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Spotlight On: Jennifer Wehring, Executive Director, Morristown Partnership

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Jennifer_Wehring_Spotlight_OnNovember 2025 — The Morristown Partnership’s proactive approach aims to adapt the city’s infrastructure to meet the changing needs of its workforce, said Executive Director Jennifer Wehring. In an interview with Invest:, Wehring also touched on the top goals for the Partnership in the coming years. “It’s about building on Morristown’s strengths and pursuing new opportunities,” she said.

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What changes over the past year have most impacted the Morristown Partnership?

Over the past year, the greatest change impacting the Morristown Partnership SID has been the increase in growth throughout downtown, which has created a clear rise in demand for services. As new residents, employees, and visitors continue to choose Morristown, the SID has updated its membership to reflect new development and is delivering visible improvements such as sidewalk cleaning, light pole repainting, and beautification projects. We are also developing new programs to meet this growing demand, from enhanced services to event programming, while supporting quality of life through initiatives in partnership with the Town and the Morristown Bureau of Police.

At the same time, hybrid work schedules and corporate relocations have reshaped weekday traffic patterns and changed how people move around downtown. Because more employees and visitors are walking, biking, and using transit, the Partnership is investing in the downtown experience to ensure that streets, sidewalks, and public spaces feel safe, welcoming, and accessible. Infrastructure changes, including traffic pattern adjustments near NJDOT 287, have supported these habits, and our focus is on matching that evolution with services that make navigating and enjoying Morristown better for everyone.

Today, Morristown is home to approximately 20,000 residents, 21,000 employees, and nearly 3 million annual visitors, creating a combined daily population of nearly 45,000. This continued growth reinforces the vitality of the district and underscores the Partnership’s role in ensuring that Morristown remains a thriving destination for residents, businesses, and visitors alike.

How are the private and public sectors working together to achieve common goals?

Our community, businesses, local government, and administration have been at the forefront of making sure projects move forward in Morristown. The local planning and zoning process ensures that investments meet community needs. An affordable housing trust fund applies to all projects, requiring developers to contribute to new affordable housing in town. Through redevelopment projects, 1% is allocated to the arts, funding public art installations downtown.

When appropriate, PILOT programs are considered to create additional resources for Morristown. Developers and the town also partner on infrastructure improvements like sidewalks and utilities that benefit residents, employees, and visitors. Corporate partners give back by volunteering and supporting the nonprofit community, which strengthens the quality of life. When these incentives are used appropriately, they help bring new resources into Morristown that are reinvested locally in the arts, housing, and infrastructure. These efforts also align with regional priorities, strengthening Morristown’s role as a hub that supports the county and state.

What is the main goal of your organization?

Our role in Morristown is to create and sustain strong connections among local stakeholders, including property owners, businesses, residents, and community organizations. We bring people together through events, initiatives, and partnerships that directly strengthen downtown. The strength of the Partnership comes from these relationships, whether it is working with the town on public improvements, supporting local nonprofits, or collaborating with property managers and business owners to address shared challenges.

While our focus is Morristown, we recognize that our downtown’s success is closely tied to the region. We maintain strong ties with Morris County’s economic development agency, the chamber, and statewide networks such as Downtown New Jersey because activity in nearby communities has a direct impact on our own. Ultimately, our goal is to connect people and organizations in Morristown while leveraging regional partnerships to ensure our downtown continues to grow and thrive.

What would you consider to be the top priorities or goals for Morristown over the next two to three years?

We focus on preserving our historic community while embracing new investment. George Washington spent two winters here, and that history remains deeply valued even as significant corporate investment has made Morristown increasingly attractive to new residents from Manhattan, the boroughs, and beyond.

Our top goals for the next two to three years include targeted recruitment for vacancies, closer collaboration with property owners and brokers, and enhancing the downtown experience through activation, beautification and quality-of-life improvements. Retail and office activity are closely connected: a lively retail and entertainment scene supports the daytime workforce, and a strong office presence sustains local businesses in return. Morristown offers office solutions for every user, from corporate to shared and creative spaces, and that strength creates opportunity for continued growth.

The Partnership’s role as a connector will remain essential to ensuring retail, office, and community priorities move forward together. Downtown Morristown delivers workforce access, transit, culture, and amenities within steps of the historic Green, positioning us strongly for the future.

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Spotlight On: Shalimar Thomas, Executive Director, The North Broad Renaissance

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Shalimar_Thomas_Spotlight_OnNovember 2025 — In an interview with Invest:, Shalimar Thomas, executive director of nonprofit The North Broad Renaissance, said that securing a Business Improvement District (BID) designation has been a transformative development for the organization. Thomas also discussed the impact of economic shifts on its programs and priorities. “North Broad is in a unique position because our coverage area spans from very affluent neighborhoods to areas that are heavily impacted by poverty. What we’re seeing right now feels very similar to the early days of the pandemic: a sense of uncertainty,” she said.

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What changes over the past year have most impacted your work, and how, if at all, have those changes influenced your day-to-day decisions?

The most significant change was getting the Business Improvement District (BID) approved and the ordinance passed. Before becoming a BID, we operated as a Special Service District (SSD). As an SSD, we still followed the same model: putting the community first, staying engaged, seeking feedback, and implementing what residents asked of us. However, the key difference was how we funded our work. As an SSD, all expenses were on us, covered through fundraising, grants, and sponsorships. About three years in, we began exploring the BID model, where property owners within a defined boundary pay an assessment based on property value to help fund our work.

We finally got it passed in November 2022. Now, with those assessments coming in, we have a more solid financial foundation to support our programs. We intentionally started the BID small to avoid overwhelming stakeholders who may not yet fully understand what a BID is. It currently sits in the center of our service area, with plans to expand.

This base funding has taken a load off me as executive director. I can now shift from constantly focusing on fundraising to developing our strategy and building out our five-year plan. That’s been the biggest and most impactful change.

How have the current economic conditions shaped the way you prioritize programs and allocate resources along the corridor?

North Broad is in a unique position because our coverage area spans from very affluent neighborhoods to areas that are heavily impacted by poverty. What we’re seeing right now feels very similar to the early days of the pandemic: a sense of uncertainty.

Organizations like Invest Philly have the privilege of daily conversations with finance experts who understand Wall Street. But in our community, people are in survival mode, trying to understand how these economic shifts impact them directly.

