Connecticut Chapter of SIOR

As we head into 2008 there are mixed signals for the industrial real estate market in central Connecticut. If this were a weather forecast it would read partly cloudy with clearing expected. While not dismissing the potential for continued problems as a result of some of the currently know risk factors, my belief is that 2008 will turn out better than 2007, which was a good year. The most often cited risk factor is sub-prime lending and its impact on the credit and housing markets. Record high prices of oil, recent declines in the level of manufacturing activity and a presidential election year fuel the uncertainty. All of these have the potential to decrease consumer and business spending. Our future is linked to the national economy and Connecticut typically lags several months behind. However, national unemployment is low at 5% and positive economic growth is forecast for 2008 for the country and the economy over time has the potential to absorb these risk factors.

Decreases in consumer or business spending could impact industrial real estate on the user side. Home sales generate purchase of a variety of building products (flooring, cabinets, fixtures, appliances etc.) as well as services. All of which require raw materials, manufacturing, shipping, warehousing and installation as do retail sales and business investment in equipment. Decreases in spending would decrease demand for products and services and therefore real estate. While not immune, the Connecticut market is fairly stable in regard to both rents and demand. We do not experience the appreciation and velocity of the national markets but we also do not experience the lows. New construction has been either build – to - suits or experienced developers building “spec” at a pace that is being absorbed by the market. The markets are not oversupplied and in some cases may be undersupplied with modern facilities. The impacts, if any, would be a delay in demand till later in the year.

Sub-prime lending problems in the residential market impacted the credit markets for commercial properties, especially the conduit market. Conduits appear to be having difficultly pricing loans as well as securitizing them. Banks and Life companies are still sources of credit. Credit is available although underwriting and terms have changed and may not be as aggressive as they were previously. Experienced investors are still able to secure financing. Investments deals have been on an upward trajectory for several years with prices increasing and cap rates decreasing. Buyers have taken advantage of available credit with a focus on cash flow after financing or capital appreciation with a short time horizon. Items such as credit quality of tenants, building value and the local market have not been weighed as heavily. Demand will continue but there will be re-pricing as the market begins to differentiate between deals with a more detailed examination of these items, especially on the marginal transactions. Changes in the credit markets may eliminate some buyers and lenders for that matter. However, there have been a number of buyers on the sidelines that may take their place.

Market activity is the signal that I give the most weight to after 14 years as a commercial real estate broker in forecasting the future direction of the market. While the factors outlined above impact the commercial real estate market, the Connecticut market sends its own signals via activity and they are currently positive. In the coming year we expect demand for smaller buildings (20,000 +/-) to continue to be strong for purchase by local companies. Buildings are in short supply and prices have appreciated but are still below costs of new construction. Warehouse facilities with good clear height (24’ or greater) will continue to be highly desired by the market. Land that is subdivided with utilities and infrastructure is also difficult to locate in certain categories. On the investment side there have been a number of success stories in commercial real estate over the last decade. Credit is available, commercial real estate is a viable asset class and economic conditions over the long term are positive. We also expect demand to continue for investments.

Keith Kumnick, SIOR, is a principal of Colliers Dow & Condon and currently Vice President of the CT Chapter of the Society of Industrial and Office Realtors, AKA SIOR.

December 21, 2007: The Connecticut/Western Massachusetts Chapter of SIOR holds quarterly meeting

December 7, 2007: Tom Hill Realty & Investment, LLC Opens for Business

Tom Hill III, CCIM/SIOR, is proud to announce that he has opened his own commercial real estate brokerage, advisory services and media relations practice, Tom Hill Realty & Investment, LLC. One of only 500 dual designee’s in the country, he holds the Certified Commercial Investment Member (CCIM) and the Society of Industrial and Office Realtors (SIOR).

Hill is also a regional radio personality with 1320 WATR and WATR.com. His duties include: Economic analyst for WATR and talk show host on economic development and quality of life. On occasion, Tom subs for Tom Chute on “AM Drive”, Ed Flynn’s “Talk of the Town” and The Tom Hill “Specialized Jazz Show” featuring regional artists.

