A word that many connect to tech gurus or Silicon Valley cryptocurrency traders. This couldn’t be more wrong. Innovation to me means; someone or something that adapts and creates a path that was not otherwise present. It is the single biggest and most relevant word in the commercial real estate space right now…yes, I just said that.
The real estate industry is innovating in all sectors; industrial/logistics/last-minute-mile going multi-stories, residential communities adding amenities, retailers creating an experimental brick and mortar experience, or co-working spaces in the office sector. There is NO doubt that the last 5 years have ushered in unforeseen, unimaginable, and unpredicted innovations in ALL real estate categories and it’s REALLY exciting. Why am I writing about this? Because if you understand the power of this word, accept it, and apply to your practice, you will greatly benefit.
From a personal perspective, the Company I founded, Bennett Realty & Development, is based off an innovative approach to the commercial real estate space. One that actively pursues principled development deals and offers third party brokerage services, all under one roof with all the analytic capabilities of a large brokerage company. Combining two typically divided practices in to one concept I knew was innovative and has offered a platform unseen from my experience.
The word INNOVATION is driving most of the transactions you read about and is touching every single sector of the commercial real estate space. Consider this; WeWork, the co-working giant, buys the historic retail building that Lord & Taylor has occupied for decades; in the Bronx developers are about to embark on the first EVER multi-level industrial building; suburban office parks once viewed as antiquated such as BellWorks in Holmdel, NJ is transforming in to a suburburbanism mecca; and lastly, multi-family projects are offering ride-sharing programs, Amazon lockboxes, and (coming soon), are launching co-living space scenarios. Imagine if you heard the above sentence just three years ago, you wouldn’t believe it.
Every day I am innovative. I accept and recognize that the basic practice is no longer applied to massive REITs, Private Equity Funds, Debt Originators, etc. etc. etc….you get the point. Don’t cut yourself short and associate this word with something it is not; reserved for “others” that don’t do what you do. Now go INNOVATE!