Throughout 2020, our main focus has been remaining connected with our partners in the Commercial Real Estate community. While talking with our partners, several common questions kept arising – “So, what are other brokers doing right now? Are they working, back in their offices?”
One thing for certain, we are all missing the luxury of in-person networking!
Last month we sat down with several key players in the CRE industry, from Los Angeles – to Vegas – to Atlanta. Michael Arnold, of NAI Capital, lead the conversation and brought several key insights to the table. The topic encompassed Remaining Successful in a Pandemic Market. Below are some highlights of the conversation.
Consider yourself a full-service consultant!
“Having passion and caring about what you do and the people you work with goes a long way.” This is the biggest reason Arnold says he has been successful during the Pandemic. When you rep a company, there is always opportunity in several components of the real estate transaction where you can elevate your game. You do not have to be the expert in all things – outsource! Gather a team of specialists that you can recommend to your clients as needed. Make sure vendors are vetted and have two to three vendors you can recommend in each sector.
Create a mutually beneficial relationship with vendors. They want to make you look good and make your job easier. Consider adding a relocation specialist and telecom concierge to your team.
Tenant Telecom Advisors – Nationwide – partners with commercial real estate brokers, building owners, property managers, developers, and IT professionals to deliver a competitive edge. Whether you are looking to market your properties, close more leases or bring added value to your clients, Tenant Telecom Advisors have the services, tools and relationships you need, all at the very low cost of absolutely free.
They provide their services free to all tenants, helping small to midsize business select the best voice and internet services to meet their needs. They offer the lowest prices, guaranteed, and provide excellent customer service from move-in through the life of their service contracts.
Relocation Strategies – West Coast Market – has expertise in coordinating and managing relocations of large and small offices, as well as large corporate locations, manufacturing and production facilities, research and technical laboratories, medical clinics, and more. They guarantee a smooth, efficient, and stress-free relocation. Their industry knowledge and strategic partnerships allow them to offer their clients an a la carte menu of services with the best rates possible and the most talented relocation vendors available.
Not all markets are treated equally
The Las Vegas office space market altogether totals 53 million sq ft, compared to West LA alone at 55 million sq ft. yet the Las Vegas market is outperforming LA; a perfect example of why we cannot compare one market to another. Natalie Wainwright, one of three tenant reps in Vegas, is taking her market by storm. She continues to make great use of her social media platforms and this has not gone unnoticed. Many are attributing her success to her commitment to social media. Wainwright discussed that many businesses are relocating from Cali to Vegas to avoid high rents, and surprisingly, these companies aren’t asking for free rent and tenant improvement dollars. This differs drastically from what brokers are seeing in LA. While there is an activity in LA, it’s nowhere near what it was before the pandemic. A large disconnect can be found between what landlords and tenants want to pay in the Los Angeles Market.
You know what assuming does…
Several months ago, many were thinking, “This is great, everyone can work from home! Woo!” As the month’s pass, several companies have begun to realize – productivity is down and they want people back in the office.
Rent, being the second-highest line item on a balance sheet (second only to a company’s salary) has many companies caught in a dilemma; they want to downsize to reduce their footprint and save dollars during these hard times; only to realize similar square footage will be needed for social distancing when returning to the office.
What about co-working space? This sector of the market has been a hot topic in recent months. Will companies want to move to a co-working environment when they won’t know who is safe and who is not? It can be said that this subject brings many different opinions to the table.
Arnold pointed out that large companies such as Google and Apple are currently developing space set to open in the Los Angeles market in 2021, and we can’t help but ask ourselves, “Will these large tech companies really continue to have everyone work from home after developing such large office spaces?”
Don’t trust what you thought you knew about the pandemic. Look at what’s working in your market and go with it. Try something new! We so often feel compelled to remain in our box. However, last year brought many challenges and strengths to the table. We don’t know what we don’t know.
Drop us a line – We’d love to hear about how things are in your market!
Find out more about partnering with Tenant Telecom Advisors.
Please fill out this form to speak to one of our telecom experts. We can help find available fiber in your building to make your listings more marketable. Furthermore, you can request a free Telecom Availability Report for any listing.
If you’re not already offering telecommunications concierge services, you may be losing deals without even knowing. Tenants need to know everything in advance of signing a lease. Without it, they may choose another space to lease where they can find out. Our business is to support, so your business can thrive.