Tom plans to use the CCIM and SIOR and New Haven CID as a network of brokers in order to facilitate transactions for the many exclusive listings Hill continues to be awarded on a regular basis. Tom enjoys a great reputation and deep knowledge of the Greater Waterbury area and the NW Connecticut marketplace and a clear understanding of the political process, permit issues and players involved.

Commercial Real Estate Services:

• Consulting
• Brokerage
• Opinions of Value
• Brain Picking
• Market Reconnaissance
• Permit & Approval
• Land Use
• Regulatory Risk Assessment
• Market Assessment/Capital Assessment
• Development Feasibility
• Politics

203-755-4455
4thill3@optonline.net

November 27, 2007: SIOR Awards University of Connecticut Scholarships

The Connecticut/Western Massachusetts Chapter of the Society of Industrial and Office Realtors (SIOR) and the SIOR Foundation (SIORF) have awarded scholarships totaling $20,000 to seven deserving students at the University of Connecticut. Each student received an award of $2,857.14, in recognition of their academic excellence at the University. The scholarship recipients were David A. Miller, Storrs, CT; Nicholas W. Seccareccia, Suffield, CT; Katherine Tunsky, Willington, CT; Rachel Schneider, Storrs, CT; Mari Carozza, Willington, CT; Kristin Peterson, Willington, CT; and Lindsay Castonquay from South Windsor, CT.

The Connecticut/Western Massachusetts Chapter is one of 43 Chapters of the prestigious international organization, the Society of Industrial and Office Realtors. Commercial real estate professionals must meet rigorous requirements to earn the SIOR designation. SIOR, based in Washington, D.C., has more than 3,100 members in 480 cities in 20 countries and was founded in 1941. SIOR’s are top producers who are required to complete an educational recertification program every three years, assuring those who need the services of a commercial agent that the SIOR has achieved continued excellence.

The Chapter has two scholarship funds; the first in honor of Samuel F. Pearson a long time member and past National President of the organization, and the other in memory of Carl F. Traub, another long time Chapter member who had a significant positive impact on the commercial real estate industry. Scholarships awarded to deserving real estate majors at the University of Connecticut have now exceeded $220,000 over the years.

The SIOR Foundation’s mission is to promote and support initiatives that expand, educate and enrich the commercial real estate community. Established in 1962 to publish the industry’s first graduate level text book on industrial real estate, SIOR Foundation has maintained its dedication to expanding understanding of the commercial real estate industry. The Foundation has a matching scholarship program available to the various local SIOR Chapters.

The University of Connecticut SIOR Scholarship recipients left to right are: Nicholas Seccareccia, Katherine Tunsky, Rachel Schneider, Mari Carozza, Kristin Peterson, Lindsay Castonquay, David Miller

September 25, 2007: Connecticut/Western Massachusetts SIOR Chapter News

July 27, 2007:
The Connecticut/Western Massachusetts Chapter of the Society of Industrial and Office Realtors Welcomes New Members

June 26, 2007:
The Connecticut Chapter of the Society of Industrial and Office Realtors recently held their spring meeting at the Oak Lane Country Club in Woodbridge.

May 30, 2007: The 2007 National Spring Convention of the Society of Industrial and Office Realtors held in Los Angeles. >> print this press release as a PDF

Several members of the Connecticut Chapter of the Society of Industrial and Office Realtors recently
returned from the Spring 2007 Convention held at the Hyatt Regency Century Plaza in Los Angeles. The
members who attended reported a full agenda of social, educational, and networking opportunities.

Highlighted events included keynote speakers at two of the conventions general sessions, James Bradley
and Dave Hibbard. Mr. Bradley, the son of Iwo Jima flag raiser James Bradley, is the author of New York
Times #1 best seller Flags of our Fathers. James delivered an inspirational message based upon his
experiences and work in getting his book published, to never give up. He cited a number of examples of
what is considered impossible by conventional thinking and wisdom, can be possible by thinking outside the
box and overcoming the challenges of multiple brick walls.

Dave Hibbard, former broker and manager at Grubb & Ellis, CA, and owner of Dialexis, led a humorous and
empowering motivational discussion. Mr. Hibbard talked about the potentially destructive behavior and
nature of the brokerage business, using his law of scarcity vs. the law of plentifulness.

