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Kathleen McCarthy, mother and global co-head of Blackstone Real Estate, said the “make ends meet and struggles” for executives raising children, including those expected to choose the best real estate investments in the world. McCarthy often struggles to get her work done at night in order to put her daughter to bed at night.
Some male colleagues, such as longtime Blackstone executive Bill Stein, are devoted fathers who influence how others view them or the outcome of their business. She grappled with this issue for a while until she found out that she wasn’t giving it away.
That’s when she could finally breathe a sigh of relief knowing she could be a good mother and a successful business owner, McCarthy said. I spoke at the opening general session of the Institute’s conference on Tuesday. She talks about parenthood, workplace stigma, and how managing these two has helped her most recently in making investment property decisions, including industrial, multifamily, and hospitality types. touched.
“I wish I’d known sooner,” McCarthy said when it came to being a successful mother and business owner. It doesn’t come up very often with most men.”
McCarthy asked Adam Weirs, chief operating officer of Trammel Crow Co., if he’d been asked if he’d return to work after the baby was born. “I didn’t,” Weers said at the opening session that kicked off the ULI’s fall conference, which had 240 events involved.
“Also, I don’t think people at your company, or your parents, have said, ‘When are you going to stop? [working] Stop traveling to places like Dallas.” Blackstone HeadquartersPrior to joining Blackstone in 2010, he worked at Goldman Sachs, where he focused on real estate investments.
McCarthy said his experience juggling multiple roles and his ability to pivot when needed helped guide Blackstone’s real estate division investment plans. inflation.
“We are in a great sector for an environment like this,” McCarthy said. “In an environment where costs are rising and cash flow growth needs to be generated, real estate as a whole is the best place to be. Today real estate is better located than in any other economic environment. New to new speculative construction. level of construction or financing.”
Blackstone Real Estate continues to focus on asset classes that are “tailwinded” and where broader economic developments are impacting demand for those assets.
“We are entering this tougher economic moment with capital and cranes more constrained than in previous cycles, which is doing very well for our real estate assets.”
Blackstone Real Estate has been building its portfolio since before the Great Recession by design to deal with a high interest rate environment and generate cash flow growth, McCarthy said. About 80% of the company’s real estate portfolio is concentrated in warehouses, rental housing, hotels, lab office space and data centers, she said.
Below is an overview of some of the property types Blackstone Real Estate has been eyeing.
“Industry has been our most convinced theme for over 12 years. Companies recognize that they need as many rooftop warehouses as possible to successfully sell online. , U.S. industrial space vacancy is below 3%.At the same time, new development costs continue to rise as “the world continues to look for more warehouse space,” real estate fundamentals is getting stronger, she said. McCarthy expects industrial rents to rise 30% in the US, 20% in Europe, and somewhere in between the two in Asia. I said yes.
If McCarthy had a Harry Potter wand, she said she would have it as part of her Halloween costume.In a US facing a 4 million to 6 deficit, policymakers She hopes to find new ways to help people build a new supply of housing — in the millions, she said. Unfortunately, her newly purchased wand has no magic and can only offer ideas like adding tax credits to the system or rewarding cities that support development, she said. Her one in: student dormitory. Blackstone was recently closed. $13 billion acquisition of the American campus community.
This segment of the real estate industry remains Blackstone’s “high confidence” area disrupted by the pandemic, McCarthy said. , the 30-plus-year trend aligns to the right as demand for travel increases,” she added. So what’s on Blackstone’s radar? Key destinations such as Hawaii and the Maldives Locally located beachfront properties with limited supply are considered ideal investments. Recent Acquisitions of Crown ResortsBlackstone gains turnaround knowledge, $4 billion sale of Cosmopolitan hotel and casino To apply for this new contract in Las Vegas,” she said.
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