In this issue
CCIM Indiana News, November 2020
Dear Fellow CCIMs and Candidates,
2020 has been a very challenging year for our country and for most people. We have been faced with a pandemic, a global recession, a CRE industry crash and recovery, a divided election, lots of uncertainty, and health risks never seen before in our lifetime. Many people face uncertain economic stress as unemployment skyrocketed overnight. Entire market segments like hotels, retail, student housing, and assisted living cratered while other sectors such as industrial and ecommerce and single family housing flourished. Office and multifamily took some hits, but are doing well despite the recession.
Job creation is the biggest issue facing our economic recovery. The jobs lost have not been replaced. The pandemic is laying waste to the travel industry, airlines, restaurants, convention industry, concert venues, movie theaters, casinos, sporting events, etc. Universities face questions with remote education delivery. Will enrollment be impacted? The college experience we had is no longer available to our kids.
Eventually we will have a vaccine. Pandemics eventually end. This pandemic will end. I don’t think we will ever go back to our previous normal. The recession impacts will outlast the virus. Long after we have a vaccine---I’m not sure business travel will return to previous levels. The question I have is what will change? How will commercial real estate be impacted—even after we have a cure. My belief is that travel will return for business and leisure albeit at a 30-40-50% reduction from pre-pandemic levels. Student housing and assisted living will go back to previous levels due to demographics. Retail will continue its slide into becoming more and more digital.
How can CCIMs help? We need to help our clients think through and prepare for a post-Covid world. New opportunities will be created from this destruction. I see this as classic capitalism. Those who embrace the challenge and search for the silver linings will succeed and prosper. We don’t control when this happens. We can, however, plan for a post-Covid. This too shall pass. The sun will come up tomorrow. We need to help our clients make the most of the cards they/we are dealt. Maybe they need to sublease surplus space. Maybe they need to consolidate operations. Maybe bargain purchase opportunities become available due to the recession.
We do not know what the future will hold. We do, however, have lessons from past recessions. There are also lessons from past pandemics. However, we never really experienced it in the US. There are rising Covid cases. More deaths. A spike in the virus. It seems never ending. We are fatigued. Does another shutdown loom? Maybe. Despite all that, I have hope. This pandemic will end. There will be a cure. It will be sooner than later. The world’s greatest minds are heavily invested in solving this mystery. I have faith in our scientific community. It will be solved. We will be saved. Life will go on. And, it will happen well before 2022. So my advice to CCIM’s is to start planning for what comes next. We must remain vigilant and stay socially distant, mask up and wash up. But we can now start thinking about how the world will change post Covid as we plan for 2021.
Sam Smith, CCIM Indiana Chapter President, Executive Managing Director/ Principal, Bradley Company
2020 Indiana Chapter Scholarship Winners
CCIM Indiana Chapter is pleased to announce that Amy Tharp, Veritas Realty, and William Costello, Bradley Company/RESOURCE Commercial Real Estate, will share the $1,000 Patricia Tesluk Scholarship for 2020. The scholarship will be used to offset the cost of the CCIM Course Concept Review Course and Comp Exam. These are the final stage in pursuing the prestigious CCIM designation, the industry’ most elite credential for CRE investment.
The scholarship is named in honor of Patricia Tesluk for her contributions and dedication to both the Indiana and Illinois CCIM Chapters.
We're also pleased to announce that Adam Stephenson, Allies Commercial Realty, has been awarded the $1000 Joseph Fisher Scholarship for 2020. The scholarship will be used to offset the cost of the tuition for core CCIM Courses, for pursuing the prestigious CCIM designation, the industry’ most elite credential for CRE investment.
The Joseph Fisher Endowed Scholarship honors Joe Fisher for his contributions as a member and Past President of the Indiana CCIM Chapter. Named endowed scholarships honor those who have shown great dedication, commitment, outstanding achievement and service to the commercial real estate industry.
2020 CCIM Indiana Transaction Awards
CCIM Indiana wants to recognize members' 2020 transactions. Our committee will select from all submissions received to award the most significant transactions in the categories shown below. Please submit a brief summary of your transaction by January 10 to be considered. Details about categories and submission are available on our website here.
Accelerating the Advancement of Women in Commercial Real Estate
Did you know some estimates are that over 800,000 women have left the workforce during the pandemic? That's just one of many reasons the topic of advancing women in CRE is so relevant right now. If you missed the October 30 joint program, you can watch the recording and listen in on the discussion of this important issue. Thanks to CCIM members Jacque Haynes and Deb Olinger for participating on the expert panel!
CCIM Indiana Members: Don't Forget to Set Up Your Website Account Login
All CCIM Indiana Chapter members should have received a welcome email from our new website with account setup/login instructions. You MUST set up your account in order to register for future programs, so please take a minute to do that today. If you need assistance, contact Executive Director Kerry Hacker at [email protected]
Calendar of Events
Continuing Education Opportunity: User Cost Of Occupancy Analysis November 13, 9AM-Noon ET
Find out how to unlock cash in your business by creating a Sale Leaseback. Learn to save money for your company by making the correct occupancy decision. We're offering this course in person or via Zoom! Details are registration on our website here.
2021 Sponsorships Open Now!
Without the support of our chapter sponsors, the Indiana CCIM Chapter could not offer members the services we do! The Indiana Chapter of CCIM is currently seeking chapter sponsors for the 2021 calendar year. Click here for details about sponsor benefits and levels.
Please keep our 2020 Sponsors in mind when seeking products and services. Here's how to contact them:
CLA (CliftonLarsonAllen LLP)
251 E. Ohio Street, Suite 100, Indianapolis, IN 46204
One Indiana Square, Suite 3500, Indianapolis, Indiana 46204-2023
If you are a CCIM candidate, or you're considering becoming a candidate, we're here to help. Our Candidate Guidance Chairperson Deb Olinger can answer questions and help direct you to resources. Any candidate with questions may contact her directly at [email protected].