How AI Is Changing Commercial Real Estate Leasing Forever

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How many times when you know,
when you're a broker and you go

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into a meeting, do you start off
and you don't know that much

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about them or you sort of
Googled it on the way in the

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door?
You know, like, who am I meeting

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with and what's their priorities
again?

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And AI is amazing at prepping
people to be prepared to

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understand that business, ask
the right questions, which can

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lead you to a much better real
estate conclusion than we could

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have previously.
Elephant in the room AI, what

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are we doing incorporating that
into leasing and where do you

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see it going in?
The oh, absolutely.

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The next, actually just a very
exciting moment for commercial

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real estate and a really
exciting moment for businesses

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that are willing to transform
themselves and people who are

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willing to lead into change.
And that's something that is

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part of our culture here at
Newmark, being that we're very

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entrepreneurial and always about
serving our clients in the best

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way that we possibly can.
So this just feels like a moment

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that's been coming for a long
time and we're really excited

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edit about it.
And if I was to breakdown where

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I think it's really impacting
the leasing environment, I would

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start by saying, you know, the
amazing ability to 1st

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understand your clients
business.

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How many times you know, when
you're a broker and you go into

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a meeting, do you start off and
you don't know that much about

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them or you sort of googled it
on the way in the door?

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You know, like what who am I
meeting with and what's their

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priorities again?
And the foundation of every

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single great real estate
strategy is how do you connect

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that real estate strategy to the
business strategy to the people

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strategy.
And AI is amazing at prepping

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people to be prepared to
understand that business, ask

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the right questions, which can
lead you to a much better,

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better real estate conclusion
than we could have previously.

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And one that's different for
every business, right?

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Aviva?
It's not going to be the same if

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you're, you know, a financial
services business versus a

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technology business, high growth
business versus one that's, you

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know, doing something else,
being plateauing a little bit

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more correcting, all of them are
different.

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And understanding that really
helps you drive that leasing

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strategy.
It's so funny.

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So I remember when I started in
the biz, I started at a small

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brokerage with like no training,
no nothing.

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And I remember like I got my
first deal going and I was like,

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Long story short, I had to
figure out how to write an LOI.

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Oh yeah.
And it was like, well, you got

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to call this guy and he'll give
you the template and, and then

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you're like deciphering the
template.

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And now with the AI and and this
is a good thing and a bad thing,

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but now with AI, anybody could
just go on, say, write me an and

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LOI hear the terms.
And I'm not saying that's a good

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use case for LOI in our world
because generally it's not.

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And you should consult a
professional if you need a

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commercial lease.
However, it's interesting what

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you said about understanding the
client.

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Oh, yeah.
So, yeah, you just touched on

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the data strategy though as
well, right?

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So now it's commoditized the
fact that anyone can prompt just

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an LOI, right?
So you can get it in 10 seconds

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flat like that can happen.
But you touched on it exactly.

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Why are you reaching out to a
commercial real estate expert to

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do it?
Well, it's because they know the

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data that backs it.
And I'm not saying that the

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data, and you know, there's the
data can be right in the LLM's

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too to get it there.
But it's not at the asset level.

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It doesn't understand the asset
level specifics that you need to

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yet in order to choose which
space you're going to.

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It doesn't know how high the
ceilings are.

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It doesn't know the core depth.
It doesn't know the three other

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tenants and what they just had a
concession on.

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And so this really changes the
value that we deliver to be true

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negotiation.
Understand that business,

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putting you in the right
building, in the right location,

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but also how do you, you know,
drive that forward?

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It's really exciting when you
think about that, right?

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It's commoditizing some stuff,
but it's making the rest of us a

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lot better than we've ever been.
Right.

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And we're having a lot of
conversations, right, about AI

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as it pertains to our business.
And we're seeing some like, OK,

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it's very natural to talk about
the bad use cases, right?

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Owner a hack appraisal on
ChatGPT and gets one number.

