YouSaid · the spoken record

Claire Cormier Thielke

lines on the record: 62
first: 2021-01-19
most recent: 2021-01-19
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Today, I've had this fortune of working across so many different languages and cultures, countries. When I think back to the most important lessons and by far the most important skills about adapting and developing Guanqi, the act of building trust, or about Chinese or about karaoke, so many of those intangibles that help you build teams and find value and build a business, they track back to those initial gifts. And for that, I will always be grateful.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Say the kindest thing anyone's done for me is in part their culture and take the time to teach their value system. When my husband Rick and I moved to Houston after graduate school, we didn't know many other married young people and we met these two couples that really went out of their way to pull us into their orbit. One was Taiwanese and the other was mixed heritage South Indian. And they really welcomed us fully into not just their own lives, but those of their extended families. So pretty soon we were joining them for these very intimate religious and cultural rights of passage, learning from their parents who were in their seventies about the professional practices that were at the heart of their cultures, the personal practices. They embraced us. We coined this term that we called Family, more than friends adopted as family.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“School job when they're 14 or 15. That is how you make an incredible impact. And so you think about if 10 families did that, not only do the 10 year olds get that experience benefit, but also so does the host 10-year-old. Now they're more sensitive to what they see, but also that child who's a beneficiary of the program, they're siblings, they're family. I mean, this is how you.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, a great group. It's specific to Cincinnati called Bonds of Union that was started by a couple of Truman scholars, Debbie Warsky and Alula Asfa. And it's sort of the concept that by the time you get to late middle school or high school for kids who are underprivileged or grew up in an unsafe background, it can be too late. So it was a super simple concept around 10-year-olds and just going to traditional educated two-parent household upper middle class families and saying, hey, you have a 10-year-old, we're not asking much of you, but just next time your 10-year-old is having a birthday party, will you invite this kid to join, get to know this kid, get to know their family. And knowing that, over time, that family might take an interest in that 10-year-old and then see what that 10-year-old is experiencing at home. Maybe help them get an Uber to the library or take an interest in helping them get that first internship or high school.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“That it will have. I don't know that I do. I think we will look back 30 years from now. And that is a watershed moment of change. Because you think about, there have been African Americans and governments since Reconstruction. But when you look at corporate representation, it's been effectively zero. And the change that he has been able to make folks like Bill Gurley, others who have put this forward, I think you find something in your sector. So even if it's just deciding that maybe your company should have internships, not every high school or college student has the ability to have access to that job. And by the time that hiring analysts, their past experience is more important. And maybe by that point they had to work at McDonald's or at Domino's pizza to be able to pay their way through these opportunities set their trajectory for the rest of their lives. And I kind of again wake up every day thinking about how to help others. That's how you make the flywheel.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Before I answer that question, because I don't want to leave it behind in the times we're in of how can one person make a difference? Like, how can we all find a way to be actionable? I do think that you can take stands within your industry or identify the specific problems to which you can say, I can make a difference in this issue in six months or a year, like something where I can see an individual impact at an individual level that's then sustainable and that creates an onspark and a flywheel from there. A great example is Brad Gersner put together the board challenge specifically because he wanted to address inequities that he saw in a sphere where he knew he had a broad network and could effectuate change. And he said, measurable goals, he called friends. He made the difference. I don't think that he even recognizes the compounding effect.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Not only can see that, but there are tools and internships and things that have been done specifically to pull them forward. Yeah, I think about it every day. I owe so much to them.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Him in the US growing up. They hosted people like John Lewis. So to have him in the living room talking about his hopes and dreams and the things that he'd been through. Growing up in that environment I today, and I know my brother could say the same thing, that you feel an incredible sense of responsibility to the people who came before you and to do anything you can every day in the sphere in which you have control to pull those up that you can in touch in any way. That is something I see it in others. I look to people like Melody Hopson and what she's done to have an impact and to magnify her impact for others. Marvin Ellison, one of the only four African-American Fortune 500 CEOs. And you know that there's some 15, 17 year old who didn't know what executive jobs were, what those careers were, but who now.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Parents went on to do these incredible things. My father was a football player and he was incredibly smart as well. And that was a key and transformative ticket for him. But he went on to work on Watergate and advised presidents, my mother, a research scientist and later a doctor, but worked in a lab that later won the Nobel Prize. But it was this sense in every step of the way that there were these invisible sacrifices by so many other people to get them there. And so there was this urgency and this sense of stewardship to reach back for the people they left behind. And they thought that was so important for my siblings and I to take into our lives. And so they had a huge focus on people who were fighting for others and for the underrepresented. And so as you said, when Mandela had just been released from prison and was traveling for the first time, they hosted.