Pay It Forward: "Always be Prepared For Changes in the Market and Adapt Very Quickly"
"Being able to prepare and adapt to catastrophic events makes you both mental tough and financially prepared," says Grant Greenspan of Kaufman Organization.
Grant Greenspan, Kaufman Organization, New York, NY
Area of expertise: Leasing and Management
Grant Greenspan is the principal of Kaufman Organization and has been active in the New York City commercial real estate industry since 1986 and has grown to manage the Kaufman Organization’s leasing division.
What has been the biggest challenge in your particular role and how have you overcome those obstacles/? One of the biggest challenges I have faced during the pandemic is managing my partners expectations. The pandemic changed the way the industry works and has pushed us to adjust. Another challenge was working with tenants and aligning their fears about financial obligations. The pandemic placed a lot of fear and pressure on companies, and it was important to make our tenants feel comfortable and safe when it came to their leases.
I overcame these obstacles by remaining positive to the best I could on a daily basis. It was important to be adaptive to the change that was occurring around me. Another way I faced these challenges was by taking advantage of short-term opportunities. Prior to the pandemic, we wanted to sign long-term leases, but the pandemic allowed us to work closely with different companies for shorter periods.
What about your current role at the company are you most happy with? A major factor of my position that excites me is the repositioning of buildings. Prior to the pandemic, Kaufman Organization acquired multiple buildings. Now that companies have been returning to the office, we have been able to complete renovations such as lobby projects in these properties. These renovations have helped increase the positive perceptions of tenants when thinking about leasing our office space.
Another aspect of my role that I have found both useful and rewarding is the opportunity to get creative in terms of adapting to new marketing techniques. Since the start of the pandemic, we have had to learn new and innovative ways to drive leasing to our buildings. A way we did this was through the use of QR codes and video tours. The use of technology has helped us to stay connected with potential and current renters.
What is the best piece of advice you have received that has helped you succeed in your industry? And do you have any advice specifically for the next generation? The best piece of advice I have received is to not panic when a problem arises. It is important to analyze the problem at hand and come up with the best solution.
When thinking about the next generation, a piece of advice I would offer them is to always be prepared for changes in the market and have the ability to adapt very quickly. The pandemic has showed us that anything can change at any moment. Being able to prepare and adapt to these catastrophic events makes you both mental tough and financially prepared.
Would you advise any younger person to begin a career in CRE? Yes, I still believe that commercial real estate is a career filled with opportunity. Commercial real estate is the ideal career for a social individual that is willing to network and build relationships. I advise these young professionals to have a strong sense of social media, networking and be open to learning about growing industries. Commercial real estate requires the ability to adapt and shift as the markets do. In the past networking was localized, now young people are able to connect through social media platforms such as LinkedIn and create relationships that span from coast to coast and are even international. The ability to understand and utilize new media such as VTS are vital to the industry’s growth because they allow us to see analytics that we used to not have access to.
Please share with us the best lessons learned. The best lessons I have learned are to never underestimate your competition and to remember that commercial real estate is a marathon, not a sprint. In commercial real estate there is no shortcut to achieve your successes. Your reputation is built on incremental successes throughout your career.
Please share a current initiative that you are working on that you are most proud of. A current initiative that I am proud to be working on is the redevelopment of the buildings Kaufman Organization purchased before the pandemic. I am helping to get the expectations back to what they were prior to Covid-19 in terms of where rents are going to be and what these assets were supposed to turn into. The renovations we are making are being done to fit the new needs of tenants as they return to the office after working from home.
In your opinion what takeaways did we learn from the COVID-19 crisis? A key takeaway was that the world is a fragile place, and you need to be able to adapt to that. We never know when a crisis like this may happen, so we need to be willing to make changes when these challenges arise. I also learned the importance of keeping a cool head and striving to be a calming influence on the people that rely on you.
What three statements would you use to describe your work mindset? The statements I live by include: It’s all about who I love and who loves me and every day you have to give it 100% in order to move forward on a day-to-day basis.
