February 23, 2017
Spokane Convention Center
◊334 West Spokane Falls Boulevard ◊
◊Spokane ◊ WA ◊99201◊
Keynote Speaker
Doug Yost
Director of Real Estate Investments
Centennial Real Estate Investments
The Spokane - Kootenai Real Estate Research Committee
2017 REAL ESTATE MARKET FORUM 2
2017 REAL ESTATE MARKET FORUM AGENDA
February 23, 2017
Spokane Convention Center
8:00 - 8:07 (7 min.) Welcome and Introduction of Moderator Paul Read, 2017 Chair of the Spokane-Kootenai Real Estate Research Committee Introduction by Moderator—Chris Bornhoft, Broker, Windermere - Spokane Community Welcome—Larry Soehren, 2017 President of Greater Spokane, Inc. 8:07 - 8:25 Regional Economic Conditions, Spokane and North Idaho (18 min.) Grant Forsyth, Chief Economist, Avista Corp. (5 min.) Questions & Answers – Chris Bornhoft, Moderator 8:25 - 9:20 Special Topics
(5 min.) Introductions – Chris Bornhoft, Moderator (15 min.) Regional Demographic Trends – Steve Scranton, Chief Investment Officer and
Economist, Washington Trust Bank (15 min.) Spokane Land Opportunity Analysis - Michael Luis, President, Luis & Associates
(15 min.) North Idaho Land Opportunities – Scott Krajack, Land Development Director, Viking Builders, LLC (5 min.) Questions & Answers – Chris Bornhoft, Moderator 9:20 - 9:35 (5 min.) Announcements - Paul Read, 2017 Chair 9:25 - 9:40 COFFEE BREAK 9:40 - 9:45 (5 min.) Announcements - Paul Read, 2017 Chair 9:45 - 10:40 Residential Market in Spokane/Kootenai/Bonner Counties (5 min.) Introductions – Chris Bornhoft, Moderator (12 min.) Single Family: Kootenai/Bonner – Allyson Knapp, REALTOR®, Windermere/ Hayden (12 min.) Single Family: Spokane – Jennifer Valerien, Owner/Managing Broker, RE/MAX Inland Empire (18 min) Apartment Market Panel Kim Sample, VP of Multi-Family Operations, NAI Black Jim Lalonde, Principal/Owner & Managing Broker, Prodigy Property Management, LLC
(8 min.) Questions & Answers – Chris Bornhoft, Moderator
10:40 - 10:45 STRETCH BREAK and Sponsor Drawings
2017 REAL ESTATE MARKET FORUM 3
2017 REAL ESTATE MARKET FORUM AGENDA
February 23, 2017
Spokane Convention Center
10:48 - 12:18 Investment Real Estate in Spokane/Kootenai/Bonner Area (5 min.) Introductions – Chris Bornhoft, Moderator (15 min.) General Commercial: Bonner – Raphael Barta, Associate Broker, REALTOR®, Century 21 RiverStone (15 min.) General Commercial: Kootenai – Chris Meyer, Partner, Parkwood Business Properties (5 min.) Questions and Answers (North Idaho) – Chris Bornhoft, Moderator (15 min.) Office/Medical Office: Spokane – Ron Horton, Broker, Kiemle & Hagood Company (15 min.) Retail: Spokane – Kevin Edwards, Broker, Hawkins Edwards, Inc. (15 min.) Industrial Market – Jamie (Miller) Traeger, Owner, JMA Commercial Real Estate (5 min.) Questions and Answers (Spokane) – Chris Bornhoft, Moderator 12:18 - 12:21 Closing Comments – Paul Read, 2017 Chair 12:18-12:30 Appraiser Education Credit Sign Out 12:30-12:55 LUNCHEON
(Luncheon Head Table) Chris Bornhoft, Moderator, 2017 Market Forum
Tom Hix, Treasurer, Spokane-Kootenai RERC
Alivia Metts, Editor, The Real Estate Report
Paul Read, Chair, Spokane-Kootenai RERC
Dale Strom, Administrative Officer, Spokane-Kootenai RERC
Ali Taylor, Vice Chair, Spokane-Kootenai RERC
Tom Torgerson, President, Coeur d’Alene Assoc. of REALTORS®
Jennifer Valerien, President, Spokane Assoc. of REALTORS®
Doug Yost, Keynote Speaker, 2017 Market Forum 12:55-1:00 Announcements/Presentations – Paul Read, Dale Strom, Alivia Metts 1:00-1:30 KEYNOTE SPEAKER – Doug Yost, Director of Real Estate Investments, Centennial Real Estate Investments
Topic: The Macy’s redevelopment project and downtown housing update
1:30-1:40 Questions and Answers/Closing – Paul Read, 2017 Chair
2017 REAL ESTATE MARKET FORUM 4
Director of Real Estate Investments, Centennial Real Estate Investments
