PHOENIX—Peter Nieman, executive vice president at Colliers International in Greater Phoenix, is celebrating 53 years of experience in the commercial real estate industry this year and has been with Colliers since 1993. Nieman also founded and operated several real estate companies in California, one of which he sold to Grubb & Ellis. He later worked for Grubb & Ellis for four years. He was also a founder and director of Columbia National Bank of Santa Monica, CA, and National Bank of the Redwoods, Santa Rosa, CA.
GlobeSt.com: What has changed in the industry during the last 53 years or should we say what hasn't?
Peter Nieman: The speed of transactions is one of the most significant changes. When I started in the commercial real estate industry in 1963, there were no computers, cell phones, fax machines or real estate information services such as CoStar or Xceligent. If a client wanted to know about available 5,000 square foot office spaces, I drove around town identifying appropriate buildings. Then I requested brochures and floor plans from landlords who mailed the information to me. In a hurry, I would personally drive to the landlord's office and pick up the brochure or floor plan. The process usually took a few days or longer if the client wanted a search in multiple submarkets. Today, a broker or assistant can gather the same amount of information online in minutes. Technology has dramatically increased the pace of deals.
GlobeSt.com: What is your advice for the younger generation?
Nieman: I like to say, "I'm not in the real estate business. I'm in the relationship business." When millennials rely on email for communication, they miss the opportunity to develop lasting relationships, which are critical to career growth. In addition, the younger generation is often in a hurry to rapidly advance their career and can become frustrated if they aren't rock stars within months. I starved in New York City during the early part of my career while I was learning the business. My advice is to be patient, pay your dues and connect with an older mentor.
GlobeSt.com: What do you see for the future of the Phoenix market?
Nieman: The future of the Phoenix market is bright. Assuming the global economy remains strong, job growth will likely continue in Arizona. High technology companies such as Apple and Google are increasingly attracted to our affordable cost of living and business climate. Phoenix is becoming the Silicon Valley of the West. Our vacant office space is decreasing. Arizona is an appealing place to live and work.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
