BOMA San Francisco Members:
At the BOMA 2010 International Conference, attendees were able to listen in to top market leaders in commercial real estate for a panel discussion on the 'new normal' for the industry. The panel was moderated by Kurt Padavano, COO of Advance Realty Group.
Panelists (from left to right):
- James W. Arce
- Executive Managing Director, Client Solutions
- Cushman & Wakefield of California, Inc., San Francisco, CA
- Sandra L. Boyle, CPM, LEED AP
- Executive Vice President, Development and Project Management
- Glenborough LLC, San Mateo, CA
- Mike Kent
- U.S. President, Real Estate Management Services
- Colliers International, Los Angeles, CA
- David C. Sears
- Managing Director
- JP Morgan Asset Services, Log Angeles, CA
Click here for the panelist's bios.
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Key Points from the Discussion:
- In 2000, the commercial real estate (CRE) downturn was caused by an oversupply of office space; the current CRE downturn is being driven by global capital markets
- Banks are playing a more active role in CRE
- Questions for CRE professionals to think about:
- How do CRE professionals manage to their expectations?
- What are the goals and objectives of lending institutions?
- The real challenge: Where is the growth going to come from?
- At this point, no one knows when or how the industry will emerge out of the recession
- What's driving the CRE market?
- Healthcare
- Biotech
- Also, adaptive reuse of existing spaces
- How can CRE professionals retain and attract new tenants?
- Focus on sustainability as this attracts tenants
- Its on all the corporate checklists
- Create value and learn from your existing tenant base
- For BOMA Members, the 'new normal' requires reducing the expense side of the equation
- Back to basics
- Working with Associate members to reduce costs
- Capitalize on the high level of collaboration in the industry
- It's important to self-educate and work will all CRE professionals (e.g., property managers, brokers, asset managers, etc)
- What skill sets are required to weather the current industry downturn?
- Deploying team empowerment
- Be there for feedback and encouragement
- CRE professionals need to take the lead and be proactive with regard to their client's strategies
- Asset management
- Understanding the bottom line and strategies to help improve this number for investors
- Property managers are now viewed to be COO/CFOs of a small company
- Need to know every aspect of their asset including the financials
- Important to think beyond the day-to-day duties of property management and understand how a building operates at all levels
- Property Managers are now Enterprise Managers
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