For example, we buy t-shirts locally for our summer events. When we approached our vendor this year, he was affected by new tariffs, so we negotiated pre-tariff pricing. We know that next year might be different, but we’re committed to supporting him. So now we are asking ourselves: How can we adjust our budget to continue supporting local vendors who need to raise prices because of these real economic pressures?

For nonprofits like ours, it all comes down to funding and how we bring in more of it. Our opportunities lie in sponsorships and grants, particularly state-level, since many federal grants have been cut. Fortunately, we weren’t heavily dependent on federal grants, so the blow wasn’t as severe.

Right now, we’re in problem-solving mode — figuring out how to stay afloat while remaining impactful and compliant. That might mean adjusting how we run our programs next year. For example, our “Summer Abroad” series aims to increase foot traffic and engage businesses, but we may need to rethink how we deliver that impact more cost-effectively.

At the core, our focus is staying mindful of real issues like rising costs due to tariffs or development delays due to funding shortages, rather than perceived ones. We’re also seeing some wins, like new businesses opening. So we’re constantly assessing what’s truly happening, and where we should focus our energy.

How is the BID adjusting its business retention and attraction strategies, and where have you seen the most traction in stabilizing or growing commercial activity?

This really connects to our founding purpose. North Broad has historically been a pass-through corridor, not a destination. We were working toward changing that narrative, trying to make it a place where people intentionally come to live, work, or visit.

Business attraction and retention are fairly new focus areas for us. And I’ll be honest, there’s a learning curve. One example: We were working with Temple University to bring in Iron Hill Brewery, which aligned with our goals to increase foot traffic and vibrancy. Then suddenly, Iron Hill announced it was closing all its locations. I was shocked. How did no one see this coming? How were we having conversations about opening a location while the business was shutting down? What I’ve learned is that businesses often don’t feel comfortable talking about their financial struggles. There’s a stigma or fear that prevents transparency, and we’re trying to break that barrier.

Our biggest challenge is getting in front of businesses before they choose a location. Too often, we see a business move in, and we know the location isn’t ideal. But someone convinced them to take it, and soon after, they’re gone. We want to shift that.

We need businesses to see us as a resource, not just to keep the corridor clean and safe, but to help them succeed. That might mean connecting them to organizations that can offset build-out costs or offer marketing support. But to do that, we need honest conversations early on.

Many just don’t know what a BID is or what we can offer. So we’re working to raise awareness. We want to create a culture where businesses trust us enough to say, “Here’s what we’re struggling with,” so we can support them.

How are residents and neighborhood voices shaping your initiatives, and where have their insights helped shift or strengthen your strategy?

Our work is entirely community-driven. Before launching anything, we engage with the community. Even when updating our five-year plan, we held committee meetings and invited residents to participate based on their interests.

We said, “Here’s our goal — creating more green space, for example — what does this look like to you?” The input we received shaped our strategic direction. When you see goals like safety, beautification, or marketing, it’s all grounded in resident feedback.

That said, our biggest challenge is engagement. It’s similar to voter turnout: Despite all the outreach, sometimes only a small percentage show up, and yet they influence the entire direction. We’re constantly thinking about how to increase participation.

We go door to door, we follow up, we leave materials — whatever it takes. One of my favorite stories is Tropical Smoothie. We couldn’t get past the staff to the owners, but we didn’t give up. Once we finally made that connection, it led to one of our strongest partnerships.

Sometimes, people just say they’re not interested, and that’s OK, too. At least they know we exist, and if they change their minds, we’re here. We also engage through newsletters, social media, and in-person outreach. Our goal is to make sure that if someone needs us, they know how to reach us.

What feels most urgent to get right now in order to realize the long-term vision for the corridor?

When people ask about my five-year goals, my answer is simple: to complete this five-year plan. Our current plan runs through 2029. In 2028, we’ll revisit what we accomplished and what we didn’t, then go back out to the community to start the process again.

From my own perspective, I want to see North Broad benefit not just from foot traffic, but from people actually going into the businesses. I’ve seen crowds out on the street, but watched them walk right past stores. Why is that happening? How do we change that?

Ultimately, I want to see a corridor where anchor institutions, local businesses, and nonprofits — everyone — grow together, recognizing each other’s contributions and working in partnership.

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Invest: Houston Summit highlights innovation shaping the city’s future

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Writer: Andrea Teran

Invest Houston summit cover

November 2025 — Houston leaders gathered for a morning of direct conversation about the region’s future at the Invest: Houston Leadership Summit on Thursday, Nov. 20. The event was hosted by caa at the JW Marriott Houston by The Galleria.

More than 300 executives, educators, and public officials attended, gathering for conversations focused on strengthening Houston’s talent pipeline, expanding its innovation capacity, and advancing sustainable development across the region’s major industries.

Opening the day

caa Founder and CEO Abby Lindenberg opened the program by reflecting on the company’s 10-year anniversary and its growth into nearly 20 markets.

“What makes Houston special to me is how clearly it reflects the possibilities of the American Dream,” she said. “Few regions combine innovation, economic diversity, and a deeply supportive business ecosystem the way Greater Houston does.”

Houston Mayor John Whitmire followed with a keynote emphasizing Houston’s momentum and the importance of civic leadership.

“I could be at a hundred locations this morning. But I wanted to be here… because I understood that there was a gathering of leaders, and I wanted to participate. Because I want you to realize Houston is open for business,” said Whitmore.

He also emphsized the attendees themselves reflect the region’s strength.

“You’re showing your dedication to our region, our state, our country by being here,” he added.

Invest Houston summit mayor keynote

Education as Houston’s foundation

The morning’s first panel, “Inspiring the Next Generation: How Houston’s K–12 system is cultivating future innovators,” focused on how schools are preparing students for a fast-changing economy shaped by STEM, AI, and industry partnerships. 

Rebecca Brown of Dickinson ISD underscored the district’s commitment to early, intentional planning and career exposure. 

“Our goal in Dickinson… is to ensure that our students have a plan,” she said. “And it starts early… we start instilling in our students early as a Gator that ‘what’s next? What’s your plan after high school?’”

Goose Creek CISD Superintendent Randal O’Brien emphasized listening to students and aligning pathways to real workforce needs.

“It’s making the connections for the child about who they will become as an adult one day and what their role will be in this life,” O’Brien added.

La Porte ISD Superintendent Walter Jackson highlighted the importance of strong educators in driving innovation.