The roundtable sessions included a number of interesting topics, particularly one led by Workstage on LEED
and green buildings. The politically correct and environmentally friendly LEED initiatives are growing in
many corporate circles. Companies are finding greater worker productivity in green designed buildings and
spaces. And growing energy costs are demanding greater efficiencies in building designs and mechanical
systems, to drive down operating expenses.

One of the optional events, a tour of the Los Angeles and Long Beach ports, received quite a bit of positive
feedback. Highlights included a guided boat tour of the ports, a tour of the Inter-modal Container Transfer
Facility (a near-dock rail yard located approximately five miles from the ports), and a tour of the Alameda
Corridor (the 20-mile railway connecting the ports and Southern California's major railheads to the east).

Finally, Connecticut Chapter Member Mark Duclos, SIOR was one of the featured guest speakers for the
Brokerage Management Specialty Practice Board. There are several Specialty Practice Boards which meet
regularly at the National Conventions. The Brokerage Management SPB focuses on managing techniques of
your company's sales staff. Topics discussed included being a player coach; balancing leading, training,
and earning; developing and managing your sales staffs business plans to assure alignment with company
objectives; and managing, training and improving the production of your brokers.

Please visit our website www.siorct.com to find additional information on the Connecticut Chapter, Chapter
members, and upcoming events. Should you have any questions or interest in the requirements and
benefits of becoming a SIOR and joining the Connecticut Chapter, please contact Sherri Thompson, SIOR
at 860.528.0884 or John Reed, SIOR at 860.987.4788.

May 9, 2007: The Connecticut Chapter of the Society of Industrial and Office Realtors "Industry Partner of the Year - Real Estate"

On Tuesday evening April 24, 2007 the University of Connecticut's School of Business held its fifth annual
awards banquet for finance, health care management, and real estate. During the evening, the Connecticut
Chapter of the Society of Industrial and Office Realtors was recognized by the Real Estate Center with their
Industry Partner of the Year award. >> read complete story (PDF)

March 26, 2007: The Connecticut Chapter of the Society of Industrial and Office Realtors Habitat for Humanity Day

The Connecticut Chapter of SIOR recently sponsored a one day volunteer work party, with the Greater Bridgeport of Coastal Fairfield County Habitat for Humanity. Several Connecticut Chapter members participated, working along side other volunteers and future homeowners.

The SIOR volunteers were assigned to work on a two family condominium structure, being developed adjacent to two other Habitat for Humanity properties under construction in downtown Bridgeport, a one family handicapped accessible home and another condominium duplex facility. The day's agenda included
nailing and gluing sub flooring in place, hoisting exterior and interior wall panels to the second floor and nailing them into place, along with related sawing, measuring and leveling carpentry work.

Not only was the assistance very much appreciated by future homeowners, the work party was a rewarding experience for all who participated. The Chapter is committed to making the Habitat for Humanity volunteer
program a regular Chapter activity. Plans are under way to schedule the next Connecticut SIOR Habitat work party in the Fall of 2007.

February 28, 2007: The Connecticut Chapter of the Society of Industrial and Office Realtors Announces Spring 2007 Scholarships

The CT Chapter of the Society of Industrial and Office Realtors are awarding seven students at the University of CT a total of $7,000.00 in scholarships. The students are all real estate majors in the School of Business, and the scholarships are being awarded in recognition of their academic performance at the University.

The recipients are Rachel Schneider, Wakefield, RI; Mari Carozza, Middlebury, CT; Brett Eagleson, Middlefield, CT; Jeffrey Ticehurst, Brookfield, CT; Christopher Parks, Niantic, CT; Jeffrey Selikoff, Westport, CT; and Katherine Tunsky, West Suffield, CT.

The Connecticut Chapter has two scholarships in place, in memory of Samuel F. Pearson and Carl F. Traub respectively. Both were long time members of the Chapter, and Sam Pearson was also a former National President of SIOR. Both scholarships are managed by the University of Connecticut.

November 20, 2006:
The Society of Industrial and Office REALTORS ® Holds Fall Professional Conference in Charlotte, NC.

