News
From the Desert to the CBD
November 29, 2010
| You'll forgive Cushman & Wakefield's new director of property management and agency leasing if he hypes air conditioning as a building's best amenity. Randy Waites spent the last two and a half years in Abu Dhabi, helping The John Buck Co. develop and manage a brand new stock exchange, hotels, and office plaza. | |
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| Randy says he's noticed a change during his hiatus from the Windy City. There's no longer any leverage to get new office buildings built or to retain and draw tenants, so landlords are relying more on the amenities and value-add services of their buildings. With no new buildings coming online in the next two years, Randy thinks now is the time to focus on adding to C&W's 5M SF under management in Chicago. His background includes a stint as an asset manager at Prime Group Realty before joining John Buck. | |
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| In Abu Dhabi, most developers and owners manage their own buildings, and many buildings are new or torn down and rebuilt every five years or so, Randy says. (We complain about the weather changing quickly—imagine having the view from your window switch regularly.) This means, when he arrived, many building owners didn't immediately see the value for property and asset managers. In his tenure in the United Arab Emirates, he managed John Buck's owned properties and created a third-party management practice to help owners maintain their buildings. | |