“I still strongly believe in making certain that we select and hire and nurture teachers, because teachers… are going to be the people that inspire our children to aspire to these roles,” said Jackson.

He also pointed to the district’s industry partnerships with the surrounding petrochemical corridor. 

Katy ISD Superintendent Ken Gregorski spoke about equalizing access to technology across a large and diverse district.

“We’re going to equalize this… and standardize this for every 3rd through 12th grader in Katy ISD,” said Gregorski. “We’re going to put them on a Chromebook… and equalize that learning.”

Together, the panelists emphasized that Houston’s future workforce is being shaped long before graduation — through early exposure, strong teacher development, real industry alignment, and technology access designed to ensure every student can participate in the region’s innovation economy.

Advancing science innovation

Dr. Vineet Gupta, vice president for innovation and technology development and transfer at UTMB Health, delivered a special address on the region’s accelerating biomedical ecosystem. He emphasized UTMB’s commitment to advancing research across brain health, kidney science, and AI-driven patient care.

“At UTMB, we are really trying to drive discoveries into innovation and innovative products that can be closer to patients and help patient lives,” Dr. Gupta said.

He described the opportunity facing the region, stating, “I believe this is a defining moment for biotech innovation in this country. It’s a defining moment for Houston, where we can lead.”

Dr. Gupta also pointed to Houston’s emerging global leadership in neuroscience. 

“We also know that Houston will be the capital for brain economy… We really think this is the moment for Houston, and at UTMB, we are prepared and committed and ready to lead alongside all of you,” he added.

Technology and the future of sustainability

The second panel, “Laying the Groundwork: How technology is reshaping sustainability to fuel Houston’s next chapter,” examined how industry leaders are adopting advanced tools to support both economic growth and environmental responsibility. Moderator Suzanna Bonham of Seyfarth Shaw opened by noting the region’s dual challenge.

“Balancing innovation and sustainability is challenging for regions across the country, and Houston leaders keep that top of mind as they look at future projects and planning.”

Panelist Ryan Ezell of Flotek Industries demonstrated how rapidly new technologies are transforming industrial operations. He highlighted the power of near-instant analytics.

“We can do near-infrared measurements every 1/8 of a second and cut transmix time from 12 seconds to four — and for each second, this saves over $50,000 in operational costs,” Ezell said. 

Jeff Challis of Joeris General Contractors spoke to the balance between development pressure and community identity.

“Gone are the days where you build a strip center that’s just painted boxes and real boring,” he said. “People want experience… and it takes technology and cost analytics to bring confidence to developers from day one.”

Parker Meeks of Utility Global highlighted the complexity of decarbonizing long-established assets and the need for cross-industry cooperation. Meeks also pointed to Port Houston’s leadership in convening energy, logistics, and technology players.

“Port Houston has continuously engaged in every way they can to promote pathways for Houston to be the epicenter of sustainability in a way that actually makes sense,” he added.

Closing the event

The summit concluded with closing remarks from Alina Manac, senior executive director at caa. 

“This year has shown me just how committed Houston’s leaders are to building a future that is innovative, inclusive, and resilient — and it is that commitment that makes this region impossible to overlook,” Manac concluded.

For more information, visit: https://www.capitalanalyticsassociates.com/

To watch the panel discussions from our Invest: Houston Leadership Summit, stay tuned to our Youtube Channel.

***

About caa & Invest: Houston

caa is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events and top-level interviews via its video platform, Invest:Insights.

The Invest: Houston report provides an in-depth look at what makes the region’s economy tick and the challenges that remain from the perspective of over 200 local leaders and elected officials. 

Invest: Houston looks at greater Houston’s key industries, including healthcare and life sciences, financial services, real estate, technology, tourism and infrastructure, that drive the local economy. The area has enjoyed continuous growth and economic expansion in recent years, fueled by business friendly policies and a number of business relocations and expansions during and after the pandemic. Based on this solid foundation, the region is poised to continue its robust growth in the years to come. 

Want more? Read the Invest: Houston report.

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For more information, contact: 

Jerrica DuBois
Senior Editor
305-523-9708 Ext 261

How Miami’s music festivals are driving tourism and economic growth

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Writer: Pablo Marquez

MiamiNovember 2025 — Miami’s festival calendar has long been a global entertainment draw. And now, it’s an increasingly important contributor to the local economy. As the region’s tourism sector grows, large-scale events such as Ultra Music Festival prove to be valuable economic drivers.

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Miami‑Dade County set records in 2024 with more than 28 million visitors who spent roughly $22 billion, according to the county. Tourism activity generated an estimated $31 billion in total economic impact, creating a strong baseline from which major events can amplify spending.

Few events do so as consistently as Ultra. Over its 24-year run, the electronic music festival has generated more than $1 billion in economic activity for Miami, said the city’s mayor Francis Suarez in 2024. A recent study estimated that Ultra contributes about $79 million annually to Miami-Dade, including $32 million in labor income and $50 million in GDP. The beneficiaries vary from hotels and restaurants to retail businesses.

“Miami has evolved dramatically over the years,” said Sebastian Vallejo, managing director for Miami Beach at Brown Harris Stevens, in the latest edition of Invest: Miami. 

“Over time, the city has expanded its appeal beyond leisure to offer a more sophisticated and well-rounded lifestyle … that perception has shifted as Miami developed world-class dining, cultural institutions, and high-profile events like Formula 1 and Ultra Music Festival,” Vallejo said. 

Attendance trends help explain the scale. About 75% of Ultra attendees come from outside Miami, according to the Biscayne Times, injecting millions of dollars into lodging, food, transportation and nightlife. One analysis estimated festival-goers spend about $40 million at local bars and restaurants during the event. Ultra also hires more than 1,800 workers each year and generates substantial tax revenue for the county, further extending its economic footprint.

The impact of live music extends beyond Miami. Nationally, independent venues and festivals contributed $86.2 billion directly to U.S. GDP in 2024, and roughly $153 billion including indirect spending.

For Miami, music festivals help diversify the local visitor base and concentrate spending during key travel periods — Ultra, for instance, anchors spring tourism. They help lift hotel occupancy, attract international and domestic travelers and drive activity in sectors outside tourism.

The benefits aren’t without tensions. Large festivals strain public services, intensify traffic and noise, and can test the patience of residents in surrounding neighborhoods. And while major events thrive, some smaller venues across Florida report financial pressures despite broader sector growth.

