Personal Touch is Still Key

I was just perusing the February 2008 Issue of Commercial Property News (CPN) when I came across an article that hit home for me: Lost Connection, Technology May Enhance Business; Industry Still Wants Human Touch. My mentor, a 30 year veteran in the real estate community, has always told me to pick up the phone and make an appointment for lunch, coffee, whatever; just connect face to face. I have to admit, it makes all the difference.

This week, I've been incredibly sick, yet still needed to move things along for clients. I've used technology as a primary source for communication. Emails come to my phone, which is next to me at all times. My computer is not far away as I need to pass along vital information for negotiation. Yet when my client said I need you at this meeting, I showed up. And that connection brought value to my client. As a result, the loyalty ticker just shot up with this client. On the other hand, because my voice sounds like a frog, I've avoided the phone at all costs. Information was communicated using technology. It was prompt and efficient. Nevertheless, another client was incredibly annoyed that I wasn't available via phone for that real-time interaction.

To sum it up, I concurr with the article. Technology has made commercial real estate more efficient. But it's the face to face that makes the deal.

Office Market Looking Good for Tenants

I just had an opportunity to review Crain's Chicago Business article Burbs' Office Market Steady (January 14, 2008). I must say, the market is looking up for tenant's, especially those that are patient and have time to negotiate. Yes, yes, it says northern and western suburbs are holding their own with landlords raising net rents a couple of bucks per square foot over a couple of years; yet, 2007 added 1.1 Million sq.ft. with 1.3 million due for completionin 2008. That's quite a bit of office space, giving business owners lots of options. And with talk of a recession looming, its reasonable for tenants to wait, hold off and see where the economy goes.