The site via which I publish this column seems to have gotten very busy (or slow). Last week it took two days for it to come out. Just so you know, I'm publishing it this about 4.30pm California time on Friday.
Steve
Many years ago, I decided to lower my expectations about most things in life. With regard to business, when I attend an industry event, if I leave, having met one person with whom I know I’ll have a long-term connection, I’m happy. If I leave having met someone where there may be actual business to conduct, I’m ecstatic. Disappointment is part of life but that doesn’t make it any easier. This past week, I had to cancel my trip to London in early June where I was going to moderate a panel at the PERE Forum. It was a decision that I made for reasons that I’d rather not discuss. Regardless, I was disappointed but happy with the logic of my decision. PERE has recently announced that they will be holding a Global Real Estate Forum in September in Amsterdam and I am going to that one. In addition to the benefit of moderating a panel there, I have some friends to visit with, notably Marinus Dijkman in The Hague. When I was working on launching The Institutional Real Estate Letter- Europe, Marinus, after an introduction from Onno Husken, founder of The Ibus Company who left us too soon, was very helpful; I probably would not have been successful with that launch without him. Marinus is the publisher of a series of beautiful and informative directories such as Europe Real Estate. He and I have become close friends.
I was sitting alone, outside at a restaurant, at lunch today and couldn’t help hearing other people’s conversations (without trying…honest injun!). One table of three guys next to me me were talking business; actually it turned into some discussion of real estate; actually it wasn’t a discussion-pretty much one guy doing all the talking…trying to sell is guests on something or the other. Then there was the couple behind me. I’m positive that she is a residential real estate broker and perhaps her husband is also. She was talking about who bought what house and why she didn’t want to show someone a different house, etc. Very snooty. Sorry, but I have never had any tolerance for residential real estate brokers. Interesting stuff to amuse oneself when you're along.
One of my colleagues attended the ULI conference this week and sent along some interesting notes. Here are a few things that he took away that I pass along to you: Old age isn't what it used to be. Rising longevity changes everything. New living arrangements are waiting to happen.
Some random thoughts on leadership: Learn from other's best ideas; humility and honesty; courage, to stand your ground for the right thing; visionary, relentless, creativity and innovation.
Some random thoughts, period: Don't sell buildings sell experiences (SF note: Read “The Experience Economy." Tenants are rethinking physical space; want flexibility; space per employee dropping by half. Obsolescence is a big risk. Get people out of their cars; build near transit. New anchor tenants will be government, education, healthcare. The most precious commodity is time. iPad was said 50 times a session on architecture (SF: What's with that?).
The seventh annual IPE Real Estate Awards, which was held at the Okura Hotel in Amsterdam this past week, attracted 220 representatives from 18 countries. I attended one of the awards programs a few years back and it’s a very impressive event. Other than an INREV conference, there is no other place where more European pension funds gather. If you are serious about doing business with European institutional investors, you must attend this event next year.
Expectations and Market Reality in Real Estate: 2011 was recently published by Deloitte, Real Estate Research Corporation (RERC) and Real Capital Analytics (RCA). It’s a good piece. See if you can get your hands on a copy (if I knew how I’d let you know).
Congratulations to friends:
Rob Bilse who joined Prudential Real Estate Investors
Tiffany Thomas who joined Aviva Investors Real Estate Multi-Manager Group
Zack Streit who has joined Streit Management Corp
Garrett Zdolshek who has joined Investors Diversified Realty
And, congratulations to the Stanford Women's Water Polo Team who captured the 2011 NCAA Championship this week. The team, which was started by the class of 1976 has included Megan Edwards, Jacqueline McCook, Wendy Bardet, Kathleen Prior, Nancy Patterson and Nori Gerardo-Leitz.
On the road....
June 1-2: New York to moderate a panel at IMN's Opportunity and Private Funds Forum
June 15-17: Santa Barbara, CA to attend Opal’s Investment Trends Summit
July 12-13: Beverly Hills, CA to attend the NMS Roundtable (Endowments & Foundations)
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