Opportunity Zones, best practices for investment and community development, and international development were just a few of the topics discussed at the STCAR First Annual Commercial Summit on June 4 in San Antonio. Attendees were enlightened of facts, opportunities and tools to take advantage of while the Texas boom, particularly the South Texas boom, is hot.
South Texas Commercial Association of REALTORS, which services 44 counties, brought together a stellar group of presenters and panelists at the Embassy Suites by Hilton San Antonio Brooks Hotel & Spa. More than 150 gathered at the summit, adequately themed “Reshaping South Texas Commercial Real Estate.” Consistently emphasized throughout the event was how fast change is happening for a multitude of industries. This includes ranches, office buildings, industrial, manufacturing, single-family home developments and more.
Texas Economic Development Council President and CEO Carlton Schwab stressed, “Current and future South Texas growth is completely generated at the local levels. EDC teams are responsible for what is happening.” That’s why the Summit’s distinguished speakers included Laredo EDC Executive Director Olivia Varela, Port of Brownsville PPM Steve Tyndal, German Rico from the Harlingen EDC and more.
STCAR President Vernon “Tip” Johnston and the rest of the board decided this summit was necessary for commercial brokers, CCIM consultants, investors and EDC representatives to understand the “Big” picture and how it affects local markets. Johnston stated with conviction, “For us to compete and service our clients in a professional manner, we must have market knowledge and the necessary tools.”
Another repeated point shared at the summit was to ask investors and developers (potential clients) the right questions, including “What exactly are you looking for?”
The STCAR board is already working on a Part 2 Summit that will apply Part 1 knowledge through case studies and expand upon tax and legal insights. Part 2 will also illustrate how commercial real estate agents, investors and partners apply the tools of the trades by leveraging tax expertise, equity and financing to continue to grow South Texas.