Spotted At ULI Las Vegas
The fall Urban Land Institute conference is a good way to get a gut check on the health of the real estate industry.
The impending green wave, coupled with cap rate expansion, gave me the distinct impression that the crowd was bifurcated into two groups--heretics and dinosaurs.
Participants were either expounding the benefits of a greener planet--and acting dumbfounded why everyone else didn't see it, or you were thinking green--and LEED in particular--is a racket conjured up by a bunch of consultants.
What a lot of people didn't seem to see was that green offers a new way to crush an opponent when your asset is developed, operated, and positioned ethically and theirs isn't.
I mentioned to a couple of young Columbia MSRED students that I find the real estate industry is often the last group to realize an impending inflection point--too focused on making a cheaper buggy whip. What an amazing opportunity for professionals just starting their careers.
What is it going to take for the rest of us to get it?