Jared M. Revay, LEED AP

A terrible tragedy for City of Redwood City and Mercy Housing. Timber construction when framed on-site can be catastrophically destroyed by fire during the framing and rough-in stages, too easily. Modular construction results in fully protected and fire compartmentalized units being delivered to site from day one. In the first days of a job our site team can have sprinkler systems and standpipes installed with functioning fire doors and egress routes. Fire safety during construction is critical, but lets not make this about timber versus steel. Right now we need all the building material optionality we can get to fight the biggest unit shortage housing has seen in the U.S. in more than 50 years. FOOD FOR THOUGHT: With the right partners in planning, manufacturing and construction, this project could have the building replaced with a modular structure and be open ahead of the initial buildings construction schedule. Likely, for less cost than replacing it traditionally too! Ismael Guerrero Doug Shoemaker Dee Walsh Suzie Velazquez Karim Sultan Colin Morgan-Cross Kuhl Brown Randy Bell Mandalyn Mendoza Chris Hacnik Elizabeth Kuwada

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To say that the Bay Area had a #housing boom is a misnomer. Simply looking at the number of #buildingpermits doesn't properly tell the story. A better way to look at the data is to compare building permits using per capita data. Although San Francisco County only had 2,618 permits, it had the highest number of permits at 3.61 permits per thousand residents when compared to Contra Costa County at 2.12 (2,443) Santa Clara County at 2.23 (4,195), San Mateo County at 2.22 (1,693), and Alameda County at 3.44 (5,586). The picture is far worse when you compare building permits to other technology centers in the US... - King County (Seattle) had a population of 2.27 million and generated 10,600 building permits in 2023 or 4.67 permits per thousand. -Denver County (Denver) had a population of 717 thousand and generated 5,725 building permits in 2023 or 7.98 permits per thousand. -Travis County (Austin) had a population of 1.33 million and generated 22,414 building permits in 2023 or 16.79 permits per thousand https://lnkd.in/gGnyrYCu

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If you’re interested in learning more about real estate investing, check out this course my sister is teaching at UCLA Extension!

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"Thanks to strong tenant demand and constrained supply, rent growth is surging among Seattle’s high-rise apartments. In the first quarter of 2024, high-rise asking rents rose an average of 2.8% year-over-year. This building style saw the greatest year-over-year rent growth for all residential subtypes except townhomes, which clocked 3.2% growth over the past year. The recent growth in high-rise rents contrasts with a longer-term trend. Over the past five years, high-rise rent growth was only 5%, the weakest performance among its multifamily peers. Garden-style communities outperformed over that same stretch, seeing a cumulative 26% rent growth."

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VEGO2 Building Technology Proposal for Colorado Project Overview: • Technology: VEGO2 - Steel Foam Composite, Passive House Standard • Production: 20,000 sf of modular building space per hour • Job Creation: 600 local jobs • Investment Required: $8M plus land and foundation A VEGO2 Mega Factory in Colorado promises economic growth, sustainable building practices, and innovative construction solutions, benefiting both the state and the local community.

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Irvine-based 4Terra Investments is reigniting a stalled housing project in San Francisco, proposing 203 apartments on a former car wash site. Originally it was an 184-unit plan in 2022 but due to high costs and low rents, the previous developer walked away. With rents rebounding to $2,900, 4Terra's plan is to build 203 units, making it one of the largest since the pandemic. Hayes Valley in San Francisco, is known for its strict zoning and anti-development sentiment, hasn’t seen new housing since 2021. 4Terra’s project is a significant step in addressing SF's sluggish construction scene, which saw just 960 new units last year, the lowest since 2012. What are your thoughts on this big project? https://lnkd.in/djivAyjW

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The landscape of industrial spaces is experiencing a significant transformation, driven by technological advancements, shifting economic patterns, and evolving consumer demands. As we look toward the future, it is important that we understand the key trends shaping this sector and how they will impact businesses, investors, communities and even investment strategies. #industrial #industrialspaces #commercialrealestate #cre #crenews #mixedusedevelopment #outlook2024

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Heads up Californians for another catastrophic housing bill making its way through the state legislature. Assembly Bill No. 2580, as proposed by Assemblymember Buffy Jo Wicks of the East Bay (14th District), is an unfunded mandate that will bankrupt planning departments across California. It's not too late to contact your elected officials. Here’s what AB-2580 asks: The Planning and Zoning Law requires each county and city to adopt a comprehensive, long-term general plan that includes, among other mandatory elements, a housing element…. This bill would require the housing element to include an analysis of historical preservation practices and policies and procedures that directly impact the cost and supply of residential development. and an assessment of how existing and proposed historic designations affect the locality’s ability to meet its share of the housing need, as specified. The bill would require the annual report to include a list of all historic designations listed on the National Register of Historic Places, the California Register of Historical Resources (California Register), or a local register of historic places by the city or county in the past year, including an assessment of how those designations affect the ability of the city or county to meet its housing needs. and the status of any housing development projects proposed for the new historic designations, as specified. By increasing the duties of local officials, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. https://lnkd.in/gd8hVAje

