Real Estate Commons^™

Commercial Property Vacancies In American Cities, Emily Dinh

University Honors Theses

This paper examines the alarming impacts of the vacancy phenomenon on commercial properties across American during and after the COVID-19 pandemic. The increase in remote work encourages people to work from home more frequently. This does not only lessen employees' foot traffic to offices, but also disconnects the engagement of consumers and visitors to public areas, such as malls, stores, and other amenities. Many commercial properties have closed, shrunk their operating spaces, or reallocated for safety and security reasons. Reduction in occupancy rate among mentioned properties influences negatively on business owners, their associated partners, residents of the impacted areas, and …

Trackxi Capstone Review, Kevin Abarca

University Honors Theses

This University Honors review thesis is based on my business capstone which revolved around developing a strategic road map for the startup company Trackxi. Trackxi is a real estate tech startup aiming to streamline transactions using a patent-pending visual online platform. The platform is similar to companies such as Asana but provides a more linear representation of real estate transaction steps, equal to a long visual chain with blocks representing next steps. The platform also caters to independent real estate agents, as more established real estate agents usually have in house solutions. Our team also continually interfaced with the client …

Business Analysis And Recommendations For Timber, Jared Alexander

University Honors Theses

To close out my PSU school of business experience, I've been placed on a team with five other classmates in the School of Business honors program cohort to help a business owner with some hurdles they are facing in their ventures. Throughout the last nine weeks, my teammates and I conducted a lot of research, and gave four presentations to the business owner. Our final presentation highlighted our final recommendations. The name of the business owner and company have been anonymized for confidentiality. All images featuring the name or logo of the company have been covered.

In this capstone review, …

Proxies Of Design: A Case Study And Analysis Of Place And Commercial Real Estate In Seattle, Nicholas Miranda

University Honors Theses

What kinds of relationships exist between individual buildings and greater society in Seattle? Focusing on the role of design in shaping the value and desirability of commercial properties, the study examines and utilizes a large temporal and spatial dataset to test price analogs between common building attributes and metrics. By employing a hedonic pricing model, the study seeks to identify the impact of these attributes on property values and ultimately relate them to architectural and contextual design, from a micro to a macro level. The empirical findings are not necessarily novel or groundbreaking, but rather, they shed light on the …

An On-Ramp To Financial Inclusion: Measuring The Impact Of Mercy Corps' Community Investment Trust Program On Minority Investors, Lexi Yokote

University Honors Theses

Mercy Corps' Community Investment Trust (CIT) was launched in 2017 as a low-risk real estate investment and education initiative. The program is now working to replicate this in cities across the United States. However, it has not been able to collect much feedback from existing investors about their experiences and needs. This paper will use primary and secondary research in the form of a literature review and original surveys to collect information about investor demographics, attitudes toward the CIT and investing, risk perceptions, and future investment plans. The results show that U.S.-born versus foreign-born status, ethnicity, and gender affect the …

Governmental Restrictions And Real Estate Investor Risk Perception, Carina Kaiser, Julia Freybote, Wolfgang Schäfers

Business Faculty Publications and Presentations

We investigate the impact of governmental restrictions on the short-term risk perception, as proxied by the going-in cap rate, of investors in regional and neighborhood shopping centers. We use the COVID-19 pandemic as a natural experiment and proxy for the length and severity of COVID-19 restrictions with the political affiliation of state governors. Using a sample of 40 metropolitan statistical areas (MSAs) across 27 states over the period of 2018 to 2021, we find that for states with Republican governors, which proxy for shorter and fewer COVID-19 restrictions, investors in regional malls required a lower going-in cap rate in the …

Analysis Of Oregon Multi-Family Housing In Relation To Covid-19 Pandemic, Conor Paterson

University Honors Theses

The purpose of this paper is to examine notable metrics of multi-family housing markets before and since the COVID-19 pandemic. The primary locations for the analysis of this issue were Portland, Oregon and other cities located near Portland. This paper attempts to demonstrate the ways in which the COVID-19 pandemic has affected the landscape of multi-family housing options and affordability since the year 2020. A literature review was first conducted to obtain a better understanding of what the discourse community surrounding housing changes has stated about the pandemic's role in the housing market. After drawing conclusions from the prior literature, …

Public History Is Now, Sarah E. Dougher

Amplify: A Journal of Writing-as-Activism

A walking tour of downtown Portland in August 2021 raises questions for the writer about the purpose of “memory activism,” its relation to writing-as-activism. Drawing on critiques of urbanist Jane Jacobs and interrogating the concept of “reckoning,” the essay explores ways in which the streetscape and people there can deliver meaning and pose questions about systemic racism and unsheltered existence.