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“So fortunate, I grew up with these pretty unique circumstances in that my parents had me fairly late in life. So I'm much younger than my siblings. In some ways, I'm often the youngest person I know whose parents came of age in the depth of Jim Crow. My parents went to fully segregated schools, concern of the KKKA and their safety was a regular issue. So that was the world that they grew up in. And so in their community, so their high school sweethearts from a town in East Texas, growing up, the community resources were limited. The teachers and the mentors really rallied around, they put all of their time, their energy, and even personal savings into the kids they thought that could make it out. And that might be just four or five that they could really invest in and hope that they could push them beyond the community and reach what they couldn't to reach themselves.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“To be able to bring those questions to the table and coming back to those cities or patterns and they rhyme with each other, well, that's what this is about as well. It's been a ton of fun and tremendous experience. And I think pulling from it, having come into a hard assets business like Zillow did upon launch from the tech world, to just move so quickly and goes deep and broad at such a pace. And on the other hand, traditional real estate moves incredibly slowly. I mean, think about the framing of a house. If you took a black and white picture, you can barely tell the difference between a house being framed in 1905 and a house being framed today. That sense of possibility that creative iteration is deeply energizing. And I come away from every interaction with them and the Zillow team just so energized and ready to change the world the way that they interact with a tech world with that building.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“First rich and Lloyd, you're the founders. You're talking about pattern recognition. I mean, they are just such incredible examples of taking that and taking this principle of democratizing information and applying it to these wildly different industries from travel to deployment with Glassdoor and then Zillow. So much is happening at Zillow. And I'd watched it from the early days. And as they moved deeper into this balance sheet side of real estate, it's a really exciting opportunity because there's so much data to unlock and really Zillow, really opened up this whole new part of the residential real estate business that had existed in other industries, this access to information, this direct consumer experience. And it's just so exciting. But a lot of the opportunities there and the growth in the market are things that commercial real estate has encountered. And so I hope.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Opportunities were. The great thing about real estate is there are so many ways to work in this field. But the tough part is a lot of times people just don't get the exposure if they didn't see it or know somebody who was in it. And so I saw it as this way to try to approach maybe some of the underserved and underrepresented communities and students and sort of give them exposure to this business. And I hope I see my role with them is to show them where the doors and windows are. And then from there, give them the tools to find their way and see what interests them.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Teaching, I try before any lecture or any interaction with the students to be the professor, I wish I'd had. I had a lot of phenomenal professors at Stanford, you know, some of the best in the world and I learned so much from them and still do. But I feel a responsibility as a person coming from industry to try to give the students the access or the nugget of knowledge to then be able to go and dig deep and unwind and pull at those threads wherever they most find interest. Really started teaching because I saw that there were so many of these students who had tremendous intuition coming from an urban studies background or a policy background about real assets in real estate or investing, but they didn't have maybe the language or some of the frameworks to know what the opportunity was.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a lot of similarities there. I think the idea that it takes a lot of folks playing different roles to make things happen, putting back to that track and field example, as an elite athlete, there are probably nine or ten people in a circle around you who are making a lot of invisible sacrifices or putting in a lot of work to get that one athlete out there performing. body guy, a chiropractor, doctors, a massage therapist, your coach, a mental coach. You're the one out there, but it's really a win for all and it's a lot of folks working towards the whole that's very similar as well. A lot of people playing their part to get a deal over the finish line.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Lot of real estate deals, or sometimes even funds, hit a point where you can say there are steps that make this make sense. There are steps that it's going to take working harder to assemble this piece of land or to figure out this puzzle. What is that extra step of work that you're willing to do to address a tax issue or to try to adjust height limits to get that much more square footage out of your site that can make the difference of penciling or not, but being a true outperformer knowing where to push that extra bit, knowing where to identify something special about an opportunity that really jumps out, often there is a physical element? Are you willing to sort of stay up and work harder across time zones and make something come together, close that deal, work with more tenants to fill that?”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“He is saying, Why am I out here? What are you doing? I want to stop, but you push through it. And at the end, you think about all the things you went through to get there. And it's all the more rewarding. And the next time you're there, it's familiar.