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“ That said , as I ’ ve got older , I ’ ve also moved into a mentorship position , working with interns as well as new recruits . We ’ re very fortunate that we have a collaborative team culture . In our firm , instead of competing against each other , our agents collaborate on accounts . This is a strong strategy for success . We bring new recruits into the decisionmaking and deal room so that they can improve their knowledge and skills and be deployed into key roles much more quickly . My day-to-day involves working with my entire team , centering on the strategy for moving forward with deals , alongside negotiating and hopefully , celebrating closings ,” he explains .
“ I would say for me what is really thrilling is working with a developer and exploring the future development of a space . Being part of the process so the developer can achieve or exceed their rental structure for success years down the line is thrilling . It takes considerable experience to recognize when it ’ s time to stop negotiating terms and affect a transaction . Steering a course for mutual success and bringing the parties together through communication is an enjoyable element of the business ,” Lee enthuses .
Commercial trends
Over the course of his career , Lee has experienced the peaks and troughs of the real estate market . “ It ’ s like other sectors when the cost of capital rises . When the cost of borrowing goes up , it puts pressure on the ability to borrow , exerting downward pressure on prices . It puts pressure on developers and equity partners in terms of being able to take risks . When the markets start accelerating , we always look back and see how the peak rents of the cycle before are eclipsed by the next cycle . It ’ s all about being patient in this game .
“ In terms of current trends ,” he continues , “ what we have been seeing as the most attractive type of commercial space in the market is second-generation restaurant space . That is honest commodity because there is much less risk to both the tenant and the landlord , since the landlord typically will need to deploy little to no capital except for transaction fees and the tenant will typically not have to go through the entire permitting and construction process , which can be protracted . Prospective tenants are not so willing to get involved in first-
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