Reading any of the daily newspapers' headlines can suck the joy right out of almost anybody's weekend. This isn't a time to hide underneath the covers, but to take the bear market by the teeth and make business happen. Half of our readers polled think this market is business as usual. Another 28% say they prosper during down periods, while 22% despise dry spells. Real Estate New York spoke with Paul N. Glickman, vice chairman of Cushman & Wakefield, about the industry's morale, business and the new opportunities arising.
"We've been as busy as we've ever been. I think this creates opportunity. Change creates opportunity. I enjoy that. That's what's fun about this business. There are new clients to be had there are new creative ways to structure transactions, and that's opportunity. I don't view it as 'morale is down.'
"I think it's business as usual, for better or worse. I think you have to work a little bit harder and a little bit longer in these types of marketplaces, particularly on the agency side of the business. When you have a supply-constrained marketplace and rents are rising and there are more tenants, there's more demand than there is supply and there are more tenants than there are spaces. It's basic fundamentals.
"On the landlord's side, I wouldn't say there's less work but it's a bit easier than when you're in a marketplace where some of the tenants are sitting on the sidelines waiting and watching the marketplace. When that happens, you have to work harder.
"We've been through a couple of markets like this. The markets are cyclical. I don't think this is that deep of a problem. I think that we're seeing a short dip in the marketplace and I think we're going to see a recovery very soon. If you look at what's happened over the past four years, rents have pretty much doubled, at least in Manhattan. If there's a slight adjustment it's not going to have a major long-term impact on the market.
"As far as New York City is concerned, I think if you're a tenacious broker in this type of market, you can pick up a tremendous amount of new business. I don't think life has changed here. Our business practices are the same. Everybody has an opportunity to shine a little bit more in this type of market. It's not like this has had a major impact to date.
"This creates opportunity for people to shine. It creates an opportunity for brokers to add real value to their clients. To me, if you like what you're doing, that then is fun."
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