CEO Angela Cain Featured in Atlanta Business Chronicle Interview
Corenet Global in the News
May 7, 2010
The Atlanta Business Chronicle introduced CoreNet Global's new CEO Angela Cain to the local metro market in a major feature interview published in the May 7 - 13, 2010 edition.
As the paper reported, Cain "will face the challenge of helping guide CoreNet Global and its members through an uncertain time in the economy."
Excerpted highlights of the interview reflect, as the headline to the story relates, "New CoreNet Global CEO sees opportunity in market:"
One key focus needs to be on better understanding the needs of our members. While the economic picture is improving somewhat, there's still alot of uncertainty in a period we're calling 'business unusual.' It's not enough to gauge what industry professionals needs every so often. We need to do that continuously now and be more responsive than ever to helping our members increase their strategic value. Actually, right now I'm viewing myself as CoreNet Global's "Chief Listening Officer."
HOW IS CORENET GLOBAL MAKING A DIFFERENCE DURING THIS TURBULENT TIME?
One big advantage is that we're the only group to convene the entire corporate and commercial industry supply chain. Part of this advantage is that we also represent the demand or corporate tenant side of the industry, and corporate spending is beginning to free up while the commercial side rebound won't likely come for another couple of years. So we're doing things like offering special benefits to members in transition and beefing up our career web site with more job postings - those kinds of things, plus more.
So, we have also responded with leading-edge research, timely case studies, knowledge sharing and innovation, including:
- Ways to help adapt quickly and effectively to today’s ‘new normal’ and economy
- Timely findings on critical cost reduction strategies surrounding portfolio consolidation, surplus space, energy management, and other ways to have immediate bottom-line impact
- Forward-looking and industry-bending hypotheses around these and other issues like changing lease accounting standards, global logistics challenges, and economic influences on sustainability strategies.
HOW LONG HAVE YOU BEEN INVOLVED WITH CORENET GLOBAL?
Prior to the formation of CoreNet Global in 2002, I oversaw events management for one of the predecessor organizations, NACORE International. When NACORE was integrated with the former IDRC into CoreNet Global, I played a similar role overseeing strategic events globally. A few years later, I was named CEO of the Mississippi Association of REALTORS, where I worked until returning to CoreNet Global in April of this year.
WHAT IS THE IMPORTANCE OF CORENET GLOBAL TO ATLANTA AND GLOBALLY?
Since CoreNet Global is the world's leading professional association for corporate real estate executives, service providers and economic developers, our organization is important to Atlanta. First, CoreNet Global's worldwide headquarters are based in downtown Atlanta. So it has economic benefits for Atlanta to have a group that's associated with the Fortune 1000 based here.
In a global context, we have 6,500 members based in more than 50 major cities worldwide, so our network is a direct reflection of the so-called globally networked enterprise, a concept we helped define in 2003 and that alot of multinational companies based their business and operating models on.
HOW DO YOU CHARACTERIZE THE CURRENT STATE OF ATLANTA'S COMMERCIAL REAL ESTATE INDUSTRY?
Atlanta has always been one of the leading commercial real estate markets in North America, even globally. Like almost every metro market, Atlanta's commercial real estate climate is challenged by the unexpected intensity of lack of access to capital and the debt-driven capitalization model. Also, Atlanta is challenged by unemployment around or over 10%, resulting soft demand for office and other commercial space, decreasing value and lower leasing prices. For our corporate members, there are unprecedented pricing opportunities right now, which is one plus.
On the flip side, categories like logistics and life sciences give metro Atlanta a competitive advantage even now. The airport, universities and its appeal to young talent make it even stronger.
WHAT QUALITIES WILL SET APART COMMERCIAL REAL ESTATE FIRMS THAT SURVIVE THIS ECONOMY?
Corporate and commercial real estate professionals, along with economic developers, will succeed if they 'jump the curve' in an industry remodeling sense. The recession brought the lowest level of transactions we've ever seen as an industry, and we relied on commissions to help drive or capitalize the industry. Today, the emphasis is shifting to what we call the strategic value-added model based on long-term return, not so much on short-term results. Brokers, investors, owners, developers, location recruiters, architects and many others serving corporate client interests and who adapt will be the ones who differentiate themselves successfully.
WHAT SECTORS MIGHT REBOUND FIRST IN ATLANTA?
Logistics -warehouses and distribution - will probably be among the first sectors to see meaningful growth. When you consider Atlanta's logistical advantages along with pent-up consumer demand, this sector could help lead the way to improvements in other categories like retail and office. Multihousing is a category worth keeping an eye out for, too.
WHAT HURDLES DOES ATLANTA FACE MOVING FORWARD?
Some big hurdles for the metro Atlanta market now include the water management issue. The roads vs. public transit question is also a factor.