The Impact Of Virtual Marketing Strategies On The Price‑Tom Relation, Kelley Cours Anderson, Julia Freybote, Kerry Manis

Business Faculty Publications and Presentations

Virtual tours such as pre-recorded videos or self-guided virtual reality (VR) tours represent marketing strategies that agents can use to promote homes for sale. Assuming agents aim at maximizing their net commissions, we expect virtual tours, which require more agent effort and are more costly, to be used for homes that are difficult to show due to being owner- or tenant-occupied. Using 34,359 single-family transactions from multiple US markets, we show that virtual tours impact the sales prices of occupied homes (1) directly (main effect) and (2) indirectly through an interaction with time on market (TOM). However, this impact differs …

Assessing Asset Pricing In The Commercial Real Estate Sector With Julia Freybote, Julia Freybote

PDXPLORES Podcast

What are the factors that influence commercial real estate pricing? Assistant Professor of Finance and Real Estate, Julia Freybote’s research considers various factors including emerging data streams, investor behaviors, and risk factors such as climate change to investigate asset pricing in the commercial real estate market.

Click on the "Download" button to access the audio transcript.

Time On Market And The Cash Discount For Condos, Eli Beracha, Julia Freybote, Zhenguo Lin, Michael J. Seiler

Business Faculty Publications and Presentations

We investigate whether the cash discount for condos is affected by time on market (TOM). Theoretically and empirically, we show that the cash discount has two components: First, condos purchased with cash sell at a discount compared to mortgagefinanced condos, which is in line with the cash discount identified in the housing literature. The second component is a TOM-variable cash discount that increases the longer a condo is on the market. In addition, our empirical analysis suggests the cash discount only exists for low-price condos and disappears in higher price segments. In particular, for low-price condos, the cash discount comprises …

Center For Real Estate Quarterly, Volume 19, Number 9, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- The Office Market by Anthony Bertenelli
-- Rental Housing Market Analysis by Jason Guralnick
-- Housing Productions by Jordan Mulvihill
-- Ownership Housing Market by Parker Webb
-- Portland Evictions Part 3 by Rachel Luoto
-- Portland’s Safe Villages bt Nate Grein
-- A New Path for Portland by Garret Runck.

Nyeste Mixed Use Apartment Project, Renton, Washington, Brent Johnson Johnson, Brian Hoop, Jean Dahlquist, Rick Brody, Jason Guralnick

Real Estate Development Workshop Projects

The pandemic has changed the housing landscape forever. The new renter wants it all; the comfort and natural setting of the American suburb, combined with the community and amenity access of a city’s heart. Additionally, the Seattle area renter wants all of the new technological features that not only keep them a step above the competition, but that optimize their work productivity while minimizing their carbon footprint. Enter Nyeste I and II, where the Danish concept of “hygge” meets the Seattle drive for success. Nyeste means “the latest” in Danish, like in the latest green tech, the latest amenity features, …

Raleigh Hills Medical Center, Raleigh Hills, Oregon, Andrew Tucker, Anthony Bertenelli, Dan Noyes, Karisa Caracol, Matthew Koenigs

Real Estate Development Workshop Projects

Dogwood Development Group proposes a 2 Story Medical Office Building located at 7023 SW Beaverton Hillsdale Hwy, Portland, OR 97225 - on the corner of the impressive 6-way intersection of Scholls Ferry Rd, Oleson Rd, and the Hwy.

The site consists of 3 contiguous parcels, totaling 2.65 acres of rare undeveloped land within the heart of the Raleigh Hills town center area. Currently occupying the easternmost parcel is a longstanding veterinarian office ran by Dr. Daryl B Leu, the owner of the site.

The site presents a few notable challenges due to its proximity to the intersection, access to the …

Center For Real Estate Quarterly, Volume 18, Number 8, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- Will the City of Portland’s Charter Reform be Democratic? by Gerard Mildner
-- The Office Market by Anthony Bertenelli
-- The Industrial Market by Antwon Ali
-- The Retail Market by Frewine Kiros
-- The Multifamily Residential Report by Jason Guralnick
-- Housing Production by Jordan Mulvihill
-- Ownership Housing Market by Parker Webb
-- Renter Assistance by Dan Noyes
-- Rental Evictions by Rachel Luoto
-- Portland Housing Bond and Metro Housing Bond by Nate Grein
-- Middle Housing by Rick Brody