Still, Miami’s experience shows that music festivals are more than large parties. They have become reliable economic catalysts, drawing visitors, generating jobs and supporting a wide range of local businesses.

Want more? Read the Invest: Miami report.

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North Carolina’s culinary growth reflects record tourism

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Writer: Eleana Teran

North_CarolinaNovember 2025 — The Triangle has officially joined one of the world’s most exclusive dining networks. Earlier this month, the MICHELIN Guide unveiled its first-ever edition dedicated to the American South, recognizing 14 Raleigh-area restaurants and four across Durham and the broader region. For local chefs, tourism leaders, and economic developers, the news confirms what many have long believed: Raleigh-Durham’s food scene has arrived on the world stage.

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“Forty-seven North Carolina restaurants and bars were recognized in the latest announcement, with 19 in the Triangle alone, including multiple Bib Gourmand honors and specialty awards. That visibility fuels food tourism — or what I like to call ‘eat, play, and stay,’” said Allen Thomas, president and CEO of the North Carolina Restaurant & Lodging Association, to Invest:. “The point is breadth: from a beloved barbecue counter to fine dining, visitors can experience an authentic, high-quality culinary journey that reflects our communities.”

According to Visit Raleigh, this marks the first time MICHELIN inspectors have rated restaurants in North Carolina, a milestone that positions the state alongside global dining capitals. The 2025 MICHELIN Guide American South covers six states, including North Carolina, South Carolina, Tennessee, Alabama, Louisiana, and Mississippi, along with the city of Atlanta. Of the Raleigh selections, three received the Bib Gourmand distinction, which honors restaurants delivering remarkable meals at great value, while eleven were highlighted as Recommended for quality and consistency. 

The recognition validates the Triangle’s long-building transformation. Durham has earned acclaim over the past decade for its inventive chefs, award-winning breweries, and James Beard honorees, helping redefine Southern cuisine for a new generation.  

Culinary recognition meets economic growth

Beyond the culinary prestige, MICHELIN’s arrival has measurable implications for tourism, hospitality, and investment. Food isn’t just a complement to travel, but a reason why people choose where to go. Culinary tourism has evolved from a niche interest into a serious economic driver. When a city earns MICHELIN recognition, whether stars, Bib Gourmands, or Green Stars, it often triggers a ripple effect across its entire visitor economy. 

MICHELIN-starred restaurants become bucket-list destinations, drawing travelers willing to book flights and hotels around a single reservation. These visitors tend to stay longer and spend more, driving demand for boutique hotels, cultural attractions, and premium experiences. Local businesses also benefit, seeing a surge in traffic and sales. “A Michelin reputation puts a destination on the map — not just for dining, but for luxury travel, events, and high-end experiences,” an Imagine report notes. 

North Carolina is already seeing that effect firsthand. In Charlotte, the MICHELIN Guide’s debut brought the state its first-ever Star, awarded to Counter-, which also received a Green Star for sustainability. Other establishments were recognized with Bib Gourmand and Exceptional Cocktails honors, and ten additional restaurants were named MICHELIN Recommended. Since the announcement, Charlotte’s dining scene has seen a sharp rise in bookings and media attention. Counter sold out months in advance, largely driven by travelers from outside the region, and other local restaurants have reported double-digit increases in weekday reservations and private-event inquiries.

A record year for North Carolina tourism

The state’s tourism industry is entering one of its strongest periods on record. According to the N.C. Department of Commerce and Visit NC, visitor spending reached $36.7 billion in 2024, a 3.1% increase over the previous year and a new all-time high for the state. Seventy-one percent of the state’s counties saw growth in visitor spending. 

Wake County ranked second statewide with $3.5 billion in traveler expenditures, up 7.8% from 2023, while Durham followed closely with $1.2 billion, a 3.1% increase. Mecklenburg County led overall, generating $6.4 billion in visitor spending, up 9.1% year-over-year.  

Tourism remains a major economic driver for communities across North Carolina. Visitors generated nearly $4.6 billion in federal, state, and local taxes in 2024, including $1.3 billion in local tax receipts — funds that directly support infrastructure, workforce development, and community services. The industry now supports more than 230,000 direct jobs statewide, with tourism payroll increasing 2.6% to $9.5 billion.

The strength is reflected not just in major metros like Raleigh, Durham, and Charlotte, but across rural counties where hospitality and outdoor recreation continue to anchor local economies. The state’s visitor economy remains resilient, fueled by scenic beauty, culinary innovation, and a growing reputation for authentic experiences that can’t be found anywhere else. 

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Spotlight On: John Leonard, First Vice President and Regional Manager – Atlanta, Marcus & Millichap

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John_Leonard_Spotlight_OnNovember 2025 — In an interview with Focus:, John Leonard, first vice president and regional manager of Marcus & Millichap‘s Atlanta office, discussed market resilience, shifting investor strategies, and regional growth. “Every transaction is different, and creativity is key to bridging the gap,” said Leonard.

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What changes over the past year have most impacted the commercial real estate landscape in the Southeast?

It has been a challenging market for the past three years, especially since the Federal Reserve aggressively raised interest rates in June 2022. That move essentially stopped transactional volume, and the market has struggled since.

The past year, and particularly the last quarter, has brought some positive momentum. Recent policy developments supporting commercial real estate investment have reduced uncertainty, especially regarding tax advantages and government investment policies. As a result, activity has increased. Year over year, volume is up about 20%, and quarter over quarter, it is up 60%. While that shorter-term metric is not ideal for tracking overall trends, it reflects meaningful improvement.

With more certainty in the market, some investors are returning. Transactional volume has picked up significantly, and there is optimism it will continue through the second half of the year. This is a welcome shift for a market that has been subdued for several years.

How is investor sentiment evolving across the Atlanta market?

Overall, sentiment is positive. Despite some reports suggesting Atlanta’s growth is slowing, the metro continues to expand into secondary and tertiary markets. 

The Southeast, and specifically the Atlanta and Georgia markets, continues to show strong in-migration and employment growth. These factors have supported business activity and investor interest.

The multifamily sector saw significant construction in recent years, but much of that new supply has been absorbed. As this construction cycle winds down, multifamily performance is expected to stabilize. While each submarket faces its own unique challenges, the overall market remains strong and in demand.

What are investors looking for today that differs from previous cycles?

