AZRE magazine sat down with eight NAIOP Arizona members to learn more about their relationship to the association, how they’ve grown their careers from getting involved, the benefits of networking with competitors and what trends they’re seeing in the market. Responses have been edited for clarity and length. Meet Bryce Terveen, executive managing director, Colliers.
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Bryce Terveen, executive managing director, Colliers
AZRE: How does NAIOP help build relationships with all the different players involved with commercial real estate?
Bryce Terveen: It takes specialties from many different parties to make our industry work, and having those contacts is what takes projects from inception to fulfillment. At the root of it, commercial real estate is a relationship business, and NAIOP facilitates those connections really well, and that’s never going to change. As you meet people in the community, you start to develop a sense of trust with them, and that helps spur more transactions than if everyone was siloed. If you don’t have those relationships, it makes being in this business harder than it already can be.
AZRE: Can you talk more about how the relationships NAIOP fosters can help working in commercial real estate a bit easier?
BT: The Developing Leaders program is a key part of this, because mentorship is paramount in this business. Starting out as a young professional in brokerage is like drinking from a fire house. The learning curve is daunting and you’re working 12-hour days and weekends — there’s a lot to learn before you start making money.
The wisdom that seasoned brokers can provide is huge, whether you’re getting that through the Developing Leaders program, going to educational events or just being involved in the association. All of those things help younger professionals find their footing.
AZRE: What recent trends are shaping the market?
BT: There’s definitely some thawing happening in the office sector. The credit market has been fairly tight with interest rates, so we’ve seen office transactions be muted for the last two years. But companies are becoming more confident in their office usage as they come to the conclusion that it’s better for productivity and culture when people are working together in the same space, even if they don’t need as much square footage as they used to.
Some parts of the Valley are seeing some tenant activity as businesses make these decisions, and we’re still seeing the flight to quality. That happens during every down market because companies can take advantage of the current conditions to trade up into better Class A buildings — that’s happening in the Camelback Corridor, Scottsdale and Tempe. That trend will continue, but some submarkets will still have some pain. New office construction may not happen for some time, but as rents go up, more capital will get deployed to rehabilitate assets that need a little love.
