March 25, 2019
NKF’s Ryan Harding and Jennifer Frisk recently hosted a panel presentation titled, Download V3. It featured industry leaders discussing technology’s impact on the future of business. Panelists included:
- Jason Ton, 100 Thieves
- Rachel Devenow, Ring
- Marlen Whitley, Weed Maps
- Soley Van Lokeren, Realty Mogul
- Tim Cowell, Headspace
Connect Media asked Frisk to provide an overview of the key findings from the conversation in our latest 3 CRE Q&A.
Q: You recently hosted a panel covering trends that are impacting real estate, some of them more obvious, some less. What do you think people need to know about e-sports? How does it impact real estate?
A: eSports is in its’ every early stages, however it is growing up quickly with a projected audience larger than the NFL by 2022 as well as a projected monetization of $3 billion. Since Riot Games leased its’ headquarters space in West L.A., and subsequently built the League of Legends Arena, eSports companies have looked to lease office space in Los Angeles. This growth will continue to support this rapidly-growing industry.
Q: How is cannabis real estate evolving? It impacts industrial, retail and more recently office, how do you see that continuing?
A: Cannabis real estate has been immensely popular since cannabis was legalized in California. At the moment, there are still landlords that are uncomfortable with the use either due to their own opinions, or those of their lenders. As cities give out more and more licenses, and landlords and their capital partners become more comfortable, the percentage share of real estate that is leased or owned by cannabis companies will grow and demand will continue to outpace supply. It is projected that cannabis will be federally legal by 2022, at which point it will be no different from leasing office space to an alcohol company, or retail space to a bar.
Q: You work with a lot of different clients and demographics. What kinds of changes are you seeing in the ways that your clients use space? Does it differ by company type?
A: Clients across all industries care more and more about talent and employee retention. In order to support this, and retain talent, companies are trying to better understand their cultures, and how that plays into, or is reflected in their office space. All of our technology- influenced clients desire space with a hospitality overlay that includes well-located space in amenitized areas or buildings. And all clients are looking for flexible, yet functional workspace that serves them today, as well as over their lease term.
For comments, questions or concerns, please contact Dennis Kaiser