Enterprises Real Estate Group

PROGRAMS AND EDUCATION LIAISON

Pamela L. Westhoff, Sheppard Mullin

PAST PRESIDENT

Greg Blomstrand, American Realty Advisors

Bryan Bentrott, DEXUS Property Group

Beth Calder, CBRE

James V. Camp, J.V. Camp & Associates

Ronda Clark, Jones Lang LaSalle

Drew Emmel, Allen Matkins

Scott Farb, Reznick Group

Tom Greubel, Irvine Company Office Properties

Aaron Hill, Bixby Land Company

Eric Hinkelman, Cushman & Wakefield

John Hollingsworth, Colliers International

Fran Inman, Majestic Realty Co.

Malcolm Johnson, JPMorgan Chase Real Estate Banking

Stanley W. Lamport, Cox, Castle & Nicholson LLP

Colm Macken, Shea Properties

Kevin MacKenzie, HFF, L.P.

Patrick Maloney, Prologis

James McFadden, Grubb & Ellis Company

David Meredith

Jeff Moore, CBRE

Steve Muller, The Muller Company

Susan Orloff, Thomson Reuters

Russ Parker, Parker Properties

Cynthia Pettyjohn, First American Exchange Company

John Premac, Chicago Title Company

Rick Putnam, Colliers International

Lance Ryan, Watson Land Company

Joel Stensby, KPRS Construction Services

Sean Tabor, Oxbow Partners

Louis J. Tomaselli, 360 Commercial Partners

Alison Vukovich, LBA Realty

Stephane M. Wandel, The Boeing Company

Stan Wendzel, BioRealty, Inc.

Gregory J. West, Johnson Capital

NAIOP SoCAL EXECUTIVE STAFF

Cynthia G. Fusco, Executive Director

Vickie Talley, Director of Legislative Affairs

NAIOP 2012 OFFICERS AND BOARD OF DIRECTORS

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Bantry Holdings LLCWould like to thank the following

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our office building portfolio.

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Mark Leonard, Lee & AssociatesDamon Feldmeth, CBRE

Kevin Duffy, CBREDavid Solomon, CBRE

Suzanne Lee, TranswesternScott Romick, Lee & Associates

Todd Cobin, Stone MillerCraig Miller, Stone Miller

John Sabourin, CBREMichael Jones, Cresa Partners

Robert Chavez, Guardian Commercial RealtyMatt Davis, Guardian Commercial Realty

Henry Vitale, Cook CommercialScott Menkus, Cushman Wakefield

Mike DeSantis, Cushman WakefieldBlake Searles, Jones Lang LaSalle

James Hooks, CBRE

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APRIL 30, 2012 AN ADVERTISING SUPPLEMENT TO THE LOS ANGELES BUSINESS JOURNAL 19

◆ What is driving job growth today? Whatindustries/businesses are experiencing themost positive growth? What is triggeringtenant movement today?

MEYER: The Southern California industrial mar-ket continues to enjoy the rebound in interna-tional trade with import traffic at the Ports ofLA/Long Beach back to 2007 levels. The InlandEmpire has been the hottest industrial market inthe US with over 15 million square feet ofabsorption in 2011 and on track to do the samein 2012. Additionally, given the significance ofthe region’s population base, we continue to seestrong demand for distribution space from retail-ers, third party logistics companies, the food andbeverage as well as the automotive industries.

BENTROTT: Warehousing is moving in a positive way.Bigger corporations are feeling better about their

business growth prospects and they are committinglarger space leases and longer terms. Food and fooddistribution seem to be a bright spot. For example,Sysco and Target are presently completing large fooddistribution facilities in the Inland Empire.

WULF: Job growth, compared to what we wereused to in the last cycle, is still anemic. However,we continue to see positive signs of tenants tak-ing on additional space and extending theirterms. From our perspective, we have not seenone dominant industry that is expanding morequickly than others; however, we have seen goodgrowth within the technology and entertain-ment related-sectors. Even so, within thesegroups businesses are still a bit tentative withregard to job growth. I think that, like the realestate sector, many industries were hit hard withthe last downturn and are still slow to commit tobringing on additional staff. If anything, we seeoperators working harder and longer with limit-ed staff and being very selective when makingthe hiring decisions. The good news here is thatwe are through the bottom and on the upswing.In the past recoveries we’ve see dramatic hiringshifts and more vertical job growth. In this recov-ery we expect to see a slower, flatter and moreprolonged and sustained growth. In the end thatmay be a healthier and lasting positive effect; itjust may take longer to get there.

◆ Are tenants trending toward longer orshorter renewals? What is impacting someof these decisions?

BENTROTT: Big companies are going long becausethey and their advisors see the opportunity to lockin at reasonably good rental rates. Smaller compa-nies still prefer shorter term for operational flexi-bility. If personal guarantees are required to securea lease you can generally predict a shorter leaseterm. The survivors of the GFC (Global FinancialCrisis) have learned to be very cautious.

