Say you were forced to go to a shop that specializes in one niche. I’m thinking acquisitions and less development but both welcome.
What are you picking? (aka class B multifamily, NNN industrial, suburban office, manhattan skyscrapers.. whatever you want)
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Media Studios. Interesting and niche asset class that can generate great returns, and grows based off different demographics than other factors.
Anything infrastructure-related is probably a good long-term strategy.
From the other end of the spectrum, hotels are generally more complex than other real estate sector. If you can underwrite a hotel, you should be able to figure out multi, office, retail, etc.
I work in Hotels and wouldn’t pick any other asset class to work in for my career.
Why? Curious to hear. I just built a hotel. Really don’t like the asset class.
I’m someone who gets bored really quick. MF and Office always felt very cookie cutter to me. I liked Retail but only had a very limited experience with it. Zero Industrial experience.
Hotels to me, are a different challenge day in and day out. I get exposure to the RE finance aide of things (recaps, refi, sales, etc.) while also dealing with operations/capex, interesting brands, and such outside your standard lease analysis. It’s way more interesting to me. Of course, all those brings a ton of headaches and I 100% understand why someone could hate the asset class.
Interested to hear your reasoning. I also love hotels and briefly worked in this niche for a couple years. Definitely requires someone to have a good foundation in design, finance, and creative thinking. Only downside is it's incredibly fast paced and there's so many moving pieces to hotels that it has quite a bit of a learning curve.
I don’t like 1-day leases. Also demand is so incredibly hard to forecast. Minimal stability and it is very cyclical. Also with multiple businesses under one roof - it is much more complicated than traditional real estate and the returns are not necessarily higher.
I feel this. I used to work in gaming and lodging group and really enjoyed the operational nature of hotels. Multiple profit centers. No chunky leases. Less deterministic. Etc.
I also enjoy hotels for the reasons noted above, but sometimes those same reasons make me wanna rip my hair out lol, at least on the development side
Manufactured housing
Shhhhh. Keep this one a secret
Data centers.
Affordable housing. As an asset class, it's by far the most complex type of real estate development or acquisitions. Deals are rarely cookie cutter and there are a lot of political and regulatory nuances that simply don't exist for most other niche asset classes.
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