“CRE is Sexy:” Keep the Old While Accepting What’s New

By: Daniella Soloway

Six young leaders took the stage at Connect Los Angeles to discuss technology’s adoption, challenges and effects, how to build effective multi-generational teams, and reasons why CRE is a good industry to enter for those joining the workforce.

Technology:
Caruso Affiliated’s Kloe Colacarro explained how technology is not affecting leasing in the traditional sense, but its advents are enhancing the customer experience at Caruso’s various developments like The Grove. Since online is challenging brick-and-mortar, The Grove, which rarely has rental vacancies, has been the site for more than a handful of pop-ups in the last year. Pop-ups allow retailers to test new technology and locations, without signing a lease.

Lincoln Properties’ Matt Howell said that technology is allowing for more fast acting and agile decision making in acquisitions. For example, Lincoln’s 330K Burbank asset took only 10 months from start to finish because technology allowed for everyone to be on the same page.

Multi-Generational Teams:
Colliers’ Michael Roberts said that although there’s a “clash between the two generations” when it comes to leasing and the desired style of office, if a company is signing a 10-year lease, they’re more likely to go with the new generation’s preferences.
Ten-X’s Rohom Tabankia said it’s important to collaborate between generations, and although it’s obvious younger employees can learn from their elders, it’s equally as important for the veterans to engage with the rookies. Freddie Mac’s Christine Pratt believes that on the lending side, it’s really advantageous to have a young team that understands newer technology and learns quickly.

CRE as Career Choice and Advice:
If you ask Matt why a new worker should enter the industry, he’ll tell you it’s because he thinks “CRE is sexy,” and echoed reasons from Michael like: it’s a business that changes every day, every deal is different, it’s all social and you’re always learning.
Kloe reminded the audience to “not let perfect be in the way of being good,” and if you have an idea, speak up.
When asked by an audience member how to communicate with millennials, panelists shared the following tips:
– Give them agency and allow them to take on responsibility
– Engage with younger workers and allow them to share their ideas
– Embrace their traits and don’t try to change them
– Understand that they work differently than the traditional 9-5, and that should be okay if they’re getting their job done
– Group text!
– Moderator Malcolm Johnson (JP Morgan) joked that he’s still trying to figure it out, but that it’s important to always keep communication lines open