NOAH DODGE - The first year of commercial real estate career in brokerage can be tough, and then adding in a global pandemic in the middle of year one presents all new challenges. All the time spent meeting people, developing relationships with clients, and building a good reputation has now been transformed into Zoom meetings, phone calls and self-quarantine in between tours.
I graduated from Baylor University with degrees in Supply Chain Management and Marketing. Never would I have imagined that the real estate market and global economy would look quite like this when I began working for Bradford Commercial Real Estate Services in the Summer of 2019.
These past few months in the commercial real estate industry has shown me invaluable early experience on how to survive in this business. I have learned how to provide the best possible assistance to owners and tenants during unprecedented times.
The market has changed since the days of personal meetings and drop ins, but there are still ways to be active in the market and pursue new business. It is important for me to still drive my submarket every day, either in the early morning or in between tours so that I can physically track any activity.
The COVID-19 Pandemic has posed many unanswered questions for the future and landscape of the Commercial Real Estate market. As an industrial focused agent specializing in the Northeast Corridor in DFW, I have seen many businesses remain operational.
The Industrial real estate market for buyers and sellers remains robust. Many tenants and users are adapting their businesses and operations to operate in this new environment rather than halting operations completely.
More prevalent than in pre-COVID-19 times, tenants pursue short term leases rather than longer-term leases and want longer term expansion flexibility to support growth or changing requirements.
Many tenants are still looking to purchase buildings outright and are ready to act fast when the right property is available. Investors are continuing to look for viable investments and opportunities to add value to properties. Few buildings have asking or sales prices below market value ultimately reflecting a strong and healthy industrial market.
Unique challenges in an environment with so much unknown requires creative solutions. The key to navigating the pandemic during my commercial real estate career has been to find innovative ways to stay in touch with the market and clients while spending more time behind a desk.
Noah Dodge is a Broker Associate with Bradford Commercial Real Estate Services/CORFAC International specializing in commercial leasing and brokerage in Dallas/Fort Worth Metroplex. His duties include Tenant Representation, Project Leasing, Brokerage and Sales of industrial, flex and office properties. Learn more about Noah and the properties he represents here.