“We find ourselves in a time of significant transformation. Change, the only constant in life, can be exhilarating, intimidating, challenging, or liberating, depending on how we perceive and embrace it. It’s the force that drives us forward,” said Debbie Ravel earlier today.
AN ADDRESS FROM YOUR PRESIDENT:
Navigating the Changes in Commercial Real Estate – Sept. 9, 2024
NRTA Conference 2024. Grapevine. Texas.
“It’s wonderful to see so many of you here today, eager to engage, learn, and collaborate with your industry peers. Over the next two and a half days, we’ll explore topics that are not only reshaping our industry but also challenging the way we think and operate in the ever-evolving world of real estate.
We find ourselves in a time of significant transformation. Change, the only constant in life, can be exhilarating, intimidating, challenging, or liberating, depending on how we perceive and embrace it. It’s the force that drives us forward.
With that in mind I would like to speak with you today about how we must all navigate the changes in commercial real estate that we are facing.
Our industry is experiencing significant transformation, with several key trends and developments shaping the landscape:
- Increased Focus on Financial Management: Economic uncertainties have intensified the need to manage lease-related expenses, such as Common Area Maintenance (CAM) charges and operating costs. Accurate forecasting and financial planning are becoming crucial for both tenants and landlords, driving a greater demand for confirming lease compliance and speeding up dispute resolution.
- Impact of Hybrid and Remote Work: The transition to remote and hybrid work models has substantially altered the demand for office space. As businesses navigate ongoing uncertainty, there’s a rising need for more flexible lease arrangements. This includes shorter lease terms, co-working spaces, and the ability to easily adjust lease terms or space requirements. Consequently, this has placed greater demands on our real estate and lease administration teams.
- Technology Integration: The rapid integration of technology into lease administration and real estate analytics has transformed tenant lease management. The ability to manage leases remotely has become essential, driven by technological advancements and the need for flexibility. Virtual property tours, electronic lease signing, and digital management tools are becoming standard practices, while innovations like AI are enhancing property management, investment analysis, and overall tenant experiences. Leveraging technology to maximize efficiency in managing your real estate portfolio is vital, especially with the reduction in the workforce.
- Legal and Real Estate Law Changes: Recent rulings in COVID and post-COVID lawsuits have driven significant changes in lease provisions. Evolving local, state, and national regulations continue to shape lease agreements. With the increasing emphasis on environmental sustainability, leases are now more frequently incorporating clauses related to green building standards and energy efficiency. Staying informed about the latest case law and lease language changes is crucial for ensuring that lease provisions are updated to address current industry challenges and remain compliant with legal and sustainability standards.
As real estate professionals, we are called upon to adapt to the changing environment by adopting new strategies, tools, and approaches that enable us to be efficient, agile, and responsive to the evolving market and the constant demands of our day-to-day workload.
So, where do we start?
As Nelson Mandela once said, “Education is the most powerful weapon you can use to change the world.” So what is Mandela saying to us? We are meeting here today to embark on a three-day day educational mission. We have invested valuable resources and time to be here…What Is Our Expectation from This Conference Experience?
This conference is your opportunity to LEARN – your most powerful tool.
For almost three decades, the NRTA has led the way in advancing tenant education.
The 2024 NRTA Curriculum has been meticulously developed by seasoned real estate professionals who have invested countless hours identifying the key topics and content that will help you, their industry peers, navigate these changes. This program has been tailored to contribute to your professional success.
Whether you are new to the real estate industry or a tenured professional, attending the courses and breakout sessions offered will elevate your knowledge and skills. From the Bootcamps to the Technology and Professional Development courses, these courses will provide best practices and expertise which allow you to embrace and conquer change. The affiliates taking part in our trade show are here to provide you and your companies with services and leading-edge technology to maximize efficiency and your companies’ bottom lines.
Participate and positively embrace these changes.
ON WEDNESDAY MORNING, we are offering the chance for each of you to focus on your area of expertise in our Mission Possible course offerings. Join an open forum with subject matter experts and your industry peers to discuss, brainstorm and explore potential solutions for tackling your most significant challenges. Don’t miss this one-of-a-kind opportunity.
Following the Mission Possible series is the National Real Estate Tenants Association’s Whose Lease is It Anyway? And who better to inform you about this event than our Master of Ceremonies – Greg Suckow….
Thank you, Greg.
LET US NOT FORGET NRTA’s educational opportunities do not end on Wednesday.
As Lisa mentioned, in October we are offering our “Top Five Challenges” Classroom Live Series for Accounting, Auditing, Lease Administration, and Hybrid Work environment challenges. This offering is perfect for those of you attending this conference – and your peers who were unable to be here.
CONTINUE YOUR EDUCATIONAL JOURNEY by enrolling in the NRTA’s Certified Commercial Lease Administrator “CCLA” program. Earning this Certificate is the industry’s benchmark to personal and professional Excellence in the Lease Administrator field. We are excited for our inaugural class graduating in December.
The NRTA is your roadmap to navigating change.
Let’s make the most of this opportunity to learn, collaborate, and change together. Here’s to an amazing beginning and an unforgettable conference.”