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“My brother ran with me as well. He's an incredible athlete himself as well. And so first, you have to get to the start of Bace Camp, which is a lot of work. About seven days of walking. And there is a race that the local villages hold to celebrate the climbing season every couple of years and to celebrate Tinzing Dharma Sherpa, the Sherpa who climbed with Hillary to the top. So the race starts at the back of Base Camp, which is actually surprisingly long. It's like almost a mile long. And then you start running and scrambling up ice and rock and tremendous altitude as high as you could possibly go without clipping in. And then you corkscrew around the mountain even higher on and through to the villages. Definitely more people die doing this than I realized when beginning the plan, but all of these stages along the way that like the 800, your body.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“And over again, because you're always chasing this version of you that's just beyond yourself. You try to take that process, that calculus into everything else that you do. And so I retired from professional track and field in 2013. But from then on, I made a commitment that I would do at least one thing a year that fell into this category where it seems impossible, but is merely improbable. It's something that would force me to push myself so hard that it seemed like it could not be done. And then when you actually do it and you complete it, you run sort of the math of the weighted average outcome of can I do this? And then what can I control? And you do it, then the next time you're there doing something really hard, you think back to this improbable thing that you achieved. I'm so grateful for it because it's taken me.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“The 800, which was my primary event, it's running half a mile as fast as you possibly can. It's a sprint. So everything in your body is saying don't do what you're doing to me. This really hurts. You have to go to another place where your body is shut down. You're in oxygen debt, usually for the last part of the race, and it becomes a point of who wants it. Why are you here and why do you want to win? And the thing that separates frankly, the elite from the world class and you learn this the hard way or the easy way, but is you almost have to hate to fall short more than you love to win. You're constantly comparing yourself to what you think you can do or even more what others believe you can do with that coaching you believe you can stretch to. This is the stuff that kept Kobe Bryant up until 4 a.m. shooting free throws over and over.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Track and field, you have just a few things that matter. You're just running in a circle as fast as you can. It's not that complicated. The last thing you saw before you went to sleep and the first thing you saw when you woke up in the morning was the time that you were chasing that season. At the beginning of the season, that time seemed so out of reach. It was an audacious goal. It's by itself, its nature measurable. And there's a lot of bravery involved in not just writing it down, but putting it up where you're looking at it. It forces you to say every day, what did I do today to get closer to that goal? And then when you wake up in the morning, it's what am I going to do today? So it was this built up accountability.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Open feedback and laying bare that honesty and that trust is just incredibly valuable. And I think it helps you to get into the same mindset of teamwork to move forward together.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“You that you ran well if you didn't. And if you screwed up, I'm gonna let you know how because that's how you get better. But at the end of the day, if you understand that core principle and that direct feedback, I can never hurt your feelings. That you vigorously open feedback loop is how you improve. And I'm so grateful for that lesson early on because she was teaching me how to work with her. She was teaching me how to ask more of myself in that environment. And also helping me to recognize the opportunities to grow as they presented themselves. So I think about that and I use that lesson in that story all the time, not just within the teams that I work with, but also with external partners, LPs getting to know how we work or contractors or folks on the other side of the deal. It's just that.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Stage, and I had this coach named Dina Evans, and she's coached some of the most prolific female athletes in the country. For those who follow running Lauren Fleschman, Sarah Hall, who's the most dominant marathon runner today out on the circuit. And Dina said something to me as we were really almost interviewing each other for this coaching relationship. She said, do you want to be the best long sprinter in the country? I said, of course. Do you want to be the American record holder? Do you want to be world class and on the podium? And of course, you know, my answers were, you know, yes, yes, yes. And then she said, do you understand that for you to do that, that builds my track record as a coach, the better you do, the better I am doing. So of course, and she said, as long as you understand that through that we have the same goals, your success is my success. I will never tell you.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“So, first, I think the thing about track and field is you're asking everything you possibly can out of your body every time you step out onto the track. So you're starting with a set of genetic gifts and then a next layer, which is a lot of hard work. And then the next, though, is this cultivated other that comes from the people who are there to help make you better. That's your teammates. And that's your coach who's there to get inside your head and push and get more out of you than you think you can get from yourself. And as you become more and more elite, that becomes more and more important. One of the stories that always ticks out for me was I was coming into a new coaching relationship and was on the cusp of taking these very big steps in my track and field career. So running for the first time at the US Open, racing on this big international.