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But then the reality of the it's
like you said, there is not

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actually this proprietary data
that is needed to carry a

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transaction through, right?
Like we're enhancing our service

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as tenant reps, leasing agents,
et cetera, as opposed to subbing

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it out with a robot and then
pushing the paper.

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So I suppose where I'm going
with that is humans.

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You know we live to see another
day here as commercial real

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estate professionals, as humans
and not as robots.

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Absolutely.
And also the relationship

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component, right.
So the relationship component

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still continues to matter.
But really brokers are the ones

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who have the most recent
feedback about what's happening

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in that market, the concept of
live data, what's happening

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right now, What was the bid ask
spread when someone gave you

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that asking rent, which could be
repeated by a large language

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model, Did they actually pay
that asking rent?

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What other sessions did they
get?

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But the great thing is, is for
great brokerages like Newmark,

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our ability to understand how to
negotiate and what are the other

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things, the data that we have to
drive our clients results, it

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compounds.
And how exciting is that, right?

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So the difference between the
great getting greater and the

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commoditized getting more
commoditized will continue to

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spread.
And that's really why in the age

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of AI you want to lean into
being the best that you can at

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your trade, right?
If you're if you're really

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leaning into having great deep
market knowledge and deep client

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experience, that's going to
transcend every market cycle.

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That gives me hope.
Glad to do.

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It yeah.
How do you see you all

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incorporating AI into the
business in the next year?

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2 years.
Five years.

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So I mean, I personally think in
that, you know, maybe 2 years of

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time is a little short, but by
five years, it will touch every

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aspect of our business.
And I think it's very likely

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that it'll touch every aspect of
our business by two years from

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now.
And so when I think about it and

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you know, I was a broker in
Silicon Valley in San Francisco

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for many years.
So I've been thinking about it

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for a long time, a lot longer
than the last six weeks.

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I've been thinking about it
since 2018 or so when, you know,

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open AI and those companies
first started emerging on the

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scene in San Francisco so long
ago.

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But to me, it's, it's just a
really core easy principle is

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you want to automate the stuff
that you don't need to pay

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attention to.
And that's incredibly important.

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And even when it's nerve
wracking because you think it's

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your secret thing, if you know
that it can be automated, you

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know, my view is you want to
take that out and you want to

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figure out a way to make that
better, better.

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And then you want to make sure
that you're amplifying people.

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But this is going to take a lot
of change management.

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And that's really going to be
the challenge for the industry

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and all businesses right now is
how quickly can your people

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evolve to a new reality where
some of the things we're used to

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doing to fill our time is going
to be automated and others you

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have the ability to amplify to a
new dimension.

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How do you solve different
problems, better problems?

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You know, how do you actually
create more value?

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And that challenge is not going
to be something where you can

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rest on what you did five years
ago.

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You need to lean forward into
what's possible now.

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And I think that's like, you
know, human nature doesn't want

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to adapt, right?
You have your cell phone.

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You know, we all loved our
Blackberries, and we didn't

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think there was anything on the
other side.

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And now we all love our iPhones.
And, like, you would never get

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something other than an iPhone.
I feel that internally with new

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technology, the average age of a
commercial real estate broker in

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America is 55 years old.
Really.

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Yes, it's.
Interesting.

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How do we?
I'm trying to think of a great

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way to say, so say you're a 7
figure broker and you're 55

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years old, you don't need AI
from your immediate

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understanding and you have that
physical like I don't want to

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incorporate anymore tech into
this.

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What would you say to that
broker when it comes to

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incorporating AI into the
business to encourage them?

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Well, I think I'd look back at
the last big change that we had

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and how we adopted to it.
So if I think about when I first

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started in the industry, I was a
very early LinkedIn adopter,

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very early in the social
networking phase because I

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started in 2005, the company was
brand new.

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It was in my home market and
that's how I actually, you know,

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met a majority of my clients
back then because I didn't have

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a network in commercial real
estate as a 22 year old entering

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the industry.
So what did I do?

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I got on LinkedIn, I crafted my
little messages and I sent it to

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people in a connection.
There weren't even messaging

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back then.
You just had to figure out how

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to get in front of people.
And that was a way I did it.

