What does the future hold for the CCIM Institute and commercial real estate in general? In a recent interview with Above, Re/Max’s quarterly magazine, 2013 CCIM Institute President Wayne D’Amico, CCIM, shares his perspective on major industry challenges as well as his vision for the Institute.
The most pressing issue facing brokers is the impact of distressed assets coming to market, according to D’Amico. “To put it into context, there’s $1.4 trillion to $1.7 trillion in commercial loans coming due in the next three to five years,” he explains. “With values being so depressed — as much as 10 percent to 50 percent in some markets — this huge resetting of debt is going to play an integral role in our business.”
Success in commercial real estate, whether in the U.S. or abroad, is built on networking, D’Amico says. “It all comes down to relationships,” he explains. “Partner with people who have a strong track record in certain product types and geographies….” He notes that the CCIM Institute, with designees in more than 35 countries, is positioned to help commercial real estate professionals build that network.