Doug Yost is the Director of Real Estate Investments for Centennial where he oversees the land and building assets of Centennial Properties Inc. and Cowles Real Estate Company. This position includes implementing an on-going growth strategic plan for the companies, overseeing the construction and development of various master plan land developments, and managing, developing, and acquiring various office and mixed use buildings. Most recent projects include the construction and development of the 702 West Main building, (Urban Outfitters), the Chronicle Apartments conversion project, and the 600 Main redevelopment project, (The Macy’s Building). Prior to his position at Centennial, he was a Vice President and Senior Investment Manager and Northwest Regional Branch Manager for Weyerhaeuser Realty Investors. He was responsible for originating and overseeing all real estate transactions for the Pacific Northwest Region. Doug is also an experienced developer and home builder throughout
Washington State, where he constructed and developed numerous residential and commercial projects. Through this process, he became a licensed Managing Real Estate Broker for Washington State. Doug received his BA in Finance and Marketing from the University of Washington and an MBA from the Ohio State University with an emphasis in investment analysis.
Paul Read, 2017 Chair of the Spokane-Kootenai Real Estate Research Committee
Paul Read is publisher of the Journal of Business, a business newspaper that covers the greater Spokane-Coeur d’Alene market. Paul was one of the first six employees of the Journal when it was founded in 1986, and has been involved in the coverage of business news in Spokane for more than 30 years. Prior to being named publisher in January 2012, he held the positions of managing editor, assistant editor, and operations manager.
A Spokane native, Paul is a graduate of Eastern Washington University.
He serves on the boards of Greater Spokane Incorporated, Boys Scouts of America INW Council, Visit Spokane, Greater Spokane Valley Chamber of Commerce, United Way of Spokane County, the Association of Washington Business, Spokane-Kootenai Real Estate Research Committee, and the national Association of Area Business Publishers. He also is co-chair of the Public Policy Council for GSI. He is a past chairman of the Chinook District for BSA, past president of the local chapter of the Society of Professional Journalists and past chairman of the Children’s Home Society of Washington, as well as an elder at Hamblen Park Presbyterian Church. He also has taught as an adjunct journalism professor at Whitworth University and is a former show chair of the Ferris High School PTG’s Ham on Regal.
2017 REAL ESTATE MARKET FORUM
Chris Bornhoft, CCIM, Commercial Sales and Leasing at Windermere Manito Commercial
He shook up last year’s Forum with the audio addition of Macklemore & Ryan Lewis’ Downtown, and with the first official “Real Estate Market Forum Selfie,” and now Chris Bornhoft is back as the moderator for this year’s Forum. When he’s not showcasing his musical and photography skills, Bornhoft heads the Commercial Sales and Leasing at Windermere Manito Commercial. After graduating from the University of Idaho and working in Information Technology Services, Bornhoft spent three years as director of operations for Corporate Pointe Developers, in Pullman, while also serving as the managing partner and president of Starlen Properties, a commercial real estate and investment company he started. As director of development at Vandervert Developments, in Spokane, Bornhoft worked on a variety of commercial projects, including bringing the first Trader Joe’s to Spokane in 2011. He joined Windermere Manito in 2013, with an emphasis on commercial real estate, earning his CCIM (Certified Commercial Investment Member) designation.
