Inspiring Leaders in Our Changing Industry: Matt Bronfman, Jamestown

This summer, Connect CRE is producing a series titled, “Inspiring Leaders in Our Changing Industry” as a follow-up to last summer’s “Leading in Tough Times” series. We’ve selected leaders around the U.S. and across the commercial real estate spectrum to discuss significant changes in the industry and their organizations. In this installment, you’ll hear from Matt Bronfman, principal and CEO of Jamestown.

Charting a New Course: How do you navigate the transition from established practices to pioneering new frontiers within your organization?

Real estate is often perceived as lacking innovation because building development, construction, and operations have remained largely unchanged over the past century. But at Jamestown, we see our commitment to innovation as a crucial differentiator, allowing us to bring one of the oldest businesses in the world into balance with how the world is evolving. 

Some of that involves innovating in ways people see and notice, such as in keyless access security and some of it involves things that people don’t see, such as maximizing water efficiency at a property. Through our partnership with small proptech companies, we’re able to test and iterate around the edges to make meaningful strides towards innovation at our assets. 

Another way we do that is through our Innovation Ideas program, where we actively seek and develop creative solutions from our employees. Last year, we received 84 submissions, carefully reviewed 35, and successfully implemented 15. To date, we’ve had over 600 submissions from every level of our organization. By crowdsourcing ideas and nurturing a culture of innovation, we harness the collective creativity of our employees to drive meaningful solutions and efficiencies across our assets.

A Triumph to Celebrate: What recent organizational accomplishment brings you the most satisfaction? What specific challenges did it overcome, and what key factors led to its success?

While we have a lot of recent work that I’m proud of, I’m particularly proud of our additions to Ponce City Market in 619 Ponce and Scout Living. Ponce City Market is celebrating its 10-year anniversary this year and the expansion of the campus is really exciting. 

Our first addition this year, 619 Ponce, is a mass timber office building that is the first timber building built in Atlanta using Georgia-grown timber and a regional supply chain. 

Our second and final addition this year is Scout Living, which will open in September. Featuring 405 one- and two-bedroom fully furnished and serviced living units, Scout Living will welcome guests for flexible lengths of stay – from a single night to a week, a month, or longer.  There has been a shift toward a more integrated approach to living, working, and traveling in recent years. Our aim with Scout Living is to create a new flexible living experience that caters to that shift, offering the comfort and community of home alongside hospitality-style services and amenities. Scout Living is designed to serve a new generation of consumers who crave more flexibility in their living situations. 

When Ponce City Market launched 10 years ago, Atlanta was a very different city. We’re seeing that it has become an increasingly connected and diverse city, and these offerings speak to the moment the city is in now. We’re excited by innovative building solutions such as mass timber and innovative hospitality solutions such as Scout Living, which will offer something new to the Atlanta market. 

The Road Ahead: Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for?

I’m optimistic about the next few years. Capital markets, crucial in real estate, are expected to improve, potentially bringing more banks back into the fold and boosting confidence among retailers, restaurants, and office users.

Specifically for office spaces, we believe the market is somewhat misunderstood. While the media often suggests a bleak future, locations like 619 Ponce in Atlanta, America’s Square in Washington, and Groot Handelsgebouw in Rotterdam show strong demand for office space.

This situation mirrors the retail industry’s experience 8 to 10 years ago. There was a widespread belief that retail was dying and that online shopping would take over. What actually happened, was that poor-quality retail suffered while top-tier retail districts thrived.

Looking ahead, I anticipate the office market will similarly distinguish between high-quality and mediocre spaces. Quality offices that offer engaging environments will prosper, reflecting trends observed in the retail sector.

Click here to see the full Inspiring Leaders in Our Changing Industry series.