Commercial Investment Real Estate March/April 2017

Q&A: James Bell, CCIM 1988 CCIM Institute President and retired president at the Allen Morris Company of Georgia in Atlanta Pivotal Events in Commercial Real Estate During the 1970s CIRE: Why after earning your master’s degree in business administration from Harvard University, did you enter commercial real estate? 1970 Bell: I considered commercial real estate a career to generate income and accumulate wealth. My motivation in entering commercial real estate was to create equity through developing commercial ofﬁ ce buildings ranging from 10,000 sf to 358,000 sf. In partnership with my father-in-law, Allen Morris, our ﬁ rm built, operated, and sold ofﬁ ce properties throughout Georgia. Quick Facts about CCIM Institute Historical Milestones 1972 CIRE: How did you become involved as a volunteer leader in the early days of what became CCIM Institute? CIRE: What were the primary factors driving the expansion of commercial real estate during the 1960s and 1970s? Bell: Commercial real estate is the favorite invest- ment of those who are risk takers and can access excess capital. U.S. tax laws favor real estate invest- ment. It’s a wonderful way to get wealthy, and the CCIM training and networking with other CCIM designees paved the way for many commercial real estate professionals to launch successful careers. CIRE: What will CCIM Institute look like in the next 50 years? Bell: People will still require places to do business, and there will be opportunities to build commercial real estate practices. Of course, it will be different. The demands of the era will determine the size and type of practice. To be successful, CCIM designees will need to see the direction of their marketplace and stay ahead of the trends to make money. CCIM.COM 1973 1974 Bell: In 1973, I was elected as a Regional Vice President in charge of membership recruitment in the south- ern states. Before becoming CCIM Institute President in 1988, I also served on the Budget Committee of Realtors National Marketing Institute, which included CCIM Institute, when there was serious ﬁ nancial difﬁ culty. I was part of the team that helped to remedy the crisis and clean up the damage. 1971 1970s: CCIM Institute developed more CCIM courses to more rigorously train CCIM designees for the revolutionary changes in the commercial real estate profession. 1975 1970s: Suburban communities through- out the nation began to ﬂourish. These communities were primarily built on the edge of prominent cities. The Rouse Company led by James Rouse had the biggest vision for 10 “color-blind” planned villages in Co- lumbia, Md., ﬁve of which were opened during the 1970s. Columbia is located halfway between Washington, D.C., and Baltimore. Suburban communities raised the pro- ﬁles of CCIM designated developers in identifying investors for shopping malls and hotels, as well as giving more oppor- tunities to CCIM designees who served in specialties such as brokers, investors, attorneys, and appraisers. 1976 1970 to 1974: Construc- tion of skyscrapers in major U.S. cities coast to coast resulted in 25 buildings taller than 50 stories. For CCIM designees, especially developers and investors, skyscrapers provided them with an opportunity to raise rents and increase real estate values. Brokers also ben- eﬁted by having growing numbers of business clients for the increase in leases, and more opportunities to help investors. 1977 1977: Introduction of the ﬁrst HP ﬁnancial calculator into CCIM Institute courses 1978 1978: First CCIM Institute instructor training seminar took place. 1979 This timeline is to be continued into subsequent decades in future issues of CIRE. 1980 March | April 2017 23

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