Why Washington DC? Julian A. Josephs, FRICS FIABCI World President

International Real Estate in the ‘ 70’s The US Nation’s Capital had the right ingredients A height limitation Restricted and enforced zoning A growing transportation system An expanding national and local government Suburbs where people wanted to live & work An international presence

Who were the first foreign investors? The Dutch pension funds & developers The Brits The Germans The Japanese Since then: the Australians, then the Canadians The Sovereign Wealth Funds The International Funds The REITS

Sectors Originally Office-Development before Investment-Medium range before larger Larger, more modern office investments National developers using international money Retail, Multifamily and Industrial followed For a long time the most sought after real estate market in the US

Trends The Golden Triangle spread East In the 90’s it went as far as the US Capitol In the 21 st Century it has spread east & north Multifamily has taken hold within urban Washington DC The first time job seekers want to live a walk or a bike ride away from their jobs Urban retail and living rules

The Employers The US Government Local government Government contractors Lobbyists The international bodies (World Bank, IMF etc The embassies and consulates The top 500 firms The inversities

The Area Universities Georgetown George Washington Johns Hopkins American Maryland Virginia George Mason Catholic UDC

My Path London, Brussels, Paris, New York, Chicago, DC Leasing, Advisory, Development, Investment Office, Retail and Urban Focus FIABCI, ICSC, AFIRE, GHF MIPIM, EXPO REAL, MAPIC Education, Carey/JHU and GU Investing $100 Million in another country Mentoring 1,000 graduates of my course

My properties Leasing 2 Bank buildings for JLW in Brussels Leasing for Hamptons 8 office properties in Paris Raising equity for 4 developments in metro DC Raising money, structuring and overseeing developments of 5 office buildings in central DC Developing 6 retail properties in close in DC suburbs with JV partners Seed Investing with my students

Washington DC A very international city Good schools, private as well as public Excellent transportation A growing urban city Has great appeal for overseas investors Gives tremendous opportunities DC’s growth has enabled my success