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16th Global Real Estate Summit Industry Leaders Panel Recap

Mary Ann Tighe, CEO of CBRE, New York Tri-State Region, led a panel discussion with industry leaders at DLA Piper’s 16th Global Real Estate Summit (held on May 5, 2021) about the ways commercial real estate (CRE) is evolving and adapting to the market and COVID-19 impacts.

Starting with geographical differences, Nathalie Palladitcheff, President and CEO of Ivanhoe Cambridge, predicted that commercial real estate recovery will be domestic, and will be driven by regional values and like-minded partners. Palladitcheff said there are more opportunities for the CRE industry to be innovative and creative as opposed to being the traditional industry of the past.

With the vaccine rollout underway, Sandeep Mathrani, CEO of WeWork, touched on the return to work and noted that while most employees want to come back, flexibility is the disruptor of office space. How this will play out in the short and long-term is still to be determined, but flexible office space will certainly be critical in the equation.

When discussing societal trends, Owen Thomas, CEO of Boston Properties, shared that investment in ESG is an easy decision because it is becoming increasingly important for all CRE stakeholders, especially among customers, capital providers, communities and employees. Jim Collins, Managing Director at Morgan Stanley, agreed and shared that investors are welcoming the challenge to do good and do well in their businesses.

One thing was clear across all the panelists: while 2021 will undoubtedly pose challenges, it will also continue to present the CRE market with opportunities to grow and innovate.