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Harry Norman, REALTORS® is excited to announce the appointment of Stan Baker as the new Vice President of Relocation and Business Development. With over 30 years of experience in expanding business and operational efficiencies, Baker brings a wealth of knowledge and a proven track record of success to the Harry Norman, REALTORS® leadership team.

In his new role, Baker will drive business growth through vertical and lateral business expansion initiatives and oversee the Corporate & Consumer Business Services (CCBS) group of experienced consultants who help individuals, corporations and relocation management companies with specialized relocation programs. His growth mindset and leadership will be instrumental in driving the company’s continued momentum. 

“We are thrilled to welcome Stan to our team,” said Jenni Bonura, Harry Norman, REALTORS® President and CEO. “His deep industry knowledge and proven ability to drive development make him the perfect fit for this role. We are confident that Stan will play a key role in our company’s future growth.”

Baker’s extensive career includes over 20 years in the relocation industry, where he consistently delivered outstanding results, driving exponential progress in sales and profitability. His expertise in transforming solid-performing business units into top performers is well recognized. Before transitioning to real estate, Baker served as President and part owner of a service provider to numerous Relocation Management companies, where he built an extensive network of key contacts that will undoubtedly be advantageous to the Harry Norman, REALTORS® organization. Baker’s career is marked by his operational excellence and leadership.

Most recently, Baker has been an agent at the Harry Norman, REALTORS® Collection at Forsyth office, where he demonstrated his exceptional skills in business development and customer relations. His appointment as Vice President of Relocation and Business Development marks a significant step forward for Harry Norman, REALTORS® as it continues to expand and innovate creating new opportunities for clients and agents.

Interviews are available upon request, and photography can be found here.

A new study from Bain & Company and KLAS Research shows US healthcare providers and payers are boosting their investment in AI, cybersecurity, and other IT areas to support innovation and improve operations. The survey of some 150 US healthcare provider and payer executives finds 75% have increased IT investments over the past year, a trend that is likely to continue. These are among the findings of Bain and KLAS in their 2024 Healthcare IT Spending study, released today.

“Payers and providers are continuing to place a premium on technology, a sentiment that has become increasingly true in the aftermath of the COVID-19 pandemic,” said Eric Berger, partner in Bain & Company’s Healthcare & Life Sciences and Private Equity practice. “While the focus on ROI has increased, we’re also finding these organizations are more inclined to experiment with technology, especially with advanced solutions, such as AI and natural language processing, to improve outcomes.”

“The need is there,” said Adam Gale, CEO of KLAS Research. “Providers and payers are making it clear that there are tremendous opportunities for vendors who are committed to providing innovative, secure, and reliable solutions that drive real outcomes and can show a real ROI.”

Where providers are investing
The study finds providers are focusing IT spending on IT infrastructure and services, such as cybersecurity, clinical workflow optimization, data platforms and interoperability, and revenue cycle management (RCM). IT infrastructure and services emerged as a top priority as providers seek to strengthen cybersecurity to mitigate the risk and impact of attacks and improve the integration of current IT applications. Efforts here have been amplified by the Change Healthcare incident, which highlighted the importance of robust cybersecurity measures. Cost management and electronic health records (EHR) integration and systems interoperability remain provider IT pain points.

Where payers are investing 
Payer organizations are prioritizing IT investments in care coordination and utilization management as well as in claims processing and payments. The study found payers are investing in provider payment tools, modernizing their core administrative processing system infrastructure, and purchasing more payment integrity solutions.

More than 65% of payers cite legacy technology as a key problem. Aging infrastructure limits scalability and flexibility; maintaining these systems imposes significant cost. While legacy tech has been a long-standing issue for payers, significant system modernization entails a multiyear effort and poses operational risk that many chief information officers are loath to assume.

Cybersecurity has emerged as an imperative for payers as well, with IT leaders citing cybersecurity as a reason for increased technology investment.

AI gains attention and adoption
AI technologies have made inroads across healthcare, with providers and payers exploring AI-supported solutions to enhance decision making, improve operational efficiency, and deliver care and engagement. Providers have made strides over the past year, with about 15% of providers in our survey saying they have an AI strategy today, a stark increased from just 5% in 2023. Roughly 25% of payers say they have an established AI strategy in 2024. A healthy majority of both types of organizations are optimistic about implementing generative AI. However, despite its potential, several barriers hinder more widespread adoption of AI. Providers and payers cite regulatory and legal considerations, cost, and accuracy as main hurdles to implementation.

