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Savills Enhances Real Estate Solutions for Life Science and Technology Companies with Acquisition of US Firm T3 Advisors

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NEW YORK, June 11, 2021 / PRNewswire / – In a strategic move to further expand its North American business, global real estate advisory firm Savills announced the acquisition of T3 Advisors (T3), renamed T3 Advisors, A Savills Company. T3, the leading real estate and workspace solutions advisor to many of the world’s most innovative companies, has become the preferred advisor for life science and technology companies seeking unbiased, holistic and strategic advice on all aspects of the real estate decision-making process.

T3 Advisors joins Savills’ global real estate advisory platform and operates under the name T3 Advisors, A Savills Company.

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Mitchell E. Rudin (left), Chairman and CEO of Savills North America, and Roy Hirshland (right), founder and CEO of T3 Advisors, announce the acquisition of T3 Advisors, a leading commercial real estate and workplace solutions consultancy, by the global real estate company many of the most innovative companies in the world.

Founded in 2001 and with offices in Boston, new York, San Francisco, and Palo Alto, T3 has focused on applying an integrated approach that encompasses both strategy and execution when providing users with real estate and workplace solutions as well as strategic advisory, advisory and transactional services. The T3 brand has become synonymous with innovative, in-depth real estate advice for CEOs who are managing change in a highly dynamic business environment. Additionally, through its studios, T3 offers entrepreneurs the opportunity to connect with the right resources to build great businesses. The Savills platform and global reach will enable T3 to grow its unique real estate and workplace services in the US, UK and. to accelerate Europe, as well as Asia Pacific.

Roy Hirshland, CEO and founder of T3 with over 33 years of experience in the industry, will become Vice Chairman of Savills. He will continue to lead T3 Advisors and focus on integrating the group’s unique approach to real estate advice into the global Savills platform. T3 Managing Partner Austin Barrett, David Bergeron, and Mark Cote becomes Executive Vice Presidents and continues to hold management positions at Savills.

Mitchell E. Rudin, Chairman and CEO of Savills North America, commented, “T3’s innovative approach to serving life sciences and technology customers is a perfect fit with Savills’ strategic goals. We look forward to working with T3 through our platform to to develop relationships with existing and new customers. ” Building on the already developed dynamic, six new offices have been successfully opened in the last two years. “

David Lipson, President of Savills North America, added, “Over the past two years I have had the privilege of working closely with a number of talented professionals from T3 and I have the culture, business, focus of T3 on diversity, equity and Integration and creativity to be in line with the Savills corporate philosophy and values. ”

Hirshland said: “I am passionate about providing our customers and our team with the very best and most innovative platform for success with a real global reach. This is a merger that we have been carefully considering for some time, and it couldn’t be me . ” I’m even more looking forward to the next stage of T3’s journey. I am proud to be part of the leadership team as we continue to build the innovative, unique real estate and workplace services we offer our clients. “

Mark Ridley, Savills’ global CEO, said, “The acquisition of T3 will further strengthen the life science and technology consulting services that Savills can offer its customers worldwide across the board North America. “

About Savills Inc.
Savills helps companies find the right solutions that ensure the success of their employees. The company’s integrated teams of consultants and brokers are highly qualified and committed and are experts in making better real estate. With services in the areas of tenant representation, personnel and incentive strategy, workplace strategy and user experience, project management and capital markets, Savills has been increasing the potential of jobs around the corner and around the world for 160 years.

For more information, please visit Savills.us and follow us on LinkedIn, Twitter, Instagram and Facebook.

Via T3 consultants
T3 Advisors believes that space means so much more than just square meters – it is a platform to grow profitably and build a lasting culture. T3 works with companies from startups to multinational corporations to develop and implement a range of corporate real estate solutions. As an outsourced real estate department of the customer or as an extension of the existing team, T3 offers a range of real estate services, including tailor-made brokerage, location advice, portfolio planning, advisory knowledge and ongoing support in the workplace. Placed in the center of innovation ecosystems with offices in Boston, NYC, San Francisco and Palo Alto, T3 has advised thousands of companies around the world.

Please visit t3advisors.com for more information.

SOURCE Savills

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A California court just returned real estate it took from a Black family in 1924. It could be the beginning of a wave of redistribution.

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California Governor Gavin Newsom shakes hands with Anthony Bruce after signing the law to return land in Manhattan Beach to his family.Ringo HW Chiu / Associated Press

  • The state of California has returned the land that it took years ago to the Black family.

  • It is the first time black Americans have recaptured land that has been taken from them by significant domains.

  • Activists want this to be a precedent, but there are logistical hurdles.

