Oliver Carr, III- Evolving His Company Towards High Quality Mixed Use Development- A Sequel (#121)

Bio Oliver Carr serves as Carr Properties’ Chief Executive Officer and is a member of its Board of Directors. Oliver serves on the Executive Committee of the Federal City Council, serves on the Advisory Board of Housing Nantucket, is the former Chairman of the Executive Board of the Massachusetts Institute of Technology Center for Real Estate, and is a member of the Real Estate Roundtable. Prior to founding Carr Properties, Oliver served as Chairman and CEO of Columbia Equity Trust (NYSE:CEO), where he and his team successfully took the company public in 2005. During his career, Oliver has completed over $7.5 billion of property acquisitions, developments, mergers, joint ventures, and financings. Oliver received his Master of Science in Real Estate Development from the Massachusetts Institute of Technology and his Bachelor of Arts in Urban Studies, with a concentration in Economics from Trinity College. Back Story In February, 2020, Oliver Carr was interviewed just before the COVID Pandemic began (See Episode #10). Because of our long time relationship and the considerable changes to the market and to Carr Properties’ portfolio, this is a sequel episode to update on his activities during the pandemic and its aftermath. As you will hear, he is quite optimistic about the future after a difficult period from 2020 until earlier this year, where he believes that the market has “bottomed out.” Please enjoy this episode! Show Notes Reflections of Pandemic and Its Effects Introduction and Reflection on Past Interview (00:06:15) John welcomes Ollie back, reflecting on their long relationship and the timing of their last conversation. Surreal Experience of February 2020 (00:06:45) Ollie shares a unique experience during a board meeting next to a significant COVID-19 event. Initial Adaptation to COVID-19 (00:07:45) Discussion on how they planned for potential rent payment issues during the pandemic. Unexpected Performance of Office Sector (00:08:20) Ollie highlights that office properties performed well, with high rent collection rates during COVID. Focus on Customer Experience During COVID (00:09:20) Emphasis on creating a safe environment and enhancing building amenities for returning customers. Occupancy Challenges (00:10:15) Ollie discusses low physical occupancy rates during the pandemic and the shift to managing operating expenses. Impact of Social Unrest (00:11:00) Ollie recounts challenges faced due to social unrest, including vandalism and property damage. Active Development During COVID (00:11:45) Ollie describes ongoing construction projects and praises the efforts of construction teams during the pandemic. Leasing Success During COVID (00:13:15) Discussion on leasing activity during the pandemic and the importance of quality products. Long-term Implication...