A robust IT investment outlook
Amid diverse approaches to IT investment, healthcare providers and payers are doubling down on their commitment to investing in IT solutions, with a renewed focus on cybersecurity. Providers grapple with budget challenges and the need to integrate new solutions with EHRs and other suites. To address these obstacles, they are concentrating on solutions that offer clear, rapid ROI and that have proven integration. Payers are dealing with legacy tech stacks, many of which require significant spending and manual effort to maintain. Organizations hope to streamline their tech stacks and often favor existing vendors that offer cost-effective solutions with reliable cybersecurity.

CBRE has facilitated the sale of two apartment portfolios in Metro Atlanta, Georgia, totaling five properties and 1,234 units worth $159.7 million. Three of the apartment complexes were purchased by LRE Management LLC while the other two were bought by Greybrook.

Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb, and Kurt McGarry of CBRE Southeast Multifamily represented the seller, affiliates of Harbor Group International, LLC, in both transactions.

“While many institutions are taking a ‘wait and see’ approach, savvy entrepreneurial investors with plenty of capital to deploy are making good investments today,” said Kevin Geiger, Vice Chairman with CBRE in Atlanta. “Both LRE and Greybrook will be rewarded in the near term as rents and occupancies rebound in a relatively short period of time. Most everyone in the multi-housing industry has acknowledged that there will be a shortage of housing over the next five years – and certainly, the new owners of these five properties are going to experience great value appreciation.”

The largest of the two transactions involved LRE Management buying three properties with 778 total units for $102.5 million. The portfolio includes Peachtree Landing in Fairburn, Eastwood Village in Stockbridge, and Monterey Village in Jonesboro. The smaller transaction, executed by Greybrook, includes Meadow Springs and Meadow View, both in College Park. The two properties have 456 apartment units combined and were purchased for $57.2 million.

LRE Management is a leading real estate investment company with a focus on repositioning and renovating institutional-grade multifamily properties in the Sun Belt and Midwest regions. LRE has acquired over 6,600 units across 10 states, with a value exceeding $1 billion of real estate. LRE invests its own capital side-by-side with its network of family offices, ultra-high net worth investors and small- and mid-size institutions.

Greybrook, headquartered in Toronto, Canada, actively invests equity on behalf of individual and institutional investors in large-scale real estate developments and existing properties. Its growing North American real estate investment portfolio includes more than 70 million square feet of density with an estimated completion value of over $38 billion.

Many leading entrepreneurs have questioned the value of investing in an MBA if you want to run a successful start-up. But a recent survey conducted with members of the INSEAD community shows that going to business school can help ensure that any entrepreneurial scheme has a better chance of achieving greater impact and long-term success.

According to the INSEAD Alumni Entrepreneurship Report 2024, 73 percent of the INSEAD students and graduates surveyed embarked on entrepreneurial activities following their time at the global business school. More than 17 percent of INSEAD alumni ventures are large-scale organisations employing over 100 people. When INSEAD alumni take over existing firms, they achieve immediate results, with 30 percent achieving first-year growth of at least 11 percent.

Rather than stifle enterprising spirit, the report suggests that an MBA education inspires individuals to more actively pursue entrepreneurship. Respondents reported that 86 percent of their new ventures and 75 percent of corporate entrepreneurship efforts were initiated during or after their education at INSEAD. Additionally, two-thirds of INSEAD alumni have explored more than one venture, with each graduate founding an average of 3.5 ventures.

It is not only budding founders who recognise the value of an MBA – many experienced entrepreneurs see the need for additional tools and knowledge. Indeed, 43 percent of recent INSEAD graduates were already entrepreneurs before enrolling in the business school. This means they had prior experience of the challenges start-ups face and believed that an MBA education would enhance their skills, capabilities and knowledge to tackle these more effectively.

Professor Henrich Greve, Academic Director of the Rudolf and Valerie Maag INSEAD Centre for Entrepreneurship, said, “Our survey shows that INSEAD alumni are accomplished entrepreneurs across the board. They are forming new ventures and improving old ones. Through that, they’re creating growth, value and added employment both in their own ventures and in family businesses and traditional corporations.”

