The landscape of area real estate seems to be changing at a pace that surprises even seasoned professionals. From major dips in area inventory to skyrocketing prices, it can be difficult to keep pace. In a bid to clarify some of the confusion, The Fordham Real Estate Institute and the Business Council of Westchester recently hosted the panel “Real Estate’s Next Revolution — From The Amazon Effect to Cannabis Legalization.”
The morning panel took place on Fordham’s West Harrison campus and brought together several leaders in the industry for a discussion covering the state of adaptive reuse throughout the county and how evolving opportunities may impact the commercial real estate sector ahead. Moderated by well-known real estate pundit Michael Stoler, the panel included Michael McQueeny of Genova Burns Attorneys at Law, Adam Altman of the KABR Group, and Seth Pinsky of RXR Realty.
The discussion touched on the expansion of e-commerce and its multibillion-dollar impact on the commercial real estate industry, as well as area opportunities that could arise from the legalization of medical marijuana in New York State. During his remarks, McQueeny noted the burgeoning growth of the cannabis industry and the necessity of investors and commercial property owners understanding local politics before embarking on such projects.
“There’s so much going on with the industrial effect, Amazon and cannabis,” added Stoler, who is president of NY Real Estate TV, LLC as well as host and producer of television shows The Stoler Report and Building New York: NY Stories. “The opportunities have increased. For example, Westchester’s strong medical community is well-suited to support cannabis demand in regards to patients with post-traumatic stress disorder and chronic pain.”
In turn, panelists Adam Altman and Seth Pinsky emphasized the importance of fostering a creative culture for economic success as well as pointing to Amazon as a prime example of effective adaptation. They noted that companies must figure out how to take advantage of the retail industry’s transformation and look at properties that will attract similar businesses.
“I always look forward to collaborating on events that further support the BCW’s focus on the county’s urban centers and continued growth,” said BCW president and CEO Marsha Gordon of the panel. “Based on today’s discussion, the real estate industry has quite a few things to consider in order to keep up with the pace of innovation in the business world. We need to proactively bring experts together to help better understand these trends and resulting opportunities, to ensure the industry’s future success.”