SIOR Special Report: Q&A With the President
Lots was shared at the Society of Industrial and Office Realtors’ Fall 2024 event: transaction opportunities, tips and tricks, advice, business cards, pleasantries between friends and peers, market reports, etc. Among the impressive list of panelists, attendees and keynote speakers were CRE experts from across the nation. And at the helm of it was SIOR’s new global president elect, Mike Ohmes.
Ohmes is the managing principal of the Minneapolis-St. Paul office of Cushman & Wakefield. Commercial Property Executive was able to talk with the man of the hour and garner some of his insights as to the current brokerage industry.
What are your goals as SIOR president?
Ohmes: Continue to make progress on our five-year strategic plan. By raising the bar in everything we do we will attract the highest quality new members with a focus on office and international growth.
As the new SIOR president, what do you hope to see in the brokerage industry in the next year?
Ohmes: Continued outreach to the best next generation and diverse talent in our industry to educate them about SIOR Global and give them access and the opportunity to become a part of our organization.
What challenges do commercial real estate brokers face in the current market?
Ohmes: There continues to be economic headwinds that include uncertainty, inflation, higher interest rates and investment and lending stress. Although most industrial markets are still experiencing strong demand, some markets are supply-constrained, while others have become slightly overbuilt. Office markets are almost universally soft with only the best assets in the best neighborhoods able to drive rent growth and experience healthy occupancy rates. Commodity office properties are stressed and many will need to be repositioned or redeveloped.
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What are you hoping to see take place in the next year to alleviate some of these challenges?
Ohmes: I am anticipating we will see more economic optimism develop into 2025 and beyond. We will get past the election, experience lower interest rates, and more confidence and certainty should allow more companies, investors and developers to deploy the significant amount of capital that has been raised to take advantage of the market opportunities in front of us and the growth anticipated in our economy.
What do you hope brokers leave this conference knowing or thinking about that they may not have been previously?
Ohmes: The ability to look at situations from multiple perspectives makes you a more important advisor for our clients. At this conference we heard from Michael Smerconish who encouraged us to plug into our communities and build lasting relationships across political lines. Peter Zeihan talked us through the geopolitical and generational impacts that drive growth and how to navigate these forces. We had a discussion on the critical topic of energy and the work that still needs to take place to leverage new technology to drive industry growth. SIOR Global will continue to be a thought leader to help drive the CRE industry forward.
If you were to offer advice to brokers out there today, what would it be and why?
Ohmes: It’s a great time to be an SIOR! Our organization and brand has never been stronger. We have a lot to offer the industry and our service partners. Continue to serve your clients by helping them create value, solve problems and seize market opportunities.
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