From a risk standpoint, there has been a shift. In 2021 and 2022, value-add multifamily deals were a major focus. Rents at that time were rising as much as 20% annually, making it possible to succeed without strong operational performance. Now, rents are flat or slightly declining, and investors must be more operationally skilled to manage and improve assets.

This has led to some price corrections in value-add properties. Investors are looking for signs of a bottom. In submarkets with potential rent growth, they are willing to pursue value-add opportunities, but in markets without that potential, such deals are harder to move.

The gap between seller and buyer expectations was extremely wide in 2022–2024, as many owners were still anchored to 2021–2022 pricing. Today, most owners have become more realistic, understanding that those prices are not returning. Buyers also recognize that interest rates are unlikely to return to 3%. Deals are now typically underwritten at interest rates between 5.5% to 6%, a level both sides have gradually accepted. 

Cost of capital directly impacts pricing. While this adjustment period has been challenging, there are still opportunities. For example, deals with assumable loans or creative seller financing can be attractive, particularly when existing debt carries a below-market rate. A HUD assumable loan at 4% for a 40-year term is a compelling proposition for many investors.

Looking at the 10-year Treasury at around 4.25%, that’s close to the long-term average. From 2015 to 2021, rates were closer to 2.5%, which spoiled expectations. That lower-rate period was driven by significant government spending and liquidity creation, which also created market imbalances.

The current environment represents more of a normalization. While the 10-year Treasury has dipped slightly in recent weeks, it remains market-driven. Most indicators suggest it will remain range-bound between 4% and 4.5%. Deals can work at that level, but investors must be realistic and not wait for a return to ultra-low rates.

What asset classes are currently seeing the strongest demand and where is there hesitation?

Multi-tenant retail has been extremely strong throughout most of this cycle, especially now. That includes both multi-tenant and single-tenant net lease retail, though each should be considered separately.

Multi-tenant retail never became overheated in 2021. Cap rates reached around 6%, but typically hover between 7.5% and 8%, so the market remained stable. During the pandemic, weaker tenants were forced out, leaving a stronger tenant base. Vacancies are lower than in the past, so while there may be less value-add potential, demand for this sector remains high.

Multifamily remains a strong asset class, though Atlanta has faced challenges with oversupply and application fraud. Some apartment builders report that half of all rental applications are fraudulent — an issue not seen to the same degree in other cities. This has slowed collections somewhat, but strong in-migration and job growth continue to support the sector’s long-term appeal.

Industrial has also been strong, particularly last-mile and smaller-bay spaces near the outskirts of the city. Self-storage is in a softer period due to flat rents and high reliance on new construction, but certain submarkets are starting to recover.

Single-tenant net lease properties are seeing a modest rebound in demand as the market moves toward more normalized conditions.

How is the company using technology to improve operations and client service?

Marcus & Millichap has invested in a platform called Archer, which applies AI technology to multifamily underwriting and analysis. The platform pulls data from multiple sources to produce underwriting models without requiring manual input of actual numbers, and those models are proving to be closely aligned with real performance.

While brokerage is still a relationship-driven business that requires in-person engagement, AI tools like Archer can improve efficiency in underwriting and deal analysis. For now, this is the main area where AI is being applied.

How do you see population growth shaping long-term real estate opportunities in the Southeast?

The region is very strong, and that strength continues to build. Having moved to the Southeast more than two decades ago, it is clear that the trajectory has been consistently upward.

Maintaining a business-friendly environment is key. In other regions, rent control measures have been used to address affordability, but in many cases, this has been counterproductive. Affordable housing is critical, but it should be addressed through solutions that encourage investment rather than deter it. 

Markets in the Southeast are becoming more interconnected. Cities like Charlotte, Nashville, and Atlanta are increasingly linked through migration and business activity, forming what could be considered a super metro area. While there is competition between these markets, they also benefit collectively from the region’s in-migration and job creation.

What are your top priorities for the Atlanta office over the next five to 10 years?

Recruiting and developing new talent remains a top priority. Expanding the agent pool allows the office to cover more territory and product types.

The company is well known for its training program, developed over 55 years of focusing solely on investment sales. This specialized expertise supports an advisory approach, helping clients preserve and create wealth.

Maintaining strong market knowledge, accurate underwriting, and client relationships is central to success. While technology has changed how people meet and communicate, relationships remain the foundation of the business. Our focus remains on building advisory relationships that extend beyond individual transactions.

How are deals getting done in today’s market, and what role is creative financing playing?

Transactions are still happening, though they often require more creativity. Some recent deals have involved sellers keeping equity in the property or offering seller financing. Motivated sellers are more willing to explore these structures.

With capital markets still challenging, creative financing will likely become increasingly important over the next few years. Every transaction is different, and creativity is key to bridging the gap between buyer and seller expectations.

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Spotlight On: Lyndi Berrones, Assistant Commissioner, Strategic Initiatives, Tennessee Department of Economic & Community Development (TNECD)

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Lyndi_Berrones_Spotlight_OnNovember 2025 — In an interview with Invest:, Lyndi Berrones, assistant commissioner for strategic initiatives at the Tennessee Department of Economic & Community Development, said that the state is doubling down on innovation and future-focused infrastructure to remain competitive in a rapidly evolving economy. “We’re not just saying we’re prioritizing innovation, we’re actually doing it,” Berrones highlighted.

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What changes over the past year have most impacted the organization, and in what ways?

We’re at a really exciting point right now, and we’re genuinely enthusiastic about where we’re headed. One of the most notable shifts for our office, and for our department within the state, is our expanded focus on innovation. Historically, Tennessee has been known for its emphasis on manufacturing, recruiting and growing manufacturing businesses across the state. While we’ve successfully recruited some tech, healthcare, and office projects  to some of our larger cities, Tennessee has primarily been recognized as a manufacturing and automotive state.

This year, however, we’ve made significant strides in innovation, particularly in research and development and nuclear energy initiatives. A great example is the launch of our Office of Innovation earlier this year in February. Our Commissioner came in three years ago with a forward-thinking mindset, asking how we could honor Tennessee’s manufacturing roots while advancing toward the future. Yesterday, we announced the appointment of someone to lead this new office, which is a big milestone for us.