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I even, you know, I emailed
people, I cold called people,

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but I really leaned into that
social networking impact in my

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early career because that was
the wave when I was starting in

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the business.
And I recall a lot of people

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that I was working with in the
time that were more senior

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brokers who were like, you're
doing what on what network and

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you know, how is this going to
work?

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You're never going to get a
client from it, but we all know

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results, you know, they show.
And so if we look at what

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happened then and apply it to
now is I think it's a tremendous

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opportunity for anyone who
adopts AI, but particularly that

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next generation of brokers that
are entering the industry that

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can think differently.
How can we do it to solve my own

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generation's problems or the
generation that's coming right

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after me?
How is the workplace going to

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evolve because of this?
And what do I understand more

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natively because of where I'm
coming from it and

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simultaneously going back to the
people that are the average age

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that you talked about, I think
for them, overtime, they get it.

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Who's not on LinkedIn now,
right?

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It's like there's always this
technology curve of early

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adopters and laggards.
And my view is like, if the

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laggards are doing great and
they're producing, then they can

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take their time to adopt at the
period.

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That's right for them.
At some point it will happen.

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People told me they'd never be
on LinkedIn.

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Now there's people posting every
other week.

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It's just how it goes, right?
So just a matter of time and

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finding what's right for you.
That's funny.

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You're like, I see you, Todd,
you're in LinkedIn.

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No, it's you're preaching to the
choir when it comes to social

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media and integrating it into
our business.

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And I continue to encourage all
commercial real estate

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professionals to do so.
But let's let's let's get into

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it in 2026.
What is the differentiator

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between a property that's
leasing and a property that is

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not leasing?
Great question.

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And it's definitely a market in
which you're finding winners and

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everybody else isn't there.
So but you know who's winning

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might be evolving a little bit.
So I mean, look, we cover all of

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North America.
So there's a lot of nuance to

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that question, but I'll dive
into a couple specifics.

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So you know who's winning right
now?

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Trophy is continuing to win and
we have talked about about it.

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So, you know, we could talk
about it again for a very long

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time, but we know that Trophy is
winning.

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Why?
Because it's aligning to great

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talent strategies in great
cities that have great talent

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and great amenities.
And they're offering something

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that's driving that business
forward.

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People aren't just leasing that
space because, you know, they

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think it's going to do nothing
for their business.

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They consider the real estate a
performance enhancer that's

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00:10:25,200 --> 00:10:27,160
really going to make that
revenue RIP, right.

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00:10:27,160 --> 00:10:29,000
And their earnings RIP and they
they think it's something they

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00:10:29,000 --> 00:10:30,880
should invest in because of
that.

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00:10:30,880 --> 00:10:33,600
And so trophies, certainly, you
know, something there.

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00:10:33,720 --> 00:10:36,480
The other winner, this is like,
this is my contrarian viewpoint,

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right, is in San Francisco at
the end of last year, end of

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2025, we saw something that will
surprise everybody because it's

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00:10:43,000 --> 00:10:45,400
not what we've been talking
about for a while, which was

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00:10:45,400 --> 00:10:49,000
that Class B started to pop.
And everyone's like, oh, we

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00:10:49,000 --> 00:10:51,280
thought that there was winners
and then there was stuff that's

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00:10:51,280 --> 00:10:54,320
getting converted.
And you know what else is there?

238
00:10:54,320 --> 00:10:56,200
There's nothing, right?
It's just that's going to sit

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00:10:56,200 --> 00:10:58,080
there forever.
But we started to see it and

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00:10:58,080 --> 00:11:01,000
what it was really about was a
very specific thing within Class

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00:11:01,000 --> 00:11:02,880
B.
How ready is this space for

242
00:11:02,880 --> 00:11:04,160
occupancy?
Why?

243
00:11:04,640 --> 00:11:07,320
Because there's more new
businesses that are starting

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00:11:07,320 --> 00:11:09,640
right now that are rethinking
themselves.

