[Webinar Recap] The Impact of COVID-19 on the Commercial Real Estate Industry
Updated: Jul 31
Featuring J.P. Morgan, LaSalle Investment Management, and Macerich, hosted by Dr. Wen Sang, CEO of Smarking. Bringing together our community for a conversation on navigating through the unknown, day by day, with a data approach. • How leaders are pivoting in real-time • Leveraging data to forecast revenue impact • Re-budgeting based on historical and broad market data
Here is the full session recording and timestamps below for your reference - Enjoy!
3:00 - Data review & what we're seeing in the market
7:20 - Priorities and challenges
14:30 - Replanning and recovery
20:31 - Expectations of operators
24:13 - Recommendations to peers
28:52 - Q&A Session
Question 1: With the new stimulus package signed into law, is your company looking into how the disaster relief funds might help?
Question 2: Any creative alternative uses for parking given fall in demand?
Question 3: How is this effecting maintenance on your structures?
Question 4: After this ends, how do you think the impact of the pandemic will impact how people feel about ride share services?
Question 5: For monthly parkers, are you noticing customers requesting refund for not being able to use the garage since they stay home?
Question 6: With decrease in utilization and revenue, how is your company allocating garage staff to lower cost? What strategies are being used to lower cost as number of transient customers decrease?
Question 7: Do you anticipate long-term implications to your portfolio? Or do you think it's a short-term impact?
Question 8: How will technology impact the post COVID-19 world?
Question 9: What defines unnecessary capital projects? What if there is a capital project that can reduce operating expenses immediately?
Thank you to our wonderful panelists!
Rodolfo Pena Alexander Woodard Peter Opoku
Macerich JP Morgan Asset Management LaSalle Investment Management
Rodolfo Pena, Manager of Parking Strategy and Operations, Macerich
Rodolfo Peña joined Macerich in January 2019 overseeing 18 properties and approx. 95,000 parking spaces nationwide. Previously, Rodolfo spent 15 years with AmeriPark/Lanier overseeing a portfolio of seven major Southern California mix use properties. Connect on LinkedIn
Alexander Woodard, Associate, J.P. Morgan
As the Parking Sector Strategist, Alex oversees the overall investment strategy of the platform’s national parking portfolio. Including asset management, parking facility acquisitions and dispositions, in-house research, identifying trends and opportunities within the industry, and carrying out operational changes to drive income. Connect on LinkedIn
Peter Opoku, Asset Manager, LaSalle Investment Management
Peter Opoku is the asset manager for LaSalle’s parking garage and student housing assets and also supports the larger multifamily asset management group. He has been in the real estate industry since 2011 and has supported global corporate strategy, mergers and acquisitions, and asset management. Connect on LinkedIn
Hosted by Dr. Wen Sang, CEO, Smarking
Wen Sang is the Co-Founder and CEO of Smarking, the leading business intelligence and yield management provider for parking. Currently empowering 2,500+ parking locations across North America. Connect on LinkedIn