The commercial real estate industry has always been subject to the volatility of the industries it strives to serve, so when shifts in technology, demographics and world affairs call for progress and evolution, brokers and other CRE professionals need to be prepared to act.
Some of the key shifts impacting today’s CRE professionals include:
- Baby boomers are living longer, meaning services and housing for this group will need to become more available.
- Millennials are shaking up living patterns by placing less value on owning a home and more value on living in cities.
- The future of mobility may make many mainstays of urban design, such as parking lots and gas stations, obsolete.
On top of these changes, brokers themselves are increasingly finding the very practices on which they have always relied being challenged — namely, their focus on relationship building over using data and content to demonstrate credibility. Today’s broker can no longer get away with “not being a numbers guy.” Instead, successful brokers will transform themselves into relationship building data nerds.
With a slew of changes soon to be challenging how today’s commercial real estate professionals do business, it’s no wonder the specialties brokers choose to attach themselves to are changing, too.
As a result, many of the specialties available to brokers now may not have even existed 15-20 years ago. Back then, your list of possible specialities may have looked something like this:
- Office buildings
- Retail facilities
- Multifamily housing
Now, the list of options looks much different. Most senior brokers probably never would have predicted the current demand for marijuana-related retail and warehouse space in states like Colorado, California and Washington.
Here, we’ll take a look at the some of the surprising specialties today’s brokers have to choose from.