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00:11:09,640 --> 00:11:11,560
Like this is a kind of
interesting stat for you.

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00:11:11,760 --> 00:11:16,480
When we track our tenant demand
across the country, 72% of the

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00:11:16,480 --> 00:11:20,440
tenants are looking for the same
or more space, but they're still

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00:11:20,440 --> 00:11:23,560
looking on the average when we
look at completed deals at less

249
00:11:23,560 --> 00:11:26,280
space than pre pandemic.
So everyone's like, how do I

250
00:11:26,280 --> 00:11:29,000
rectify this growth with this
contraction?

251
00:11:29,120 --> 00:11:32,120
And what I think it's about is
business churn, right?

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00:11:32,120 --> 00:11:34,720
So you've got bigger like
businesses they've been around a

253
00:11:34,720 --> 00:11:37,440
long time that are being
disrupted, they're shedding

254
00:11:37,440 --> 00:11:39,360
space, they're thinking
differently.

255
00:11:39,480 --> 00:11:42,360
But at the same moment in time,
you have these new businesses

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00:11:42,360 --> 00:11:44,280
that are emerging in every
category.

257
00:11:44,280 --> 00:11:46,680
And it's not just San Francisco
and New York, it's across

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00:11:46,680 --> 00:11:49,560
multiple different markets that
are emerging and saying we're

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00:11:49,560 --> 00:11:52,440
starting to grow.
And I think going back to like,

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00:11:52,680 --> 00:11:54,240
how do you win as a landlord on
that?

261
00:11:54,440 --> 00:11:57,000
You need to create great space.
That's certainly part of it or

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00:11:57,000 --> 00:11:59,320
space that at least meets the
tenant demand in your local

263
00:11:59,320 --> 00:12:00,440
area.
You know, if you're in the

264
00:12:00,440 --> 00:12:02,800
suburbs, you might need to have
the same amenity packages in the

265
00:12:02,800 --> 00:12:04,840
city because it's a different
set.

266
00:12:04,880 --> 00:12:08,400
But you really that look of
like, is it ready right now?

267
00:12:08,400 --> 00:12:10,840
Can I move in?
And obviously we work spent an

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00:12:10,840 --> 00:12:14,760
amazing contributor to the whole
entire real estate ecosystem by

269
00:12:14,760 --> 00:12:17,560
how quick their space is ready.
But landlords who are also

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00:12:17,560 --> 00:12:19,800
competing on that dimension seem
to be winning as well.

271
00:12:20,200 --> 00:12:23,600
It's funny, I run a portfolio of
Small Bay Industrial in Denver,

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00:12:23,600 --> 00:12:27,160
Co Denver's a unique market with
Small Bay because we were the

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00:12:27,160 --> 00:12:30,160
first to recreationally legalize
cannabis.

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00:12:30,160 --> 00:12:34,640
It there's a whole party for
Small Bay and you know, I'm

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00:12:34,640 --> 00:12:38,160
going to table the history
lesson, but I have spent not

276
00:12:38,160 --> 00:12:43,280
personally, I'm signing checks
for more money to bring units

277
00:12:43,440 --> 00:12:46,040
into reality.
And by reality, I mean make them

278
00:12:46,040 --> 00:12:51,680
presentable than in the last
year 18 months than the previous

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00:12:51,680 --> 00:12:55,560
ten combined.
Because pre pandemic it was you

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00:12:55,560 --> 00:12:57,640
were just lucky to get a small
base base.

281
00:12:57,640 --> 00:13:00,720
Take it or leave it.
And post pandemic things are a

282
00:13:00,720 --> 00:13:03,840
little different and the tenant
expectations are a little

283
00:13:03,840 --> 00:13:06,840
different.
And you know, I used to rent

284
00:13:06,920 --> 00:13:10,000
horror stories with no bathroom
and nobody cared.

285
00:13:10,000 --> 00:13:12,160
And now it's like this isn't
getting leased.