Importantly, this isn’t just talk. In the most recent legislative session, which ended in April, the Governor and the General Assembly awarded over $63 million — the highest amount in state history — toward innovation and related initiatives. Our strategy isn’t to move away from manufacturing. We still value it deeply. However, we often ask companies where their R&D and innovation operations are located. They usually say places like California or Boston, not Tennessee. So now we’re asking, “Why not Tennessee?” In many cases, it’s simply legacy thinking from decades ago. We’re working to change that and we are starting by connecting our existing industries with our universities and research institutions to spark new innovation right here at home. 

On July 1, we launched the IRIS Grant Program to fund R&D projects between companies and universities statewide. Our goal is to create real synergy between our industries and academic institutions to grow these relationships and bring more innovation and R&D into the state. Tennessee has enjoyed decades of success in economic development, but we can’t afford to rest on that. Other states, especially those around us, are pushing hard toward jobs and technologies of the future.

We don’t want Tennessee to be left behind as industries evolve. We want to be a leader in innovation and in creating future-ready jobs. Ultimately, it’s about ensuring Tennesseans have access to high-quality, high-paying jobs and a great quality of life. This is the path forward.

What macroeconomic factors are you seeing, and how are they influencing site selection decisions and industry behavior?

Technological advancements have had a huge impact on our field, whether that be in site selection, the kinds of industries looking at Tennessee, or the nature of their projects. Ten years ago, even five years ago, economic development projects often involved massive job numbers but relatively smaller capital investments. That’s changed. Now, we’re seeing fewer jobs per project, but significantly higher wages and capital investments. That shift reflects the increased use of high-tech machinery, automation, and robotics.

Despite fears, we haven’t seen mass job losses. National unemployment remains low — around 3-4%. And realistically, we can’t fill thousands of new jobs per project. Companies simply can’t grow at scale without employing the right technologies. The silver lining? The jobs that do remain are higher-skilled, higher-paying roles. Our responsibility is to ensure Tennesseans are equipped with the skills they need for these future jobs. That’s why we’re collaborating closely with workforce development agencies like the Department of Labor, Tennessee Board of Regents, and others.

From a macro view, we’re also seeing significantly higher energy use across projects. AI and advanced technologies can triple (or even 10 times) the power needs of companies. This is a growing concern, not just in Tennessee but nationwide. We’re taking this seriously. In 2023, the Governor’s office approved a $50 million fund to help us recruit nuclear energy companies and suppliers. It’s already led to major announcements, including some at the global level. For example, the Clinch River nuclear plant project in East Tennessee is progressing. If it secures a federal grant from the Department of Energy, we’ve earmarked an additional $50 million in matching state funds to support the effort.

We want to be a state that anticipates and addresses these infrastructure challenges head-on, especially with the help of partners like TVA. Together, we’re making sure Tennessee stays ahead of the curve.

Can you speak a bit more about foreign direct investment and the international landscape?

This is one of our favorite topics because most people don’t realize how focused Tennessee is on foreign direct investment (FDI). In fact, since 2019, when Gov. Bill Lee took office, 40% of all capital invested in the state has come from foreign-based companies. That’s a huge number.

It shows that Tennessee is on the global map. International companies see us as a place with the right business environment, skilled workforce, sites and tax structure to thrive. One of our key strengths is our international FDI representatives, located in countries like Germany, Japan, Korea, Italy, and the U.K. Their sole focus is talking to companies looking to expand into the United States.

Once foreign companies see others succeeding here, it builds confidence. Look at Clarksville, for example. Over the past 10 years, more and more Korean companies have landed there, one after another. Much of that momentum is due to word-of-mouth: successful companies encouraging others back home to look at Tennessee. From Hankook Tire and LG Electronics to Shinhung Global. Dongwha Electrolyte, and now LG Chem, it’s actually incredible what is going on up there. One of our biggest recent wins is Orano, a French company building a $4.5 billion nuclear facility in Oak Ridge. It’s our largest capital investment to date.

We also have stories like Kewpie from Japan and Craig Manufacturing from Canada, which we recruited five years ago to Lawrenceburg, which is already expanding. Seeing international companies thrive in rural Tennessee communities is so rewarding. Some of them have truly made Tennessee home.

What other emerging infrastructure needs are becoming decisive factors for companies?

Broadband is a huge one. When Gov. Lee took office in 2019, 20% of the state didn’t have access to high-speed internet. Now, that number is down to just 1.7%, and we expect to award grant funding to close that remaining gap by the end of this year. Our goal is for 100% of the state to have broadband access before the Governor leaves office. It’s critical, not just for business attraction but for education, job access, and quality of life. We’ve heard stories of students doing homework in fast-food parking lots and people unable to apply for jobs online. That’s unacceptable, and we’re proud of the progress we’ve made.

Power, water, and sewer are also critical. Companies won’t invest in a site, much less a community, if it can’t meet their future needs. That’s why we invest through CDBG and site development grants to help communities build out their infrastructure for sustainable growth. Transportation is another key factor.

Beyond roads and highways, we’re focused on global connectivity. In the past year, we’ve added direct flights from Nashville to Iceland and Dublin, and we continue working toward our long-term goal of a direct flight to Asia. With over 200 Japanese companies in the state and growing Korean investment, we hear daily from companies asking for this. We’re working closely with BNA and state leaders to make that happen. We might even have a couple more international flight announcements coming this fall.

Looking ahead, what are your top priorities for the next few years?

Our main priorities are continuing to push innovation, research and development, and supporting nuclear initiatives. But just as important is community development. We want to ensure every community has the infrastructure, sites and quality-of-life assets to attract and retain companies. Many don’t realize that we offer grants for downtown facades, splash pads, historic sites and more. When companies visit a small town and see a charming downtown square with beautiful sidewalks and amenities, there’s often state funding behind that.

We also focus heavily on supporting existing companies. Around 70% of job growth comes from expansions, not new recruits. So we want the companies that started here, or even the ones we brought here 10 or 15 years ago, to remain successful and continue growing. At the end of the day, if a prospective company calls a local business to ask about doing business in Tennessee, we want that business to be our strongest advocate. That’s how we build lasting economic success.

Want more? Read the Invest: Nashville report.

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Tampa Bay’s era of affluent migration

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Writer: Melis Turku Topa

Tampa_BayNovember 2025 — Florida’s enduring appeal to high-net-worth individuals shows no sign of slowing, and Tampa Bay is rapidly emerging as one of the state’s most attractive destinations for wealth migration.

