The shifting demographics of the commercial real estate industry from Baby Boomers to Millennials is having a profound impact on the way the industry itself is run. In Part 2 of a two-part analysis (click here for Part 1), GlobeSt.com speaks with more industry experts, including Erin Curry, EVP of operations for Xceligent; Robert Sevim, executive managing director of Savills Studley; and Jana Turner and Kent Elliott, principals with RETS Associates, about how CRE is adjusting to these shifts in personnel and where they see the industry heading.
GlobeSt.com: How is the industry changing as younger, more tech-savvy Millennials enter the field and the Baby Boomers begin to exit it?
Sevim: As the older guard leaves, there is going to be an increasing need for Millennials to distinguish themselves based upon their ability to deliver service more successfully. The end user is going to be the beneficiary of this. Basic information will be more readily available, but to go from collecting data to interpreting data so it becomes information, then insight, then sound advice--that’s where you’re going to see people distinguish themselves. The bar is going to be raised for good advice, and the tenants will get good customized information to help them make good decisions about their real estate. The notion of what constitutes a really effective CRE person will be based on their ability to deliver at the highest levels of service, hard work, understanding of human relationships and trust as well as their ability to understand how to dissect data and information around financial decisions. Select professionals will be able to deliver both at high levels, but it will be necessary to be effective at both in order to be competitive.Not Your Grandfather’s Industry, Part 2
Related StoriesLaw Firm Employment and Space Trends
New York City Office Sector Report (Q3 2014)