286
00:13:12,200 --> 00:13:14,880
Like I'm not saying I'm not
asking, but it's like you said,

287
00:13:14,880 --> 00:13:17,960
like if it's not move in ready,
if the tenant can't walk in and

288
00:13:17,960 --> 00:13:21,160
imagine themselves in the space,
you got to another vacant month.

289
00:13:21,360 --> 00:13:24,720
And everybody knows.
I always say vacancy is the only

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00:13:24,720 --> 00:13:26,600
four letter word in commercial
real estate.

291
00:13:27,480 --> 00:13:29,720
That's great, I haven't heard of
that before.

292
00:13:29,920 --> 00:13:32,920
So it's very interesting.
I'm seeing parallels in our

293
00:13:32,920 --> 00:13:38,080
market and clean up your spaces
landlords, it ain't 2018 anymore

294
00:13:38,280 --> 00:13:42,080
and invest into your asset and
it will feed you.

295
00:13:42,360 --> 00:13:45,640
It's interesting, I think 2026
is one of the first years in my

296
00:13:45,640 --> 00:13:48,600
history that I really feel like
retail, industrial and office

297
00:13:48,600 --> 00:13:50,920
have a lot of commonality
between them.

298
00:13:50,920 --> 00:13:53,560
You know, the big blocks are
getting leased very quickly.

299
00:13:53,720 --> 00:13:56,600
Like you said, moving ready
really matters, having more

300
00:13:56,600 --> 00:13:58,080
amenities.
Like there's all sorts of things

301
00:13:58,080 --> 00:14:01,120
that are parallels across all
three dimensions of the industry

302
00:14:01,120 --> 00:14:03,800
that it's not always the case.
Sometimes one's going up and

303
00:14:03,800 --> 00:14:07,240
one's going down, but they feel
very stabilized right now in the

304
00:14:07,240 --> 00:14:10,360
market with very consistent
trend lines, which is exciting

305
00:14:10,360 --> 00:14:13,600
for the real estate industry.
What do you see as the most

306
00:14:13,600 --> 00:14:17,280
common deal killer today?
I always think the most common

307
00:14:17,280 --> 00:14:19,960
deal killer is someone who
doesn't want to listen to the

308
00:14:19,960 --> 00:14:22,600
other your side.
So it is not a physical

309
00:14:22,600 --> 00:14:25,800
characteristic.
It is a characteristic of

310
00:14:25,800 --> 00:14:30,520
negotiation that we can all
improve, which is if you listen

311
00:14:30,520 --> 00:14:32,840
to what the other person's
looking for, you know, whether

312
00:14:32,840 --> 00:14:35,240
that's a landlord or a tenant,
you're going to be in a better

313
00:14:35,240 --> 00:14:38,000
position to try to solve for it
than if you just try to, you

314
00:14:38,000 --> 00:14:41,760
know, only do your way.
I know sometimes it's like, man,

315
00:14:41,880 --> 00:14:44,080
I don't even know if you really
wanted to do the deal in the 1st

316
00:14:44,080 --> 00:14:47,400
place, but OK, so you're in a
really interesting market.

317
00:14:47,560 --> 00:14:51,760
Well, you live and work in San
Francisco, hotbed for media

318
00:14:51,760 --> 00:14:56,600
commercial real estate mania.
Is Office space dying from San

319
00:14:56,600 --> 00:15:01,040
Francisco out?
No, no, no, no.

320
00:15:01,440 --> 00:15:05,320
Not from San Francisco, not from
New York, not from Dallas, not

321
00:15:05,320 --> 00:15:07,200
from anywhere in the country
right now.

322
00:15:07,200 --> 00:15:09,800
Is it dying?
I think it's being repurposed.

323
00:15:09,880 --> 00:15:14,400
And what was the kind of drivers
before the pandemic are

324
00:15:14,400 --> 00:15:16,840
certainly different now.
Although I promised myself I

325
00:15:16,840 --> 00:15:19,800
would stop saying the word
pandemic or return to office or

326
00:15:19,800 --> 00:15:23,240
any of these words anymore
because I think we buried them

327
00:15:23,240 --> 00:15:26,000
all in 2025.
You know, five years later, we

328
00:15:26,000 --> 00:15:28,640
should certainly be in a new
chapter, you know, by now.

