Miller notes that his office, for the third consecutive year in 2000, boasts record earnings, gross revenues, space leased, sold, managed and appraised. And the average revenue per broker has never been higher.
Sitting in a conference room on the 34th floor of Cushman & Wakefield's Denver office at 1670 Broadway, Mosler discussed a wide-range of topics with GlobeSt.com. He had been in Denver to meet with Miller, brokers and corporate clients. "I have several new initiatives for the company, chief among them to develop more focus on the industrial side," Mosler says. "Much like we have a branded financial services division, we are going to brand industrial. You're going to see a much bigger emphasis on industrial from us."
He says the heightening of the industrial division is the result of "crossover of office space and conversion of office from industrial." He adds that sector is "more important than ever before." As part of his push to beef up Cushman & Wakefield's industrial focus, he says the company will have a "very heavy focus on the Midwest."
Chicago, he says, is probably the premier industrial area in the country. And, the Midwest is a $40 million or $50 million a year market for Cushman & Wakefield--and it could become a $100 million market for the company in the next three to four years. Another reason that industrial is so important is because of its relationship with retail, an area that he is looking to develop in the coming years. "Warehousing and speed to market is becoming increasingly important," Mosler says. "For whatever reason, we've never really had a retail division. But we are going to be very active in recruiting top retail brokers." Indeed, he says several top retail brokers already have shown an interest in the Cushman & Wakefield team.
"But we're not going to try to be all things to all people," Mosler cautions. "We manage 250 million sf for institutional clients, many of them large retail holdings. We can better serve them by having a retail division. We're not going to be out there doing small retail deals at grocery store-anchored strip centers."
He says another strategic move is not by industry, but by geography. "We're making a very significant move to strengthen our foothold in California," he says.
Cushman & Wakefield recently purchased a firm with 26 brokers "that will form our core in our South Bay office." Other buys include a Los Angeles firm and more deals are pending. He says a recent San Francisco hire brings two million sf to the play. "I see this as my West Coast initiative. I want Cushman & Wakefield to be seen as the premier player out there," emphasizes Mosler.
But not everything he plans involves growth. Some brokers, he says, will go if they don't "fit into our business program. After a career spent in production, I know that those who do not produce become a drain on your resources. The job of the managers will be to cull those who aren't producing."
How many will be cut? Mosler estimates 10% across the board, but the bottom line numbers aren't expected to change. "If we have 900 brokers today, I would say that we might have the same number a year from now, but they won't be all the same people," he tells GlobeSt.com. "We'll have cut the people who aren't cutting it and we'll be making additions. We'll be buying companies and growing our company that way when the opportunities arrive. But my plan is to grow Cushman & Wakefield one broker at a time. And we'll be raising the bar for everyone.
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