The field of commercial real estate (CRE) is in the midst of considerable change due to a combination of factors. User behavior is changing – for example, companies are moving from closed workspaces to open offices. The financial environment is shifting – project packaging is challenging, yet opportunities are strong. And market fundamentals are evolving – mixed-use is in, single-use is out, and yet zoning laws and planning goals are not keeping up. In the midst of this, CRE firms who work with a B2B business consultant can achieve significant growth by focusing on these priorities:
Create Cross-Specialization to Support Growth
Perhaps your firm has focused on big-box retail projects, or maybe your team has specific expertise in mixed-income, multi-family residential or in 55+ communities. Now, it’s time to match that knowledge and experience with related services and partnerships that can provide more comprehensive solutions.
For example, if you develop or market retail space, have you stayed abreast of retail design trends or partnered with experts in streetscape and landscape design, lifestyle programming and pop-up retail experiences that can generate far greater engagement and market loyalty. Today, the total package strategy is what separates spec projects that flounder from those that flourish.
Use Emerging Trends to Drive New Opportunities
The traditional approach to changing user requirements is to ask the customer what they want, and respond accordingly. The new approach is to create a complete ecosystem that supports the business objectives of the project. For example, as more office tenants are seeking flexible, open-office designs, developers and architects are responding with new office designs.
But more proactive players are going much further, by working cooperatively with other investors to establish coworking centers, create startup incubators or accelerators, and support business improvement districts (BIDs) that implement on-the-ground strategies aligned closely with the business direction.
Understand and Engage Proactively in Thought Leadership
If you run a commercial real estate practice focused on the biotech industry and special assets such as wet lab space, how are you contributing to emerging thinking about how university-based research parks can drive urban redevelopment? If you run a general practice suburban commercial development company with a portfolio mix including multifamily residential, strip malls, power centers and small offices, how are you providing insight into the future of suburban development through the integration of mixed-use structures into new-build town center projects?
In short, the industry is rapidly changing and the opportunity to harness that change and become a recognized thought-leader can open new doors to your practice or portfolio.
Commercial real estate developers, owners/REITS, and CRE brokers possess significant opportunities to achieve sustainable growth by partnering with a B2B business growth consultant to position their businesses for new opportunities. Doing so will enable them to drive change while staying focused on the best directions for their new business strategy and growth.
Image Credit: wake4jake @ Flickr (Creative Commons)