5
Spokane & North IdahoGrant Forsyth, Chief Economist, Avista Corp.
Dr. Forsyth is the Chief Economist of Avista Corp. Before coming to Avista in 2012, he was Professor of Economics at Eastern Washington University from 1999 to 2012. Before EWU, from 1996 to 1999, he worked in the Czech Republic as an academic and private sector economist. He received his BA in Economics from Central Washington University (1988), his MBA in Finance from the University of Oregon (1990), and his PhD in Economics from Washington State University (1996). He also serves on the Washington Governor’s Council of Economic Advisors; The Citizen Commission for the Performance Measurement of Tax
Preferences; and the Spokane Mayor’s Economic Advisory Roundtable.
Larry Soehren, 2017 President of Greater Spokane, Inc. Larry Soehren is President & CEO of Kiemle & Hagood Company, Spokane’s largest commercial real estate services company. He joined Kiemle & Hagood Company’s Commercial Management Division in 1983, became Director of Commercial Management in 1992, and a full partner of the Company in January of 1996. In addition to his duties as President, Larry oversees the Management Services Division of the company and serves as a court appointed receiver. The company’s current management portfolio consists of 7 million square feet of property throughout the Inland Northwest and 1,300 apartment units (the majority of which serve low income and vulnerable populations). In 1981, Larry graduated with a Bachelor of Arts in Business Administration from Eastern Washington University, majoring in Marketing and Management. He has achieved the Certified Property Manager (CPM) designation from the Institute of Real Estate Management. In 2011 he was awarded the Distinguished Alumni Award from Eastern Washington University, in the Service to Community category. In 2012, Larry was named a Fellow of The Building Owners and Managers Association, International. Larry is actively involved with many trade, civic, and community organizations.
2017 REAL ESTATE MARKET FORUM 6
Regional Demographic TrendsSteve Scranton, Chief Investment Officer and Economist, Washington Trust
Bank Steve is the Chief Investment Officer & Economist for Washington Trust Bank and holds a Chartered Financial Analyst designation with over 30 years of investment and economic experience. As Washington Trust Bank’s Chief Investment Officer, Steve is responsible for management of the Portfolio Management Group and actively participates on committees within the bank to help design strategies and policies related to bank-owned investments. Steve serves as the economist for Washington Trust Bank and participates in public speaking engagements, as well as authoring multiple communications, to keep clients and the public informed of economic and investment market conditions. Throughout the Pacific Northwest, Steve is a well-known speaker on the economic conditions and the world securities markets.
Spokane Land Opportunity Analysis Michael Luis, President, Luis & Associates
Michael Luis is a public policy and communications consultant. Clients include businesses, state and local governments, not-for-profit and economic development organizations. Much of his work has focused on research and communications on issues of housing, land use, infrastructure and community and economic development. From 2014 to 2016 Mr. Luis took timeout from consulting to serve as Executive Director of The Center for Wooden Boats in Seattle. Prior to establishing his consulting practice, He was Vice President for Public Affairs at The Greater Seattle Chamber of Commerce. Mr. Luis holds a master’s degree in international affairs from The George Washington University in Washington D.C., and a bachelor’s degree in history from the University of Washington. He is the author of “Century 21 City: Seattle’s Fifty Year Journey from World’s Fair to World Stage,” as well as several local history books. He served on the city council and as mayor of Medina, Washington.
North Idaho Land Opportunities Scott Krajack, Land Development Director, Viking Builders, LLC
Scott Krajack is the Land Development Director for Viking Homes. Viking is one of the area’s largest home and apartment builders with locations in North Idaho, Eastern Washington, and the tricities. Scott has degrees in urban & regional planning from Arizona State University and the University of Pennsylvania. When he isn’t working, he spends time with his wife and two teenage daughters and can often be found swimming in Lake Coeur d’Alene.