The Bruce family gets their land back. It is the first time black Americans have successfully reclaimed land that the government has taken from them, raising hope for families like her who have lost their homes throughout US history.

The family regains ownership through a law signed by California Governor Gavin Newsom in September. In 1924, the city of Manhattan Beach used a significant area to wrest land from the Bruces, says Newsom’s office. Eminent Domain is a law that allows the government to take privately owned land and recapture it for public use. The procedure includes compensation for the previous landowners, but otherwise they have no other choice of surrendering their property.

Newsom signed the land over to the descendants of Willa and Charles Bruce, who left Manhattan Beach after facing racial harassment from the Ku Klux Klan and their white neighbors in the early 20th century. Willa and Charles turned the property into the West Coast’s first black resort and named it “Bruce’s Lodge” when racial segregation kept them away from most other beaches.

The KKK tried to burn the resort down. White Manhattan Beach residents harassed resort customers.

The city seized the land, claiming they wanted to turn it into a public park – they never did. It remained as an empty lot before it was transferred to the state, then LA County.

The Manhattan Beach government recognized the racist motive for occupying Bruce’s Lodge twenty years later in an article for the Redondo Reflex newspaper by one of the city council members who voted for it, Frank Doherty.

“We thought the Negro problem would stop our progress,” he wrote in 1945. “We had to acquire these two blocks to solve the problem, so we voted to condemn them and build a city park there. We had to protect.” ourselves.”

The story goes on

There are still obstacles to the nationwide reclamation of Black Lands

The landmark case of the Bruce family inspires others who hope it will set a precedent. However, experts say proving original ownership can be quite a challenge.

Kavon Ward, the co-founder of Where is My Land group, helped fight on behalf of the Bruce family. She told the Washington Post on Monday that she heard from more than 100 people willing to argue that they have a legitimate claim to property that does not currently belong to them.

The land of Bruce’s Manhattan Beach was relatively clear – their historical claim to the property was well documented through their resort and the violence they were subjected to. Few other cases are supported by written history.

The historical confiscation of black property is at the center of the current disparities between black and white wealth in the United States. In the first quarter of 2020, 44% of black households owned their homes while 73.7% of white families owned their homes, according to the US Census Bureau. That gap is even worse in individual cities – for example, according to a study by Redfin, only about 25% of black families in Minneapolis own their homes.

According to the Federal Reserve, the typical black family owns only about 10% of the average white family’s wealth. Phenomena such as redlining and blockbusting – the effects of which will continue even after the Fair Housing Act of 1968 was passed – are also responsible for the stagnation of black home ownership and wealth in the United States.

When it comes to significant domains, this type of relationship with ex-black owned real estate is evident: even our most sprawling national icons, like Central Park in Manhattan, are not immune.

Read the original article on Business Insider

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2022 real estate forecast paints grim picture of housing market in Texas

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According to Realtor.com’s 2022 Real Estate Forecast, released Wednesday, demand from first-time buyers will outpace the domestic real estate market’s recovery as Americans stand a better chance of finding a home but face a competitive sellers’ market.

The year will also be a mix of housing affordability challenges and opportunities, as listing prices, rents and mortgage rates are expected to rise, according to the website.

Realtor.com predicts that home sales will hit their 16-year high in 2022, up 6.6 percent year-over-year. Buyers are expected to remain active and inventory for sale is expected to begin to rebound from the recent sharp declines. The real estate agent is forecasting record list prices, skyrocketing sales and limited options to sell homes as existing property listings lag behind pre-COVID levels. The supply shortfall in the construction of 5.2 million new homes could also shrink as builders continue to ramp up production, which is expected to increase by 5 percent year-on-year.

“Whether the pandemic delayed plans or created new opportunities for a move, Americans are poised for a tumultuous home buying year in 2022. With sellers expected to enter the market due to continued strong buyer competition, we expect strong growth in the Home sales at a more sustained pace than in 2021, “Realtor.com chief economist Danielle Hale said in a statement.

“Affordability will become increasingly challenging as rates and prices rise, but working remotely can expand search areas and allow younger buyers to find their first home sooner than usual,” continued Hale. “And with more than 45 million millennials in their prime ages 26 to 35 making first-time purchases by 2022, we expect the market to remain competitive.”

Sales in the Austin Metro real estate market are expected to increase 4.7 percent, with prices expected to increase 3%. Dallas-Fort Worth is expected to see sales growth of 8.3 percent on a price increase of 4 percent, El Paso is expected to see sales increase of 10.6 percent on a price increase of 5.1 percent, and the Houston Metro region is expected to be around 2.6 percent and 2.4 percent rise percent in prices. McAllen Mission is expected to increase 5.9 percent in sales and 5.1 percent in prices, and San Antonio is expected to increase 5.1 percent in sales and 3.5 percent in prices.

