measured by dollar volume and earnings . We want to make sure that the proper tools are available — in both good times and bad .
CIRE : IT ’ S BEEN NEARLY TWO YEARS OF UNPRECEDENTED TURBULENCE AND CHANGE . WHAT ARE SOME INSIGHTS YOU ’ VE GAINED IN THE LAST YEAR OR TWO THAT HAVE MADE YOU A BETTER CRE PROFESSIONAL ?
CALLAHAN : In 2020 , the byword was “ pivot ,” referring to working remotely with technology tools . In 2021 , the word was “ nimble .” In 2022 , the interest rate , inflation , and political headwinds ( including possible changes to tax policy ) are very real . I believe the 2022 byword is “ acceleration .” Our members and potential members should find a product type or types well suited to their market , skill set , and resources , and stay focused on execution . When I started as a community shopping center developer in the early 1980s , the goal was to enter into long-term fixed rate leases and let the debt be fully amortized over the lease term or shortly thereafter . There was one flaw — the retailers kept changing store sizes depending on merchandise mix , on-site storage , and method of delivery . In the 1990s , I joked that I was an expert in backfilling big retail boxes .
It was just unfortunate that they were the big boxes I had developed .
In the last two years , I have treated every post , newsletter , and email as an opportunity to understand the next trends . Who would have guessed that based upon household formation , we would have a shortage of single-family housing which would quadruple the size of the build-to-rent industry ?
I have also come to realize that time is precious . For years , I have spent the first hour of every Saturday morning thinking about the prior week and planning the next . Where am I in each of the deals I have been working on ? Where am I in each of the personal relationships which will lead to the success or failure of these deals ? How do I refocus and redirect myself and my resources to the coming week and the months and years which will follow ? Knowing where you ’ ve been and being mindful about where you want to go are crucial to success , both professional and personal .
CIRE : NOT KNOWING WHAT 2022 WILL BRING , WHAT IS YOUR MINDSET ENTERING YOUR PRESIDENCY ? WHAT ARE YOUR HOPES FOR THE NEXT 12 MONTHS ?
CALLAHAN : When the 2022 Strategic Planning Committee was virtually convened in February 2021 , we conducted a SWOT analysis ( examining strengths , weaknesses , opportunities , and threats ) of all the standing committees . We discovered that although 2020 had been unsettling due to COVID-19 , most of our members were in good shape , mentally and financially . In May 2021 , when we convened in person , we looked at our mission and vision statements and set modest midterm goals for the institute . Some of these goals included new Ward courses under 2021 President Timothy S . Blair , CCIM , some related to the member benefit proposition , and some related to the role of technology .
We now realize that COVID-19 and its variants may be with us for some time . Now is the time to execute in the technology , education , and networking areas . The management and finance teams will continue to meet weekly so that we can be in front of surprises and offer the best commercial real estate products and services available . And when we see something new , we will use our 2021 byword and be nimble . Equally important , we will accelerate , change as necessary , and move forward rapidly — but always while being in touch with the needs of our members .
Nicholas Leider
Senior content editor of Commercial Investment Real Estate Contact him at nleider @ ccim . com .
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