September 15, 2006: CT Chapter of SIOR Elects New Slate of Officers

Essex Yacht Club, Essex, CT. At its annual September meeting, SIOR membership elected Carl G. Russell, CCIM, GRI, SIOR as the new President of the CT Chapter, succeeding James J. Stanulis, SIOR who had served two years at the helm of this illustrious organization. Keith J. Kumnick, SIOR was elected Vice President and Mark Duclos, SIOR was elected Secretary/Treasurer. Several other Chair appointments took place: Stanulis moves to Past President's Council which has assumed Nominations responsibility, Jeffrey H. Gage, CCIM, SIOR succeeds Richard F. Gretsch, SIOR as Scholarship Chair; Sherri Thompson, SIOR joins John Reed, SIOR, assuming the vacancy created by Duclos in Membership and Frank H. Hird, II, SIOR joins Alan M. Fischer, CCIM, SIOR as Co-chair of Education & Programs.

Mrs. Regan Traub, wife of the late Carl Traub, CCIM, SIOR, a distinguished member of SIOR, surprised and delighted membership with her unexpected attendance at the Lobster and Clam bake. A scholarship fund was established at UCONN by the CT Chapter in Carl's name. To date, the CT Chapter of SIOR has awarded scholarships to students in varying real estate fields in excess of $132, 000. To learn more or to make a donation, please contact Jeff Gage at jgage@ababroker.com.

Attorney Robert W. Chesson of the Milford based law firm of Chesson & Schweickert, LLC was the featured speaker. His presentation on key lease terminology and guidelines …from a landlord's perspective…was well received by the nearly 3 dozen members and guests.

The CT Chapter continues to grow with membership recently reaching 50 Designees and Associates with several new membership announcements expected shortly. To learn more about the qualifications for and benefits of SIOR membership, please visit the Chapter website at www.siorct.com or contact Chapter Secretary Mark Duclos at duclos@sentrycommercial.com. Expect More from an SIOR!

August 25, 2006: Connecticut SIOR Chapter Recognizes Frosty Smith
The Connecticut Chapter Society of Industrial and Office Realtors is proud to acknowledge one of its long time members. DeForest “Frosty” W. Smith, President of George J. Smith & Son Commercial and Investment Real Estate, has been a member of SIOR since 1973. Known as SIR when Frosty earned acceptance into the Society, he has had over 40 years of experience in the real estate industry.

Frosty Smith When asked what SIOR has meant to him over the years, Frosty did not hesitate in answering “the people”. He expressed his pleasure working with professionals from all over the country, particularly those within SIOR because of the level of expertise they bring to a given situation. He said he has “enjoyed traveling and bonding with fellow SIORs—it is a great deal of fun doing business with friends.” As an example, Frosty mentioned spending time with Herb Krumsick at his ranch.

Other designations held by Frosty include Certified Commercial Investment Member (CCIM), Graduate Realtors Institute (GRI), and Certified Real Estate Brokerage Manager (CRB). He has been a senior instructor for the Realtors National Marketing Institute for 30 years, lecturing throughout the country on investments, taxes, and commercial/industrial real estate. A graduate of Yale University with a degree in International Economics, Frosty is also an Adjunct Professor of Real Estate at New York University (NYU).

Listed in “Who’s-Who”, Frosty has served as President of the then 2,000 member Greater New Haven Association of Realtors, and was voted Realtor of the Year in 1985. He is the past President of both the state Commercial Investment Division and the state CCIM Chapter. He is the current director of the Milford Bank and the United States Basketball League, and is past President of the Yale Club of New Haven. He is also active in the Milford Club, the Milford Rotary Club, and is the founder and past President of Drug Free Milford, Inc., a nationally recognized anti-drug program. In 2004 he received an award from the American Red Cross in recognition of donating more than 100 pints of blood.

Frosty is the publisher of Only In Milford: An Illustrated History, and a member of the Milford Congregational Church. He and his wife make their home in Milford. They are the parents of three daughters and the grandparents of eight.

December 8, 2005, Congratulations!
The Connecticut Chapter of SIOR awarded its first ever Meritorious Service Award to Richard F. Gretsch, Jr., SIOR for Rick's ongoing and exemplary work as the Chapter's Scholarship Chairman. To date, the CT Chapter has awarded in excess of $146,000 to UCONN undergraduates majoring in real estate. Rick has been an SIOR since 1980 and has headed the scholarship programs for most of his tenure. SIOR National provides matching funds up to $3,000 annually to each of its 40+ National Chapters.

