Milwaukee September 2023 Key Take Aways!
Mike Bahr (Plunkett Raysich Architects) – Shared long-term staffing is still an issue for PRA, primarily for knowledgeable senior staffers. Noted a rise in recent graduates and overpriced applicants. Anticipates a strong focus on hiring over the next three months.
Jason Valerius (MSA Professional Services) – Shared staffing in the past two years has been about 50%. Noted difficulties in finding senior staffers and is anticipating the limitations of younger hires capabilities.
Allen Witt (Terracon) – Shared finding people has been a continued issue. Noted Terracon has decided to raise their hiring rate. Anticipating rates inflating to accommodate the payment rate increase.
Aaron Davis (Plunkett Raysich Architects) – PRA’s newest senior project manager. Shared his focus will be in growing the commercial and civic markets for the 4th quarter.
Gard Pecor (Costar Group) – Shared sales and investments have been dwindling. Noted many instances of decline in evaluation across MKE. Anticipates a drop in availability rate from 15% to 12%.
Nick Hepner (JLL) – Shared that office and leasing repositioning, despite the raise in rent, increases visibility and accessibility gaining positive optionality. Noted office class A product is the highest executed leasing market. Anticipates, despite continued business, larger deals being postponed beyond 4th quarter.
Joe Schmidt (Tri-City National Bank) – Shared banks are focusing on liquidity aspects and value of deposit to loan ratio for new deals. Anticipates continued delays in new deals, unless its a strong deposit base for the bank.
Jerry Krings (Carlson Dash) – Shared new deals are down and defaults are up. Anticipates continued decreases and a general flattening out.
Michael Brush (Plunkett Raysich Architects) – Shared that the corporate market is still down.
Speaker Presentation: AI opportunity for growth
Warren Tingen (Tingen Creative)
Chat GBT & Midjourney AI demos
Generative AI is on the rise and will be infused in every aspect of life.
Shared JLL projection enterprise will reach 42 billion by the end of the year & 98 billion by 2026.
Continued expansion will drive a need for further infrastructure – IE. more power, data centers, and manufacturing logistics.
AI won’t replace your job but someone that knows how to use it will.
Growing concerns on quality, creativity, personalization, and biases in AI development.
Use cases for AI; assistant technology, quick mockups, reduction in task time, data analytics, automate facility management, asset valuation and risk management, scheduling for capital projects, and matchmaking for investments and transactions.
Essentially AI can make real estate work more efficient.
Current AI physical capacity is limited so trades jobs are less likely to be impacted initially.
However, even developers are shocked with AI capacities.
Prompts have a large impact on results from AI.
Many platforms are integrating AI.
Interior designers, architects, & others are using AI technologies to conceptualize new buildings and spaces.
AI can be used to create prompts and content for other AI platform projects.
AI still has a lot of nuance and accuracy issues
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