329
00:15:28,920 --> 00:15:32,520
But I think that the, the market
has repurposed itself and it's,

330
00:15:32,720 --> 00:15:35,200
it's actually created a moment
where businesses are aligning

331
00:15:35,200 --> 00:15:37,920
their real estate strategy and
business strategy even more than

332
00:15:37,920 --> 00:15:40,720
they ever did before.
So that's an opportunity for the

333
00:15:40,720 --> 00:15:42,360
sector.
But you know, if you're looking

334
00:15:42,360 --> 00:15:45,120
at space that hasn't moved in a
long time, whether that's

335
00:15:45,120 --> 00:15:48,760
retail, industrial or office,
it's a time to revisit what your

336
00:15:48,760 --> 00:15:51,440
value to the market is.
Because one trend we're seeing

337
00:15:51,440 --> 00:15:54,320
too is what is sitting.
If it sits for a certain period

338
00:15:54,320 --> 00:15:57,120
of time without leasing, it sits
a long time.

339
00:15:57,120 --> 00:16:00,080
Like stuff can sit for a while
if you're not thinking about how

340
00:16:00,080 --> 00:16:01,800
it's going to meet the
businesses needs now.

341
00:16:02,240 --> 00:16:05,240
And those landlords are going to
have a bad time.

342
00:16:05,440 --> 00:16:09,440
So Liz, this is just now a
personal question that came up.

343
00:16:09,520 --> 00:16:11,280
You're the director of leasing
at Newmark.

344
00:16:11,880 --> 00:16:15,120
If you had to choose and you
only had two doors to choose,

345
00:16:15,120 --> 00:16:19,720
tenant Rep or repping the
landlord, which would you choose

346
00:16:19,920 --> 00:16:21,800
and why?
This is an interesting one and

347
00:16:21,800 --> 00:16:25,160
pretty hard for me to answer
because as you know, I did both.

348
00:16:25,160 --> 00:16:27,920
So I'm going to answer it more
nuanced, which is I think when

349
00:16:27,920 --> 00:16:31,720
you're early in your career,
it's great to choose tenant Rep

350
00:16:31,720 --> 00:16:33,680
because it really helps you
learn the market and learn the

351
00:16:33,680 --> 00:16:36,080
businesses and tour every single
market.

352
00:16:36,240 --> 00:16:40,480
But then as you mature in your
career, I like the landlord side

353
00:16:40,480 --> 00:16:43,000
too, because then you understand
the market well and it's about

354
00:16:43,000 --> 00:16:46,920
how do you really attract users?
But your deep experience can

355
00:16:46,920 --> 00:16:48,800
help you do that.
So I mean, there's really no

356
00:16:48,800 --> 00:16:51,480
right answer here, but that's my
my nuanced way of saying I like

357
00:16:51,480 --> 00:16:53,160
both.
But maybe if I had to choose,

358
00:16:53,160 --> 00:16:55,920
I'd segment it by when you're
when you are in your career.

359
00:16:56,320 --> 00:16:58,960
Fair.
I think that that aligns with

360
00:16:58,960 --> 00:17:02,280
like the very natural
progression of learning the

361
00:17:02,280 --> 00:17:05,040
business, right?
Everybody just wants to go in,

362
00:17:05,040 --> 00:17:08,040
hit the phones and sell
buildings, but what makes those

363
00:17:08,040 --> 00:17:10,520
buildings run the leases within
that?

364
00:17:10,800 --> 00:17:13,599
And we need to understand how
those work in order to sell

365
00:17:13,599 --> 00:17:15,880
them.
Yes, yes, absolutely.

366
00:17:15,880 --> 00:17:18,240
I mean, leasing is really the
foundation of the real estate

367
00:17:18,240 --> 00:17:19,599
industry, right?
Because if you don't have a

368
00:17:19,599 --> 00:17:21,240
space, then how do you create
the value?