JERNIGAN: Remember, we’re designers, so ourperspective comes from what we’re seeing fromour clients. The tenants who select us to designtheir spaces are going for longer leases. Theyunderstand the value of good design and ahealthy, efficient work environment, and they’rehiring us for creative solutions. The payback forthese kinds of solutions makes more sense overthe course of a longer lease.

MEYER: The average renewal term for industrialtenants is currently around five years. Some of thelarger tenants are opting to go longer, sometimes7-10 years. Most industrial tenants recognize thatmost Southern California markets already hit the

NAIOPCommercialReal EstateRoundtable


The Los Angeles Business Journal has once againinvited NAIOP to assemble a roundtable of some ofthe most knowledgeable experts in the field of com-mercial real estate in Southern California. Severalquestions were posed to this commercial propertybrain trust and what follows is an edited transcriptof highlights of the discussion.

Roundtable participants

BRYAN BENTROTT,

Managing Director/

Acquisitions & Leasing,

DEXUS Property Group

ROB JERNIGAN,

Principal & Managing

Director, Gensler

KEVIN MacKENZIE,

Senior Managing

Director, HFF, L.P

CRAIG S. MEYER,

International Director

& Head of Industrial

Brokerage-Americas,

Jones Lang LaSalle

PAMELA L. WESTHOFF,

Partner, Sheppard Mullin

Richter & Hampton LLP

THOMAS W. WULF,

Senior Vice President,

Lowe Enterprises Real

Estate Group

Continued on page 22

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cyclical rental lows and want to fix rates beforethere is a significant jump in rates.

WULF: In the past few years we were seeing a trendtoward our tenant’s desire for short-term exten-sions as they were concerned about the overall eco-nomic conditions and their needs for space. Morerecently we have begun to see those trends shift toa point where many educated users are seekinglonger term renewals and new leases in order tolock in today’s rental rates, in anticipation thatrates will head up as demand continues to increase.We are even seeing a number of existing tenantsproactively request early renewals and for a longerterm where in the past, those may have been nego-tiated at the end of the term for a short extension.

◆ What other issues such as technology,cost, and human capital, for example, aremost impacting tenant decisions, and inwhat way?

WULF: We have begun to see a shift in a desire forefficiency on an overall basis. By that I mean tosay that there is a heightened focus on the opera-tional efficiency within a building. In the past Ibelieve that structural inefficiencies were oftenoverlooked or intentionally dismissed in order torationalize the lease of a given space by a user.The pain of the recession has renewed manydecision makers’ interests in making certain thatthe space they intend to lease will be highlyfunctional and cost effective.

JERNIGAN: Human capital is becoming the mostcritical – so clearly to attract the best, technologyand the environment are critical components.We know that a sustainable, well-designed workenvironment can improve employee health and

productivity; and we know that improvedemployee health and productivity leads togreater returns on a workplace investment.Gensler is transforming research metrics into realstrategies for innovating the modern workplaceand repositioning real estate assets, and deliver-ing real returns on our clients’ investments inpeople and facilities.

BENTROTT: Bar coding (RFID tags) for warehous-ing has promoted greater efficiencies and inven-tory control for distribution companies. Also, theability to add employees to deal with seasonal orinventory push opportunities has been beneficialfor staffing companies. This trend is good for theemployer but not necessarily good for theemployee. Big companies have the flexibility tomove their workforce up and down as needed;however, this trend typically does not promoteloyalty to the company.

MEYER: Everybody wants to use less space if theycan. Industrial tenants in Southern California areconstantly evaluating a) their proximity to theport and close-in customer base vs. b) lower costsand more efficient buildings in the InlandEmpire. It’s all about the efficiency of floor, cubespace and yard space vs. fuel and labor costs.

◆ What are market conditions for officespace in Southern California?

JERNIGAN: Southern California is such a largemarket that it’s hard to look at it in its entirety.SoCal is all about the sub-markets, and every sub-market has its nuances. As a whole, SoCal istrending upward.

WULF: Office market conditions have certainlyimproved over the past two years. But then againthey really only had one way to go from the bot-

tom. We have seen vacancies decrease, as well asslow but measurable increases in rental rates.Highly desirable submarkets are clearly doingbetter than those in less desirable markets orareas with a significant overhang of vacancy tobe absorbed. In most cases within Southern Cali-fornia we are not yet at economic rents whichsupport new development; however, if the slowand steady recovery continues we expect to seeoffice development within the next few years inthe desirable sub-markets.

◆ What are market conditions for Industrialspace in SoCal?