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What impact will the potential overturning of California’s SB-9 have on the development of affordable housing?   The short answer… Probably not much. As a recent article in the Wall Street Journal pointed out, only a couple dozen residential units have been permitted and built in California under SB-9 since its adoption at the beginning of 2022.   Working on the design and business development side of things in the California prefab construction world, I saw a lot of interest from smaller-scale developers and homeowners as this piece of legislation was being introduced. The ability to subdivide and develop small-ish housing units on already-developed, urban lots was (and still is) a good idea. So, why has SB-9 borne little fruit so far, and what changes could make it a more viable tool for the development of attainable housing?   Setting aside the legal issues currently hampering SB-9’s application, these are a few items that need to be addressed for the legislation to be affective.   Simplified, turnkey delivery solutions for homeowners… Being able to leverage the equity in your property is a wonderful thing. Having to play the part of real estate developer and/or general contractor, for most people, is not. Pre-approved designs that minimize soft costs have gained traction for ADU’s in a lot of areas and are a step in the right direction. Streamlined financing options and greater adoption of prefabricated/offsite building methods will also be key. Opening the door (a little) to seasoned developers and/or joint venture… It is easy to see how giving professional developers unfettered access to the incentives SB-9 offers individual homeowners could produce undesirable outcomes, like over-densification, or a gluttonous amount of short-term rentals. However, allowing homeowners to pursue SB-9 projects as a short-term joint venture could drastically de-risk these projects for them. Allow the incentives that are already afforded to new ADU’s in many municipalities throughout the state to be applied to SB-9 projects… Offering tradeoffs like reduced impact fees and density bonuses in exchange for deeded affordability restrictions would be a win-win.

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Industrial Construction activity update. #cre #ccim #sior #naiop #commercialrealestate #industrial #uli https://lnkd.in/gscjnRgZ "Though industrial construction activity has dropped and will continue to remain subdued throughout the year, the deceleration should not particularly affect manufacturing construction, which also falls under Cushman & Wakefield’s industrial category, according to Jason Price, senior director of research for the U.S. industrial sector at Cushman & Wakefield. Instead, Price said “the slowdown is primarily within the warehouse and distribution sector,” while “manufacturing construction has been relatively steady.” Many contractors remain bullish about the manufacturing sector’s long-term prospects, despite a recent dip in construction activity. In fact, general contractors in the space insist they do not feel a slump, and still foresee an acceleration in activity

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Distressed commercial ===> Residential is a big win. Especially when the new project is providing hundreds of townhomes. For many reasons, townhomes are the best (current) solution to the Bay Area housing crisis. This is a 7.9-site being converted to 252 market-rate townhomes and 63 affordable apartments. And kudos to the City of Sunnyvale -- they allow for the development of housing in ways that many other cities do not. It is worth noting.... property owners and lenders do not need a large/institutional group to lead this redevelopment process, as is the case here. There are plenty of smaller shops and service providers who can handle effectively.

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Five charts that show which Bay Area cities are building the most housing. The region’s cities aren’t all pulling their weight equally when building more housing. Read on. #housing #housingmarket #multifamily

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CoStar reports that apartment rents in San Francisco have been rising in the first quarter of 2024, marking the city's longest period of rent growth in two years. By the end of March, rents had increased by 1.7% from November 2023, potentially reaching a 5% annual growth rate, the highest since 2021. This trend may help rents catch up to the 2019 peak before the pandemic. Despite high rents, the lack of growth amid significant inflation has made renting more affordable, especially for luxury properties. The city's population decline from 2019 to 2022, driven by remote tech workers, particularly affected demand for downtown apartments. However, recent population growth and a possible revival in the office leasing market could lead to a more robust rental environment in the near future. Read More: https://bit.ly/3yT1K8e #MarketRent #MultifamilyRents #SanFrancisco #SFRealEstate #RealEstate #ApartmentRents #RealEstateInvesting

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The allure of premium workspace is driving San Diego companies to reimagine their office. Not sure where to start? Download JLL's Guide to the Optimized Office to learn more. Learn More: https://lnkd.in/ex4U6PVU

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Agree with you Sandy Albert and reposting for my network. We have thousands of units in operations in #SanDiego without parking and achieving the highest rents in the market well over proforma / projections. Would like to share cases studies and compare lessons learned between LA and SD as 20-30 years of planning this innovation is now an operating, living and breathing organism producing data and feedback. It’s a new lifestyle emerging, living at lower costs in smaller units rents and healthier intentional communities. This new product type in real estate is undercutting the luxury market, rents in the $2000s and lower for micros, which is affordable for middle income earners. From singles, young professionals, digital nomads, seniors and grad students, we have build a new world being demanded. Residents coming from the East Coast, PNW, and used to living in So Cal without a car are happy and ready for this change coming. Especially in the most walkable, bikable, sustainable living communities. Between #WFH, transit, #autonomousvehicles and #micromobility options and #attainablerents one can park off-site or at work or ditch the car and #share. Look at the best restaurants, boutique hotels and lifestyle districts where people want to be, there is no parking and people still flock there however they may planes, trains and #ridesharing. https://lnkd.in/gTZMN4nF

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NPR’s The Indicator from Planet Money podcast recently highlighted why mega-projects fail - a phenomenon called the Iron Law of Megaprojects. 99.5% of megaprojects were over time, over budget, or had lower benefits than expected, or a combination of these factors. Prof. Bent Flyvbjerg provides three key lessons to prevent project failures: · The importance of actual experience in the exact type of project. It makes a difference. · Think slowly before acting fast. · Community engagement and stakeholder management are critical. Make friends and keep them friendly. #projectmanagement #megaprojects #npr

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Don't make a mistake. Read our in-depth guide to truly understand what drives the success of CRE projects. We detail the fundamental factors that can either make or break your development’s viability. Follow the link below to discover valuable insights that can steer your project clear of pitfalls. https://lnkd.in/e_Za95gJ #CBUS #CLE #CRE

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Measure ULA, the so-called “mansion tax” on property sales of greater than $5 million that took effect last April, has “significantly” reduced sales of apartment buildings in Los Angeles and the San Fernando Valley, according to a report from NAI Capital Commercial. In LA, wrote NAI Capital Commercial’s J.C. Casillas, sales volume for these properties plummeted by 71% year-over-year in 2023, “with the number of deals sharply declining by 85% compared to the previous year.” #cre #multifamily

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