03/08/2019 | by
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Opportunity Zones May Change Shape of Cities Over Time

Tim Pire, director of the Applied Real Estate Investment Tract (AREIT) at Wisconsin School of Business’ Graaskamp Center for Real Estate, participated in a video interview during Nareit’s CEO Forum & Advocacy Day at The Hay-Adams hotel in Washington, D.C.

Pire, a former portfolio manager at Heitman, LLC, says some of the lessons he tries to impart to his students include how to be a disciplined investor, how to take risk, and how to adjust when new information emerges.

Pire also commented on ways in which the Graaskamp Center seeks to ensure diversity of thought, gender, and ethnicity among its students and on its board.

Looking ahead, Pire pointed to factors likely to impact the REIT industry.

Technology continues to change how people use space, he stressed. “I tell students not to be stuck in how you view space today…be prepared for change.”

Pire also noted that the introduction of opportunity zones, resulting from tax reform legislation enacted in 2017, means capital will be moving to urban, ex-urban, and rural markets where it is going to invest primarily in real estate but also in other capital-intensive areas. This may shift the supply and demand forces of markets, he said.

“We may see the shape of cities change over time in terms of where people live and work,” Pire said.