According to Realtor.com, potential sellers are increasingly planning to enter the market this winter, although affordability will play an increasing role amid rising mortgage rates and house prices. A growing economy, strong labor market, and flexibility in the workplace should enable first-time buyers to buy houses without breaking the bank.

Home buying could also become the more affordable option, Realtor.com said, with rents expected to exceed home prices for sale in 2022. Rents are expected to rise 7.1 percent and home prices 2.9 percent year-on-year. The home ownership rate is expected to increase slightly to 65.8 percent in 2022.

Recent survey data shows that over half (53 percent) of potential buyers planning to buy their first home within the next year are millennials, according to Realtor. This first time home buyer demand is expected to exceed both new and existing home ownership. Home buyers will face fierce competition for the next three years, real estate brokerage projects as millennials look for first-time homes, Generation Z increasingly enters the housing market, and more older Americans try to downsize.

Recent survey data also shows that 19 percent of potential sellers want to move because they no longer have to live near the office, up from just 6 percent in the spring, according to Realtor.com.

Realtor.com predicts that suburbs will continue to be more popular than large urban subways as home shoppers look for relatively affordable and larger homes. The typical 2,000-square-foot single-family home price rose double-digit years (16.7%) in October, meaning buyers may have to sacrifice additional space to afford a home in their desired area.

“Our housing forecast suggests we have another dynamic year of activity ahead of us, but 2022 will also be fraught with mounting pain as we progress from the peak of the pandemic to a new normal,” said George Ratiu, manager, economic research for Realtor.com said in a statement. “With most real estate markets going to be competitive by 2022, it’s important to remember that you are in the driver’s seat on your real estate trip.

“The bottom line for buyers is making sure you are on top of your schedule and budget – and especially for younger buyers making this massive financial decision for the first time,” Ratiu continued. “For sellers, consider your local market conditions and the likely increase in the number of homes for sale, and market your prices at a competitive rate.”

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Here’s why the luxury housing market is exploding in Metro Phoenix

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In the past five years, the average home price in the Metro Phoenix market has nearly doubled. The average home price in Phoenix is ​​$ 405,000, according to Redfin market data, compared to $ 215,000 five years ago. From April through June, homes across town had their lowest number of days on the market, down from 22 days in Phoenix.

According to Redfin market reports, the average retail price of single-family homes in Scottsdale is $ 900,000, up 20% year over year. In the paradise valley. The median median single-family home sold for $ 2.8 million, up 34% year over year and more than doubling since late 2016.

ALSO READ: The 5 Most Expensive Cities in the Arizona Real Estate Market

As of October 2020, 32.7% of Scottsdale homes have sold above list price.

The luxury real estate market is subject to the same trends as the rest of the market. Low inventory levels, supply chain issues with new builds and demand, and rising prices are affecting both markets.

At the same time, people are migrating to the county for the same reason as the rest of the luxury market. Maricopa County is one of the fastest growing areas in the country and much cheaper than other areas.

Babbi Gabel, founding partner of RETSY.

“The same house that someone here could buy for $ 6 million would have cost maybe $ 12 million in the Bay Area,” explains Babbi Gabel, founding partner of RETSY.

About half of the houses that Gabel’s customers are looking for are second homes.

But what makes a luxury house luxury? Gabel describes them as homes that are custom built, have bespoke finishes, or have a unique aspect, starting at around $ 1.5 million.

Five to ten years ago, Scottsdale and Paradise Valley weren’t a $ 5 million market; today, prices average between $ 4 million and $ 6 million. Increased material costs have led to more expensive conversions and new builds in the luxury housing market.

“We’re starting to see new builds in the $ 7 million to $ 20 million price range. That was completely unknown five years ago, ”she explains.

Buildable land also contributes to rising prices. In places like Paradise Valley, which is surrounded by inland land with no room for expansion, home builders are paying nearly $ 2 million per acre. In order for the new building to be profitable, they have to build at a much higher price per square meter.

Gabel says that like the non-luxury market, inventory is lower than ever, but demand is still high. She notes that she had 571 active listings in Scottsdale in 2020 and down from 333 listings in 2021. And like the rest of the market, homes have multiple listings and sell quickly.

“There are times when the luxury market does its own thing, but what we’ve seen in the past three years is just one insane market across the board,” says Gabel. “My partner and I currently have 20 buyers valued at over $ 2 million who are looking here in the Valley. We can’t find anything. “

She predicts that these trends will continue in the future.

She concludes: “In the next four to five years, growth and demand will continue to drive the housing market. Provided there is nothing unpredictable and interest rates or inflation do not go up. ”

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