Cocktail Confessions – Volume 5
Welcome to the fifth installment of Cocktail Confessions. Cocktail Confessions is a publication which tracks down three industry movers and shakers, feeds them some cocktails, and gleans answers to specific questions. Their answers are published exclusively on the Pulse and are meant to provide interesting commentary and insights for the NAIOP constituency.
If you have questions you’d like asked for future segments, please leave them in the comments section, below.
In this installment we are pleased to have David Kordonowy, current NAIOP Minnesota Vice President and President/CEO at Steiner Development; Norma Jaeger, Vice President at Transwestern; and Ben Bastian, Analyst at CBRE Capital Markets. They were each asked the same four questions, and their responses are outlined below.
Question 1: Where do you see the biggest opportunity in commercial real estate in the next five years?
Biggest opportunity – I have no crystal ball to see 5 years into the future, partly because I’m still trying to figure out what the heck happened the past 5 years. But at least we survived. I am not seeing one Big Opportunity; rather, I am seeing many small opportunities, strung together, that will result in the growth and success of our company. I do know with certainty that Steiner has a great team of experts that are smart, trained, and highly motivated to deliver the best service, advice, and solutions for our customers. We are in hot pursuit of a select group of national retailers seeking build-to-suit services (development and construction), plus we expanded our tenant rep business to service small to mid-size companies.
Troubled properties over the next few years will provide opportunities for those doing receivership work and buyers looking for opportunities. Secondly, MOB’s are still a great niche that will continue for the foreseeable future.
Five years, Tony?!?!? I can’t predict what I’m doing next month or even this weekend. However, we’re starting to see lenders stretch on LTV and other metrics, so over the next year I anticipate lenders will try harder to get money out the door. They’ve been very selective and only lending on the best deals. While Fannie and Freddie continue to be busy with apartments, I expect core office and industrial deals to remain the bulk of the transactions. I also expect there will continue to be a lot of opportunity for investors who have cash available to capitalize on acquiring property at an extremely low basis as existing owners and seller/servicers attempt to clear their books of troubled assets.
Question 2: How do you measure success – personally and professionally?
I feel I am successful when I can be a positive influence on the accomplishments and growth of my co-workers, my family, and the volunteers in the various associations to which I give my time.
This is a difficult question to answer because I believe how you measure success changes throughout your life as goals and priorities change. There are many factors that come into play for me, things such as strong relationships, professional and intellectual growth, financial success, spirituality, and overall health and happiness.
I have a wonderful wife, great friends and a supportive family for which I am thankful. Over the years, my wife and I have had the chance to take several fun trips, most recently to Italy. I’d call all of this success. Professionally, I’ve been blessed to work at great companies with outstanding teams. Thanks to these people and opportunities, I’ve learned a ton over the last seven years in the business.
Question 3: What books are you reading now? Recommendations for other NAIOP members?
I usually have two books going at the same time. One is history or biography, the other is fiction. My current history book is Washington, A Life by Ron Chernow, and the fiction is The Conservationist by Nadine Gordimer. She won the Nobel Prize for Literature in 1991.
Ken Follet’s Fall of Giants and Daniel Pink’s A Whole New Mind – Why Right Brainers will Rule the Future.
I’m not a huge book reader, however, I’m currently reading Be Prepared: A Practical Handbook for New Dads. My wife and I are expecting our first child in June so I’m trying to learn a few things about babies before ours arrives. I’m into cars and started biking the other year, so there’s usually a magazine related to those around.
Question 4: Since the name of this series is Cocktail Confessions, next time we see you at Happy Hour we should all know – what is your favorite cocktail? Shall we buy you a single or double?
If you catch me at a Happy Hour, I’m a cheap date because I don’t drink booze. But I will have club soda and lime, or maybe a non-alcoholic beer.
Dry Stoli Martini with a blue-cheese olive. One is just right!
I tend to be a beer guy most nights. You can’t go wrong with a Summit EPA or a Bell’s. If you can find the local Fulton Worthy Adversary on tap, that’s another good bet.
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