Value creation isn't just about how you manage buildings—but how executives and companies respond to an ever-changing market, recruit and develop employees and even nurture your career. BOMA International gathered C-suite leaders to learn their secrets during this morning's general session.
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Joining the panel: CBRE strategic accounts director Lacey Willard, who moderated; DCT Industrial EVP of property management Charla Rios; Cushman & Wakefield president of asset services Marla Maloney; and Liberty Property Trust SVP of real estate operations Shelby Christensen. Here are their thoughts on various topics:
Preparing For A Downturn
Charla reports that industrial customer demand is still strong and rental rates growing. DCT is limiting land banking, not competing against itself in the same markets and building a strong balance sheet. Marla replies, "Build—I know it sounds strange, but we've been underestimating demand in office and industrial for years. Buy new, build new or make old product look like new."
Creating Value In A Building
Find value creation in redeveloping functionally obsolete buildings, like how DCT turned a 400k SF warehouse into a 300k SF state-of-the-art industrial building that an e-commerce customer would love. Shelby says property managers need to think more like asset managers and owners by knowing not only the building, but the tenants, the market, margins and building efficiency. Know what's coming next, not just what you're doing right now.
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Dealing With Changing Technology
There's so much opportunity to incorporate technology into your buildings. For one, Shelby points out how you can now use your phone to access a building and then get assigned a desk. But there are risks--everything from hackers to disgruntled employees, and a company's financials could very well be targeted.
Bracing Yourself For Any Situation
The world is changing rapidly, Shelby says, and we need to be prepared in all ways possible. It's not as easy as drills nor as simple as a yes/no anymore. "I don't think having a policy is the answer," she says. "There are different tenants, buildings and cities. You need to develop a plan with authorities, communities and BOMA." Adds Charla: "Stop thinking it won't happen to you."
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Recruiting Talent
Leaders should be able to embrace change, says Marla—the best leaders lead calmly through change. Compensation is important, but so is flexibility. Collaboration is key, adds Shelby. You need people who play nice in the sandbox. Own your career, look for opportunities to take on assignments and show higher-ups you're ready for more. And be authentic about your culture—a laid-back person would not thrive in a process-driven culture.
Effective Leadership
Help your people through changes and get their buy-in, notes Charla. Transparency is key, Marla adds, so communicate often, since employees need to know what the company's road map looks like.
Career Advice
Charla says to love what you're doing, surround yourself with leaders, embrace education, be curious and be a forward thinker. Shelby recommends not getting hung up on process and policy, and don't think you have to be smarter than everyone around you. Have someone who will ground you, and having a professional network is extremely important. Lastly, Marla says to look outside of your boundaries.
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