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“To that point about just the very human responses of people wanting to gather, people wanting to see cool things or experience. It creates so much interest. In some cases, it's frankly free. It's not often thought of. I think it's definitely something more should explore. I mean, just to that point of making an entire investment thesis out of fixing waterfronts or following people with tattoos. I think if you just took a regular, what was a former parking lot and added a little bit of landscaping and said every day at three o'clock, we're going to have symphony music. It can be a high school symphony. It doesn't even have to be that great. That's something interesting. People would start to gather. They'd start to make plans around it. It'd start to be kind of nice to live near that or to have an office near that. It's so easy to do and it creates a sense of place.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Plugging into it, having their traditional outside of town headquarters, but then putting that innovation hub and those innovation people close in. It's totally infectious. I love it”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“It is incredibly low cost of failure. So you have experimental artists really sort of groundbreaking chefs who are taking a shot at opening their own restaurant, who may not have been able to afford to do that in New York or in San Francisco. Cost of living is low by comparison. It's this incredible story. Dan Gilbert really identifying opportunity and moving in quick in loans and starting bedrock, buying up block after block. But you find that the people who came, whether it was through Quicken or some of the other companies or who were just drawn to it, musicians, artists, entrepreneurs, there is this deep sense of being part of that underdog story that just exudes. So you get there and there is this energy of possibility and you see scrappy startups plugging into it and you see Ford.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, exactly. It was a warehouse district. You definitely would not have run there at night. Pretty ominous. And you can see what happens when there's this decision of like, let's let some artists loose. Let's see what they do with permission. Next thing you know, food trucks start showing up. And every time I would show back in Miami, the area felt a little bit safer. It felt a little bit more interesting. More people with tattoos hanging out. And then now, I mean, it's one of the most exciting places, not only in Miami or the state of Florida, but I think it's one of the most interesting nodes in the country. And it all came from some street art. It's so fascinating. It's an example, I think, another one that might surprise folks today would be Detroit. I think Detroit might be the most dynamic city in the U.S. right now.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Give you two. Everybody is talking about Miami now and what Mayor Francis Suarez doing, creating this zeitgeist of movement in real time with Twitter receipts is fascinating. But Miami has been there and it's been awesome. And there have been no state taxes for a very long time. But I remember the sense of running through Wynwood in its very early days.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Something and iterating on it. And a young guy at Amazon who comes up and is using his time to think about the next big idea, that's happening under Marty Laos group in Tencent and that leadership. It's out there. And there are so many stories of all the, whether it's drone startups or the gaming industry that are reflective of that in Asia. But I do think there's a lot of collaboration that could happen just by taking patterns from the other side. There are a lot of things that China can learn, a lot of things that the West can learn from China as well.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“So it exists in both Asia and the West, but there is this sense of deep entrepreneurship and getting started. One of the things in Asia, though, is you do have a very, the adoption rate can be so fast because your population is so large, so they can just iterate very quickly and evolve very quickly. I wish you could see, I think it's actually more that there could be closer bridges between the east and the west. I'm constantly surprised how in times where the world is so connected and when young people are so connected, it's considered this whole different world. So it's starting to break down. You see some things like bite dance and TikTok that make their way over, I guess unfortunate that there isn't that sharing of knowledge and practice because so many of the principles are the same. It is the same thing of a young, hungry, creative engineer thinking of”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Is so young, have this young generation coming in who have been raised in the world of technology. And so for us, when we think about new buildings, they're deeply enabled. I mean, our office buildings have real-time indoor air quality monitors. You can look at the wall and see the air quality. That's world leading. You don't just have that in any office building, but it's because there's this expectation around technology and general access to data and people's own data. That's just always pushing the bar forward. The most interesting companies as users are really thinking about this because they're thinking about as they're moving into this part of the world and opening new offices or hiring, how do they stay competitive, build a culture of their office, take the things that are transportable, and then also plug into this super futuristic blade runner.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“So, a great example on China, so you have way fewer cars, and you have these cities that didn't develop around a huge amount of car traffic. For buildings, you're able to have a lot of them, frankly, be more to a human scale or a scooter scale. And so dockless bikes, rental, small electric scooters, and then standing scooters are very common. You can create these sort of mixed-use plazas in a way that's very natural and builds this density. You can incorporate a lot of public art because buildings relate to each other at a more human scale. You're not trying to make up for parking garages or parking lots like you might have to be doing in other cities. Not only are you coming in with a new building and adding to the skyline, but you're making really an immediate impact at the human level, which is something that's really interesting. I think also the working population.