News & Press: NC-CCIM

Long May You Run: An Essential Commercial Real Estate Tuneup

Friday, May 10, 2019   (0 Comments)
Posted by: Peter Johnston
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1Q19 Commercial Real Estate Insights Report

Some songs manage to withstand the test of time. The iconic title track on the 1976 Stills-Young Band album “Long May You Run” is one such example. A tribute to Neil Young's 1948 Buick Roadmaster hearse, which he named Mort, the song has come to symbolize endurance. I heard this song several times during my research for this report, and its message and backstory made me think about our industry. How long will commercial real estate professionals continue to run if they don't take time to tune up their skills? 

Today, technology and data are changing more rapidly than ever before, transforming the commercial real estate practice at every iteration. Generation Z, who will soon make up the early-career-stage industry workforce, is our first all-digital generation, having mostly learned on touch screens. At the same time, hundreds - possibly thousands - of proptech companies are building turnkey solutions for property management, leasing, market analysis, and other common functions. Far removed are the days of fold-out discounted cash flow analysis reports, maps plastered with rub-off decals, and microfilm-powered due diligence.

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