Here are the top three things I learned at the SIOR Global Conference that was recently held in San Diego, California.
- The concept of Negative Vacancy- By now the term negative interest rates is familiar to most. You put your money in a bank and instead of being paid interest to leave it there, you pay the bank for the right to leave it there. Over time, your principal is eroded rather than increased. In a talk entitled “Is the Inland Empire a Bellwether for U.S. Industrial?” the term negative vacancy rates was used to refer to a market that is so tight, the vacancy rate is at or near zero. But let’s say that there is just one building available in a market, but three viable tenants competing for the one space. Then the term “negative vacancy rate” could be applied, as demand exceeds all available supply. How will this change tenant behaviors and search cycles?
- The Importance of Teamwork-From Rear Admiral Scott Moore, former deputy commander of the Naval Special Warfare, I learned about the importance of teamwork and how these concepts are ingrained into Navy Seals. Navy Seals are basically “re-programmed” through their basic training, and the importance of teamwork is taught and reinforced daily through countless drills and very difficult physical tests.What are the three qualities of leadership that allow our country’s finest Special Ops teams to execute their missions at the highest level? In matters of life and death? Scott mentions the following-
Scott further goes on to say that the greatest of these is leadership. This is a word, that like true love, has been defined endlessly over time, but comes down to “you know it when you see it”. At the most important times, it is this quality that determines the success of a mission (or a project, for us non-Navy Seals).
- Creating a Mindset for Change- From Lisa Bodell- author of the book Kill the Company- I learned about creating a mindset for change. Most people spend the majority of their time at work in meetings and answering emails, and yet, when surveyed, this is the activity they believe it least productive or enjoyable. So why do we spend so much time doing these activities? Ideally, we should be spending our time thinking, creating, and innovating. People do not embrace change primarily for two reasons- complexity and complacency. In her talk, Lisa brought up several important questions which I am going to personally dedicate more “thinking” time to. They are:a. In the next 10 years, what will our company be doing that it doesn’t do now?
b. If I had to give away my brokerage service for free, how would I make money?
c. How will I show properties in the future?
About the Author:
Steve Kapp, SIOR
Industrial and Office Specialist
Executive Managing Director, Newmark Cornish & Carey