Ringel Presents at Daily News CRE Seminar

November 9, 2012

Jim RingelMRG’s COO, Jimmy Ringel, joined a panel of area real estate executives who provided updates at the Memphis Daily News’ Commercial Real Estate Review and Forecast, held on November 1 and reported on by the Daily News in this article.

In his presentation, Jimmy told the audience that while supply may be starting to catch back up with demand, multifamily has been the bright spot in commercial real estate for the past few years and is likely to continue performing well.  While the recession, which spurred foreclosures that resulted in an increase in renters, was a catalyst for growth in the multifamily sector, Jimmy shared that demographics are likely to provide a sustainable shift for years to come.  That’s because the Millennials – a generation nearly 80 million strong – are more likely to change jobs frequently, are getting married and having families later, and in general, simply demand more options.

In looking at Memphis as compared to the rest of the country, the metro area mirrors many of the trends in that occupancy rates have increased, rental rates have steadily increased, and concessions have decreased.  However, the Memphis area’s higher than average share of C and C- properties bring overall occupancy rates for the market below regional and national averages.  On the positive side, A and B properties in the market are competitive with national occupancy rates.

Review Jimmy’s presentation below:

Q3 Multifamily Presentation