The survey revealed other salient insights, including a growing trend among recent INSEAD graduates of incorporating social missions into new ventures. A total of 33 percent of new ventures founded 1 to 15 years ago have a social mission, with an increasing focus on fields such as sustainability and healthcare. This compares to just 15 percent for such firms founded over 30 years ago. Although profit remains the core objective for most, this shift towards social entrepreneurship is significant.

Additionally, a quarter of respondents had engaged in business acquisitions, with most of these typically occurring post-graduation. Of these acquisitions, nearly half experienced revenue growth of 11 percent or greater in their first year of operation, while 80 percent are still active today, indicating a high success rate.

“These results really underscore the value of a business education in helping prepare entrepreneurs for the challenges and opportunities that they must face in today’s volatile world,” said Francisco Veloso, Dean of INSEAD. “Here at INSEAD, we believe it is our role to provide our students with the tools, instruments, understanding and knowledge needed to make that positive difference in society.”

Access the INSEAD Alumni Entrepreneurship Report 2024 and find out more in this INSEAD Knowledge article.

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The Georgia Department of Transportation (Georgia DOT) is seeking public comment on the updated Georgia Statewide and Metropolitan Administrative Modification and Amendment Process. The public comment period will be open to the public through September 15, 2024.

This process governs the provisions for revisions to the Statewide Transportation Improvement Program (STIP) and individual Metropolitan Planning Organization’s (MPO) Transportation Improvement Programs (TIP).

Georgia DOT and the Federal Highway Administration (FHWA) have met to agree to the language changes as well as the thresholds for triggering an amendment. Revisions include language changes throughout the process for additional clarity along with a change to the financial thresholds designed to address the rising project costs due to inflation, which trigger an amendment.

The comment period is currently open, and the public is encouraged to comment through September 15, 2024.  

While nearly half (49%) of U.S. manufacturers expect a recession to hit in 2025 and an overwhelming majority (84%) think it will happen within the next two years, most are overlooking straight-forward opportunities to lower their costs and drive profitability ahead of a down market, according to new research conducted and released today by CADDi. The proprietary research, which is based on a survey of more than 330 U.S. manufacturing professionals, reveals that manufacturers are making financial decisions based off incomplete information.

Sixty percent of procurement professionals have sourced a part at a higher cost than what they knew was possible because they didn’t have access to sufficient supplier data to negotiate effectively. The same percentage of respondents said they’ve missed an opportunity to consolidate suppliers and/or negotiate a volume discount because they didn’t have access to historical cost data associated with similar parts. Additionally, 71% of sales professionals have quoted or sold an unprofitable deal for their company because they didn’t have access to the historical engineering and procurement data they needed.

“American manufacturers are feeling pressure from every angle – the economy, talent shortage, rising competition from China and Mexico, and more. Our research indicates that data and collaboration issues are exacerbating the pressure. Internal teams can’t access the information they need to do their jobs and make smart and profitable decisions fast enough, which increases the stakes for manufacturers that don’t take steps to address the inefficiencies,” said Yushiro Kato, CEO of CADDi.

CADDi’s research – The American Manufacturing Pressure and Productivity Index – explores manufacturers’ top priorities and pressures and the productivity killers that threaten their success. Key findings include:

• Talent challenges remain top pressure drivers, including a lack of access to skilled labor (56%) and equipping current employees to step into strategic roles (50%).

• Speed to market – which 23% of manufacturers say is a 2025 priority – is at risk. Seventy-seven percent of procurement professionals say that every few projects they need to find a new part, product or supplier because the one they found didn’t meet engineering’s specifications.

• A “Great Experience Exit” is on the Horizon. Nearly three-quarters of senior executives expect to retire within the next decade. Sixty-eight percent believe at least half of their institutional knowledge will be lost forever when they retire. 

• Manufacturers fear they aren’t transforming fast enough to survive (27%). Forty-five percent of senior management leaders cite digitally transforming their operations as a top business pressure.

• Pressure persists to onshore manufacturing. Navigating political demands to bring more production onshore (51%) was cited as a top three pressure point.

Pervasive Data Issues Undermine Productivity and Competitiveness
Sales, procurement and engineering teams generally spend at least 25-50% of their workdays tracking down critical information to do their jobs and ensuring the accuracy of this information.
When asked about their biggest frustrations, inadequate documentation (73%) – missing part numbers, dimensions, and material properties – topped the list for procurement. Sales professionals cited long quotation processes due to needing to track down relevant information (67%) and poor collaboration and communication with procurement and engineering that leads to delays and misunderstandings (33%).