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Drawn by favorable tax structures, a thriving business ecosystem, and a lifestyle that balances sophistication with coastal living, affluent newcomers are reshaping the region’s housing market, investment trends, and long-term development outlook.

Money on the move

Florida continues to lead the nation in net income migration, with more than $39 billion in wealth entering the state each year — the equivalent of more than $4 million every hour. While Miami and Palm Beach have long dominated the luxury conversation, Tampa Bay’s growing reputation for quality of life, relative affordability, and business accessibility has made it a rising contender for high-net-worth relocations. 

Between 2016 and 2020, the Tampa-St. Petersburg-Clearwater metro welcomed more than 84,000 new residents from other states, many relocating from high-tax areas such as New York, Illinois, and California.

This migration has had a profound impact on the region’s housing landscape. The median home price across the metro now stands at about $408,000, while in Pinellas County the figure approaches $478,000, reflecting the ongoing pressure on supply amid elevated demand. 

The ultra-luxury segment — properties valued above $5 million — has grown by roughly 15% year over year, with waterfront sales setting new records.

Waterfront premium

In July 2025, the Waldorf Astoria Residences St. Petersburg penthouse sold for a record $27 million.

“The sale speaks to the extraordinary flight to quality we’re seeing in the area as it evolves into a world-class waterfront destination,” Kevin Maloney, founder and CEO of PMG Real Estate, told Axios following a record-breaking $27 million penthouse sale. 

Similarly, Mary Beth Byrd, broker at Smith & Associates Real Estate, observed that “with the influx of out-of-state buyers who are accustomed to price points well above what Tampa has produced, obtaining a significant piece of Tampa Bay’s waterfront like this is nothing less than a rarified opportunity,” as cited by Axios.

All-in-one

Developers across the region are moving quickly to respond to this demographic and lifestyle shift. Mixed-use projects such as Water Street Tampa and Midtown Tampa exemplify a new development philosophy that integrates residential, commercial, and experiential amenities within walkable urban cores. This approach caters to affluent buyers who value convenience, community, and access to cultural experiences alongside luxury. 

This transformation will be explored in Invest: Tampa Bay’s upcoming 7th Edition, with the next leadership summit slated for 2026. The edition will highlight the relationship between real estate and construction, and spotlight the leadership, innovation, and investment driving the market’s next chapter.

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American road trip resurgence signals new opportunities for Sun Belt tourism

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Writer: Mirella Franzese

Road_tripNovember 2025 — After an unexpectedly subdued year for domestic travel, the great American road trip is poised for a comeback in 2026 as traveler preferences shift in the lead-up to the nation’s 250th anniversary.

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According to Hilton’s latest report, this rebound in domestic travel could drive significant growth for emerging hospitality and tourism markets in the country. 

“As we look ahead to 2026, it’s clear that the meaning behind each journey matters more than ever. People are traveling with purpose, whether that’s to reconnect, recharge, (re)discover, or just take a breath, “ said Hilton’s President and CEO Chris Nassetta in a message to customers. “It’s a global movement rooted in intentionality, where travel begins not with a destination, but with motivation.”

According to the report, 71% of Americans plan to drive on their next vacation, as it gives them greater control over their own travel plans, which is an increase from the previous year. 

This is because travel priorities have shifted heading into 2026. Per Hilton, today’s road-trippers increasingly value comfort and perks above convenience. Ninety percent believe that a comfortable bed is the most important amenity after a long day on the road, while 83% say that “breakfast included” is a must-have benefit. 

“Today’s travelers come with intention, not just to enjoy amenities but to feel something,” Onal Kucuk, general manager of the 1 Hotel Nashville, told Invest:. 

Amid this shift, leisure and wellness travel continue to gain momentum nationally, as evidenced by elevated spending and consumer sentiment in the segment. In Hilton’s global research survey, 56% of respondents cited “rest and recharge” as the number one motivation to travel.  Meanwhile, in a 2024 report by McKinsey, approximately 82% of U.S. consumers said they considered wellness a top priority. 

Additionally, in North America, the average spend per trip on wellness is significantly higher compared to Europe or Asia-Pacific, as locals consistently invest more in wellness travel. 

In emerging tourism and hospitality markets, like the Sun Belt region, leisure travel drives the most foot traffic and spending.  

Yet, economic volatility throughout the year had a big impact on the leisure traveler, who is more susceptible to uncertainty, according to Mario Bass, president of Visit San Antonio. “Leisure is a more fickle market segment, one that is critical to the success of our destination,” he stated in an interview with Invest:.

According to Bass, nearly 70% of regional visits come from the leisure segment. In 2025, however, fewer international travelers came to San Antonio compared to the previous year, especially those from Canada and Mexico, who typically account for the most demand. 

“People are still coming, but there have been fewer travelers. Our international numbers are down about 10% for 2025 compared to 2024,” Ryan Fender, general manager of the Grand Hyatt San Antonio River Walk, told Invest:.  This decline was seen on the national level. According to the U.S. Travel Association, every 1% drop in international visitor spending is equivalent to $1.8 billion lost in export revenue annually. Yet, domestic travel remained largely stable this year, and American travel sentiment held steady, even if preferences shifted, as Bass noted. 

Despite uncertainty, most national travelers still went on their planned vacations this year, but traveled closer to home instead — a trend which is likely to extend into 2026, given the return of the great American road trip.

“This bodes well for San Antonio,” said Bass about travelers preferring visits “close to home.” 

This shows that national tourism isn’t slowing down, but rather evolving, as Fender notes.  “We’ve seen a shift in consumer behavior, not necessarily increased price sensitivity, but increased discernment. Guests want to feel confident in how they spend their money. They have more choices than ever, and they’re thinking critically about value.”

Luxury travelers, for instance, continue to gain market share throughout the Sun Belt. 

“We’re seeing that the luxury market is still traveling — the higher-income demographic. They’re what our industry calls “recession-proof travelers,” representing about 35% of the population,” Deana Ivey, president of the Nashville Convention Visitors Corp, told Invest:. 

“They’re still on the move. That’s an important note for Nashville. We’ve added new luxury products over the past several years that we didn’t have before,” said Ivey, citing the Four Seasons, Conrad, The Joseph, 1 Hotel, and the construction of the Ritz-Carlton. 

 In an effort to sustain this shift, hotels like the Grand Hyatt San Antonio River Walk are pivoting to leisure and wellness events in order to attract guests. These include 200-person community runs, weekly live music, rooftop Pilates, and comedy shows. 