Center For Real Estate Quarterly, Volume 17, Number 7, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- Portland’s Midas Touch and the Housing Market by Gerard C.S. Mildner
-- The Office Market by Anthony Bertenelli
-- The Industrial Market by Rodrigo Flores
-- The Retail Market by Rodrigo Flores
-- The Multifamily Residential Report by Jason Guralnick
-- Housing Production by Jordan Mulvihill
-- Ownership Housing Market by Parker Webb
-- Renter Assistance by Dan Noyes
-- Rental Evictions by Rachel Luoto
-- Inclusionary Housing by Nate Grein

Vancouver Gateway Project, Vancouver, Washington, Brandon Brezic, Isabella Day, Jesse Debord, Brett Herb, Dylan Nichols, Tera Perala

Real Estate Development Workshop Projects

Located in Southwestern Washington, the City of Vancouver’s Downtown and Waterfront districts have experienced a significant transformation during the past five years, resulting in over 900 new homes, and 88,000 and 170,000 square feet of new retail and office space, respectively. This central area is poised for exponential growth over the next 5 years focused along the 32-acre Waterfront Vancouver master plan area. At the heart of the city center is an undeveloped 6.4 acre site that has the potential to seamlessly connect the urban fabric of Vancouver.

We view this site not only as an opportunity to connect the …

Vancouver Anchor District, Vancouver, Sandra Rollinson, Bryan Husin, Huy Le, Alicia Tillery, Colby Mikulich, Dawnna Wilder

Real Estate Development Workshop Projects

In response to the City of Vancouver’s Request for Quote (RFQ), Harbor Development Partners, LLC (HDP) is proud to present The Anchor District: A gateway master plan development that will anchor together Esther Short Park, the historic core, and the new Waterfront District. The theme of this new district is an experiential celebration of the rich culture and history of Vancouver, by way of expansive pavilions, enhanced transit hub, community-centric buildings, placemaking lighting, and an inner-urban promenade that promotes access and blurs the line between private and public spaces. All paths are designed to lead to the centric point of …

Center For Real Estate Quarterly, Volume 15, Number 5, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- Suburbs, Edge Cities and Santa Fe: A Conversation with Joel Garreau by Gerard C.S. Mildner and Trey Barrineau
-- The Office Market by Anthony Bertenelli
-- The Industrial Market by Brian Yarne
-- The Retail Market by Brian Yarne
-- The Multifamily Residential Report by Jason Guralnick
-- Housing Production by Jordan Mulvihill
-- The Challenge of Oregon’s Rent Relief Programs by Dan Noyes
--Missing Middle Housing by Rick Brody

Center For Real Estate Quarterly, Volume 16, Number 6, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- The Collapse of Suburban Housing Production by Gerard C.S. Mildner
-- Economic Analysis by Jerry Johnson
-- The Rent Control Policies in California and Oregon by Jeff Horwitz
-- Rental Assistance for Tenants and Landlords by Karisa Caracol
-- Inclusionary Housing by Isabella Day
-- Industrial Market Analysis by Chris Reeves
-- Retail Market Analysis by Chris Reeves
-- Housing Production Report by Stacie W. Sanders
-- Office Market Analysis Mark Greathouse

Eastbank Forum, Oregon Museum Of Science And Industry (Omsi), Portland, Alexander Wallace, Elliot Ford, Matthew Hurd, Natalie Reeder, Annie Carlton, Mark Greathouse, Talya Naftali

Real Estate Development Workshop Projects

The Eastbank Forum focuses on the development of the Oregon Museum of Science and Industry to create a community destination, a center for sustainability, and a revenue generator.

Center For Real Estate Quarterly, Volume 14, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Impact of Slope on Housing Development Costs
-- Economic Analysis of Rent Control
-- The Impact of Covid-19 Regulations on Portland’s Small Landlords
-- Responding to Tenant Needs During Covid-19
-- Housing Production in a Covid-19 Economy
-- Economic Analysis
-- Single Family Home
-- Multi-family Residential Report
-- Office Market Analysis
-- Industrial Market Analysis
-- Retail Market Analysis

Biggi Commons, Beaverton, Oregon, Adela Berrio, Dexter Parry, Hannah Radziewicz, Thomas Aquinas, Victoria Kirkland, Xiaofei Ren

Real Estate Development Workshop Projects

Biggi Commons is the next premier real estate development being delivered to the rapidly growing Beaverton, Oregon region, directly in front of the most trafficked transit center in the area.

The project consists of retail, medical office, food trucks and apartments, and hosts activities such as a farmer’s market and cooking classes. Biggi Commons caters to the suburban resident who prioritizes urban amenities, health, accessibility, and attractive design.

