LAS VEGAS—During a panel at the recent ICSC Las Vegas conference, experts delved into the profound impact of the pandemic on commercial real estate companies and how it shattered some foundational aspects of their business operations. One crucial aspect that emerged from the discussion was the importance of aligning organizational culture with the changing dynamics of the workforce.
Devin Murphy, president of Phillips, Edison & Co., emphasized that his firm considered culture to be a vital element in achieving success. Fortunately, their investments in technology before the pandemic enabled them to transition to remote work seamlessly. However, the journey back to the office proved to be more challenging than anticipated.
Murphy explained that senior management initially believed that everyone needed to return to the office, but they eventually adjusted their thinking. "They entrusted the decision-making to the different groups within the company, recognizing that some teams could effectively perform their tasks in alternative work environments," he said.
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Trusting their people was a key component of their culture. Murphy also highlighted the efficiency and productivity gained through technologies like Zoom, revealing that over 30% of their leads were now generated through digital means. Overall, the company emerged from the pandemic stronger, incorporating the lessons learned into their culture.
Next up was Hessam Nadji, president and CEO of Marcus & Millichap, who acknowledged the profound impact of the pandemic on the broker business. He emphasized that human interaction, both internally and with clients, was the lifeblood of becoming a successful broker.
"The sudden shift to remote work disrupted this interaction, leading to challenges," he said. While brokers accustomed to fieldwork quickly adapted to today's new normal, support staff have greater resistance to coming back to the office. Nadji predicted that this resistance could create a training and relationship gap for the upcoming generation of workers, resulting in a lack of sponsors, potentially, for this generation of workers.
Overall, Nadji said that he expects the hybrid/return to the office situation would gradually reverse over the next few years. While office work might be a struggle in the short term, he expected a return to more in-person interactions, albeit not to the extent seen before the pandemic.
Adding to the discussion, Alex Nyhan, CEO of First Washington Realty, shared his perspective on the issue. He reflected on a significant acquisition his company made during the pandemic, doubling their workforce. Nyhan questioned the effectiveness of the traditional five-day workweek in the office, emphasizing the importance of creating a shared experience and addressing broader issues beyond task processing efficiency. He highlighted their focus on merit-based hiring and retention, as well as the value of actively listening to employees. Nyhan also noted that the company they acquired had a different culture with their purchase of Donahue Schriber, leading them to develop shared principles for moving forward.
Stay tuned for more coverage from the May ICSC Las Vegas event from GlobeSt.com, including exclusive insights from attendees. Also, check out the related stories already posted below on the subject:
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
