The following is an excerpt from GlobeSt.com, where NAI Global CEO Jay Olshonsky says ignore Tech at your peril. The entire article is available here.
NEW YORK CITY—Quick! Who invests in Hightower? How about VTS? Don’t know? You might be cruisin’ for a technological bruisin’. That’s the warning coming from NAI Global CEO Jay Olshonsky (without the cool ’50s homage).
Olshonsky, one of the speakers at CCIM’s upcoming CCIM Thrive conference in Atlanta, says that brokers today need not necessarily be linked in to every software program on the market—the cost, in fact, to do so would be prohibitive.
But, “You can’t ignore it,” he says. “You have to be curious. At some level, if you don’t understand technology, you don’t understand the need for such applications as data centers that support the cloud.”
NAI DESCO is pleased to present our mid-year market overview videos and reports. View each short video – just the right length to fill you in on the latest commercial real estate trends – then download the report for an in-depth look at each submarket.
Click here for links to the videos and reports.
And stay tuned for more videos each quarter.
Carl Conceller, principal of NAI DESCO, was a featured panelist on the St. Louis Business Journal’s Commercial Real Estate Table of Experts this past Friday. Click HERE to download the article and learn more about the state of the St. Louis Commercial Real Estate Market.
By John Sheahan, NAI DESCO
Most businesses are only as good as their people. But in the case of commercial real estate (CRE), the importance of people rises exponentially. Which explains why at NAI DESCO, we take great strides to recruit, develop, inspire and retain the top talent in the business.
Commercial real estate (CRE) in St. Louis may be heating up. But whether markets are moving up, down or sideways, one thing a CRE firm can be sure of is that the war for talent never ends. So in this or any other market, we remain laser-focused on talent. Some of the key elements in our people strategies include:
Understand this: the best people are always in play. The NAI DESCO team is among the best in the business. But that also means, our best people are always susceptible to being poached. Nowhere does the 80:20 rule hold more certain than in CRE: 80% of the business getting done stems from just 20% of the brokers. Which also means, whether times are good or bad, revenue producers – the most successful brokers – are always in demand. Consequently, we continuously assess the satisfaction levels and therefore motivation levels of our best people: focusing on their needs so they’ll be completely aligned with our clients’ needs.
More often than not, it pays to be direct. We ask “how’s it going?” and find out whether or not the staffer has any issues that aren’t being addressed, or needs that aren’t being met. Often, simply demonstrating interest and that we care can make the difference between a happy, market- and client-focused broker and someone more open to the idea of changing firms.
Be flexible. . . Employee satisfaction – and thus resistance to poaching – can be supercharged by accommodation. We start with work/life balance, allowing our best people or recruiting prospects greater flexibility in making their own hours or working from a home office Some may want to come into the office only once or twice a week and others only when needed in-person. So long as the clients are happy, we’re happy. The point is, with today’s technologies and 24/7/365 access by smartphone, tablet or internet, top producers can still get business done wherever they need. So flexibility – a focus on clients and not office face time — becomes a powerful tool for both retention and recruitment.
. . . but in fact, yes, it is [always] about the money. We sometimes hear it said, “no, it’s not about the money”. But the truth is, in CRE, it’s almost always about the money. While flexibility, work/life balance, strong working relationships and imparting a sense of ”feeling valued” are important, ultimately, top producers expect to be well compensated. The truth is, when any of our team members are providing value to our clients, that makes these producers more valuable to us as well. So in essence, the more value our brokers create for our clients, the greater we reward them for their efforts.
Provide the tools, training and mentoring. Whether it’s a new recruit or one of our seasoned veterans, we work hard to provide our team with the best tools and training in the business. New hire or old, one of our favorite tools is two-way mentoring. This way, our grayer executives share market, relationship and negotiation strategies with our newer members who in return share their tech, social media and related insights. Note that the latter is just as critical as the former, as technology is revolutionizing CRE. Consequently, we make sure our people are well-wired with access to the right data and the latest devices and applications.
Take a chance or two. . . It’s a certainty: you will miss 100% of the shots you don’t take. Put another way, it’s okay to fail, and it’s likely that a certain percentage of new hires won’t work out. But the critical point is that some will, and the only way to find out which ones is to take some chances. In fact, some of our best hires have been among what we initially felt were among our riskiest.
. . .but know how to end it. Within three to six months, an attentive management team should have a good idea of whether a new hire is working out or foundering. When it’s not going to work, we like to say ‘no problem, it was worth a try, it just wasn’t a good fit’ – and part as friends. This industry has big ears and a long memory, so maintaining good relationships with employees past and present, and a good reputation for treating people fairly and with respect is essential.
Never stop. For NAI DESCO recruitment, development and retention are an always on, never off commitment. Talent is the lifeblood of our firm. We work relentlessly to keep our best people focused on our client’s needs. But at the same time, we also recognize that potentially the best broker in our firm’s history may be just about to graduate from college. The only way to ensure we are always on our game is to focus acutely and continuously on retention and recruitment. So for us, in markets good, bad or in-between: the focus on talent is never-ending.
