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The Talent Our Industry Requires
NAIOP’s development ’07 brought much to the table for attendees from the commercial real estate industry. An overriding theme throughout development ‘07 was an emphasis on innovate thinking. Another predominate topic was centered on young professionals. How will commercial real estate stimulate and retain the future leaders of the business? Young and diverse talent is vital to the continued success of commercial real estate; however, with the apparent lack of these individuals entering the market, future tactics to recruit them are paramount. Developing dynamic skills and keen aptitude in these young leaders is critical.
An engaging session titled The Talent Our Industry Requires was considered among many at development ’07 as a refreshingly straightforward review of the qualities required to be successful in commercial real estate, as well as the attributes current industry leaders are seeking in future industry leaders. Three successful real estate entrepreneurs led the panel session: Dennis Cruzan, CEO, Cruzan Moore; Douglas Howe, CEO, Touchstone Corporation; and Alex Klatskin, partner, Forsgate Industrial Partners. All three panelists undertook an assortment of career paths that steered them towards their current position, yet they agreed upon parallel qualities that they seek when making hiring or promotion decisions within their organization. The overriding theme of their collective knowledge was that young professionals in commercial real estate need to make their own opportunities and create value in their experiences. Hunger, patience, differentiation and social skills were adjectives frequently mentioned.
Hunger demonstrates a young professional’s passion and enthusiasm for the industry. Hunger also illustrates commitment to succeed and an inner drive that no amount of education can ignite. Patience is important because the commercial real estate industry is more methodical than most, taking many years to see a project through from concept to completion. A successful commercial real estate leader will be one who has the patience and commitment to envision a project, secure the deal, supervise the process, and follow through with continued customer service once the project is finished. This timeline isn’t as “sexy” as other rapid-fire industries but the end result can be rewarding, both personally and financially.
The panelists noted that differentiation is a characteristic valued beyond just the basic benefits of additional ideas because it challenges young professionals to take initiatives without being prompted. Professionals who want to advance their career must seek opportunities and push themselves. Examples include volunteering to observe a meeting for the learning experience or attending a conference for educational development.
Another key quality often overlooked is finely tuned social skills. Strong communication abilities, sophisticated attire, positive customer service, work/life balance and an optimistic attitude should never be taken for granted. Personality traits bleed into professional success and honing exceptional social skills can set someone miles apart from their less polished colleagues.
Lastly, and with humor, all three panelists enthusiastically agreed that knowing how to play golf will most certainly not hinder a successful commercial real estate career.
Career Planning How This Often Overlooked Preparation Can Stimulate Rewarding Opportunities and Resources for Young Professionals
Lynn Gray, global chief administrative officer of the Global Real Estate Group at Lehman Brothers, takes pride in acting as a mentor for two young female professionals. |
How many young professionals can answer the question, “Have you planned for the future of your career?” with an honest…“Yes, indeed”! If you’re among the majority, your response will likely be no, you hadn’t even thought that your career needed further planning. The typical scenario for young professionals goes like this: you’re successfully employed, you enjoy your scope of responsibilities and what comes next professionally (securing big deals, promotions, awards, etc.) will settle itself according to the hard work you’ve invested so far. Right? Wrong!
Enter Lynn Gray. She’s the global chief administrative officer of the Global Real Estate Group at Lehman Brothers, headquartered in New York City and an industry leader in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. Lynn is a pioneer with her passion for career planning and career development for young industry professionals. She, and Lehman Brothers, whole-heartedly believe that continued training and development, not just employee retention, is critical to the success of any organization. While many career development programs might cater specifically to younger and diverse professional groups, even the highest level of senior managers need continued training to stay fresh and connected to junior employees, whom she says comprise the future of an organization. “Everyone has a responsibility to develop and manage his or her own career,” reflects Lynn, as she can attest to taking her career in her own hands and creating opportunities for herself because such progressive career development programs were not available when she began her career.
In addition to the generalist training that all new employees receive at Lehman Brothers, they are enrolled in “G.R.E.G. (Global Real Estate Group) University” for a two-week training program. Lynn serves as the unofficial Dean of G.R.E.G. U and the roles of professors are played by senior managers. G.R.E.G. has evolved from a two-day program into a two-week program because of the commitment that employees should be well-rounded and aware of the scope of work other departments are engaged in. Teamwork is not just a buzz word in the Lehman Brothers’ hallways, it’s a core value and G.R.E.G. provides the foundation for it.