“To meet this shift, we focus on creating energy and activity around the hotel. Even if guests do not participate directly, that vibrancy contributes to their overall impression….It all helps make the hotel feel alive, not just a place to sleep,” said Fender of the initiative.

“Promoting those strengths helps position the city and our property as top-tier destinations,” he added.

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Spotlight On: John Manning, CEO, Co-Founder, and Chairman of the Board, KMI International

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John_Manning_Spotlight_OnNovember 2025 — In an interview with Invest:, KMI International’s CEO and Co-Founder, John Manning, highlighted the demands within  the theme park market sector, the importance of collaborations, and the efforts to guide clients through current economic challenges. “The clients that we work with have raised plenty of funds to do what they want to do. If they are holding back, it is primarily because the cost of doing business is not lining up with the return on investment,” Manning said.

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What key changes in the past year have most influenced KMI International’s operations?

Over the past year, our team has really come together. We sharpened our focus in key areas and strategically added team members to strengthen a service line where we were already performing well — theme park estimating. This has now grown into one of our largest areas of work. In addition to project management and project controls, our cost estimating services, particularly for theme parks, have increased dramatically this year. That’s a significant shift from last year, when we were working to break into this market; now, we are clearly seeing the results of that effort.

How are changes in the market affecting development pipelines in the different sectors that you are involved in?

Theme parks have grown significantly over the past few years. We worked extensively with Universal on the Epic project and continue to support Universal in other regions across the country. Overall, themed entertainment remains a strong growth area, with Disney also expected to launch a major expansion soon, signaling continued momentum in this sector despite broader economic pressures.

In aviation, we continue to support MCO and GOAA with estimating services, primarily focused on budgeting for long-term capital planning as they develop their 10-year strategic plan. While aviation remains a growth segment, we have intentionally reduced our footprint there to concentrate more heavily on themed entertainment, which has been a particularly profitable area for us.

Hospitality, by contrast, saw most of its new-build activity peak last year. While renovation work is still underway, the pace has slowed. We continue to maintain a strong hospitality team, but overall project volume in that sector has moderated.

How has your approach to themed entertainment evolved, especially in the face of strong demand in that sector?

We are currently estimating portions of approximately $20 billion in theme park developments in Saudi Arabia and are also evaluating projects in the United Arab Emirates. This is in addition to our ongoing work with Universal and other smaller venues across the United States. Our presence in themed entertainment has expanded as we’ve intentionally targeted this sector and added exceptional talent to our team.

The hospitality sector remains stable for us — neither growing nor declining — while in aviation we have deliberately shifted our focus toward themed entertainment, where we have a deep well of experience. Our company was founded by Mike Kraus and me following our work on Universal’s major development program in the late 1990s, and we have continued to grow that relationship since then. For a firm of just 25 people, we now support a remarkably broad portfolio of work.

What new markets or services has the firm added to reinforce your strategy?

Because we’ve shifted our focus heavily into themed entertainment — particularly show and ride estimating — we are now active in many different regions across the United States. For example, we are currently estimating a project in New York and partnering with firms in Tennessee. Our reach is no longer limited to one market; we are working in multiple geographic areas, both nationwide and globally.

How do you see the theme entertainment sector growing in the future?

The entertainment sector is constantly evolving, and AI will play an increasing role in how new rides and attractions are developed. These are key factors we are actively evaluating. Our estimating is performed virtually, leveraging AI-driven tools to scan drawings and accelerate the estimating process. Looking ahead, our focus will continue to center on immersive entertainment experiences.

What current or new relationships is the firm seeking to strengthen further?

KMI has always focused on developing and maintaining longstanding client relationships. We have longstanding relationships with several key partners. For example, we continue to provide estimating services to the Canaveral Port Authority, a client we have supported since 2015. With Universal, whom we have supported since 2003, we are actively maintaining and strengthening our relationship, while also seeking to build new partnerships with other themed entertainment organizations.

Collaboration is increasingly critical to how we work. Many of our projects involve serving as one part of a larger, multidisciplinary team. We regularly collaborate with designers and creative firms to deliver a complete, integrated package for our clients, and these relationships are central to our success. Being in close proximity to our collaborators allows us to enhance their services and respond quickly to project needs.

We partner with firms that rely on us for estimating across a wide range of sectors — from theme parks and Coast Guard facilities to hotels and cruise destinations — ensuring they have accurate, reliable cost insight wherever they operate.

What is the firm’s approach to talent retention and leadership training?

My primary focus is building our internal team focusing on hiring the right people for the right seats. As an employee-owned company, we are committed to financial transparency, and every team member is an employee-owner. We work closely with our people to help them understand how they can contribute to growing the company, and I devote more of my time to this than to anything else. While I support our business development efforts, my biggest priority is preparing our team for the future and ensuring our company remains employee-focused — a place where people feel welcomed and valued.

Many of our new hires come through referrals from existing employees, which speaks to the culture we’ve built. We occasionally recruit at colleges, but most of our team members join us with industry experience and a strong understanding of the market. We also do extensive networking with our collaborators, which helps us identify the right people and bring them on board.

What goes into estimating and helping clients with projects in the face of broader economic challenges?

The tariff environment has affected nearly all of our clients, slowing projects and causing delays. Many have had to pause, reassess, and shift where they source materials, and we have been closely involved in helping them navigate those changes as part of our process.

In contrast, we are not seeing the same level of interest-rate sensitivity that we have in prior years. Most of our clients have already raised the capital they need to move forward. When projects are put on hold, it is usually because current costs do not align with the expected return on investment, rather than the cost of borrowing itself.

Our markets are generally less interest-sensitive than others. That said, we do anticipate that lower interest rates will help unlock projects in sectors that have been hit harder — such as multifamily apartments. As those developments come back online, they will generate more work and spending, which in turn supports growth across all of the sectors we serve.

What are the firm’s priorities for the next three to five years?

We’ve learned the importance of being active in multiple markets, and we will continue to pursue those opportunities. In the Middle East — particularly Saudi Arabia, where much of the current theme park demand is concentrated — there is no shortage of capital. With a directive extending through 2034 for completing a significant slate of theme parks, they will continue to invest heavily and will need ongoing support.

Our goal is to keep building strong long term client relationships and to work wherever our clients need us. As we grow, we will remain focused on aligning our service offerings with what makes the most sense for our clients and the markets we serve.

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