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“There's an incredible dynamism that is new industries being formed every day. The rate of adoption of new trends or technologies, it's not just that it's fast, it's the depth because it can iterate at such great numbers. The companies grow to such scale and then are able to move into so many different verticals. And so you look at something like WeChat that within that spins off WeChat pay and pin do adua and all of these other tools that become part of people's everyday existence. Back to that point of having these APIs that you plug into from a real estate perspective, there are all of these just really different ways to come and participate and build into that. You're able to create the physical infrastructure. To match this incredible technological infrastructure that is building on hyperspeed in real time.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Sounds pretty cool, right? They're more distributed for that. I think alternative and more socially based living is one. It's one we're tremendously focused on out in Asia as well, which is young people are getting married later. They're living alone for longer. So what does that mean? I think there still is definitely that search for community. And so co-living or what we call alternative living where you have your own personal space, your own bathroom, small area to cook and prepare, but there's a common area where you cook most of your meals and you spend your time that's larger, like an adult dorm. So you can hang out with friends. You can build a sense of community. Maybe there's even a community dog or pet and amenities that make it interesting because we're searching for that. And so I think that is something that we'll see more of, not just in the US, but frankly globally. And the tech to connect that is so much better than it was 10, 15.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Campus. It doesn't mean it's horizontal, these can still be very vertical buildings, but in college, you felt like you could go and work on a couch over here or go collaborate with your teammates or maybe go sit at a desk. It was a place for extemporaneous thought and happenstance collaboration. I think that is a very important thing that we'll start to see more and more.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Think first within office, it used to be people thought as the internet, the early ages of the internet, that it was the end of office. Office was dead. Everybody could work remotely. This was like early 2000. Instead, the opposite happened, which is people started to ask more of their office space when you saw the rise of these Google campuses and these interactive places that you wanted to be. Well, COVID made us realize that you can work from home. Most companies are asking themselves and their employees are asking, well, if I'm coming into the office, why am I here? What is it doing for me? Am I here to collaborate because I can do that better than I can do so remotely? Am I here to meet and to focus on sales for my business? Well, then what does this space say about my company? What about the space makes my company feel more creative? One thing I do deeply believe is that offices will start to feel more like your college.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Interestingly, in Asia, particularly in China, you have many instances where cities are actually being built from scratch. And so that creates a really neat investable opportunities because the principles of urban planning are pretty universal. So you can kind of follow the cheat codes of the transit networks. You can see where the waterways are, plug into the universities, and that API and definitely get pretty creative.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Good news is that you can piece together a lot of these parameters without starting from scratch. Transit can be tricky. Sometimes you need to supplement that with neighborhood shuttles or private shuttles, bike services, but there are a lot of ways to attack it. At Heinz, we think about this all the time. Just thinking about placemaking, especially because we work with so many companies that are trying to carry their corporate culture across international markets. So as an example, in Washington, D.C., we created this project called City Center, and it's a mix of office, high-end condo, but also rental apartments and hotel and retail and its own cultural activities and cultural programming. What we were able to do there is really just build a city within itself. You can plug that into an existing urban infrastructure. So it's a playbook we really liked. We've done it in Atlanta and Houston and in Milan. And people really consistently are drawn to it.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Rebuilding a city from scratch, you want to create a place where at its core people can have a great quality of life, businesses can execute well and attract great talent. People are going to vote with their feet. To do that, first you want a logical and diverse transit network, so ways that people can move around the city by train or bike or foot, scooter. Second, you want nodes of mixed use, so places where residential, commercial, and entertainment uses can coexist and vibe off each other's energy. The third is cultural catalysts, an art hub, a college, museum, just something that creates a hub of energy. And then finally, just an overall sense of adaptability. Call it a freedom for buildings to evolve with technological or demographic changes. So think about last mile delivery services or flex office today and how that's really changed how we live.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Water table matter that developed later because of city construction matters unrelated to us. But that's why you solve through the design back to that point of fight to quality. You're building a building that's resilient, high market or low market. You know that you can keep it full and hold through. I started my career really during a recession into downturn and we were working on some very large office buildings at a very tough time. But during a downturn, people saw it as an opportunity to leave their maybe lesser quality building and take a step up at the end all of those stories were actually success stories.