Local demand for apartments is strong, therefore the development team envisioned this 168,526 square foot apartment building, with light retail along the first floor. The unit mix varies from studios to three-bedroom, …

The Bridges At Beaverton Creek, Beaverton, Oregon, Alex Bullington, Angela Parada, Channa Kim, Wyatt Redfern, Monique Lum, Brandi Small

Real Estate Development Workshop Projects

Bridges at Beaverton Creek (BBC) is a six story, mixed-use development that seeks to meet the needs of varying demographics in the Beaverton community. At a cumulative 284,277 square feet BBC creates a strong sense of place in an otherwise banal part of Beaverton. The project takes to heart the idea that people want a place to call home, where they can live their best life at any age. As such, the key inspiration behind the concept of BBC is intergenerational living.

At BBC you'll find 191 market-rate apartments alongside a wing of 34 age-restricted apartments with integrated and restricted …

The Trailhead, Tigard, Oregon, Freddie Bulzan, Melvin Sharp, Aurora Charouhas, Alex Lovre, Zoe Johnson, Tyler Reeves

Real Estate Development Workshop Projects

The Trailhead Team (“Sponsor”) is pleased to present qualified individuals (or entities) the opportunity to invest $8,124,231 (“Equity”) in a Qualfied Opportunity Fund, which will purchase membership interests in Urban Flight LLC (“UFL”), a Qualfied Opportunity Zone Business, for the development of two speculative mixed-use buildings located in the industrial core of Tigard, Oregon (“The Trailhead” or “Project”).

Total Project costs will be $35,731,297 with the remainder of the Equity being contributed by the current property owner (“Property Owner”) in the amount of $3,381,723.1 The Sponsor will also invest $1,000,000 of Equity. UFL will secure $23,225,343 in construction debt, at …

Center For Real Estate Quarterly, Volume 14, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Impacts of Statewide Rent Control by Tyler Reeves
-- Portland's New Landlord Regulations by Tim Lawler
-- Best Practices for Landlords by Monique Lum
-- CRE Covid-19 Survey Results - May 2020 by Julia Freybote
-- CRE Covid-19 Survey Results - June 2020 by Julia Freybote
-- Rent Control in the Western States by Hannah Radziewicz
-- landlord-tenant Law in the Western States by Alexander Wallace
-- Housing Supply Constraints in the Western States by Trevor Wright
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Victoria Kirkland
-- Multi-Family Residential Report by Channa …

The Lighthouse, Bellevue Washington, Jennifer Dillan, Andrew Goodman, Tim Lawler, Elton Yuan, Michael Lowes, Dirks Mathias

Real Estate Development Workshop Projects

Sustainable Venture Partners (SVP) is seeking Investment Committee approval for The Lighthouse, a mixed-use multifamily and retail building to be located in downtown Bellevue.

The Lighthouse sits at the northeast corner of the intersection of NE 8th Street and 102nd Avenue NE. The parcel is currently owned by McAusland Real Properties LLC. The Lighthouse is proud to be the first cross laminated timber building (CLT) in downtown Bellevue. The Lighthouse has one core theme: to be the beacon in Bellevue of innovative, sustainable and memorable design. The Lighthouse is a 221,942 GSF nine-story mixed use residential project with 121 residential …

Center For Real Estate Quarterly, Volume 14, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Portland’s Inclusionary Zoning Policy by Monique Lum
-- The Three Elements of Portland’s Housing Crisis by Gerard C. S. Mildner
-- CRE Sentiment Survey Results for Q1/2020 by Julia Freybote
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Victoria Kirkland
-- Multi-Family residential Report by Channa Kim
-- Office Market Analysis by Wubet Biratu
-- Industry Market Analysis by Wyatt Redfern
-- Retail Market Analysis by Wyatt Redfern

Center For Real Estate Quarterly, Volume 13, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Review of Oregon's Housing Legislation in 2019 by Timothy Lawler
-- Crisis in Portland's Real Estate Market by Gerard C. S. Mildner
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Jarrod Howard
-- Multi-Family residential Report by Channa Kim
-- Office Market Analysis by Wubet Biratu
-- Industry Market Analysis by Michael Lowes
-- Retail Market Analysis by Michael Lowes

Center For Real Estate Quarterly, Volume 13, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Jarrod Howard
-- Multi-Family Residential Report by Chase Bennington
-- Office Market Analysis by Wubet Biratu
-- Industry Market Analysis by Michael Lowes
-- Retail Market Analysis by Michael Lowes