When real estate brokers and economic development professionals work together, the process of identifying a new location becomes more seamless and the outcome improved for everyone involved, driving growth across the region.
“Working more closely together can improve the probability of closing deals and drive regional growth,” says Bryce Sylvester, managing director of Cushman & Wakefield | CRESCO Real Estate. “There are so many opportunities for executives, brokers and economic development professionals to work together to achieve positive results.”
Smart Business spoke with Sylvester about how his prior role in economic development informs how he views collaboration opportunities between the brokerage community and economic development community to help companies grow and drive the region forward.
How can an economic development professional help guide the real estate search process?
Economic development professionals have a deep knowledge of infrastructure assets and planning. They also have stronger relationships with electric, gas, water, sewer and fiber providers. Their relationships and understanding of infrastructure can facilitate higher-quality information being shared with companies and clients, in addition to helping companies navigate through infrastructure-related issues.
Second, economic developers bring data and insights about the local and regional workforce. This includes information about talent availability, wage expectations and proximity to key labor pools. By integrating these factors into the real estate search, they ensure employers choose locations that align with their staffing needs.
Additionally, economic developers connect employers with workforce organizations, technical schools and universities that can provide training and talent pipelines tailored to their industry. This proactive approach ensures the employer’s workforce needs are met both now and in the future.
These are two areas where economic developers can expedite the speed and quality of responses for companies and brokers representing companies.
How might you convince a broker to work with economic development professionals?
There is an increasing probability of closing a deal or project if you seek their input. For example, Team NEO can help with developing the business cases for specific sites or buildings based on the strengths of the surrounding area.
They will help evaluate infrastructure, labor force, supply chain, educational institutions and many other inputs to arrive at key industries a site is good for. Brokers can leverage the information from the business cases to do prospecting and target marketing aligned with the strengths of the location.
Economic developers can also handle some of the heavy lifting brokers don’t want to do, such as coordinating with government agencies, and securing community support. This allows brokers to focus on their core strengths — building relationships and closing deals.
How can collaboration with someone with deep commercial real estate experience help move a property search forward?
Having a comprehensive understanding of the commercial real estate market, including site availability, market trends and zoning regulations, is key. This expertise allows clients to identify the best location that meets their needs, saving time and avoiding costly missteps.
Next is leveraging the deep connections with landlords, developers, municipalities and other key stakeholders to create opportunities to negotiate favorable terms and access off-market properties. These relationships ensure the relocation process is efficient and smooth. You can also utilize advanced analytics and technology to provide clients with insights into site comparisons, market conditions and long-term ROI. These tools empower businesses to make well-informed relocation decisions.
Lastly, it gives you an understanding of how to work with economic development organizations to secure tax incentives, grants and infrastructure funding. Guiding businesses through the process ensures clients maximize their investment.
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