2016 Year in Review: Nicola Heryet, Avison Young

Nicola Heryet, Avison Young

Name & Title: Nicola Heryet

Company Name: Avison Young

What was your most notable project, deal, transaction or professional achievement in 2016?

While 2016 was a successful year deal-wise, by far the most notable professional achievement for me was my career transition to Avison Young.  I served with my previous firm for over two decades, but the opportunity to join Avison Young as a Principal and tap into the firm’s client-centric platform and vibrant corporate culture made this move an easy decision.  It’s been exciting to become part of the fastest growing firm in commercial real estate and work side-by-side with some of the industry’s best professionals.

What project, transaction, market trend or product had the greatest impact on your industry this year?

The Hudson Yards project, the largest private real estate development in the nation’s history, has had the biggest impact on New York City commercial real estate in years. With its combination of office, residential and retail, New York City has taken a once desolate area and created an entirely new live, work and play neighborhood. The success of this mega-project has become a living symbol of the continued strength of Manhattan’s real estate market.

How will you be supercharging your productivity in 2017?

My move in late 2016 to Avison Young has already supercharged my productivity and I’m looking forward to what 2017 has in store. I’m working in an environment that fosters both individual and team growth, which I believe strongly is the key to being a successful commercial real estate broker. My goal for next year is to continue servicing my existing client base and seek new opportunities with owners and tenants in a variety of sectors.

What emerging trends will drive investment and development in 2017?

I believe the emergence of brand new office buildings such as the ones in the Hudson Yards project will have a long-term impact on commercial real estate inventory in Manhattan.  Vacant properties are in danger of becoming obsolete and older buildings in the city offering lesser quality amenities will need to be updated in order to contend in such a competitive market. It’s critical that owners of these older assets continue to enhance their properties in order to remain relevant.