March 2nd
Attending CORFAC’s annual Spring conference in Dallas Texas, TRI Commercial was awarded the professional network’s 2023 CORSTAR Award as the Top Referring Firm. The award is given annually to the firm within the international network of 70 offices who completes the most deals conducted with referrals.
TRI Commercial engaged in several deals over the course of the previous year to earn the award. Special congratulations were granted to Ed Benoit, Bryan Wirt, and Skip Andrae of TRI Commercial’s Roseville office, as well as Josh Gispan and Martin Morici of the Silicon Valley Office.
April 4, 2019, CORFAC International, Benjamin Paltiel, Custom Content Writer
Over the last three decades, commercial real estate has seen tremendous changes — from digitization and automation to the birth of entirely new asset classes. But through all those transformations, there has been a constant demand for local expertise from respected brokers.
Now in its 30th year, CORFAC remains an unparalleled resource for that kind of expertise — an independent network of brokers and a reputable source of unbiased information at a time when the industry is doing more business than ever. And for its members, it serves as an indispensable community of trusted colleagues, advisers
“Being a member has had many benefits over the years, not least of which is generating income through referrals thanks to my CORFAC network,” said founding member David Prior, senior managing principal of The Klabin Co./CORFAC International. “But just as important, I have a lot of very close friends here who act as an advisory board to help me run my company. These are intimate relationships with other owners that you can’t build anywhere else.”
In the late 1980s, local and regional brokerage firms were a dying breed. They were being acquired by publicly traded global
During a 1986 SIOR conference, the leaders of five noncompeting brokerage firms discussed an independent network of brokers. The idea was to build a network of people who could share information, but who weren’t obligated or incentivized to refer business to one another. The focus would be to keep serving their clients in the best way possible. And so, CORFAC was born.
The five founders reached out to more of their colleagues, and by the time they formally launched CORFAC in 1989, participation had jumped to more than a dozen markets. Among those early members was Ray Lyons, president of Realty Advisors Ltd., Brokerage/CORFAC International in Toronto.
“Being part of CORFAC gives us a bigger footprint, provides an avenue for referral business from other markets and allows us to work with people we know and trust,” Lyons said. “It also helps us keep abreast of new technologies and tools in a changing market.”
Today, CORFAC is the world’s largest network of independent real estate brokers serving the office, industrial and retail markets. CORFAC’s affiliates in 75 U.S. and international markets have completed over 10,000 lease and sale transactions totaling 500M SF and $8B. The network has added 20 new affiliates in the past four years — 10 domestic and 10 international.
While affiliates aren’t required to hold credentials such as SIOR, MCR or CCIM, many still do and Prior said CORFAC boasts a higher percentage of accredited brokers than most worldwide real estate services alternatives.
And for many CORFAC members, membership goes far beyond the surface level.
“I’ve been a CORFAC member since I joined King Industrial 25 years ago, and I’ve been going to conferences ever since,” said Sim Doughtie, president of King Industrial/CORFAC International and 2019 president of CORFAC International. “For me, it’s not the CORFAC network, it’s really the CORFAC family.”
This feature was produced in collaboration between Bisnow Branded Content and CORFAC International. Bisnow news staff was not involved in the production of this content.
See original BisNow article here.
Written by Melissa Steinberg
Winners Announced!
Washington, D.C. —CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, just announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest transaction volume in commercial real estate deals and leads in their respective markets. TRI Commercial Real Estate Services has been recognized as the most active local dealmakers in the Sacramento Market with this prestigious industry award. The CoStar Power Broker Awards also recognize professionals ranging from office leasing, retail leasing, industrial leasing and sales.
For a full list of winners, visit http://costarpowerbrokers.com/power-broker-award-winners/
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. CoStar Group’s websites attracted an average of approximately 45 million unique monthly visitors in aggregate in the third quarter of 2018. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,600 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.
LONDON HOSTS AND TOASTS CORFAC INTERNATIONAL LIKE ROYALTY
A PERFECT MIX OF BUSINESS AND PLEASURE
Game-changing industry disruptors like co-working; the rise and risks of artificial intelligence; market shifts fueled by the rise of Amazon and last-mile delivery; budget-busting prices for space in major markets–all of these topics and more were on the front-burner at CORFAC’s Fall Conference in London. Panelists from leading UK companies spoke on relevant industry topics such as international investment and development trends, global office occupier markets, understanding the modern workplace and the impact of AI on commercial real estate.
As a fun counterbalance to the robust business sessions, Alistair Subba Row, Charlie Thompson, and their talented team at Farebrother worked tirelessly to create an incredible London experience for attendees and their guests, beginning with stunning accommodations at the historic Waldorf-Astoria. The location was ideally situated for walking around the city, catching The Tube (London underground rail), riding a double-decker bus, or jumping in a classic retro Black Cab.
