The NAR-sponsored C5 + CCIM Global Summit is billed as “3 Days of Commercial Real Estate Networking, Learning, and Deal-Making.” If you’re curious, the five Cs stand for, “Capital”, “Connect”, “Commerce”, “Community” and “Commercial.”
It took place in Atlanta on September 28th-30th, and it is one of commercial real estate’s premier conferences. The event was attended by some key members of RPR’s Commercial and Member Experience team who brought back some insightful takeaways on data and tech as it relates to commercial real estate.
We thought that commercial practitioners who use RPR (Realtors Property Resource) would appreciate a summary of the technology-focused panel and some of the topics that were discussed.
Collaboration and listening: Transforming the commercial real estate industry
The commercial real estate industry has long been plagued by fragmentation, complexity, and inefficiency. Historically, it has been disjointed due to a variety of reasons, such as fragmented ownership, diverse property types, and a lack of standardization.
However, there’s a growing effort to change this narrative and make the commercial real estate sector more accessible, efficient and cohesive. This transformation is being driven by advances in technology, data transparency and collaboration among industry players.
A great example of this was the C5 Tech Panel, where a panel of experts got together on the main stage to showcase a real-life case study of how collaboration and listening can lead to positive change in the commercial real estate industry.
More specifically, this session highlighted RPR, ICSC and CompStak’s efforts to deliver value together producing accurate, easy-to-use technology for commercial practitioners. The panel included individuals with diverse backgrounds and experiences including:
Valerie Richardson, the COO of ICSC (International Council of Shopping Centers). Valerie brought a wealth of experience to the panel, as evidenced by her experience with well-known brands including the Trammell Crow Company, Ann Taylor, Barnes & Noble and The Container Store.
Michael Mandel, the CEO and Co-Founder of CompStak. The company was born out of Michael’s experience as a commercial leasing broker in Manhattan, and he was recognized as Grubb & Ellis’ National Rookie of the Year in 2007.
Emily Line, SVP of Strategic Engagement, is a pioneer at RPR Commercial, and she has been instrumental in shaping the platform from its concept to present-day. She’s accomplished this by focusing on strategy, usability testing, and outreach to enhance the value and experience for commercial members.
Moderator Deena Zimmerman is a Principal/Broker at Baum Realty Group, LLC. Deena is a top-producing Retail Tenant Rep and a 2024 NAR Commercial Liaison. She recently moved from SVN Chicago to Baum Realty in Chicago to build on her success as the “Retail Queen.”
The overarching theme of the panel was to show the need for collaboration and listening to create a stronger, less fragmented and more efficient commercial real estate industry. And yes! This committed collaboration included talk about product deliverables with the use of the hot topics: Chat GPT and AI. The panelists demonstrated that by working together and understanding the unique needs of commercial practitioners, significant improvements can be achieved.
Valerie’s experience underscored the importance of understanding the challenges faced by practitioners. She offered insight from The Container Store, a retail giant, and stressed the significance of accessible space and market information for ICSC members.
Michael’s journey led to the creation of CompStak, addressing the need for accurate leasing comps. His experience highlighted the value of integrity and precision in data.
Deena Zimmerman, as an active practitioner, offered a real-world perspective on how a more streamlined industry workflow can enhance efficiency and client relationships.
Emily’s role at RPR emphasized the importance of user-driven technology. Her efforts in collaborating with entities like CompStak and ICSC aimed to bridge gaps and provide the right data and partnerships for commercial practitioners.
The commercial real estate industry has recognized its historical challenges and is actively working towards overcoming them. Collaborative efforts, data transparency and a commitment to understanding the needs of industry professionals are driving the sector toward a more cohesive and efficient future.
By focusing on collaboration and listening, the industry is breaking down the barriers that have historically made it disjointed. As these changes take hold, commercial real estate is poised to become a more accessible and dynamic field for investors, brokers and all stakeholders involved.
For more information on NAR and RPR’s commercial real estate growth and support efforts, check out: 4 Pillars of Support for Commercial Real Estate Pros.