In the period since Robert Thornburgh joined Cushman & Wakefield as Regional President of the Southwest Region, the business has leaped forward as it embraces Cushman & Wakefield’s broader strategic priorities.
This is due partly to the renewal Thornburgh has brought to a region that is already home to some of the most accomplished and high-powered brokers in the business, and partly to what he calls “the strategic plan already in motion.”
“The company was clear about its priorities, including strengthening our core competencies and driving growth, which I was already aligned with,” Thornburgh tells Connect CRE. “Our focus has been on reinforcing those priorities and maintaining consistency in how we execute across markets,” he adds. Further, he focused on “bringing fresh energy, focus and a deep commitment to the people across the Southwest region.”
“To succeed in this landscape, real estate experts must balance innovation with the fundamentals. Clients expect forward-looking insight, which requires understanding data and technology as part of sound planning. At the same time, commercial real estate has always been, and will continue to be, a relationship-driven business.”
Robert Thornburgh, Regional President, Southwest Region
Among Thornburgh’s areas of focus is supporting the adoption of firm-wide technology platforms. The objective is helping teams operate “more efficiently and more effectively on behalf of our clients,” says executive vice chair Mike Condon Jr. in Los Angeles. “We have platforms such as OneCap, which we use to market our investment sale assets, as part of Cushman & Wakefield’s broader investment in data and technology capabilities.” Rather than relying on the traditional approach of casting a wide net to draw investors, “we can be more targeted in how we market assets to clients.”
In addition, says LA-based executive vice chairman Eric Olofson, these tools can support more efficient response times to client requests. “If the client says they need X, Y, and Z, and then they say, ‘I also want to think about A, B, and C,’ being able to react to that very quickly” is increasingly supported by these tools. He adds, “We’re still in the early chapter, and we’re spending a lot of time trying to understand how we can use these tools more productively in ways that support better client outcomes.”
Similarly, Phoenix-based executive vice chair Will Strong points to increased coordination across business segments as teams adopt shared data and tools. “There is greater visibility from a data perspective, from a market intelligence perspective, from a business intelligence perspective and from a client intelligence perspective, which is improving how information is used across the business,” he says. “We’re going to have more success that way. It’s going to make us better advisors to our clients.”
“There is greater visibility from a data perspective, from a market intelligence perspective, from a business intelligence perspective and from a client intelligence perspective, which is improving how information is used across the business.”
Will Strong, Executive Vice Chair
Executive director Jon Hendrickson in Denver emphasizes that this effort is being led at the company level and implemented across markets. “Cushman’s investing heavily into technological advances and efficiencies that we’re creating,” he says. “Our role is to apply those capabilities in our markets and integrate them into client work.”
Leaders across the business point to an emphasis on communication and consistency across teams. Hendrickson notes that in the Southwest, Thornburgh has brought “a very open and encouraging communications platform” to the region. Strong adds that this is reflected in day-to-day engagement, noting, “I can’t think of anything I’ve been to where there hasn’t been consistent leadership engagement.”
Thornburgh sums up the overarching strategy behind the dual emphasis on technology and interaction. “To succeed in this landscape, real estate experts must balance innovation with the fundamentals,” he says. “Clients expect forward-looking insight, which requires understanding data and technology as part of sound planning. At the same time, commercial real estate has always been, and will continue to be, a relationship-driven business. Those interpersonal skills still provide a significant advantage when used in the right way.”
“Our focus as a team has been to execute on both fronts,” he continues. “We are investing in technology and resources that help our professionals work more effectively, while continuing to emphasize collaboration and a client-centric mindset. No matter how the industry changes, one thing is set to remain true—real estate will always reward those who are willing to lead with bold thinking, adaptability and a clear sense of purpose.”
“We are investing in technology and resources that help our professionals work more effectively, while continuing to emphasize collaboration and a client-centric mindset.”
Robert Thornburgh, Regional President, Southwest Region
One thing that has changed is the set of priorities clients are bringing to Southwest Region brokers this year. In San Diego, one of the three primary U.S. hubs for life science real estate (the others are Boston/Cambridge and the San Francisco Bay Area), vice chairman Brett Ward has seen clients put more emphasis on speed to market amid tight supply of cGMP-ready space. For pharmaceutical firms and CDMOs (contract development and manufacturing organizations), “the real challenge is how best to execute,” he says.
“So that’s the big question right now, and it remains a key constraint. Addressing that will be important for unlocking additional activity.”
He acknowledges that the past couple of years have been “tough” for life science, with vacancy rates in many submarkets hovering around 20% to 25%. In contrast, retail has been rebounding after “the ultimate stress test” of the COVID-19 pandemic, says Hendrickson.
“I think selling motivation has improved over the past 18 months, and having a little more supply side inventory has been obviously beneficial for connecting with the insatiable buyer demand,” he says.
In the office sector, and particularly in the LA market where Condon operates, “We’ve heard the theme from clients over the past few years that ‘we want the best-located, best assets at the best price.’ Clients remain focused on disciplined underwriting and asset quality when making investment decisions.” He predicts the last of the opportunities to acquire office at scale under prior pricing assumptions will cycle through over the next six to 12 months.
Looking ahead, Thornburgh says, “A large part of how we think about success is looking beyond the next few months and focusing on where we want to be in the coming years. Even so, in a brief period of time, we have made meaningful progress. Investments like the expansion of our Century City office, the relocation of our El Segundo office and planned relocation of Salt Lake City reflect how we are strengthening our platform in key markets.”
At the same time, he continues, “recruiting top talent across submarkets has been a top priority and a strong indicator that our vision is resonating. Our regional team across the Southwest is serious about achieving first-class work with excellence and integrity, and our culture reflects that.” Strong concurs, noting continued hiring activity across markets.
With all that the Southwest Region team has focused on to date, Thornburgh says there will always be refinement work. “Deepening collaboration across service lines, maintaining consistency as we grow and continuing to foster a people-first environment,” to name a few. “These remain ongoing priorities as the business continues to expand. That collective effort is also driving a very bright future for the region and the people that are a part of it.”