“The consensus across the procurement, engineering and sales professionals we surveyed was that leveraging AI and having easy access to data from past projects would enable them to design better products faster, negotiate with suppliers to secure volume discounts, and speed up the quoting process to win new business. Enabling talent to perform in these areas is key to ensuring the organization’s competitiveness and long-term viability,” added Kato.

Access the full report to dive deeper into the state of manufacturing pressure and productivity.

 Quarterra Multifamily, a subsidiary of Lennar Corporation and a multifamily apartment developer, property manager, and asset manager, today announced construction on Emblem Mill Road, an attainably priced community located in McDonough, Georgia, southeast of Atlanta.

Emblem Mill Road is a 324-home, three-story garden-style community with a complete amenities package, excellent accessibility, and convenient proximity to essential retail and dining, schools and regional attractions. Mill Road is the latest addition to Quarterra’s Emblem portfolio and its third Emblem community in the Atlanta market. Nationwide, Quarterra has delivered 8 Emblem communities to date, with more than 20 currently in the pipeline.

“Emblem Mill Road is Quarterra’s latest response to a clear need for more attainable, high-quality housing in the Atlanta Metro Area to address the housing needs of the missing middle demographic,” said Doug Bober, Senior Managing Director – Product and Operations with Quarterra. “As an Emblem community, Mill Road is following a proven development blueprint that meets modern renter preferences, offers high-end amenities and delivers an exceptional living experience. Our Emblem product also emphasizes location, and Mill Road’s positioning will provide its residents with ideal regional connectivity.”

Quarterra created the Emblem program to help address the national shortage in supply of attainable rental housing for middle-income residents.

Tapping into parent-company Lennar’s proven scalable construction capabilities, Emblem property development deploys a programmatic approach that utilizes consistent high-end interior finishes from one Emblem community to the next. Amenity designs and property features such as social rooms and fitness centers also follow a consistent prototype.

“Partnering with Lennar on the construction of Emblem communities going forward enables us to focus on simplification and standardization to lower costs and improve delivery schedule,” said Bober. “We are now positioned to deliver Emblem developments, and critical housing, to the market within an expedited time frame.”

Situated at 243 Mill Road, Emblem Mill Road will be at the center of McDonough’s main retail and dining district, with staples like Henry Marketplace, Target, Sam’s Club and Home Depot, as well as several major chain restaurants, within easy reach. Entertainment destinations including Urban Air Trampoline and Adventure Park, Sky Zone Trampoline Park, Dave & Buster’s are also just blocks away, while Atlanta Motor Speedway is a short drive to the west. Outdoor enthusiasts can take advantage of the opportunities at nearby Panola Mountain State Park and Cubihatcha Outdoor Education Center.

MarketNsight is a leading real estate data and analysis provider across the Southeast and tracks pending sales weekly to identify the latest housing trends faster than anyone else. Most recent data confirms that the prolonged period of elevated mortgage rates post-pandemic has created a new normal in the housing market. 

Sales are down 20% from 2019. The missing 20% is made up of either discretionary buyers – who do not have to move – or potential buyers who cannot qualify at today’s mortgage rates. The 80% still buying are either cash buyers or non-discretionary buyers who are moving for a job, death, birth or other life circumstances. 

“The missing 20% will not come back as long as rates remain above 6%,” said John Hunt, Principal and Chief Analyst at MarketNsight. 

With that in mind, MarketNsight compared 2024 to 2023. Viewing the overall pending sales trend, homebuyers are increasingly overcoming interest rate sticker shock and entering the market. Since hitting a bottom in November 2022, year-to-year pending sales have improved and are back in positive territory for the first time since the second week of June 2022, when interest rates first went over the Sensitivity Threshold of 5.25.       

“This was reflected in our June MarketWatch webinar poll with over 1,300 builders, developers, bankers, realtors, and other housing industry professionals in attendance. 78% of respondents said that their sales from January to May 2024 were just as good or better than the same period in 2023,” states Hunt.

To date, in 2024, pending sales are up 2%, or basically flat.

Supply and Demand

Total inventory at the midpoint of July 2024 is up 5% over June 2024 and 60% over July 2023. The additional inventory is badly needed, but Atlanta is still a long way from reaching equilibrium at six months of supply (MOS).

