Marcus & Millichap: Los Angeles, CA June 2, 2016
Chris and Shaun attended this year’s 5th Annual Marcus & Millichap (M&M Conference) held in Los Angeles at the Bonaventure Hotel. For the second year in a row, ADC had hopes of having the same success as previous years. This year was a little different with many Developers exercising Cautious Optimism. The General Session began with the headline reading “Every Silver Cloud has a dark Lining” . This subject talked a great deal about the months ahead for developers with low supply of land to build on including more resistant Planning Boards, and record high construction cost.
Value Added investments seemed to be the center of attention with many developers focusing a lot on Rehabilitation Projects. Developers also have set their sights on amenities as a way to attract tenants to their properties. One big amenity for the developers was Electronic Vehicle (EV) charging stations which just for the record there is already over 100,000 EV Drivers in California, so this demand will continue to increase for tenants especially those living in apartment buildings, Etc.