Additional features of the career development program at Lehman Brothers are a mentorship program, minority network groups (there are groups for women, African-Americans, Asians, Latinos, gay and lesbians and people with disabilities), philanthropic commitments, educational workshops, brown-bag luncheons, recreational sports teams and much more.
Lynn emphasizes how critical networking skills are to a plentiful career, so she especially enjoys working as a mentor and participating in a network group, where she is a member of the women’s group. “Acting as a mentor is such a rewarding experience for me because I not only encourage and challenge a colleague at Lehman Brothers but I also get to continuously stretch my own thought process. Any time I meet with one of my two mentees, I never pose a situational question to them without crafting an answer myself first,” comments Lynn.
Another perk of the G.R.E.G. program is the Friday afternoon open office hours that Lynn holds. This is a weekly block of time that she sets aside to meet with young professionals and discuss their career plans. Her office serves as a safe environment where young professionals can openly converse about their professional development, and Lynn works to formulate a plan and help them realize their goals.
Hope is not lost for those whose organization doesn’t offer a career development program like Lehman Brothers. Lynn suggests a wide ariety of options ranging from joining national associations, such as NAIOP, to collegiate alumni organizations. She challenges young professionals to develop patience and perseverance to seek opportunities when they aren’t easily handed to them, saying, “If there aren’t resources at your finger tips, who says you can’t start a networking group yourself? You make your own opportunities! The environment for commercial real estate industry professionals is challenging. The conditions are changing every year, which further emphasis why career management is so essential.”
To learn more about career development opportunities for young professionals in commercial real estate, visit NAIOP’s Developing Leaders Web site: www.naiop.org/dl.
Emerging Trends in Office Space Requirements and Attracting Talent
Amending traditional office space layouts is imperative to allow innovation and fresh ideas to emerge. This office space fuses open ceilings with translucent hallways and live plants to create a stimulating office atmosphere. |
Office space planning and layout are important topics in the commercial real estate industry directly affecting employees who work in a traditional office. Employees, especially young professionals, want to enjoy a comfortable and flexible working environment since they are likely to spend 40-plus hours a week working in that space.
For example, improved visual enhancements that remove conventional concrete walls and replace them with glass are being utilized. This way all employees, not just senior level management, can feel like they have a window office.
Another reason that office space trends are significant is the major effect it has on the profit margins in commercial real estate. If organizations are adjusting their office space requirements, especially if they are moving to smaller, better organized offices and a more mobile workforce, it will clearly impact the demand for office space.
A conference room with glass walls and glass doors creates an open and inviting office environment. |
Julie Benezet, managing director, Urban Partners, and former director of global real estate at Amazon.com, has carefully observed the office space needs of American companies for years and sees a continuation of smaller, more efficient office configurations. She believes that change is here to stay. “Companies are providing less space for their employees regardless of name and rank. Connectivity and communication are vital in a productive work environment, and this has nothing to do with plush carpet and large offices. If the office space is designed so that it’s hard to get to people, it can have a serious negative impact,” says Benezet. However, she is quick to point out that organizations aren’t all jumping onto the “flex office” band wagon too quickly. Companies are realizing that different employees have different needs, and while the needs for one department might be more private office spaces with walls and doors, another department might thrive on close communication and be organized in a “teaming area,” with almost no traditional office components to it.
Following current office space trends, developers are now incorporating additional glass windows and reducing barrier walls to allow additional sunlight and fresh air to circulate. |
The driving force behind office space design changes are the young professionals in the market. “Flexibility is non-negotiable. Younger workers spearheaded this transformation and now it’s the norm. Generations X and Y are trying to accomplish so much in their professional and personal lives and in order to do it all, they have to handle some personal matters while at work and tackle some work projects while at home. Organizations that don’t embrace these flexibility requirements of younger workers, and adjust their office space accordingly, will suffer greatly,” comments Benezet.
An additional element in the reduction of office space that was championed by younger employees is the mobile workforce. E-mail, text messaging, telecommunicating and virtual teams are communication devices that young professionals are very familiar and comfortable with, all of which have a ripple effect on office design. Although office space and communication methods are changing and improving, Benezet cautions young professionals to maintain solid social skills so they are able to converse easily with a variety of colleagues in person, not just on-line.
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