2009 will go down as one of the most challenging years in the history of commercial real estate and, for that matter, in the U.S. economy as well. There are some signs of life in the marketplace, although these shoots of new life are tender and it wouldn’t take much to kill them off. It remains clear that we have a long way to go to truly begin a full-fledged economic recovery.
Hopefully, we have been using some of our “down time” to reflect on what the impact of this has been to us personally and professionally. Much good can come from timely, and meaningful, reflection. Obviously the results can (and often should) lead to tough decisions, but it’s through challenging times that character is built. My hope for my business associates, and colleagues at large in the CRE industry, is that a time of reflection will lead to greater innovation and creativity to the benefit of our clients and the growth of your business. If we can purpose to work towards that end then the recent challenges will go down as a great “happening” to our lives (and careers).
Additionally, I want to challenge my peers to spend a significant amount of time in the next couple of weeks working “on their business” and less “in the business”. This is so hard, and something I struggle with, but yet is so essential, for the CRE practitioner. We need to have attainable, measurable and time bound written goals and a methodology to measure our progress against them. When we do this it creates greater focus (and energy) for us to fulfill our business plans and we position ourselves to achieve a level of satisfaction not otherwise attainable. It always amazes me that experts have determined that only 6% of adults set measurable, written goals each year! I hope that in 2010 you will be one of those 6% and it will be a great benefit to your success in the New Year. Happy New Year to my colleagues across the CRE industry including my peers in CCIM and SIOR. - Gary Lyons