Community | BE's Residential Designers Attend Development Forecasting Events
Our staff work hard to stay on top of industry trends to offer our clients the most up-to-date information for making key decisions. David Kennedy, our Mixed-Use Design Leader, and Zach Clark, an Associate at the firm, lead BE’s residential sector. Each are active with projects, clients, and the overarching real estate environment in Chicago.
David is a member of the Chicago Chapter of the Land Economic Society. He frequently attends events and presentations that offer insight into the state of land economics, principles and policy. The society includes architects, engineers, planners, real estate developers and consultants. His most recent event was the 2019 Capital Market Insight, Real Estate and Economic Forecast. The speaker, Mary Lugdin, Head of Global Research for Heitman, spoke about the state of the global real estate markets. Mary discussed the market strength in the U.S., mentioning signs are still strong but predicting a slight downturn in residential markets in 2020. Industrial real estate is thriving due to the national demand for warehouse space and Amazon’s growth and expansion. Furthermore, Mary mentioned the disruption that the internet and other technology-based influences are causing in the retail and office sectors. This information is invaluable to David and the rest of the BE team to help understand trends in the industry and better predict the market direction as it relates to our projects and clients.
Zach Clark attended the Chicago Opportunity Zones and 2019 Forecast event hosted by Bisnow. This seminar offered Zach and other professionals a chance to meet one another and come together to gain a better understanding of Opportunity Zones and what that means for developers, investors and tenants. Opportunity Zones (designated areas for economic investment in a depressed neighborhoods) are created to spur development. There are 150 Opportunity Zones in Chicago with the majority being suburban areas. The Opportunity Zone tax incentive was created in December 2017 and there is both excitement and caution surrounding it. At the event, residents spoke of the importance of developing Opportunity Zones with the neighborhood in mind and making sure the developments meet the communities’ needs before driving forward. Opportunity Zones can help developers, investors and architects such as Zach understand what areas require revitalization and where to look for progress in the future.