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, I flipped that the other way. We think of the choosing a right place or choosing a right time in some ways almost part of the beta and that the real alpha is the building execution, the development and adding that direct value because it's very difficult to do. It's the intersection of design, the cost, the budget management, the actual construction itself or redevelopment itself and then the leasing, finding the right tenant base, creating the right story, building correctly to the market, not overbuilding for the market. And within that timing the cycle. Of course, there have been examples where we've delivered new buildings, beautiful shiny, perfectly built office buildings into the wrong time, into the depths of the recession, or where we've come into challenges where there may have been a structural issue that could not have been foreseen.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment, but you look to hold it for a very long time because you've created incredible value there. At the end of the day, the principles are very simple. It's dollar in. Think of the time. What am I delivering to on the other side of this? And again, most importantly, what theme am I pressing into, particularly if it's a development? Because you'll be delivering into a quite different future. So you need to have very strong convictions about the location and the story that you're building into.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Year or 18 months, really depending on the size of the project. Developments can run the range. There's so much value in the entry level of the land. As a great example in China, we delivered a building last year about a million and a half feet in Shanghai that bet on an emerging neighborhood, but it was very complex. It was coming into land where a building had already been started with a foundation in place. And so we needed to come in and completely redesign the underlying structure to begin with. There was a new subway station that was being delivered and figure out a way to build an enormous superstructure and brand new building on top of it and lease it out. So the math and the dollar ranges can run a full spectrum of value add project you may be looking for, high teens IRR to these developments where some of them you're thinking more from an equity multiple because it's something that is a huge”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“In real estate, you have a couple of different approaches. So development versus an acquisitions deal where you may be in and out relatively quickly. It's not a deeply liquid asset. Of course, can't move your building. I've got one strategy of real estate called value add. And that could be coming in, identifying, starting from a theme. you believe that a neighborhood is changing or an office building maybe is undervalued it's underleased it's maybe only 40 full but you think that you can come in make some physical improvements maybe improve the actual asset management the human element of it you do some pretty simple sharpie math around the cost so how many dollars am i in how many dollars do i need to pay to improve it and then what can i rent it for as a result what's that uplift then what can i sell it for makes it sound simple but a basic principle and that might be three to four years sometimes you have an uptick market and it can make sense to sell it within even shorter than that a year”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“In Asia to that degree. And so when you think about a company, perhaps a European or American company that sees Asia as their future, well, they're thinking, how do they create a portable culture? And for us real estate in a non-portable product, how do they take the brand of their experience for their office workers and for their company to feel that creativity in another part of the world that sets off all of my real estate dopamine receptors? Because again, you kind of have the cheat codes to pull it over to another part of the world.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Every day and going through the same motions, can it know that if I've arrived in the parking lot that I can now be in line for my coffee order? That seems pretty logical. When you see these things in one part of the world, you know that it's only a matter of time before it comes to another. In real estate, you can make that tremendously investable because you can change the user experience of a building by using or picking apart pieces of either technology or that experience and trying to carry it over. But it works the other way too within the US looking over to China, one thing that's been a huge focus is this concept of building a workplace in the US that feels dynamic and we call it creative office, this concept of what is office space doing for me? How does it make me feel more engaged and energetic and creative? And that concept doesn't exist so much.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“Say one of the ones that jumps out the most it's less real estate but is payments. China is effectively cashless and if you pull out a credit card there to pay for something people feel highly inconvenienced everything really works through the phone. China penetration for contactless payment on mobile is well over 80% in the US it's less than 30 there is this reality that within WeChat or Alipay you're using that to get into your building to pay for your lunch in parts of southern China like Guangzhou it's actually your ID card you transform that and then you go and you're in the US and there is this thing of like why can't I do a lot of these things with this phone device that's always on me why can't I unlock the door to my house or if I'm going to my building”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source
“All of these places and to house these people, but on a modern standard, so speed trains that connect the entire country and offshoots of those trains for local trains and local roads and bridges A lot of ways you can see these ways in which China is really far ahead because it skipped some of these things generationally. But then on the flip side, it's almost like you have the cheat codes because you know from the US, you know what happens when you get certain nodes of infrastructure. So you can look at the playbook and see how to find those. Last year, we spent a lot of time looking at logistics and logistics delivery networks. You search for the nodes. And there you just have incredible scale. One of our really exciting projects is a site that's 45 minutes driving to 45 million people. You take the concept and it's just hyperscaled.”
2021-01-19 · Invest Like the Best · Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209] · IDENTIFIED FROM THE TRANSCRIPT · source