369
00:17:21,240 --> 00:17:24,040
It's that combination of those
two people coming together or

370
00:17:24,040 --> 00:17:26,920
two companies coming together,
That's where that value creation

371
00:17:26,920 --> 00:17:29,960
moment is.
So if you're a new broker, don't

372
00:17:29,960 --> 00:17:31,920
count out leasing.
Honestly, I love leasing.

373
00:17:32,320 --> 00:17:36,280
I think if you're a senior
broker, I love leasing, but I'm

374
00:17:36,280 --> 00:17:40,000
just a warehouse peddler.
Liz, what are the biggest

375
00:17:40,000 --> 00:17:43,720
opportunities right now for
owners and investors in

376
00:17:43,720 --> 00:17:45,960
commercial real estate?
Well, it depends if the owner

377
00:17:45,960 --> 00:17:49,120
investor already has their
property or if they're trying to

378
00:17:49,120 --> 00:17:52,120
buy new properties.
So we'll kind of break it down

379
00:17:52,120 --> 00:17:54,680
into those two.
If you already have your

380
00:17:54,680 --> 00:17:58,200
property, then I think the
biggest opportunity is to, as

381
00:17:58,200 --> 00:18:01,320
we've said, understand the
tenant demand in the market and

382
00:18:01,320 --> 00:18:04,080
what those tenants really
looking for and then position

383
00:18:04,080 --> 00:18:07,080
your asset to meet it.
So as an example, if you're in a

384
00:18:07,080 --> 00:18:09,440
high growth tech market where
things are moving really

385
00:18:09,440 --> 00:18:12,640
quickly, you want to get your
space ready to lease, right?

386
00:18:12,880 --> 00:18:15,720
You want to be probably a little
more flexible on term or give

387
00:18:15,720 --> 00:18:18,400
them expansion options because
that's going to facilitate their

388
00:18:18,400 --> 00:18:20,120
growth.
But if you're in a trophy

389
00:18:20,120 --> 00:18:23,000
building in New York, that might
not be the best strategy.

390
00:18:23,000 --> 00:18:25,840
You know, you might want to make
sure that it's available to

391
00:18:25,840 --> 00:18:28,400
condition that they can they can
customize it for their own use.

392
00:18:28,600 --> 00:18:31,040
And if you're investing in real
estate and you're looking for

393
00:18:31,040 --> 00:18:34,520
where to expand and you know,
similar yet slightly different

394
00:18:34,520 --> 00:18:37,520
answer, which is look at where
those demand trends are, Look at

395
00:18:37,520 --> 00:18:39,840
the industry trends, you know
what's going on.

396
00:18:39,840 --> 00:18:42,120
Like, you know, look at the
advanced manufacturing trend in

397
00:18:42,120 --> 00:18:45,000
America right now.
How many companies are coming

398
00:18:45,000 --> 00:18:48,560
through American dynamism right
now and building Like that's a

399
00:18:48,560 --> 00:18:50,320
really compelling, you know,
segment.

400
00:18:50,480 --> 00:18:52,760
And I know we've talked about
data centers a lot in the real

401
00:18:52,760 --> 00:18:55,320
estate industry, but you know
what's coming after that?

402
00:18:55,320 --> 00:18:57,880
What's the adjacencies to that
big boom?

403
00:18:58,120 --> 00:19:01,280
AI companies is certainly one of
them as well, where you can kind

404
00:19:01,280 --> 00:19:02,800
of position your asset for
success.

405
00:19:04,160 --> 00:19:06,000
That was good.
That was very, very good.

406
00:19:06,000 --> 00:19:08,160
You're smart.
I am enjoying talking to you

407
00:19:08,160 --> 00:19:09,640
very much.
You're very intelligent.

408
00:19:09,640 --> 00:19:11,480
It's nice to talk to.
Anytime.

409
00:19:11,880 --> 00:19:14,880
So before I let you go, we
always end with the same

410
00:19:14,880 --> 00:19:17,600
question.
Liz, what is your commercial

411
00:19:17,600 --> 00:19:20,800
real estate secret?
So my commercial real estate

412
00:19:20,800 --> 00:19:26,000
secret is to always be as
resilient as humanly possible.