Aside from a rousing welcome reception, which filled the Farebrother office to capacity and overflowed into the peaceful green garden below, guests enjoyed a guided bike trek through downtown London (where drivers yield to no one!), an evening dine-around-town, tours of some of the City’s great landmarks, a breathtaking three-hour lunch cruise on the Thames, followed by cocktails at the historic Somerset House. It was an adventure that left many CORFAC members calculating the quickest way to set up a deal with Alistair and Charlie, thus cementing the need for a return trip!
This CORFAC conference, the first to be hosted outside the U.S., drew nearly triple the anticipated attendance. The tremendous response was largely due to the exceptional effort of Jonathan Salk and his staff, who continually refine the value CORFAC delivers. It was the perfect international combo – a satisfying one-two punch of actionable content and great networking in a truly spectacular cosmopolitan setting.
By Andrew Jaffe
Cleveland, Ohio, USA city skyline over the Cuyahoga River.
The U.S. office market is in a healthy state of equilibrium, with vacancies in the low teens and net absorption levels that are keeping pace with new development. But the solid state of the overall market isn’t shared equally across the board. Some cities, and some neighborhoods within cities, are attracting new residents and jobs, and have practically no vacancy. In other places, vacancy rates are over 15 percent and net absorption is flat. For owners in this second category, keeping space leased requires a more focused approach.
“The U.S. is experiencing one of the longest economic expansions in history, with no indication of recession in the near term. That gives investors the confidence to focus on Class B and C assets in secondary markets, where there is still opportunity to create value in properties experiencing high vacancy rates,” said Cole Sweatt of TRI Commercial/CORFAC International in Roseville, California.
“Maintaining a building with Class A features in a secondary market offers tenants a truly valuable proposition,” said Lloyd Berger, founder and president of Berger Commercial Realty/CORFAC International in Fort Lauderdale, Florida. “Rents may be more affordable while still offering office workers convenient amenities in an easily accessible location that’s usually within close proximity of major towns or cities. It’s a successful strategy that we’ve seen work for many of our landlords.”
The best strategy for keeping tenants in place is to be responsive to their needs throughout the term of the lease. But even an owner who can renew every tenant’s lease may see vacancies rise, since many companies are adopting open-space layouts and work-from-home policies that require less office space per employee. If more tenants in the area are reducing occupancy than increasing it, some buildings are going to have high vacancy — so how can you ensure your building isn’t one of them? The good news is that a building in a secondary market doesn’t need to compete against Class A buildings in live-work-play markets; it only has to go up against other nearby buildings, which are likely to be in the same situation. With this in mind, here are a few ways to make your building stand out from the crowd:
Add Amenities: Companies view it as a loss of productivity whenever their employees need to leave the property during the workday — whether it’s for lunch or a work-related task like printing or delivery services. Employees would also prefer the option to stay on-site if possible. Food and beverage options are the most important amenities to attracting and retaining tenants, but offering convenient business services can also make a big difference. In markets where these amenities are widely available, owners might consider more lifestyle amenities such as a fitness center, but only after careful consideration of the cost and value of these amenities.
Preserve History: The opportunity for historic preservation is stronger than ever, as tenants increasingly view occupancy in renovated historic buildings as a plus rather than a compromise. “In Cleveland, owners and buyers are looking for ways to increase a property’s value through retrofitting, and there are a lot of unique opportunities offered by older and even historic buildings,” said Kevin Joseph of Weber Wood Medinger/CORFAC International. “We’ve found this approach to add value when it comes to meeting modern or traditional office environments.”
Emphasize Health and Well-being: The conversation around sustainability has moved beyond energy consumption to focus on building features that promote employee wellness and sense of well-being. In some cases, owners can make use of natural light or outdoor spaces to gain an advantage. In addition, programs like blood drives and on-site flu vaccinations can help attract the growing number of companies that factor wellness into their occupancy decisions.
Get Wired: The quality and speed of internet and cell phone coverage can be vital to corporate productivity. Anything a building can do to enhance its power and connectivity will appeal to many tenants — especially those in fast-moving fields like technology.
Create Shared Spaces: Tenants seeking greater space efficiency would like to eliminate the need for underutilized areas like conference rooms and large, open seating areas. Owners are often reluctant to provide such spaces for tenants to reserve or share because it can reduce the amount of space they need to lease. But in a competitive market, it’s better to retain tenants at a reduced size than to lose them to another building that offers a better value. In addition, shared amenities encourage interaction and networking, which can greatly increase a building’s appeal to new tenants and employees.
For example, 1901 Congress Avenue in Boynton Beach, Florida, is located in a secondary market in South Florida that has experienced high vacancy for years. The property was just 65 percent occupied when a client of Berger Realty acquired it and invested in a major renovation, resulting in an increase in occupancy to more than 90 percent, Berger said.
