Staying the course: Overcoming obstacles in the commercial real estate marketplace

Bette Davis' legendary line "fasten your seatbelts, it's going to be a bumpy night," still resonates. Since last fall, the economic rollercoaster has caused our industry to experience one of the toughest markets in decades. But the hundreds of women in this town who rose through the ranks to become leaders today are prevailing through perseverance and determination. Ditto, for many who entered the market more recently. But nearly everyone has a similar story: we're all working harder and the deals are more difficult to bring to the table, but they are getting done! What Doom and Gloom? As strange as it may seem, the market downturn in New York City has not been as severe as many perceive it to be. Many of us have been guilty of looking at this local market through a national prism. It's true that rents have declined in most neighborhoods, but not to the degree as cities in Florida, Arizona, California and Nevada, the states that kicked off the crisis. New York City has held up far better, and the smart dealmakers are taking advantage of a rare rate decline to snap up the best locations. The Worst of Times... The Best of Times These are the times when the real professionals prove themselves. It's easy to make deals-and money-when we have multiple tenants competing for every location. You become more of an order taker, but what's the fun in that? A challenging market, on the other hand, provides opportunities for the smartest, strongest and most creative to rise to the forefront. It may be a cliché but it's a true one: diamonds are created by applying pressure and heat to carbon, the most common element on earth. Well, this market is certainly applying the pressure and the heat and I predict we'll have the next generation of industry diamonds, as a result! We have to think of alternatives, assess each market and deal carefully, and take the smart risk. Women, with our unique experience with retail, are exceptionally well-positioned to do so. Shoptimism What it takes to succeed right now as we begin to emerge from the recession are positive thinking, a positive outlook and an uplifting spirit at all costs. Given my retail bias, I'm calling it "shoptimism" and it's contagious. It seems extraordinary, but my team did not stop making deals post-Lehman. That said, it has taken a lot of determination and ingenuity to the pipeline humming. So many of my colleagues and competitors are making interesting deals because there are incredible opportunities right now in New York City, helped along by landlords who are more flexible than ever before. The results are remaking some major city retail boulevards. For example, 34th St. is now becoming home to national chains, including new venues for Geox, Aeropostale and Esprit, along with Desigual. Anchoring all this action are JC Penney and Macy's. It's almost a throwback to the days when Midtown shopping was inherently associated with Macy's, Gimbel's, Orbach's, B. Altman and Lord & Taylor. Some aspects of the recession remain: Luxury retail may be taking a back seat to the discounters and affordable chic stores this holiday season. Dollar General began trading at the beginning of the month on the New York Stock Exchange. The New York Post featured a color page photo of newlyweds Jared Kushner and Ivanka Trump shopping at Kmart in early November. The Gap is filling yet another retail gap and posting positive returns for the first time in three years, with its Old Navy value division particularly rebounding. So what does this mean to us? It is once again time to reinvent our businesses to meet the demands of consumers. The retail business ultimately comes down to shoppers. By breathing new life into a once-distressed retail corridor like Nolita by finding exciting, innovative retail "createurs," or positioning emerging ones, such as Meatpacking a few years ago, we are moving to the beat of a constantly changing economy. What makes this time so ripe for women entrepreneurs, consultants, brokers, professionals, etc., is our inherent capacity to flow with the changing seasons. Real estate is my third career, literally, my umpteenth career in reality. But each career has provided an additional skill set that has been important for the next stage of my life. Each of us has access to a wealth of information from which to learn and gather new ideas; and the most successful of us have never been shy about seeking out new resources. While the glass ceiling still exists in some arenas, it has many more cracks: Women have become an integral part of our great industry and increasingly are taking on leadership roles. Some of us are pioneering new fields, while others are providing quality service to our tenants, clients and customers. Back to Basics We must all remember that every assignment, regardless of size, is an important piece to a greater puzzle. This really has been a year of reinvention-of our businesses and, perhaps, even of ourselves. There really have been no rules, no boundaries. Many of the players have changed but the game is the goal and that is to win, to make it happen, to keep marching forward when everything is pulling you back and to think clearly when it appears that everything around us is crumbling. We need a different point of view. The old guidelines are gone and I feel reborn. I have had to reach down into my bag of tricks this year, and have found some I never realized I had. Knowledge we took for granted in the past has become precious pearls of wisdom. Yesterday is done. Make the most of today and make plans for a great tomorrow! Faith Hope Consolo is the chairman of Prudential Douglas Elliman's Retail Leasing, Marketing and Sales Division, New York, N.Y.