413
00:19:26,320 --> 00:19:29,160
And I think this is something
that you learn in different

414
00:19:29,160 --> 00:19:32,040
chapters in your life.
You know, I had a situation when

415
00:19:32,040 --> 00:19:34,280
I was a relatively younger
broker.

416
00:19:34,280 --> 00:19:36,640
I think I was four or five years
in the industry and I was

417
00:19:36,640 --> 00:19:40,040
pitching my first really big
deal and it was with a CEO on

418
00:19:40,040 --> 00:19:42,320
the other side of the tour.
So we're not talking a small 1.

419
00:19:42,320 --> 00:19:44,560
You know, we were talking, this
is probably my largest client

420
00:19:44,680 --> 00:19:46,680
ever at the time.
And I'm pitching him on the

421
00:19:46,680 --> 00:19:48,680
property and I'm telling him
everything about it.

422
00:19:48,680 --> 00:19:51,200
And I'm telling him about the
demand in the market and why he

423
00:19:51,200 --> 00:19:53,640
needs to buy this asset so we
can have our tenant that we

424
00:19:53,640 --> 00:19:55,920
already had leased it.
Like this is what we need to do.

425
00:19:56,160 --> 00:19:59,000
And as I'm doing it, a bird
literally poops on my face.

426
00:19:59,000 --> 00:20:02,720
Like, you can't take this back.
Like, and you know, it's kind of

427
00:20:02,720 --> 00:20:05,760
a silly story, but I think it's
very indicative of the real

428
00:20:05,760 --> 00:20:08,920
estate market that sometimes
when you are going for it and

429
00:20:08,920 --> 00:20:12,600
gunning for it and you know that
you're right that things can go

430
00:20:12,600 --> 00:20:15,760
a little awry.
And that's a funny slash kind of

431
00:20:15,760 --> 00:20:17,600
stinky awry.
But you know, it's a funny

432
00:20:17,600 --> 00:20:19,680
story, but it shows.
What did I do?

433
00:20:19,680 --> 00:20:21,080
I was like, OK, do you have
time?

434
00:20:21,080 --> 00:20:22,440
If I go to the bathroom, he's
like, not really.

435
00:20:22,440 --> 00:20:24,480
I was like, I'll wipe it off.
I'm going to keep going.

436
00:20:24,960 --> 00:20:28,960
He ended up buying that property
and we did a 300,000 square foot

437
00:20:28,960 --> 00:20:30,400
lease on it less than six months
later.

438
00:20:30,720 --> 00:20:33,440
So when you're convicted in the
market, you're convicted.

439
00:20:33,440 --> 00:20:37,080
So be resilient when things
don't go well, but also just be

440
00:20:37,080 --> 00:20:39,520
convicted.
Well, if there is ever a

441
00:20:39,520 --> 00:20:43,800
question if getting pooped on by
a bird was lucky, it sounds like

442
00:20:43,800 --> 00:20:46,640
that was it is and that was your
lucky day.

443
00:20:46,920 --> 00:20:51,000
It was my lucky day.
Wow, that's no, I agree it.

444
00:20:51,160 --> 00:20:53,760
I mean, if you're not resilient,
this is not the business for

445
00:20:53,760 --> 00:20:56,080
you.
But if you can get over that

446
00:20:56,240 --> 00:20:59,440
emotional hurdle of getting
kicked in the teeth, you know,

447
00:20:59,680 --> 00:21:04,760
at 8:00 AM incessantly, then you
can see amazing success and some

448
00:21:04,760 --> 00:21:06,480
might even enjoy it.
So.

449
00:21:07,920 --> 00:21:09,160
Yes.
I don't know if I've ever

450
00:21:09,160 --> 00:21:12,040
enjoyed getting kicked to the
teeth, but I have become more

451
00:21:12,040 --> 00:21:12,600
resilient.