2017 REAL ESTATE MARKET FORUM 7
Single Family: Kootenai/Bonner Allyson Knapp, REALTOR®, Windermere/Hayden
Allyson’s Real Estate career started in 1996 working at her uncle’s appraisal company, Peak Appraisal. She graduated from Boise State University, and in 1999 went to work for the Kootenai County Assessor’s as a Certified Tax Appraiser. In 2001 she started her own appraisal company, Custom Valuations. She continues to hold her Certified Real Estate Appraisers license, and is also a Realtor licensed in both Idaho and Washington with Windermere Real Estate. Allyson’s Real Estate Designations include: GRI, ABR, CNE, CCA, and E-Pro.
Her Real Estate & Community Involvement include: 2013-2015 MLS Board “Appraisal Director,” 2013-2015 Instructor – “First Time Home Buyer” class, 2014 - 2016 Cd’A Association of Realtors® “Circle of Excellence,” 2016 Cd’A MLS Board President, 2017 Cd’A MLS Past President & Government Affairs committee, Board member Sweetheart’s Ball (non-profit), and Lakeside Holistic Health Advisory board.
She is also a member of the Coeur D’Alene MLS, Selkirk MLS, Spokane MLS, National Association of Real Estate Appraisers, National Association of Realtors, and the Cd’a Chamber of Commerce.
She was born and raised in Coeur d’Alene and currently lives in Newman Lake, WA with her husband and is the mother of 4 boys.
Single Family: Spokane Jennifer Valerien, Owner/Managing Broker, RE/MAX Inland Empire
Jennifer is the Designated Broker and owner of RE/MAX Inland Empire real estate firm in Spokane, Washington. She has nearly 20 years of real estate experience. In addition to managing an office of award-winning sales associates, Jennifer is the President of the Spokane Association of REALTORS® and is a Director for Washington REALTORS®. She is also a Certified Mentor for Buffini and Company and a licensed real estate educator in Washington.
Jennifer is a graduate of the University of Virginia (Bachelor of Arts degree) and Old Dominion University (Master of Arts degree). Prior to entering real estate, she worked for a private international security firm. She and her husband, Michael Valerien, are foster parents and enjoy traveling, reading, and gardening.
Apartment Market Panel Kim Sample, VP of Multi-family Operations, NAI Black
Kim Sample is Vice President of Multifamily Operations with Black Realty Management, an NAI Black company in Spokane, Washington. Kim joined NAI Black in 2012 with Black’s acquisition of the McVicars & Associates property management portfolio where she was an executive property manager, managing a portfolio of multifamily properties in the greater Spokane area. Kim’s career spans over 20 years in property management. Her substantive experience encompasses the management of multifamily ownership, on-site management, regional management of a tri-state portfolio (ID, WA & MT), and portfolio management. Kim is a licensed broker in Washington and has received the designation of Accredited Residential Manager® with the Institute of Real Estate Management®. Beyond her substantial experience in market rate, multifamily housing, she has specialized experience in managing LIHTC, home funds, bond, and HUD Section 236 housing in Washington, Montana and Idaho. Areas of multifamily expertise include marketing, advertising, transitioning distressed properties, implementing new technology solutions, and employee coaching/training. She currently lives in Spokane with her husband Steve and her son who is currently attending the University of Idaho.
2017 REAL ESTATE MARKET FORUM 8
Apartment Market Panel Jim Lalonde, Principal/Owner & Managing Broker, Prodigy Property Management,
LLC Jim is the owner and Managing Broker for Prodigy Property Management, a Spokane based multi-family property management company that operates in Eastern Washington and North Idaho. Prodigy was formed in May of 2013, and currently manages over 3,000 multi-family units. Jim grew up in Billings Montana, and attended Gonzaga University, graduating in 1989. Jim started in the Real Estate industry in 1999, as a Regional Manager for HSC Real Estate in Seattle, WA. In 2005, Jim opened an Eastern Washington Office for HSC Real Estate in Spokane, and has been actively managing multi-family properties throughout the Inland Northwest region ever since. He currently is the Co-Chair for the Washington Multi-Family Housing Association (WMFHA) – Spokane, and also sits on the Board of Directors for Rebuilding Together Spokane.