MEYER: The overall Southern California industrialmarket continues to perform well in terms of leas-ing, with the infill distribution markets of SouthBay, Mid Counties and Central LA leading theway. The industrial vacancy in Los Angeles Coun-ty is now sub 6%, the best it has been in severalyears. The Inland Empire is the leading industrialmarket in the entire country with its ‘big box’ sec-tor tighter than it has ever been. Net absorptionin 2011 was the highest on record since 2007,and rents have risen by 5% over last year. There isactive speculative development underway, withat least half a dozen projects in progress or readyto break ground. The sub-200,000-square-footsegment has only recently started to recover, andits performance continues to weigh down thebroader Inland Empire market.

BENTROTT: Good for big space. The InlandEmpire has had two years of around 20 millionsquare feet of gross absorption, but the bulk ofthis absorption has taken place in the biggersizes. It has been a top-down recovery. Spacebelow 300,000 square feet is still slow but there


NAIOP SoCal, the Commercial Real Estate Development Association

Continued from page 20


The pain of therecession has renewedmany decisionmakers’ interests inmaking certain thatthe space they intendto lease will behighly functionaland cost effective.THOMAS W. WULF

Everybody wants touse less space if theycan ... It’s all aboutthe efficiency offloor, cube spaceand yard space vs.fuel and labor costs.CRAIG S. MEYER

The small businessmanis still extremelyconservative in termsof their space needs.We need the residentialmarket to improveto create afull-scale recovery.BRYAN BENTROTT

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are signs of improvement. The small business-man is still extremely conservative in terms oftheir space needs. We need the residential marketto improve to create a full-scale recovery. Smallcompanies have tended to lead us out of industri-al recessions. The big guys led the way this time.

◆ Southern California is an enormous mar-ket. Which areas are rebounding strongerand faster than others and why?

BENTROTT: Inland Empire West and the in-fillmarkets of Los Angeles are rock solid.

MEYER: Clearly the Inland Empire markets, bothEast and West, are the leading industrial marketsin all fundamental metrics: leasing, absorption,rental growth, development and sales. Demand isbeing driven by the rebound in consumer spend-ing and the increase in port traffic, centered forthe most part on the ‘big box’ sector. In LosAngeles proper, the core distribution markets likethe South Bay, Central LA and Mid Countiesremain relatively strong.

WULF: It’s no secret that the highly constrainedsub-markets are rebounding from the recessionmore quickly than the suburban markets. We typ-ically like to focus our efforts on the supply- con-strained and demand-driven locations within

Southern California with high barriers to entry.The challenge is that you have a broad set ofinvestors and developers vying for these samemarkets and increasing the competition for assetsand land. I think that we will continue to seestrong demand in the rebound within the WestLA submarkets of Century City, Westwood, SantaMonica, Playa and Culver City. In addition, weare seeing good growth and demand in Holly-wood and Downtown. Much of this demand isfrom a broad set of businesses looking to expandand/or locate in these desirable submarkets with astrong amenity base and access to transit.

◆ How are market dynamicsaffecting values?

MacKENZIE: A generally positive outlook on jobsand housing is benefiting our business from anunderwriting perspective. Vacancy is becomingmore stable, with shorter lease-up time framesbeing assumed vs. the second half of last year. Inaddition, there is an abundance of debt capitalacross the spectrum with historically low interestrates, which is allowing for cash-on-cash returns tostill be attractive at lower cap rates (higher values).

MEYER: While cap rates are back to pre-recessionlevels in the key distribution markets, absolutevalues aren’t there yet, meaning that we still needsome rental growth to get back to ‘high water-mark’ sales prices. In the super-heated Inland

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A generally positiveoutlook on jobs and housingis benefiting our businessfrom an underwritingperspective. Vacancy isbecoming more stable,with shorter lease-up timeframes being assumed vs.the second half of last year.KEVIN MacKENZIE

Empire market, values are now exceeding replacement cost and wehave seen the return of the “forward” commitments, with financialinstitutions or “take out” buyers competing to buy yet-to-be-builtindustrial projects from developers. Their willingness to take lease-up and rental rate risk indicates their bullishness on the marketfundamentals.

BENTROTT: Long interest rates have pushed prices up. Buyers ofcore industrial product are currently buying at historically lowinternal rates of return; however, the prices being paid are stillgenerally below replacement cost.

WULF: As a value-add investor and developer, it has been a roughfew years given the overall market and economic conditions. In thepast year we have seen the resurgence of limited property offeringsto the market, focused primarily on stabilized assets. In addition,there is still plenty of capital chasing these limited opportunities,which increases overall demand for the assets and ultimately thepricing. We’ve continued to see investor return hurdles be reduced,not based upon the underlying real estate fundamentals, but ratherbased upon competitive investment profiles.

◆ Who are the sellers in this market?

MEYER: Recent sellers have been portfolio owners (both REITs as wellas institutions) cleaning up their balance sheets in order to redeploycapital or reduce debt, or in some cases institutions who have “inher-ited” properties by virtue of their positions in the debt stack. In addi-tion, there were a number of corporate sellers as well who were liqui-dating under-utilized facilities, oftentimes for land value.

BENTROTT: The sellers in this market are the smart owners whorealized they should let aggressive buyers take the risk of down-stream capital costs and lease rollover.

MacKENZIE: Selling has been situational, including institutionalfunds working through fund life expirations, family trusts con-templating sales for tax purposes, REITs selling non-strategicassets, and banks selling notes or REO assets. Towards the end oflast year, banks surpassed $10 trillion in deposits for the first time,having grown over $4.3 trillion since Q1 2003. This high level ofliquidity is putting them in a position of strength from a sales per-spective, allowing them to absorb losses when selling down dis-tressed assets via notes sales, or to a lesser extent REO.

◆ Who are the buyers in this market?

BENTROTT: The most aggressive buyers are pension fund advisorswho are placing OPM (Other People’s Money). They have to placemoney into leased investments in order to meet their placementobjectives and earn asset management fees.

MacKENZIE: There is tremendous demand for quality real estate.REITs raised record capital last year (surpassing 2006 levels); institu-

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We’ve continued tosee investor returnhurdles be reduced,not based upon theunderlying realestate fundamentals,but rather basedupon competitiveinvestment profiles.THOMAS W. WULF


tional funds have had an increase in allocations; foreign capital continues toflow into the U.S. for diversification, asset protection, and consistency ofreturns; and high net worth investors are recognizing the risk of inflationand the hedge that real estate provides. A general demand driver has beencapital reallocating from financial assets to hard assets. Real estate is currentlya favored asset class on a risk-adjusted basis as compared to stocks, bonds andother alternatives such as private equity, hedge funds and commodities.

MEYER: Both REIT and institutional buyers are exceptionally active in boththe LA and Inland Empire industrial markets. KTR, Clarion Partners, LBARealty, CenterPoint, Industrial Income Trust and others have been aggressive,making strategic acquisitions based on the improving market fundamentals.

◆ What issues are most affecting your business?

WESTHOFF: Our role as real estate counsel is to provide efficient and effectiverepresentation that enables our clients to close their deals quickly with a fullunderstanding of the risks they may be undertaking. Current market forcesmake this truer than ever — we must move as quickly as our clients need tomove to seize opportunities. We need to be fully versed with the latest legalrequirements so we can advise our clients “on the fly” and not get boggeddown in analysis. In short, the force most affecting my business is the ever-increasing imperative to be “better, cheaper, faster!”

MacKENZIE: Our California offices have a tremendous amount of businessright now, and processing the volume can sometimes be challengingdespite the significant growth in human capital we have had. We are in agrowth mode, having added nearly 40 new employees on the west coastin the past 24 months and we continue to look for new transaction pro-fessionals ... finding the right individuals to join HFF is a priority for usright now, but can also be challenging because HFF doesn’t grow just forthe sake of growing. We take significant amounts of time to make certainwe find experienced professionals who are a great fit for our firm and ourculture of teamwork.



The force mostaffecting mybusiness is theever-increasingimperative tobe “better,cheaper, faster!”PAMELA L. WESTHOFF

We have to showcompellingreasons forinvestment inthe U.S. market.Fortunately weare identifyingvalue-add anddevelopmentopportunities.BRYAN BENTROTT

WULF: In addition to our work as an investor and developer, we continueto provide third party service to partners in P3 (public private partnership)transactions and New Markets Tax Credit (NMTC) financings. With thereductions in public entity budgets at the city, county and state levels, pro-jects that were intended to be completed have sometimes been shelved andput on hold. We have continued to partner with these types of agencieswhere possible to bring a creative partnership solution in order to imple-ment these projects. Many times this includes a detailed structure whichtakes time to develop, approve and implement. As a result, we end upspending much more time on every transaction at every level. While in theend this creates a solid project, it is cumbersome to the organization, andwe continue to see that we need to be selective as time is limited.

BENTROTT: The strength of the Australian real estate market makes uscompete for internal capital. We have to show compelling reasons forinvestment in the U.S. market. Fortunately we are identifying value-addand development opportunities which meet our investment objectives.

◆ What government actions/legislative issues at the local, state ornational level are you most concerned about and/or that will mostimpact business and real estate?

WESTHOFF: The real estate industry seems to be under constant attack bylegislative forces and budget challenges. My biggest concern is that realestate is now caught in the middle of two negative forces: at the same timethere are increasing cuts to programs and laws that incentivize and supportreal estate development, there has been a concurrent increase in laws andregulations that place roadblocks in front of real estate opportunities.Examples of this “real estate squeeze” include the demise of communityredevelopment agencies, the revived push to modify the property tax bene-fits of Proposition 13 and increasing environmental and land use regula-tion. Recently, the California legislature introduced over 300 new bills thataffect commercial real estate, most of them potentially negatively. As aresult, it is now more important than ever that real estate professionals joinforces to put their expertise and funding behind efforts to analyze, modify



We take significantamounts of time tomake certain wefind experiencedprofessionalswho are a greatfit for our firmand our cultureof teamwork.KEVIN MacKENZIE

The complete failureat the state andlocal level to addressany of the coreissues of education,infrastructure andincreasing businesstaxation haveled us into a full-blown crisis.CRAIG S. MEYER

and/or oppose governmental and legislativeactions. NAIOP provides a great platform for thiscollective effort.

