I was speaking with a Penn (my alma mater) student this evening about career options in development and he mentioned to me that he recently participated in the 2018 ULI Hines Student Competition. He also mentioned that this year’s “study site” is in Toronto. (It’s the BMW Toronto dealership between the West Don Lands and East Harbor.)
For those of you unfamiliar with the ULI Hines Competition, it’s an annual student competition (now in its 16th year) that encourages collaboration among “future real estate developers and the many allied professions, such as architecture, landscape architecture, historic preservation, engineering, finance, and others.”
Each year there is a real life study site and multi-disciplinary teams compete for $50,000. I participated in my 2nd year of graduate architecture school and we received honorable mention. So no $50,000, sadly. But it was a valuable experience and I would recommend it to any student who plans to be involved in the built environment after graduation.
I was speaking with a Penn (my alma mater) student this evening about career options in development and he mentioned to me that he recently participated in the 2018 ULI Hines Student Competition. He also mentioned that this year’s “study site” is in Toronto. (It’s the BMW Toronto dealership between the West Don Lands and East Harbor.)
For those of you unfamiliar with the ULI Hines Competition, it’s an annual student competition (now in its 16th year) that encourages collaboration among “future real estate developers and the many allied professions, such as architecture, landscape architecture, historic preservation, engineering, finance, and others.”
Each year there is a real life study site and multi-disciplinary teams compete for $50,000. I participated in my 2nd year of graduate architecture school and we received honorable mention. So no $50,000, sadly. But it was a valuable experience and I would recommend it to any student who plans to be involved in the built environment after graduation.
I am looking forward to seeing what the finalists come up with for this site. I think that the study site being in Toronto – and in particular this location – speaks to the momentum that has developed in this part of the city as a result of the West Don Lands, East Harbor, Sidewalk Toronto, and the various planned infrastructure investments.
Here is a copy of this year’s briefing materials. Good luck to all of the teams that participated.
A friend of mine sent me this article earlier today with a sarcastic comment about the relationship between housing supply and rents.
The article talks about how rents in almost every Manhattan neighborhood have fallen compared to a year ago because of a flood of new apartment supply coming online. The median rent dropped 3.6% (year-over-year) which is the biggest decline since October 2011.
There has also been a spike in the number of leases with some sort of incentive attached to it (see above). As a landlord you typically want to use incentives, such as free rent, before resorting to lower face rents. Because lower rents mean a lower overall net operating income, which in turns depresses the value of your property.
But sometimes you have no choice:
“Landlords have finally realized, ‘OK, we have to adjust these prices because the concessions aren’t doing as much,’” said Hal Gavzie, who oversees leasing for Douglas Elliman. “Customers are looking past the concessions being offered and just looking for the best deals they can find.”
I am looking forward to seeing what the finalists come up with for this site. I think that the study site being in Toronto – and in particular this location – speaks to the momentum that has developed in this part of the city as a result of the West Don Lands, East Harbor, Sidewalk Toronto, and the various planned infrastructure investments.
Here is a copy of this year’s briefing materials. Good luck to all of the teams that participated.
A friend of mine sent me this article earlier today with a sarcastic comment about the relationship between housing supply and rents.
The article talks about how rents in almost every Manhattan neighborhood have fallen compared to a year ago because of a flood of new apartment supply coming online. The median rent dropped 3.6% (year-over-year) which is the biggest decline since October 2011.
There has also been a spike in the number of leases with some sort of incentive attached to it (see above). As a landlord you typically want to use incentives, such as free rent, before resorting to lower face rents. Because lower rents mean a lower overall net operating income, which in turns depresses the value of your property.
But sometimes you have no choice:
“Landlords have finally realized, ‘OK, we have to adjust these prices because the concessions aren’t doing as much,’” said Hal Gavzie, who oversees leasing for Douglas Elliman. “Customers are looking past the concessions being offered and just looking for the best deals they can find.”
There’s a real elegance to its simplicity. It also feels like an appropriate pairing with the nearby Elbphilharmonie designed by Herzog & de Meuron.
But the first thing I thought to myself when I saw the design was: “Must be office. There are no outdoor spaces.”
And sure enough, the plan is for 104,000 sm of primarily office. There are also plans for restaurants, shops, exhibition areas, and a hotel and bar.
Some architects begrudge having to incorporate balconies into their tower designs because they can break up the elevations, muddy the concept, and create thermal bridging concerns.
This tower – called the Elbtower – is a good example of why that is the case.
There’s a real elegance to its simplicity. It also feels like an appropriate pairing with the nearby Elbphilharmonie designed by Herzog & de Meuron.
But the first thing I thought to myself when I saw the design was: “Must be office. There are no outdoor spaces.”
And sure enough, the plan is for 104,000 sm of primarily office. There are also plans for restaurants, shops, exhibition areas, and a hotel and bar.
Some architects begrudge having to incorporate balconies into their tower designs because they can break up the elevations, muddy the concept, and create thermal bridging concerns.
This tower – called the Elbtower – is a good example of why that is the case.