As of mid-July, the Greater Atlanta metro area has 3.4 months of supply. After four-and-a-half years, inventory is returning to pre-pandemic months of supply. Actual inventory is still 20% lower than pre-pandemic levels, but this return to familiar territory is a positive sign for the market’s stability. Atlanta needs an additional 34,000 units of inventory annually to get back to equilibrium. 

“With some additional supply from the resale side, we have chipped away at the housing deficit in the first half of 2024. However, we are still well below the equilibrium of 6 MOS, and the ultimate goal is a housing deficit of zero,” commented Hunt. The last time we were at equilibrium was in August 2012.       

If rate cuts begin in September, MarketNsight anticipates interest rates will moderate slowly throughout the balance of 2024 and through 2025. 

“This is actually a good thing because if rates were to drop dramatically, and the 20% of potential buyers on the sidelines jumped back in, there is not enough capacity to satisfy the demand. The result would be a drain on already-low inventory and a return to sharp price increases,” comments Hunt.

What About Price?

July 2024 prices are up 10% year over year. For the year to date, prices are up 9% over 2023. This is nearly double the 50-year average annual home price appreciation of 4.6%. 

The average price in Atlanta hit a record high of $540,000. July 2024 prices are up 26% over July 2021, up 52% over July 2020, and up 65% over July 2019. As long as new and resale inventory remains constrained, upward pressure on prices will continue.

The City of Atlanta Mayor’s Office of Technology and Innovation, in collaboration with the Atlanta Collegiate Entrepreneurship Syndicate (ACES), will host Avant South—the city’s groundbreaking event designed to foster innovation, entrepreneurship and technological advancement. The event will take place on Monday, October 7, 2024, at the Exhibition Hall on Georgia Tech’s campus with television host and producer Maria Taylor as the keynote speaker.

Avant South is a key initiative in the City of Atlanta’s ambitious goal to position itself as one of the top five technology and entrepreneurial hubs in the nation. With a focus on empowering the next generation of innovators, the event is designed to inspire and connect students, faculty, entrepreneurs and industry professionals.

“In Atlanta, we understand the importance of community and equity in innovation. To fuel Atlanta’s rise to a top five technology hub, events like this are crucial to scaling our technology infrastructure and creating a network of incubators, accelerators and financial backers to grow and keep our own talent right here at home,” said Mayor Andre Dickens.

Participants can choose from four focused tracks featuring leading innovators in media and entertainment, sports, digital arts and entrepreneurship. Sessions and panels will provide insights into the future of these industries and explore the impact and potential of rapidly advancing technologies. The event will also include an immersive Innovation Showcase, where attendees can engage with cutting-edge products and technologies.

“As the City’s first Senior Technology Advisor, I am proud to help bring this event to Atlanta and connect our technology workforce with like-minded professionals and creatives,” said Donald Beamer. “We hope attendees will come and experience some of what makes Atlanta a great place to build and thrive with the abundance of talent and brilliance across our colleges.”

Avant South will feature a stellar lineup of industry leaders who are driving innovation and shaping the future, including Julie Ann Crommett, president of Collective Moxie; Brennen Dicker, executive director of CMII at Georgia State University; Fonz Morris, Lead Product Designer at Netflix; Ken Durand, director at Boomtown Accelerators; Abe Geiger, chief product officer at U.S. Soccer; Erik Gordon, vice president of Corporate Relations at FilmHedge; Todd Harris, CEO of Skillshot Media and Ghost Gaming; Craig King, CEO and co-founder of Rap Plug; Albert Dankwa, content program manager at Xbox; Albert Ng, CEO of Misapplied Sciences; Frank Patterson, President of Trilith Studios; Julie Straw, executive director of RE:IMAGINE; and Lee Thomas, deputy commissioner of the Georgia Film Office.

ACES is a coalition of prestigious Atlanta institutions, including Clark Atlanta University, Emory University, Georgia State University, the Georgia Institute of Technology, Morehouse College, Morehouse School of Medicine and Spelman College. The partnership plays a critical role in cultivating a collaborative environment that strengthens Atlanta’s entrepreneurial ecosystem.

The event underscores Atlanta’s dedication to becoming a global leader in tech and innovation, and the community is invited to join in this transformative experience. Tickets are $35 and can be purchased by visiting avantsouth.com.