As the country struggles to rebound from "the worst economic crisis since the Great Depression" we are witness to an enormous effort to stabilize the financial industry, promote economic activity and increase corporate confidence and production. The role of the commercial realtor in this recovery effort is critical.
City, county and regional economic development organizations are constantly working to encourage economic growth and promote new job development. But have you, as a commercial real estate professional, ever considered yourself a part in the effort to repair our nation's economy and restore our state and local job market? We are on the front lines of economic activity.
Once at a sales training class, I was asked to define our profession without using the term realtor or real estate agent in the description. This short refined definition of my career would then serve as a non-threatening introduction in cocktail conversations or social encounters where people recoil from the stereotypical "pushy real estate salesperson."
I thought hard about the task and using my past experience as reference replied: "I'm a private sector economic developer" - Aren't we all?
Commercial real estate is at the heart of economic development decisions. Investments and relocations often rely upon the availability of land, office space or industrial buildings. New businesses and businesses in transition often need the consultation of a commercial real estate professional to help analyze the costs and benefits of lease vs. purchase or to present the prospect with the inventory of appropriate space for their expansion. We help companies grow and we also help companies sell their assets or make way for new activities.
In the Capital Region of N.Y., the Commercial Industrial Real Estate Board (CIREB) with a membership of nearly 600 licensed commercial real estate agents takes this role of private economic development seriously.
Our organization has been a sponsor of regional efforts to attract new high tech jobs to Upstate New York like the ones at the Fab-8 Foundry in Malta, Saratoga County. This million s/f chip-fabrication plant is already planning an expansion of its original footprint and will bring 1,500 - 2,000 high paying jobs to the region.
CIREB has participated in the work to brand the Hudson River Valley of New York as "Tech Valley." We use the term in advertising and promotion of the region and our organization. Many of our members are actively involved in economic development efforts through local Chambers of Commerce or Industrial Development Agencies, planning boards, zoning boards or assessment review boards.
We work with economic development agencies and local governments to make them aware of the resources we have to help save, expand, relocate or attract businesses to the area. Many economic development entities are affiliate members of the organization and routinely participate in our monthly marketing sessions to promote their work or to make the membership aware of recent developments, tax incentive programs or efforts to improve the economic condition. Local political leaders often attend our sessions to both tell us of the work they are doing and also to hear from the membership about how they can improve their coordination with the private sector.
Furthermore, CIREB recognizes the need to advocate for public policy and regulatory action, which is comprehensive yet fair, timely and in the best interests of the communities in which we live and work. We want to make sure that we have the infrastructure and regulatory capability to accommodate new developments and growth.
We at CIREB take to heart our responsibility to work on behalf of our clients and our community. We address the big picture of economic recovery and job development on a daily basis with hard work, cooperative spirit and common agenda. It's working.
James Conroy is CIREB president and associate broker for Prudential Blake Atlantic Realtors, Albany, N.Y. Tags: