of COVID-19 . The pandemic has been viewed as a carte blanche market trend , when in fact it impacted sectors differently — some as a trend and some as a market fluctuation . Amazon viewed demand during COVID-19 as a trend when in fact it was a fluctuation — hence they built or leased too much space , and now they have excess space .
CIRE : WORKING IN THE NORTHEAST U . S ., WHAT OPPORTU- NITIES DO YOU SEE IN YOUR AREA ? WHERE ARE THE SMART INVESTORS LOOKING IN THE CRE MARKET ?
GNIAZDOWSKI : In adversity , there is opportunity . The Northeast is going through tough times . I see some potential areas for growth in adaptive reuse of retail and office space , apartment demand for affordable units , and providing owners and developers advice addressing future development and repositioning properties . This is going to require CRE professionals to provide reliable and defendable market research . Inflation and recession indicators will have to be closely monitored . Any analysis will require frequent updates .
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The pandemic has been viewed as a carte blanche market trend , when in fact it impacted sectors differently — some as a trend and some as a market fluctuation .
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CIRE : HAVING A FEW DECADES OF EXPERIENCE , WHAT ADVICE COULD YOU OFFER YOUNGER CRE PROFESSIONALS WHO ARE COMING INTO THE MARKET NOW ? WHAT WOULD YOU HAVE LIKED TO KNOW BACK WHEN YOU WERE STARTING OUT ?
GNIAZDOWSKI : The best advice I can give younger CRE professionals is to continue educating yourself . Don ’ t let attaining your CCIM designation be the end . It should be the start of your ongoing CRE education . Attend as may seminars and meetings you can . If you take away one small thing from any event , it was worth it .
What would I have liked to know when I started ? That ’ s easy — the current analytical technology . I wish I had the current tools offered through CCIM Institute ’ s Site To Do Business . It makes doing market research more reliable and faster . We had no computers , so it all required primary research and lots of time . The new CRE professional does not realize what a distinct advantage they have compared even to 15 years ago . Commercial real estate is no longer an easy entry business . There are two major requirements : 1 . a solid real estate education — like our core courses — and 2 . a working knowledge of real estate technology , both for financial analysis and market analysis .
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Nicholas Leider Senior content editor of Commercial Investment Real Estate
Contact him at nleider @ ccim . com .