MEYER: The complete failure at the state and locallevel to address any of the core issues of education,infrastructure and increasing business taxation haveled us into a full-blown crisis. The polarized politicalsystem is pathetic, and there is an utter lack of con-fidence in the leaders to solve these pressing issues.Business needs predictability in order to properlyplan and resource for growth. There needs to be aclear plan to fix our schools, colleges and universi-ties - which used to be the envy of the world - torebuild the roads, bridges and basic infrastructurethat are beginning to fall apart and a revenue planthat doesn’t strangle a weak recovery by unfairlyconcentrating the entire burden on California busi-nesses, thus killing job creation. Our leaders need towork together in order to find ways to grow oureconomy and get our citizens back to work. This isnot about political bickering, but a matter of sur-vival and our leaders better “get it.”

WULF: We have a number of projects that areaffected by the California State Supreme Courtaction to eliminate California’s redevelopmentagencies. The uncertainty surrounding the detailsof the implementation of the AB 1X26 verdict ischallenging to developers and investors. While webelieve that the law is clear as to the actions which

successor agencies may take with regard to existingobligations, the timeframes and process in order tocomplete these are delaying well qualified develop-ments from moving forward timely. Ultimately webelieve that the process will break free and projectswill continue as planned; however, the time delaysare challenging. On the flip side, there is a goodpossibility that the verdict will create additionalopportunities for developers to pick up quality landparcels in urban markets as the successor agenciesare forced to dispose of property.

BENTROTT: Pending tax increases at the state levelwill discourage entrepreneurial owners who wantto grow their businesses in southern California.They will need to weigh the benefits of being closeto a large market and the lifestyle benefits of thestate. The drumbeat of lifting Proposition 13increases for commercial property owners will con-tinue to beat louder and louder in the years ahead.

◆ How are worldwide issues affectingyour business?

MEYER: A good example is the disruption in the glob-al supply chain resulting from the earthquake, tsuna-mi and nuclear disaster in Japan which impacted anumber of industries, most notably electronics andautomotive suppliers. Additionally, higher fuel priceshave a significant impact on global trade flows and, as

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It is now more importantthan ever that real estateprofessionals join forcesto put their expertise andfunding behind efforts toanalyze, modify and/oroppose governmentaland legislative actions.PAMELA L. WESTHOFF

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they rise, there will be a gradual shift to domestic andnear-sourcing of production facilities in the U.S. andMexico. Lastly, the Panama Canal will also have animpact on trade patterns and will to some degreesend some product direct to the East Coast versusunloading in LA/Long Beach. There is a lot of discus-sion around this - and a variety of opinions - but therewill be some impact; it is just a matter of magnitude.

WESTHOFF: On the one hand, the uncertaintyposed by global economic forces can be viewed asa positive for real estate. As financial markets areincreasingly plagued by uncertainty, manyinvestors see real estate as a “safer” alternative tostocks and bonds. We are starting to see our insti-tutional investor clients increase their real estateinvestment allocation, and this is in part the resultof the thought that while we can’t control whathappens in Europe, we can better control whathappens in local real estate, especially in coastalareas where people want to live and work.

BENTROTT: We must make a compelling case forreturns and diversification. The widening of thePanama Canal will impact port volumes in south-ern California, but I think the change will bemodest. Imports will not grow as fast but an era ofslow, steady growth is still a healthy outcome.

JERNIGAN: In a global economy, worldwide issuesare definitely affecting us. Our region is greatlyaffected, being part of the Pacific Rim. As we con-

tinue to see more activities at the ports, the air-ports, etc., we’re seeing a return to exports,which is increasing the viability of our economy.

◆ What are the sentiments of your customers?

BENTROTT: Our customers are feeling more upbeatabout the future and that the worst is over. Every-one would like to see our politicians show somedecorum and eliminate the partisan fighting. It istime to simplify the tax code and work for long-term fiscal solutions at both the state and federallevel. Individuals and companies will accept short-term pain for long-term gain. The U.S. corporatetax rate of 39.5% is now the highest in the world.This rate should be lowered in conjunction witheliminating all the obscure tax deductions.

JERNIGAN: Our customers have seen a big shift inthe world. They realize that, as we become moreof a global workforce, it’s more critical than everto be equipped to compete for top talent.

WESTHOFF: Most of our clients are cautiouslyoptimistic these days. Many have been through afew tough years, and experienced down timesthey thought they would never get out of. Butmost have survived, and many are now startingto thrive as they position themselves to takeadvantage of real estate investment opportunitiesin a low interest rate environment. The best wayto describe the spirit of many our clients is a grit-ty determination to succeed. Although navigat-

ing the future will not be easy, I definitely sharethe view that better times are in store.

MacKENZIE: Our clients are generally bullish oncorporate expansions and leasing velocity whichis creating cautious optimism. Plus, many viewcommercial real estate as the best risk-adjustedreturn asset class with a hedge against the fear ofrising rates and inflation. There is a strongappetite for core and distress with some migra-tion occurring up the risk curve, either by marketfrom Gateway to Primary to Secondary, or byproject risk from stable to transitional.

MEYER: Tenants remain very wary of the depth andbreadth of the economy, and are taking a tentativeapproach toward expansions and long termrenewals. While most of the down- and right-sizingof business is past us, many industries have yet to seesubstantial job gains that would translate into newspace requirements. Larger warehouse/distributionusers were the first movers in the recovery, as inven-tories were rebuilt and corporate profits grew, butsmaller local firms who occupy space less than200,000 square feet, especially manufacturers, are thelast ones to expand. These smaller occupiers havereally taken a ‘wait and see’ approach before commit-ting to any form of expansion or capital investment.

◆ How is your industry changing?

MEYER: The commercial brokerage industry iscontinuing to consolidate, and I would expect

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another couple of “big events” to happen in2012. The recent Grubb & Ellis bankruptcy andsale to BCG partners is evidence that the industrywill continue to scale back in order to provide abroad array of services, and enjoy a cost advan-tage vs. mid-sized and smaller niche firms. Thebig corporate organizations are outsourcing moreand more real estate-oriented services, and arelooking for a cost break in return.

BENTROTT: Our industry has become extremelycompetitive and return thresholds have beenreduced. There is a “wall of capital” seeking toinvest in industrial product. It is tough for entre-preneurs to compete on larger deals in this envi-ronment. The industrial property market hasmatured and the world has discovered southernCalifornia is the place to be due to its strategicposition as the leading port in the United States.

JERNIGAN: We are constantly changing, andconstantly being challenged to create new solu-tions for an ever-changing world. As our clientsbecome much more global, and the basicdynamics of their business models are chang-ing, they are turning to us to help design solu-tions for the future.

WULF: In the traffic-choked Westside of LA weare continuing to see a renewed focus on trans-portation-related issues. Maybe it is the result ofthe ongoing 405 construction project, but moreand more we seem to be having conversationswith users and partners regarding accessibility,

transportation and connection. Like other mar-kets in which we are active throughout thecountry, southern California must continue thereception to public transportation. The additionof the Expo light rail line to the Westside andultimately to Santa Monica will have a signifi-cant impact for those who choose to utilize andlocate on transit.

MacKENZIE: There is a consolidation occurringwithin service providers in order to offer multiple,diversified product lines. This is occurring becauseit is difficult to compete in a single business line, asone needs to be able to execute on multiple tasksfor a given client. We are also seeing more optionsacross the capital spectrum for nearly all asset typesand hold strategies, providing an opportunity tocreate the most efficient and effective capital stackfor business plan execution and returns.

WESTHOFF: The legal industry is definitely chang-ing dramatically, and this is all the more evidentin real estate. As our clients are under constantpressure to evaluate deals more quickly and findways to add value, lawyers need to be a partner inthis effort. Our challenge as lawyers is to under-stand what our clients are seeking to accomplishand to support that effort as cost effectively as wepossibly can. This means leaner staffing, imple-mentation of creative billing structures andincreased business training for real estate lawyers.



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As our clientsbecome much moreglobal, and the basicdynamics of theirbusiness models arechanging, they areturning to us tohelp design solutionsfor the future.ROB JERNIGAN

◆ What are the silver linings that you see?

WULF: For the industry overall, conditions are muchbetter now than they have been over the past twoyears. We are continuing to see the slow recoverytake hold. Sellers are entering the markets, opportu-nities are surfacing and investors are intent to placefunds. Tenants are committing for longer termtransactions and we are beginning to see signs ofsustained positive job growth. That will continue tobe the key indicator; however, we expect it to beslow and steady – it won’t excite anyone immedi-ately and there will continue to be naysayers – butslow and steady wins the race, right?

MEYER: Despite all the negatives, Los Angelesremains one of the most desirable places to liveand work. We remain the “Entertainment Capitalof the World,” driving most of the content andcreative product demanded by a huge globalmedia market. This strong employment sector,combined with an increasing migration ofmedia-related high technology, will provide agrowing base for future demand. Most impor-tantly, we cannot understate the importance ofLos Angeles as a regional hub for internationaltrade – the gateway to Asia, so to speak. TheLA/Long Beach port complex is a major econom-ic driver that needs to be encouraged and pro-moted as the core strength of our southern Cali-fornia industrial market.

BENTROTT: Every day brings a new potentialopportunity. We do not have firm capital alloca-tions. We can focus on fewer, more creativeopportunities and create value by doing some-thing other than buying a leased building.