General Commercial: Bonner Raphael Barta, Associate Broker, REALTOR®, Century 21 RiverStone
Raphael Barta is an Associate Broker for Century 21 Riverstone in Sandpoint, Idaho. Raphael has been a Broker in Sandpoint for the past sixteen years. His real estate practice is focused on commercial projects. Raphael’s background includes 25 years of commercial property development experience, including Vice President Commercial Properties for Intrawest Corp. and for Trilogy Development Corp, where he was responsible for a variety of projects in Western Canada. He is the President Elect for the Idaho REALTORS for 2017.
General Commercial: Kootenai Chris Meyer, Partner, Parkwood Business Properties
Chris Meyer is a partner at Parkwood Business Properties, North Idaho’s leading developer and manager of commercial real estate. In that role he oversees the asset management of almost 700,000sf of commercial office, industrial, medical office, tech-flex, and retail properties. He is also responsible for new development lead generation, site selection, financing, and construction execution. Prior to joining Parkwood, Chris worked as a Development Manager for Legacy Partners Residential in Seattle where he developed the $75mm Legacy at Pratt Park urban mixed-use luxury apartment project with 248 units and 6,500sf of street level retail. Legacy at Pratt Park was awarded the 2010 neighborhood impact award at the NAIOP Night of the Stars in 2010. Chris is active in his community and serves as the Secretary of the Kootenai Health Foundation, the Treasurer of the Coeur d’Alene Economic Development Corporation (Jobs Plus), the Secretary of the Hayden Lake Watershed Association and is a member of the ULI Idaho District Council Advisory Committee. Chris has a BA from the University of Pennsylvania, an MBA from the Foster School of Business at the University of Washington and a Masters in Urban Planning from the School of Architecture and Urban Planning at the University of Washington. He and his wife Sara enjoy skiing at Schweitzer and playing on Hayden Lake with their two sons.
2017 REAL ESTATE MARKET FORUM 9
Office/ Medical Office: Spokane Ron Horton, Broker, Kiemle & Hagood Company
Ron Horton is a Senior Property Manager in the Commercial Management Division of Kiemle & Hagood Company, one of Spokane’s largest real estate companies. Ron joined Kiemle & Hagood Company in 2005 and has a wealth of experience in retail leasing and shopping center management. Prior to his property management career, Ron was self employed for 15 years, which makes him uniquely qualified to assist both property owners and tenants. Ron is also part of our Medical Office Management Team.
Retail: Spokane Kevin Edwards, Broker, Hawkins Edward, Inc.
Kevin Edwards is a Commercial Real Estate Broker with Hawkins Edwards, Inc. Kevin has specialized primarily in retail and office property sales, leasing, and development. In the past 6 years, he has completed over 25 office/retail syndications and developments. Kevin graduated with a Bachelor of Degree from University of Montana in Business Information Systems. Kevin played football for the Grizzlies from 2001-2005. Kevin is married, with 3 awesome kids, enjoys skiing, traveling, and "the art of the deal."
Industrial Market Jamie (Miller) Traeger, Owner, JMA Commercial Real Estate
Jamie Traeger is the Principal of JMA Commercial Real Estate in Spokane, WA. JMA is a full service commercial real estate company in that specializes in partnering with clients to provide property management, asset management and leasing/brokerage services. JMA opened for business in September 2001. Before starting JMA Commercial Real Estate, Jamie worked for three and a half years as a project manager for Spieker Properties, a national real estate investment trust in Portland, Oregon.
Jamie graduated with Phi Betta Kappa honors with a B.A. in Business and Administrative Studies from Lewis and Clark College, in Portland, Oregon in May 1998. She graduated with a Masters in Business Administration from Gonzaga University in May 2008. Jamie is a licensed Washington State Real Estate Broker. She earned the CCIM (Certified Commercial Investment Member) designation in 2005 and the CPM (Certified Property Manager) designation in 2007. She is actively involved in numerous industry groups including the Spokane Building Owners & Managers Association, where she served as President in 2007 and the Spokane Commercial Real Estate Traders Club where she served as President in 2008. Jamie is married and has two fantastic kids, ages 4 ½ and 7.
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
2017 REAL ESTATE MARKET FORUM 10
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2017 REAL ESTATE MARKET FORUM 11
