PHOENIX—Bob Mulhern, senior managing director at Colliers International, was recently honored with the award of excellence by the NAIOP Arizona chapter. Mulhern shared his insight into market trends in the Greater Phoenix market and how to juggle work-life balance in the hectic CRE environment.

GlobeSt.com: What CRE trends does Colliers see on the horizon in 2016 and 2017?

Bob Mulhern: We think these next two years will be healthy ones for the Greater Phoenix commercial real estate market. Demand for all kinds of real estate—rental housing, for-sale housing and commercial spaces—will be driven by resumed population growth and by accelerating employment growth. We are seeing signs of expansion from existing businesses as well as successes from local communities in attracting business relocations from other markets.

To this point in the cycle, much of the strengthening has been concentrated in a few areas: Chandler, Tempe and Old Town Scottsdale. In the years ahead, we should see rebounds in some areas that have been slow to recover. For example, in the office market, we have begun to see progress in some previously hard-hit submarkets such as Midtown, Northwest Phoenix and Arrowhead. Popular areas will remain popular, but we anticipate market improvement should be more widespread and far reaching in 2016 and 2017.

From a fundamentals standpoint, the numbers should look good. We should see the strongest vacancy declines in the office and industrial segments, while retail and multifamily vacancy rates should remain near current ranges. These next two years should be good ones for landlords, who will be able to implement rent increases across property types.

GlobeSt.com: You've been speaking frequently about work-life balance. What are the inherent challenges the CRE industry faces in this area? What do you recommend?

Mulhern: The commercial real estate industry attracts a number of hard-charging, Type A personalities who are proactive and always push to achieve more. This can be good for the pocketbook, but it can place a lot of stress on the family and the professional. I like to remind people that if they love someone enough that they would be willing to die for them, they should be willing to live for them—in the here and now—no matter what personal and professional sacrifices are required!

I recommend professionals discipline themselves to unplug from work while on vacation and for at least a 24-hour period on the weekends. That means no business-related phone calls, texts or emails. The family gets undivided attention and the professional gets a break from the daily pressures of work.

To help ensure this unplugged time, I also recommend using technology to become more efficient and manage workflow during the week. I use tools like SaneBox.com to filter my emails, saving hours each week, and virtual assistant sites to bolster my productivity at the office.

It is possible to have a demanding job and be fully present to those you love—simply make family your priority above work!

GlobeSt.com: What CRE trends does Colliers see on the horizon in 2016 and 2017?

GlobeSt.com: You've been speaking frequently about work-life balance. What are the inherent challenges the CRE industry faces in this area? What do you recommend?

It is possible to have a demanding job and be fully present to those you love—simply make family your priority above work!

Instant Insights /

Trends and Balance are Top Topics for Honoree

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