The Future of Work, the Future of the Office
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As the world emerges from the pandemic, new challenges are on the horizon. How will these impact the dynamics of the workplace, and the future of the office as an asset class?
- How are employers adapting to changing demands from their employees? How is this impacting demand for, and the design of, different workplaces and offices? Are certain office classes and locations more attractive to tenants and their employees than others?
- How is volatility in capital markets - reflective of rising interest rates amidst persistent inflation - impacting transaction activity and valuation estimates? What are the expectations for profitability and other key credit metrics for the rated issuers in the current environment?
- How might a recession change all this? What are our updated estimates of whether or not a recession will take place this year (or next)? And what canaries in the coal mine should we watch out for?
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SpeakersKeith Banhazl Managing Director, Head of Commercial Real Estate Finance Moody’s Ratings
Victor Calanog, PhD Head of CRE Economics Moody's Analytics
Kevin Fagan Senior Director, Head of CRE Economic Analysis Moody's
Robert Paratte EVP, Leasing & Business Development Kilroy Realty Corporation
Ranjini Venkatesan Vice President - Senior Credit Officer, US REITs, CFG Moody's Ratings
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Victor Calanog, Ph.D. CRE® is the Head of Commercial Real Estate Economics at Moody’s Analytics. He and his team of economists and analysts are responsible for the firm’s commercial real estate market forecasting, valuation, and portfolio analytics services.
Dr. Calanog's research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research.
Kevin is a senior director and Head of CRE Economic Analysis at Moody’s, responsible for research, thought leadership and strategic initiatives for the Moody's CRE group, with a focus on capital markets and climate risks. He’s the industry member chair of the Commercial Real Estate Finance Council ESG and Sustainability Initiative. He was formerly director of CRE and CMBS research in the Moody’s Investors Service. Prior to joining Moody’s, Kevin held CRE research roles at ING Clarion and Jones Lang LaSalle. He also practiced as a structural engineer, designing large scale commercial buildings in California. Kevin holds an MS from the Massachusetts Institute of Technology and a BS from the University of Texas at Austin.
Robert Paratte was appointed Executive Vice President, Leasing and Business Development for Kilroy Realty Corporation in January 2014 and is responsible for the company’s leasing and business development activities from Seattle to San Diego. Mr. Paratte also pursues new build-to-suit opportunities, cultivates and expands Kilroy’s roster of key tenant relationships, focuses on corporate marketing and branding, and assists in the professional development of all leasing personnel.
Across a two-decade plus career in commercial real estate, Mr. Paratte has held leadership roles in a variety of disciplines, including leasing, property acquisitions, development and property management. He joined Kilroy after seven years at Tishman Speyer where he was managing director for global leasing and business development. He was responsible for maintaining and building relationships with corporate real estate executives across the country and around the world. Additionally, Mr. Paratte was instrumental in securing some of the largest lease transactions in the firm’s development projects.
Prior to Tishman Speyer, Mr. Paratte was a partner at San Francisco-based William Wilson and Associates. Mr. Paratte was named the San Francisco Business Times Deal Maker of the Year in 2002. He holds a Bachelor of Science degree in Environmental Planning from the University of California, Davis and an MBA from the University of San Francisco. He is a licensed California Real Estate Broker and a member of the Urban Land Institute.
Ranjini Venkatesan is a VP Senior Credit Officer in the CRE-REIT team at Moody’s covering a portfolio of real estate investment trust (REIT) and real estate operating company (REOC) issuers. In addition, she is the sector specialist for office and data center REITs. Prior to joining the real estate finance team, Ranjini was a lead analyst in the Financial Institutions group at Moody’s focusing on financial guaranty and mortgage insurance companies. Before that, she was sellside equity research analyst at ABN Amro Asia.
Ranjini received her BSc. (Hons.) from University of Delhi, an MBA from Indian Institute of Management, Bangalore and a Master’s in International Affairs from Columbia University.