A building in a Class B or C location may not be able to offer the same level of features and amenities as a trophy building in an A location. But there are cost-effective ways to boost your building’s appeal in any location. When competition gets tough, the buildings that do the best job of meeting tenant priorities will win the day.
Andrew Jaffe serves as President of CORFAC International, a global network of entrepreneurial commercial real estate brokerage firms, and as Senior Vice President at Commercial Properties Inc., a full-service property management and brokerage firm based in Phoenix, Arizona. In the course of his career, Andrew has completed transactions with a combined total value in excess of $1 billion.
Source: Back-filling Office Space in Class B and C Locations
Cautious Optimism is the Watchword for Retail Investors
Presented by CORFAC International
June 7, 2018 | By John Salustri
“We’re busier than ever,” says Christina Snyder, one of three CORFAC brokers lending their views to this exclusive RECon video. But that doesn’t prevent the trio from sharing some words of advice.
LAS VEGAS—“There’s a healthy level of fear that should come with any investment,” says Tony Banks of Wolf Commercial Real Estate/CORFAC International, Philadelphia in this exclusive RECon video interview. That said, success lies in the demographics and economics of the locale, adds Richie Blue (Blue & Obrecht Realty/CORFAC International, Baltimore). But wise investors should allow for a vacancy factor greater than what actually exists in target properties, adds Christina Snyder (TRI Commercial/CORFAC International, San Francisco).
With that in mind, how can landlords hedge their bets? What should they be doing to attract tenants in today’s market? And with the expected growth of online grocery retail, how can grocery anchored brick-and-mortar respond? Watch the video to uncover the answers to these questions and more.
Written by: John Salustri of GlobeSt.com
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
Download full article and watch the video here.
Once again, the CORFAC conference proved to be a fruitful weekend of networking, knowledge-building, and forward movement.
TRI garnered three COR$TAR awards for 2017 at Friday night’s Awards Banquet including Top Industrial Sale, Top Investment Sale, and Top Retail Lease.
Also, the CORFAC Standards of Excellence Committee made headway on the CORFAC branding revamp by unanimously choosing a logo redesign submitted by TRI’s own Senior Graphic Designer.
Can’t wait for CORFAC London this Fall!
Click here to view all of the CORFAC Austin photos!
TRI Commercial was presented as the Gold Award Winner of CORFAC International‘s Fifth Annual Standards of Excellence Awards at the Fall Summit in Denver, CO.
Recognizing a company’s leadership, participation, referrals, industry awards, CORFAC branding, and reporting, we at TRI are honored, humbled, and excited to continue embodying these valuable attributes! Thank you for your acknowledgement and support!
https://lnkd.in/gF6F8xh
TRI held a strong presence this year at the Bi-Annual CORFAC International Summit held in Denver, CO.
With seasoned agents, new associates, a panel speaker, and the TRI CEO and President in tow, TRI had the distinction of being the best repped affiliate in The Mile-High City!
As always, it was an excellent and information occasion full of the sharing of knowledge that goes hand in hand with #BuildingGreatRelationships.
As one of our newer agents and first-time CORFAC attendee noted, “It was inspiring to see so many CORFAC affiliates come together from all over the world. Witnessing the synergy first-hand really shifted my perspective of this global CRE community.”
Looking forward to networking @ the Spring Summit in Austin, TX, February 28-March 3, 2018!
CORFAC International is pleased to announce that Axis Property has joined our global network, bringing our total number of offices to 80 worldwide.
Axis Property/CORFAC International is a commercial real estate firm specializing in property sales, leasing and property management in the industrial, office, retail and investment markets in greater Melbourne, Australia. Daniel Liberman, Director and Owner, founded Axis Property in 2010.
“We are excited to join CORFAC International. With a network of more than 80 commercial real estate firms worldwide intent on providing business referrals, networking and quality service to fellow partners, this partnership allows us access to the latest international trends, investment opportunities, marketing and groups seeking to expand their operations in our region. We believe that this will provide our clients with a unique opportunity to better promote their properties and attract interest from a wider audience,” said Liberman.
Since its founding in 2010, Liberman has seen Axis Property nearly triple in size. The key, he says, is to never give up and to keep client satisfaction high by being honest, being reliable, and rolling up your sleeves and coming up with creative solutions to whatever challenge comes your way.
“We’re thrilled to have Axis Property join the CORFAC family as our newest member firm,” said Jonathan Salk, Executive Director of CORFAC International.
“Axis Property is doing outstanding work in the greater Melbourne region and we’re very excited to add their expertise to our network. CORFAC continues to expand both domestically and overseas and we couldn’t be happier that we’ve added such a strong partner who is keen to help us grow,” Salk added.
Visit their website at www.axisproperty.com.au.
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