Collaboration is key

Social norms are shifting, trends are ever-changing, and technology is moving at the speed of light. But commercial real estate moves slow.

I've witnessed over 23 years an adherence to the way it's always been done and who does it, and a reluctance to move into the future. As always, new generations come to the table with a drastically different approach. This is good for us. This new crew brings along with them a natural ability to market digitally, use new technology for communication, and a fearless appetite for entrepreneurship, but still, so many stay set in our ways.

It's time we get with the program.

If we were to bend, how would the bright new future of commercial development look? If many of my colleagues and I effect the change we intend, we would become more collaborative and casual, diverse and feminine, and more transparent in our communication than before. Take the co-working phenomenon and the "sharing economy" into consideration. Collaboration is IN.

OUT are the inefficiencies, the printing of reams of paper, 3-ring binders of data, voicemail, and rooms full of file cabinets. Also out of fashion are the intimidation tactics, posturing, ultimatums, inappropriate comments, and cut-throat drives for the win. (Now if only we could separate commercial and residential licenses since our industries are drastically opposite in every way, and separate the CE that goes along with it!)

There is a better way. It's less of a tug of war and more of a chess game or a dance.

Along with these shifts, I've also seen in recent years a general rejection of the idea of incentives to projects or areas that seem greed-driven rather than needs-based. There is a large contingency of voters, along with brokers and developers themselves, who now demand some equity in this space.

I'm one of those brokers and aspiring developers who believes we need to open up opportunities to those with alternative perspectives and fresh ideas, rather than only looking to the legacy families of development who have done so much for this city while undoubtedly enjoying inherited advantage.

Some might only bring their experience, work ethic, brilliant ideas, resilience, and integrity to the table—with less capital. Why not put a higher value on these qualities and pair them with other asset-rich leaders? This is where we will see the shift. Raise your own value by embracing those unlike you and offer them your lens and your guidance.

As urban core neighborhoods, centered around Main Street, bust at the seams and prices rise due to both the cost of construction and supply and demand, growth will naturally move in all directions. We see it at the Riverfront, Westside/West Bottoms, Midtown, and also East of Troost. The East Side now seems viable for investment consideration by those who have avoided the area altogether. This is a positive on one hand, but it's also a very sensitive subject if you really understand the dynamics.

We must consider and acknowledge why there is sensitivity. Imagine for a moment personally being a part of the community "redlined" into an area by planners and developers for their own desired outcome (property values), controlled housing development in the 1920s. And now imagine present day, and what seems to be another intentional effort to price you out of that very neighborhood to which you have a strong attachment. Not to mention the devastating lack of equity to leverage toward a fresh start (which you do not desire). This very fact creates a friction that deserves a solution.

One complex part of the solution: Make sure the development and investment community capitalizing on and making decisions for these areas truly include the residents or, at a minimum, invite those affected to come along for the ride. If you are building wealth, afford others the same opportunity. Pay it forward.

Collaboration is the key. But in this case, collaboration isn't enough. It needs to include mentorship and patience.

The only way to create equity in this space is truly to train a whole new class of brokers, developers, and investors and utilize the talent being attracted through similar initiatives and institutions who are already doing this good work: CREW, CCIM, ICSC, REAP, ULI, and WIRED.

Ask yourself if your company is truly representative of the city you are doing business in and what could you personally do to advocate for more equity.

Invite others in.

You will end up with your win, but so will everyone else.