An avid skier – he competed for the University of Colorado’s ski team in college – Stephen Brodsky gets most of his thrills now on the hard uphill slog and thrilling downhill rides of the Boston real estate market. He’s also the 2012 president of the Commercial Brokers Association, and sat down recently with Banker & Tradesman to discuss the outlook for the market this year.
Stephen Brodsky
Title: Chief Operating Officer, Synergy Investment & Development
Age: 49
Experience: 26 years
How did you get into the industry?
SB: As with a lot of college graduates, I got out of school trying to figure out what I wanted to do with my life … One thing I knew was that I really liked business; I really liked the customer service field. I looked at a lot of things: Selling commodities, selling stocks, running restaurants, hotels, that kind of thing. And then I met somebody who was in real estate, in development, and said, “Wow, that business really combines everything I love.” … It’s such an exciting business. Whether it’s running a building, leasing a building, developing a building, repositioning a building – the whole thing is very exciting. I started in property management, and then got into the leasing and servicing sides of the business. … [T]hat’s really what has launched my career. And I’ve been very happy ever since. So, really where my career has focused … is growing teams and organizations, which is really what I focused on for the last 15 years.
In what respect?
SB: [P]rior to coming to Synergy, I was running the office for Grub and Ellis, and that was all about really building that office, taking an office that was having some challenges and turning it into one of the top-performing offices in the country. I was able to do that through recruiting, working with teams, focusing on various markets, building services lines. It had to do with all of that.
Where do you see the market in general as we’re launching into 2012?
SB: I think 2012’s going to be a very good year. I think it’s going to be better than people expect … We’ve had so much bad news over the last several years about the economy, but the economy really has shifted. We’re seeing a lot of positive signs. Companies have more confidence; they appear to be poised to be hiring more workers. When we went into the recession, it was a complete panic by companies, they were making huge cuts. … Now we’re in a period of time where people are like, “Okay, we’ve definitely hit the bottom; the lights are still on. How do we go forward and add things?” … I think now we’re seeing companies that are optimistic, that are poised to make a move. So, I think we’ll begin to see hiring in the next year.
Where does that leave the market right now in terms of the tug of war between tenants and landlords?
SB: Right now, I think the markets are pretty even. The tenants have had a great run for a couple of year, with the space available out there. But when you ask that question, it really varies market by market. There are hot markets out there, where rents are going up, and there are other markets where the rents are staying flat. Tenants are still able to lock in rents that are, by historical standards, very low. But you can only go so low. Landlords have to make a decision based on sound economic principles. They have to make money, so that kind of sets the floor. You’ll still find landlords out there who are willing [to make concessions], but I think you’ll see rents start to trickle up.
You’re president of the CBA this year. What are your thoughts about that?
SB: We have a tremendous group of brokers here in Boston. I’ve had a unique perspective in my career, because I’ve had a chance to look at other markets across the country, got to know a little bit of the brokerage culture in Atlanta, Chicago, Dallas, San Francisco … St. Louis. We have, I would say, many of the most professional brokers and brokerage firms in the Boston area that you could ask anywhere.
Top 5 Favorite Ski Areas
Alta, Utah
Aspen and Vail, Colo.
Cannon Mountain, Franconia, N.H. “I grew up skiing there. Most people hate it; it’s so cold. But I love it.”
Mad River Glen, Vt. “It’s a little bit traditional. Many recreational skiers wouldn’t have fun there – it doesn’t have the amenities. But I’m a skier’s skier, I go by the terrain, and there’s some great trails there.”
Whistler Blackcomb, British Columbia
