By: Molly Farina, Marketing and Events at LightBox
Editor’s Note
NAIOP is a commercial real estate association that provides research, education, networking, and advocacy for professionals across property types, including industrial, office, retail, and mixed-use developments. Its annual conference, CRE.Converge, attracts approximately 1,500 stakeholders across sectors, offering networking, educational sessions, and discussions on market trends and innovations; this year’s event was held at Caesar’s Palace in Las Vegas.
The atmosphere at CRE.Converge 2024 was vibrant, with participants expressing an upbeat outlook as they actively work to overcome the current standstill in many segments of commercial real estate. This spirit of collaboration permeated the event, with thought leaders and industry veterans sharing insights that encouraged attendees to rethink traditional approaches. Despite this optimism, the economic landscape remains complex.
In September, Chairman Powell implemented a notable rate cut aimed at lowering borrowing costs and stimulating demand. Still, persistent challenges like inflation and the potential rise of already-elevated housing prices pose ongoing risks. While market participants have been closely watching for immediate changes in the data, the effects are likely to be more gradual and nuanced. Head of Data Strategy at LightBox, Manus Clancy, noted the psychological significance of this shift, emphasizing that a proactive mindset among market participants is crucial for encouraging engagement and moving players off the sidelines.
CRE.Converge 2024: Discussion Insights
Among the enthusiastic attendees were keynote speakers Andre Agassi, tennis champion, author and philanthropist, Nikki Greenberg, real estate futurist, and Chuck Todd, chief political analyst, NBC, all of whom shared positive outlooks on the near future of the CRE market. In her keynote address, Nikki Greenberg stressed the importance of being “future ready,” urging the audience to embrace recent technologies and challenge the status quo. Greenberg outlined five key principles for cultivating a future-ready mindset in the CRE sector. First, she emphasized the need to be core, focusing on unique strengths while adapting to change. Flexibility is essential, she noted, for allowing businesses to pivot in response to technological advancements and market dynamics. Embracing curiosity fosters innovation by encouraging teams to explore new ideas. Additionally, a willingness to embrace change is critical, as it prepares organizations to face uncertainty. Finally, adopting a visionary approach enables leaders to take risks and create a lasting impact in their field. She noted that current systems in place were developed years ago, meaning today’s plans will significantly affect future outcomes.
The Shift to Experiential Retail
Also on stage at CRE.Converge, retail leasing experts, Carmen Decker, president, Western Region of Kimco Realty and Karly Kilroy, vice president, Leasing Director of Kite Realty Group projected that mixed-use development would dominate the retail landscape in 2025. Both noted that retail developers are discerning which elements will lead to success within the emerging “experiential retail” paradigm which puts consumer experience at its center.
Las Vegas serves as a hotspot for major retail development projects, including BLVD by Gindi Capital, an experiential retail initiative launched in 2020. Spanning over 400,000 square feet and stretching 700 feet along the Strip, it features a mix of indoor and outdoor retail spaces along with a rooftop terrace. This unique venue aims to enhance visitor interaction with the iconic Las Vegas environment, moving away from the traditional mall or casino-centric designs typically found in the area.
Similarly, LVXP has an ambitious new mixed-use project in the works; a site that will include a retail plaza, convention space, a destination casino, luxury hotels, and residences. LVXP’s CEO, James R. Frasure Jr., emphasized the project’s commitment to sustainable development and job creation, aiming to generate thousands of new jobs for the community. A large arena—capable of seating between 18,500 and 20,000, and the possible home for a Vegas NBA team — anchors the development, positioning LVXP as a significant player in the evolving landscape of Las Vegas entertainment and development.
Personal Reflections
As a first-time attendee at NAIOP CRE.Converge and an emerging professional in the industry, this event proved invaluable. Previously, having experience in investment sales both in the New York outer boroughs as well as in the U.S. Southeast, experiencing this event from a data and technology perspective allowed me to look at the industry and its players from a different lens. Fellow attendees expressed their confidence in new opportunities and innovative strategies that could pave the way for growth in the upcoming months. I connected with other professionals who were particularly hopeful that transaction activity will gain momentum in Q4, building on the positive energy generated during the event. The unique Las Vegas backdrop mirrored the current market’s distinctiveness, and I appreciated connecting with experts who offered great advice and business insights.
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