Boardrooms to Bedrooms

“Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions” In the past several years, urban landscapes have been undergoing a transformation as the demand for housing grows exponentially. As cities become more crowded, developers and urban planners are turning to innovative solutions to address the mounting housing crisis.  One particularly creative solution gaining traction is the repurposing of commercial office spaces into residential units.  With advancements in remote work and flexible work arrangements, the need for traditional office spaces has diminished, leading to an abundance of vacant or underutilized commercial properties. Repurposing these spaces into residential units creates a unique opportunity for many investors and landlords, while revitalizing urban areas. There are, however, several challenges and ripple effects from this method.…

CRE Can’t Keep Up with Electric Vehicles

As the global shift towards sustainability gains momentum, the rising popularity of electric vehicles (EVs) is reshaping the way businesses approach real estate. Booming demand for EV charging stations, eco-friendly infrastructure, and proximity to charging hubs is redefining property values and construction considerations. Is the CRE industry ready to keep up? Tapping Into the Grid As the popularity of electric vehicles continues to soar, the demand for charging stations is growing rapidly. In order to meet this demand, commercial real estate developers must consider if and how they will integrate EV charging stations into their properties. These charging stations are often strategically placed in parking areas of commercial buildings and shopping centers, and can serve as a compelling selling point for potential tenants.  One drawback of installing chargers, however, is…

Are You a Lifelong Learner in the CRE Industry?

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” - Henry Ford In the dynamic world of commercial real estate, lifelong learning and continued education hold paramount importance. As market trends, regulations, and technologies evolve, professionals must stay on top of the latest industry knowledge and skills to remain competitive and deliver exceptional value to clients. Continuous learning fosters adaptability, innovation, and expertise, positioning individuals for success in this ever-changing landscape. So what are some options for you to continue your mastery of CRE? Here are a few affiliations and courses that provide premier training for everyone from new brokers to seasoned veterans. CCIM:  CCIM provides a wide range of opportunities for individuals involved in commercial investment management. These include online educational…

The Virtual Frontier Will Reshape Commercial Real Estate

In the evolving world of commercial real estate (CRE), the notion of traditional in-person brick and mortar experiences is being challenged. Technological advancements and shifting post-pandemic demands are reshaping the landscape of CRE brokerage. Within this landscape, Virtual Reality (VR) has emerged, making waves in the industry and opening up new possibilities for the future of modern brokerage. There are three key aspects of the CRE space that are poised for significant change due to VR: Enhanced Property Tours Brokers and owners can provide immersive and interactive property tours, enabling potential buyers or tenants to explore properties without physically visiting them. Stronger Design and Visualization  Revolutionize the design and visualization process for commercial real estate projects. Architects, developers, and designers can create virtual models of buildings and spaces, allowing stakeholders…

Is Commercial Real Estate Going Green?

In a world increasingly focused on combating climate change, real estate emerges as a hidden superpower. Within the industry there are seemingly endless opportunities for sustainable development, energy-efficient buildings, and green infrastructure. The CRE industry provides a unique opportunity to make a tangible impact and create a greener, more sustainable future. Three key issues are driving investor demand for “green” buildings: Global support for sustainability efforts - Many major cities are taking note of the impact of carbon emissions and have begun engaging in stricter approaches to property owners. Tenants are increasingly willing to align their values with their workspace - More and more tenants are willing to pay a premium to match with corporate commitment for carbon neutrality.  Capital is being rerouted to sustainable projects - As businesses continue…

Leveraging AI in Commercial Real Estate

With AI's rapid advancements and its potential to transform various sectors, it's no surprise that CRE brokers are also leveraging this technology to enhance their operations, improve decision-making, and drive business growth. With nearly $5.4 billion being invested into improving AI technologies in 2023, there will undoubtedly be a day when AI updates several functions within the CRE industry. For many reasons the CRE space is in a fantastic position to leverage AI and automation technologies to increase productivity, reduce costs, and minimize errors.  In the coming years, the largest areas for implementation of AI technologies will be: Marketing and Sales What this looks like: utilizing data-driven insights for targeted lead generation, personalized marketing campaigns, predictive analytics for property valuations. Financial Modeling What this looks like: using machine learning algorithms…

Real Estate Trends in 2023

I recently read an article on PwC's website about emerging trends in real estate. You can find the full article below, but I wanted to note a few key takeaways.  Take the long view - Current market conditions aren’t enough. Real estate companies must consider future trends and potential shifts in the industry. One example in the article is how the rise of remote work will have a significant impact on residential real estate, as more and more people look for homes that can accommodate a home office. Remote and hybrid work is here to stay - Real estate developers and investors need to start adapting to this new reality. From building more homes with dedicated workspaces, to offering flexible lease options for businesses, real estate companies need to be…

A Look Back to 2022

As we are now 5 months into 2023, I thought it was appropriate to look back to the end of 2022 and see what the experts were saying then. It's interesting to me to analyze what predictions have come to fruition and what haven't. As I read through the below article on the commercial real estate outlook for 2023, several key predictions stood out to me. The market is turning - Real estate leaders (especially at the large corporations) are concerned about the impact the changing market may have on deal flow and revenue numbers. We have seen the large companies cut costs. Remote work and employee retention are top of mind - The future of the office asset class has continued to be uncertain, as the remote work trend…

The Discipline of Following Up

Many consider cold calling the lifeblood of any successful sales development and outreach strategy. But that initial outreach and conversation are meant only to serve as the building blocks of an ongoing business relationship. The practice of following up cements your reputation as attentive and dedicated. By following up on those initial cold calls, you make the prospective client feel valued and pursued individually.  So how do we achieve a level of following up that differentiates us?  Follow Ryan Serhants 3 F’s: Follow Up, Follow Through, Follow Back Follow up: Assume no one will reach out to you. Treat it as your job to maintain the relationship moving forward.  Follow Through: If you say you will, you must. Follow Back: Always remain in touch with your past clients. Block time…

Consolidation in PropTech

In the below article, PropTech (aka property technology) CEOs, venture capitalists, and others in the space share what they foresee for the industry in 2023. Their answers ranged from a dip in investments to increased mergers, and more.   Here are a few of our takeaways and what we see coming in 2023. Companies raising the most money are also the ones consolidating their operations. This is because there is little to no money available to fund negative cash-flow business. These companies are having to focus on streamlining their operations and becoming more efficient to stay afloat.  Simplicity is key. With so many proptech companies competing for a limited pool of funding, those that can offer solutions that are easy to use and provide quick and visible results are likely to…