6C —April 23 - May 20, 2021 — Spring Preview — M id A tlantic Real Estate Journal
www.marej.com
CRE N etwork
By Joe Latina, Patterson-Woods Commercial Properties/CORFAC International The Shrinking World of Commercial Real Estate
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rapid expansion of e-shipping, warehousing, and logistics has also ramped up the need for
concepts expanding into new markets we potentially have a much greater selection of
and comfort zone; and allows brokers, developers, architects, and engineers to work on proj-
echnology has been shrinking the world metaphorically for ages.
video, virtual reality and 3-D photography so that a prospect can see a property and gather all pertinent information without ever visiting it physically is one example of this acceleration. Programs like Zoom, FaceTime, Dropbox, high-definition pho- tography, CAD, and Matterport make it easier for real estate experts and their clients to communicate effectively while remaining remote. This allows clients to expand into new mar- kets with less time spent travel- ing; allows investors to seek op- portunities that were previously out of their geographical reach
We are con- stantly inun- dated wi th new products a n d i d e a s f rom every corner of the globe, all of it just a simple click away.
Networks like CORFAC International and organizations like CCIM, SIOR, and others give us access to the on-the-ground expertise and professionalism that we seek when trying to source a deal for a client outside of our local market.
industrial facilities in second- ary and tertiary markets. If the current trend continues, we will increasingly see more diversity in each of our respective mar- kets, whether by retail location, warehouse user or investor. With retai lers and new
tenants for our landlords, and buyers for our sellers. With investors expanding their geo- graphic comfort level, we now have the ability to capture a much larger audience, cover much more territory and seek better deals for our clients. Globalization and intercon- nectedness also comes with new challenges. The global pan- demic has drastically affected all businesses and every CRE asset class. More recently, the Suez Canal blockage will ad- versely affect our supply chain for months. These unfortunate circumstances underscore the need to keep our fingers on the pulse of not only our local markets, but also on macroeco- nomic factors and global trends. The base facts remain clear: It is becoming more and more important to gain and main- tain strong relationships with brokers and other real estate professionals in every market possible, including interna- tionally. Networks like COR - FAC International and organi - zations like CCIM, SIOR, and others give us access to the on-the-ground expertise and professionalism that we seek when trying to source a deal for a client outside of our local market. We can rely on these relationships to obtain the lo- cal knowledge that we require to be a trusted advisor, slash through the regional red tape, and successfully complete transactions. These cross-market relation- ships may be made possible by technology, but they’re en- hanced and nurtured by the personal connections, network- ing, and information-sharing that have always been the backbone of successful real estate organizations. The CRE community should embrace the opportunities that globalization and virtual technology have of- fered to expand our businesses and better serve our clients. Joe Latina is principal of Patterson-Woods Commer- cial Properties/CORFAC International and 2021 CORFAC International president. MAREJ
ects quickly and accurately from their desk or home. What does this mean for us as real estate practitioners? Ex- panding our geographic reach through communication and technology gives us more prod- uct and more opportunity. The
Joe Latina
Commercial real estate is no exception to the rapid changes brought on by technology and interconnectedness. The recent push to incorporate
Real Personal. Real Successful. Real Estate. Your commercial real estate transaction demands innovative expertise and principal involvement. Our network of 70 global offices is exceptionally experienced and intentionally independent. Let’s talk today.
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