[+] Alternatives On Agenda for New Cushman Chief

A background in alternatives and steering a construction company gives the new boss of Cushman &amp; Wakefield ANZ an edge in a challenging market. For incoming chief executive Noral Wild, navigating this volatility will be her bread and butter. But after positions at EY, and head of alternatives at competitor JLL for 12 years, as well as running her own construction company for a decade, she has it well in hand. Expecting market recovery, Wild says she will be prioritising identifying rising sector trends and building the associated infrastructure to support those trends. “In times of uncertainty or disruption, clients seek data and opinions more than ever,” Wild says. “Cross-pollination in the property industry fosters a deeper understanding of diverse perspectives, challenges, and opportunities across different disciplines. “We are seeing a greater tendency for people to employ more broadly in the property sector rather than what may have been a more traditional approach in the past.” Sector-by-sector outlook There’s no one-size-fits-all approach, with nuances between sectors as well as within them, Wild says. “Addressing the housing affordability issue we are currently facing is high on the agenda of the property sector and at the same time, we need to rethink our existing office assets to meet the new demands of occupiers for technologically advanced, sustainable workspaces that contribute to employee wellbeing and productivity.” Macroeconomic issues are in the spotlight this year, particularly interest rates and their effect on capital flows into the property sector. “We can’t always outnumber every challenge; we can outthink it though,” Wild says. ▲ Alternative assets including renewables are on the radar of Cushman and Wakefield as it looks outside the usual sectors. At Cushman &amp; Wakefield, outthinking this difficult environment involves looking outside the traditional sectors, and its project management division, which oversees $1.5-billion of capital works, is venturing into managing alternative asset classes such as renewables and data centres. Venturing into these sectors however means that granular and macro knowledge in the team is essential. “These markets have been underpinned by key macro themes such as urbanisation, ageing population, increasing mobility, health and wellness and technology,” Wild says. “This has been coupled with a major disruption to traditional core markets off the back of the pandemic, which resulted in further interest in the alternative sectors.” Alternative sectors, alternative approaches The rise of seniors living, student accommodation and healthcare has been the product of these macroeconomic situations, she says. “These markets have emerged and been successful in attracting both domestic and offshore capital, and have reached levels in their cycle whereby they are transacting in the billions.” Data centres experienced strong growth and fundamentals, with 80 per cent of data centre operational capacity concentrated in five markets, of which Australia is third with 1.2 gigawatts. But it will be difficult to keep up with this growth due to continuing demands of artificial intelligence. “Some of the key challenges for the industry include growing sectors such as logistics and industrial, data centres and build-to-rent quickly enough to meet immediate demand while ensuring their sustainability,” she says. “[But] there will be significant activity in data centre construction as hyperscalers build out their pipelines.” A key macroeconomic theme underpinning the markets is sustainability, and this makes other areas attractive. “The next sectors that we expect strong opportunity will come from include renewables and agriculture,” Wild says. “The demands on business to reduce emission targets and the increasing demand for food from both the export market and domestic market will drive these sectors strongly going forward.” ▲ Scape is Australia’s largest player in the PBSA sector and moved into the build-to-rent market last year. Build-to-rent is on everyone’s lips and, despite its small market share currently, some of the biggest alternative transactions of 2023 were build-to-rent, with Mirvac’s $1.8-billion play and Scape’s $1.5-billion investment in the sector leading the way. There are now an estimated 20 players active in the sector after the entry of Charter Hall, Brookfield and Stockland last year. “The build-to-rent market will experience a lot of growth in the coming years as more product is built and we move towards the first true transaction cycle in this market,” Wild says. However, one criticism of these early-stage or smaller markets is that there is little data to go on, only the examples of international markets. “My experience in having ‘grown up’ with these emerging sectors has taught me how to navigate markets whereby there is a paucity of data and sometimes a lack of transparency,” Wild says. “Having navigated these sectors for many years where it was necessary to always create and build has provided me with experience and learnings that will be invaluable to my new role. “Keeping that start-up mindset is important no matter how big you get.” Transparency and diversity But as Australia’s alternatives and emerging markets start to mature, they will be hampered by the necessity of growing complexity in the construction phase of their builds. This complexity has not gone unnoticed, and Cushman &amp; Wakefield’s newly created Advisory+ team will partner with clients on complex-built environment projects to provide end-to-end, sector-specific advisory services from conceptualisation and planning phases through to execution. Wild’s construction experience is niche, focusing on rammed earth wall construction, but it did give her firsthand experience in navigating the nuances of the construction industry, she says. “In a market where there is higher than usual construction cost pressure, it is particularly important to appreciate how tight builder margins can be and to work collaboratively with them to ensure they are keeping their heads above water,” Wild says. ▲ Data centres are another alternative assets being considered. “My advice would be to prioritise collaboration, transparency, and innovation in project execution, while also exploring alternative construction methods and sustainable practices to manage costs effectively.” This transparency lends itself to other areas of the business, which are becoming increasingly important to tenants and therefore developers and asset owners, as well as Cushman &amp; Wakefield itself, says Wild. “I will focus on mentorship, leadership development, and talent pipeline programs to enable women and underrepresented groups to prosper and grow in the commercial real estate sector. “The importance of role models cannot be underestimated—people need to see live examples rather than just talking about making change.” You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. 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Build-to-Rent
Clare Burnett
Mon 15 Apr 24

[+] Alternatives On Agenda for New Cushman Chief

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Build-to-RentClare BurnettMon 15 Apr 24

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