MacKENZIE: Liquidity and demand for commer-cial real estate, with the ability to take risk usingwell disciplined underwriting, definitely a silverlining. We see some positive signs in job growthand stabilizing in areas of the economy whichassist in the ability to make forward-looking pro-jections. Plus, we’re in a nearly perfect capitalmarkets environment given the abundance andlow cost of available capital.

WESTHOFF: By nature, real estate professionals areeternally optimistic. This positive and capitalisticspirit is driving a lot of creative thought and inno-vation. Some of the most exciting developments aregreen, environmentally friendly projects that arecapturing the imagination of buyers and consumersand also proving to be a commercial success. Tech-nological developments are also providing evenmore opportunities for real estate entrepreneurs toenvision and create dramatic new real estate plat-forms. We will emerge from the real estate down-turn smarter, leaner, more prepared and better ableto handle the challenges of the future.

JERNIGAN: The silver lining is that we’ve pulledout of this recession. Hopefully we’ll see six toeight good years before the next one!

04/26/12

04/26/12

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Continued from page 31 We’ve pulled out ofthis recession.Hopefully we’ll seesix to eight goodyears before thenext one!ROB JERNIGAN

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By James Camp

NAIOP SoCal’s Legislative Affairs Com-mittee is dedicated to advancing theinterests of commercial real estate byactively working with local and stateelected officials on the legislative issuesthat affect the welfare of our industry.

Through the effortsof our dedicated Leg-islative Affairs Com-mittee members, plusthe NAIOP SoCal Polit-ical Action Committee(NAIOP SC PAC) andour work with the Cal-ifornia Business Prop-erties Association(CBPA) in Sacramento,

we have made our chapter a powerfulvoice for commercial real estate.

We are working on the following sig-nificant issues:

State Legislature Introduces 4,279 New

Bills with over 300 Impacting Commercial

Real Estate

Our Legislative Committee membersparticipated in the CBPA LegislativeCommittee’s meeting to review morethan 300 bills that could potentiallyimpact commercial real estate. Support,monitor and oppose positions were

taken on 188 bills. As an example, AB2014 was identified as a high prioritybill to oppose because it could modifythe definition of change of ownershipin the sale of real property owned by acorporation, partnership, limited liabili-ty company, or other legal entity.

Split Roll Update

NAIOP SoCal’s number one priority isthe prevention of the adoption of a splitroll property tax. To better understandthe negative impact on our industry, takea look at the following significant find-ings from a March 2012 report by Pepper-dine University’s Davenport Institute:1. A split roll property tax regime willincrease property taxes on businesses byan estimated $6 billion. Given the recentvolatility of real estate markets, however,this tax increase could range from $4 bil-lion to as much as $10 billion.2. Increasing the taxes on businesses by $6

billion, would result in lost economic out-put and decreased employment. The costto the California economy of this propertytax increase would total $71.8 billion oflost output and $396,345 in lost jobs overthe first five years of a split roll property taxsystem. These losses would be even greaterin succeeding years.3. The introduction of a split roll proper-ty tax valuation system would result inincreased instability for local governmentfinances, as they would become moredirectly susceptible to the value gyrationsof the real estate market. 4. A split roll property tax valuationsystem would further undermine theattractiveness of the business climatein California. Because small businessestypically lease properties where thecost of property taxes is passedthrough to the lessee, this researchconcludes that the employment lossesdescribed above would be dispropor-tionately concentrated in small busi-nesses, and especially those owned bywomen and minorities.

SCAQMD Air Quality Management Plan and

Truck Trip Issue

The development of the Air QualityManagement Plan (AQMP) by the SouthCoast Air Quality Management District(SCAQMD) could have a significantimpact on office, industrial, and commer-cial real estate and remains a high priorityissue for the NAIOP SoCal Chapter.

The Chapter is closely monitoring theadoption of the plan and is providinginput. The adoption of the plan hasbeen complicated by a recent ruling bythe Federal 9th Circuit Court of Appealsthat calls into question the long-standinguse of congestion management strategiesand improved technology to meet theClean Air Act standards. The Court,essentially, said decreases in vehicle milestravelled are necessary.

SCAQMD High Cube “Truck Trip Study” Update

SCAQMD has decided to challenge theInstitute of Traffic Engineers (ITE) trip ratesfor high cube warehouses, even thoughthey have agreed to use all other ITE triprates for every other land use categorywithout question. NAIOP’s SoCal andInland Empire chapters are working to getthe SCAQMD staff to reconsider. However,at this point they are moving forward. Rep-resentatives from the SoCal and InlandEmpire Chapters are participating in astakeholders group. This is a very highpriority issue because if adopted, it couldlimit the size of the high cube distributioncenters that could be developed.

