Who Is The Future Of Commercial Real Estate ?

Are  Commercial  Real Estate Practitioners  too homogeneous ? It’s not a question with a simple “yes” or “no” answer, but the 2010 Commercial Member Profile statistics compiled by the  NAR Research suggests the  Profession could stand a little more diversity.

According to the profile, 89 percent of Commercial Real Estate Pros are Caucasian, and 74 percent are male. ( It should be noted that this latter figure has actually tilted in favor of women in recent years, and more than a third of Commercial  Sales Agents are female) Also, the average age of professionals in this area is 56 years old. Of course, there’s more to diversity than mere demographic percentages and averages, but the numbers are telling.

The Profile was discussed at a Commercial Real estate Research  Subcommittee during the 2010 Midyear Meetings. Subcommittee Chair, Doug Groppenbacher Associate  Broker at Re/Max Commercial Investment in Phoenix, argued that the Commercial Real Estate Industry must reach out to younger people from a wide variety of backgrounds to inject  fresh ideas and energy into the profession.

Thoughts from Subcommittee members on how to accomplish this…mainly centered around social media. While that’s definitely important, I think they should focus more on the message than the medium. the question to address is:  Why should young people from various walks of life want to into Commercial Real Estate ?

Some of the more persuasive points revolve around the financial rewards….current market notwithstanding  and the varied opportunities that expand your life including having an impact on your community.

What do you think? What can the Commercial Real estate Industry do to attract  some new talent? Can/Should this even be addressed at this crucial time for the market?  ( credit-Brian Summerfield)

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One response to “Who Is The Future Of Commercial Real Estate ?

  1. I think that the new talent will have to come as people look for those outside the stereotype. The “typical” commercial Realtor fits a certain personality profile whether that is measured by Meyers-Briggs, Jungian personality profiles or DISC. The industry hired from within that profile because it worked. In today’s market the typical realtor won’t work, so there will be a shift that comes out of necessity, not pre-planning. My prediction is that the industry will start to look for creativity and that will change the talent pool.

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