Has commercial real estate hit bottom? Boy, if I could get a dollar for every time I have been asked that question…. When will this downward spiral end? When will my business turn around? How long do I need to keep holding on before this economy turns? It is going to turn…right???
If you own commercial real estate (that means anyone who owns, leases or runs a business) listen very clearly……. This economy is not going to change any time soon – it is called wishful thinking to bet that is will. All of the decisions that you make today must be based on that previous statement. Shifts need to be made in your business model – either generate more sales, cut costs or re-invent yourself and/or your business.
If I wanted to reinvent myself, there are so many people who can help me from Dr. Phil, Deepak Chopra, Oprah, the list goes on. When it comes to business, why does it feel like only someone like Steve Jobs is capable of re-inventing himself or Madonna? She seems to be pushing the edge of music every time she comes out with an album. I think the reason may be that we feel that only massive change can occur if you have massive amounts of money.
Consider this… the destiny of this country depends on you re-inventing your business. Forget the past – that hyped up, cocaine infused real estate roller coaster ride is over. Get up, dust your self off and get going. I am relying on you to do this because we need to support anyone out there who is willing to risk, sacrifice and do whatever it takes to get an idea, a product or a solution out to the world. If you are in business, what other avenue could you venture into that will support or add to your current business? An example of this is my client Bob who has a good business in town who expanded his business from a 2,000sf space to a 5,000 sf space, sub-leased a portion of that space to a business that is complementary to his. His thinking was that they two businesses could feed off each other and grow revenues. Good move right? He took the risk of expanding and collaborating with another business owner. But it gets better. Through this expansion, he found another revenue opportunity to add to his business. It took risk to expand and it may reap rewards that he is very excited to pursue. This is a small but crucial example of re-inventing your business.
The time is here and the time is now.
Here’s what you can count on with me. The best possible deal in town. Our company has some of the best talent in our industry in our area. It is our goal to assist you in all of your real estate needs. Don’t wait until you have run out of ideas, run out of money or get run out of town! We are focused on solutions – keep an eye out for us.
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Jag Grewal had been with Coldwell Banker Commercial ever since they purchased Arvida Realty in 2001, prior to being recruited by Ian Black Real Estate. He has been involved in a multitude of transactions from investment grade and development to industrial properties representing REIT’s, such as The Lightstone Group and Prime Retail. Jag, a well respected commercial real estate broker, has earned numerous distinctions throughout his career completing sales and leases over $150M in this region. He is the current President of the Commercial Investment Division – an organization that serves all of the commercial real estate practitioners and affiliates in the Sarasota county. He was awarded the prestigious Commercial Realtor of the Year in December, 2007, by his peers.
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