12.01.05: New Members and Associates: formally approved 12/1/2005
Frank H. Hird II, Active Dual designation
Phil Gagnon, Active Office designation
Melissa Pasquale, General Associate
Michael Lombardi, General Associate

10.26.05: GE Commercial Finance, Business Property Creates Alliance with Society of Industrial and Office Realtors
Bellevue, Wash. — October 25, 2005— GE Commercial Finance, Business Property has announced an alliance with The Society of Industrial and Office Realtors® (SIOR) to provide professional member training and development as well as other initiatives designed to increase commercial real estate sales. Tapping into GE’s extensive training programs, Business Property has arranged to offer professional development training sessions at SIOR conferences. Training sessions will focus on income-earning skills such as Socratic Selling Skills, Presentation Skills, Co-Marketing, as well as a variety of best practice sharing opportunities.

The alliance is expected to offer SIOR members access to top-notch training programs while also offering Business Property the opportunity to build relationships and offer co-marketing initiatives with SIOR members.
Doug Misner, Director of Marketing for Business Property, says, “Over this past year, we’ve been working with SIOR to identify opportunities for our organizations to work together. The synergies of these two market leaders will allow for greater growth and market penetration. By sharing skill development training, financing product knowledge and co-marketing efforts, we expect to expand both our markets and increase sales.”

Kevin Crowley, president of SIOR, says, “Our members continually look for new ways to serve more industrial and office buyers and sellers.” He continues, “With this alliance, we not only offer high caliber training, but also, we can offer relationships with key financial services professionals. Financing is a key component to every commercial real estate transaction and bringing a source of funds to customers can only enhance the services members offer.”

About GE:

GE Commercial Finance Real Estate (www.gerealestate.com) is a world leader in real estate capital, with more than US$28 billion in assets throughout North America, Europe, Asia, and Australia/New Zealand. With assets of more than US$13B, GE Commercial Finance, Business Property (www.gebusinessproperty.com), is a leading domestic provider of single tenant/owner-occupied commercial real estate financing.

Backed by its parent company’s AAA rating, GE Commercial Finance Real Estate offers a broad range of debt, equity and servicing solutions including: intermediate and long-term mortgages, restructuring and acquisition capital, niche equity investment/joint ventures, capital markets securitization and placements, and asset management. Business Property offers conventional debt and SBA loans, as well as flexible, structured products tailored to meet the capital needs of small to middle market businesses.

GE Commercial Finance Real Estate has experienced annual growth of more than 10% for the last 10 consecutive years. It is one of the fastest growing units within GE Commercial Finance, the business-to-business finance unit of General Electric. GE Commercial Finance plays a key role in helping its customers grow with assets of over US$230 billion and a commercial presence in 35 countries.

General Electric (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.

06.16.05: SIOR CT Chapter Acknowledges Long-Time Member

George Shawah, SIOR, MAI, President of Baldwin Pearson & Company, Inc. of Bridgeport, CT (Pearl of Long Island Sound) was recently acknowledged by the Chapter Membership for his 41 years of membership in SIOR. George joined SIOR on May 1, 1964. He and his son, George, JR, have worked together since 1982. George is also an MAI; carrying this designation since 1968. See his contact information under Members.

04.07.05: CT Chapter scholarship awards top $121,000

Over the last 6 months, The CT Chapter of SIOR awarded $11,000 in scholarships to 13 UCONN undergraduates studying in Real Estate and Urban Economics fields. The grants were made from the Samuel F. Pierson Scholarship Fund in recognition of Sam Pierson, a long-time member of the organization, past National President and lifelong resident of Stamford, CT. Since 1985, The CT Chapter has awarded $121,500 in scholarships for academic performance. This fund is administered by CT Scholarship Chair, Richard F. Gretsch, Jr. In addition, the Chapter was instrumental in recently establishing the Carl F. Traub Memorial Scholarship, also at UCONN, in memory of another long-time, honored member.

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Connecticut Chapter of SIOR
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