SAINT LOUIS, MO – NAI DESCO represented parties in the following commercial real estate transactions:
• KSGMGP Development in the investment purchase of a 38,394 SF industrial building at 9779-9781 Green Park Industrial in Green Park from PanCal Green Park 219, LLC.
• Wright City Warehouses, LLC in the investment purchase of five buildings totaling 436,625 square feet of industrial space at 305 E. South First St in Wright City from Manchester Investors VIII, LLC.
• Paraquad 5240, Inc in the lease of 4,372 square feet of office space at 5200 Oakland Ave to Logan University.
Congrats to Louie’s Wine Dive on it’s new Downtown Clayton location, which opened Saturday, June 4th! Josh Hibbits of NAI DESCO represented Louie’s in the deal at 16 S. Bemiston Ave (the former Tani Sushi).
Louie’s offers a fun & diverse menu, and generous policy of offering to open any bottle on the menu with a two glass commitment from the diners. The bottle is then listed on a chalkboard, giving everyone else the opportunity to try something new! To learn more about Louie’s and check out their menu visit their website: http://louieswinedive.com/
NAI DESCO represented parties in the following commercial real estate transactions:
• LC Investment, Inc. in the lease of 1,799 square feet of retail space at 14784 Manchester Rd in Ballwin to Dr. Bethany Barnes doing business as Live Well Be Well. Noel Fehr of NAI DESCO represented the Landlord.
• GMC Investment Company in the lease of 2,000 SF of industrial space at 759 Spirit of St. Louis Blvd in Chesterfield to The Reilly Group. Bob Staniforth of NAI DESCO represented the Landlord.
• GMC Investment Company in the lease of 2,000 SF of industrial space at 757 Spirit of St. Louis Blvd in Chesterfield to MO Restaurant Solutions, LLC. Bob Staniforth of NAI DESCO represented the Landlord.
NAI DESCO is pleased to present our first market overview videos. Each video is approx. 1 min and 45 seconds long – just the right length to fill you in on the latest commercial real estate trends.
Click here to watch our industry experts discuss the state of St. Louis’ industrial, retail and office/development markets in the first quarter of 2016.
And stay tuned for more videos each quarter.
NEW YORK, NY – May 3, 2016 – NAI Global, a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific, today announced that C-III Realty Services, an institutional commercial real estate capital markets firm, has been combined with the operations of NAI Global.
Through this combination, C-III Realty Services will become NAI Global Capital Markets and will include a growing team of 25 capital markets professionals in New York, Dallas and Nashville, who will work very closely with NAI Global’s 6,700 professionals around the globe.
“By combining C-III Realty Services’ experienced institutional capital markets team with NAI Global’s deep local market expertise and coverage, we have made NAI Global a far more powerful, seamless commercial real estate services provider able to meet the needs of the country’s largest institutional owners of commercial real estate,” said Geoffrey Woodward, Chairman of NAI Global.
“This combination is another step in our long-standing strategic objective to scale NAI Global and enhance our stature as an industry leader,” said Jay Olshonsky, SIOR, FRICS, and President of NAI Global. “We are now even more strongly positioned to compete head-on in both size and full-service capabilities with the largest firms in commercial real estate services.”
Inclusive of C-III Realty Services, NAI Global will have completed more than 2,000 investment sales transactions, totaling approximately $16 billion, over the last 5 years.
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific. The firm manages over 380 million square feet of property on behalf of its
clients, globally. The NAI Global Capital Markets Group serves the largest institutional owners of and investors in commercial real estate.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
Download Press Release here.
People say, “But if the euro breaks, it will be painful.” What they miss is that its existence is even more painful. Of course, ending a 16-year (and running) fantasyturned-nightmare will be painful. But making it a 20- or 25-year fantasy will only make it a larger problem, and assure more years of deepening anguish. If you believe in markets at all, you want the euro to fail, and fail soon!
In addition to the complete ineffectiveness of the Maastricht Treaty’s fiscal constraints, when in the early 2000s Germany and Scandinavian countries introduced major market reforms that massively improved their competitiveness relative to other Euroland members, the euro’s fixed exchange rate regime was rendered hopeless. In the eyes of Europe’s almost uniformly left-leaning bureaucrats, the real villain is Germany for adopting the serious market reforms that improved its competitiveness. Damn those Germans for giving into market pressures to be competitive! In a flexible exchange rate system, fundamental German market reforms would have resulted in a 20-40% increase in the value of the Deutsche Mark versus other currencies. But as Euroland exchange rates remained fixed at their original terms of trade, Germany’s currency could not appreciate. Instead Germany benefitted both from fundamental market reforms and an artificially low exchange rate. This excessively cheap German exchange rate handicapped nations with currencies that could not depreciate. To put a simple face on matters, it made Volkswagens too cheap for Greeks, and made Greek vacations too expensive for Germans. This caused money to flow from Greece to Germany (and in general from the south to the north), with no need for this money to flow back. Thus, unlike the case of U.S. dollars flowing
to China (i.e., we buy shoes, etc. made in China) as a trade deficit, necessarily returning to the U.S. (i.e., China buys U.S. bonds) as a capital surplus, once euros arrive in Germany they do not flow back to Greece, as the euro can be invested anywhere in Euroland. Read full white paper here.