As Millennials enter the field and Baby Boomers exit, there has been a natural shift in methods of operations in the commercial real estate industry. In Part 1 of a two-part story, GlobeSt.com spoke with industry experts Lanie Rea, director of research for Stan Johnson Co.; John Combs, principal at RiverRock Real Estate Group; Michael McLean, portfolio manager for PM Realty Group; Chris Pesek, director of integrated facilities management for Jones Lang LaSalle; and David Endelman, managing director for Savills Studley’s strategic portfolio solutions team, about how commercial real estate is adjusting, and where they see it heading. Part 2 will appear at a later date.
GlobeSt.com: How is the industry changing as younger, more tech-savvy Millennials enter the field and the Baby Boomers begin to exit it?
Endelman: I am definitely seeing increased adoption of sophisticated data analytics into the CRE decision-making process. Tools long ag embraced by other industries and business functions are now considered by the world’s leading real estate departments as critical to their process. While some old guard may be biased toward more touch and feel or gut projections of supply/demand, professionals at Savills Studley and elsewhere—both young and old—are adding data-analytics experts to their sales and execution teams.Not Your Grandfather’s Industry, Part 1
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