SAN DIEGO—“It is an honor to be part of this event. We have had a number of CREW members over the years who have encouraged us to get involved.” So said Hessam Nadji, president and CEO of Marcus & Millichap.
Nadji served as one of the featured speakers last week at the CREW Network and Marketplace luncheon in San Diego and provided his thoughts to more than 1200 attendees about the business of commercial real estate and how it would be changing.
There is a disconnect between the labor pool, skill set and the needs of a lot of companies that are trying to grow, said Nadji. He also pointed a few stats from a 10-year economic lookback from 2007—the height of the last cycle.
Nadji noted that the increase in population is around 25.4 million since 2007 and that there are 10.4 million more households than 2007 and 11.1 million more jobs than 2007. “Our country has had a GDP growth of $5.7 trillion since 2007—that is bigger than Japan's total economy.” He also said that there are 2.8-million more job openings than in 2007.
Nadji also discussed some trends impacting the CRE industry today:
- technology, automation and analysis
- *specialization taken to an extreme
- integration of specialized units into a seamless client delivery system
- increased capital inflows into CRE—moving beyond “acceptance into a “preferred” asset class
- competing for talent: diversity, inclusion, training, connectivity, retention
Nadji, who joined Marcus & Millichap in 1996 as vice president of research and advisory services and positioned the firm as a leading provider of market trends, analyses and expertise, was overly very positive about the market in general, and said that he sees no signs of the market slowing down.
Nadji is a frequent speaker at many U.S. business media outlets, including The Wall Street Journal, Investor's Business Daily, Real Estate Forum, CNBC, Fox Business TV, Bloomberg TV, and numerous commercial real estate publications. He will also be speaking at the upcoming RealShare Apartments Conference next week in Los Angeles where he will discuss apartment investment strategies in the current environment featuring topics of supply and demand, sales and pricing, as well as interest rates, rent control and other critical topics. To register for RealShare APARTMENTS visit: https://www.eiseverywhere.com/ehome/302312/653773/.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