If you would like more information on anyof these issues or want to alert us to a localconcern, contact the chapter’s Director ofLegislative Affairs Vickie Talley ([email protected]) (949) 380-3300. (or go towww.naiopsocal.org.)

James Camp is a NAIOP SoCal Board Mem-ber, Chair of Legislative Affairs Committee,and Principal of J.V. Camp & Associates.

NAIOP SoCal: Protecting SouthernCalifornia’s Real Estate Industry

Camp

Through the effortsof our dedicatedLegislative AffairsCommittee members,we have made ourchapter a powerfulvoice for commercialreal estate.

By MALCOLM JOHNSON

IN 2004, a number of NAIOP SoCalboard members and member com-panies had the foresight to realize

that the commercial real estate indus-try lacked leadership training for youngprofessionals. They wanted to help

young professionalsdevelop the necessarybusiness skills to helpthem ascend to lead-ership positions with-in their respectivefirms as well as thecommercial realestate industry.

In the seven yearssince then, approxi-

mately 250 young professionals havegraduated from the NAIOP SoCalYoung Professionals Program (YPG).This unique program, replicated on anational level by NAIOP, builds “benchstrength” at each individual’s firm andwithin the industry in general. The edu-cational program enhances the partici-pants’ technical skills while also provid-ing them with valuable networkingopportunities and access to key indus-try leaders.

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Training the Next Generation of Industry Leaders:Young Professionals Group

Johnson

YPG is a valuable embodiment of the NAIOP SoCal mission because of its total emphasis on educational programming and community outreach.

The key difference between the YPGand other professional networkinggroups is its emphasis on both profes-sional and personal development of itsmembers. The program includes arenowned PhD and organizationalbehavior expert who serves as a coursefacilitator and introduces class mem-bers to critical leadership concepts cen-tered on self-awareness and personalinteractions. The program also receivessignificant support from the NAIOPSoCal board, sponsor companies andindustry experts. A cornerstone of theYPG curriculum is the continuing com-mitment from industry-leading execu-tives who teach real-world, practicalaspects of various components of thecommercial real estate business. A par-tial list of guest speakers and curricu-lum facilitators includes: John Cush-man, chairman, Cushman & Wake-field; Lou Holtz, member, College Foot-ball Hall of Fame; Bill Halford, CEO,Bixby Land; Steve Layton, co-founder,LBA Realty; Robert Brunswick, founder,Buchanan Street Partners; and ThomasSherlock, co-founder, Talonvest.

Recently YPG implemented a year-long post-YPG graduation mentorshipprogram designed to pair YPG alumniwith existing NAIOP SoCal members tocreate one-on-one mentorship anddevelopment opportunities. Upon com-pletion of the pilot program, NAIOPSoCal’s goal is to offer the mentorshipprogram to all Developing Leader mem-bers in the Chapter.

YPG is just one aspect of NAIOPSoCal’s commitment to exceptionaleducational programs. NAIOP SoCalalso created the CRE-NAIOP SoCal Fel-lowship in partnership with the Univer-sity of California Irvine (UCI) Center forReal Estate and NAIOP SoCal to recruittop student talent into UCI’s real estateprogram and help develop today’s stu-dents into tomorrow’s industry leaders.Brian Baker, a YPG 2011 class alumni, isthe most recent recipient of the CRE-NAIOP SoCal Fellowship. He is a vicepresident at Centerline Capital Groupand chair of the curriculum subcommit-tee on the YPG Alumni Board. Anotherexample of the chapter’s commitmentto continuing education is NAIOPSoCal’s long-standing relationship withUSC and UCLA through its annual RealEstate Challenge competition, with sev-eral past students having gone on toparticipate in the YPG program.

All told, YPG is a valuable embodimentof the NAIOP SoCal mission because of itstotal emphasis on educational program-ming and community outreach. Whilethe focus of the NAIOP SoCal boardremains at the macro level, the YPG is thechapter’s true success in providing oppor-tunities for hands-on participation for thenext generation.

Malcolm Johnson is YPG Alumni Liaisonand board member, NAIOP SoCal, andsenior vice president, JPMorgan Chase.

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NAIOP SoCal has a long-standing relationship with USC and UCLA through its annual Real Estate Challenge competition.

THANK YOU 2012 SPONSORS

W ith your sponsorship support, NAIOP SoCal remains the leading commercial real estate organization in Southern California, providing a forum for new ideas in education, legislative action, industry outreach and community service. Your

sponsorship dollars help us make a difference in the real estate community and protect and enhance the quality of life in Southern California. Thank you.

(714) 979-91312900 Bristol St., Ste. G-105Costa Mesa, CA 92626

Be part of NAIOP SoCal in 2012. For sponsorshipinformation contact the chapter office at

714-979-9131 or visit www.naiopsocal.org.

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The Los Angeles Business Journal presents NAIOP SoCal, · 2012-05-31 · NAIOP SoCal and what we provide on a local, regional and national level to benefit all aspects of real estate