The-New-CREcosystem

#CREcosystem01
THE NEW
#CREcosystem
MARCH 2016
PRESENTED BY:
PREDICTIONS FROM THE
INDUSTRY’S EMERGING AND
INFLUENTIAL VOICES

02
INTRODUCTION
INTRODUCTION 02
CONTRIBUTORS 03
ACCESS
Data Analytics 04
Business Impact 06
ENGAGE
Responsive Experiences 08
Visual Currency 10
Social ROI 11
INNOVATE
Challenge the Status Quo 12
Fail Forward 13
Diversity as Business Strategy 14
CONCLUSION 15
CONTRIBUTOR BIOS 17
FOOTNOTES 22
CONTENTSTHE NEW #CREcosystem
The commercial real estate industry (CRE) is experiencing one of the most profound
economic, social and cultural transformations in history. Globalization, rapid urbanization,
shifting demographics, and technological advances are ushering in unprecedented change
and today’s landscape looks dramatically different than it did even one decade ago. CRE
professionals are tasked with finding new ways to adapt to this fluid and on-demand
business landscape and in order to remain relevant and competitive in the digital era, the
industry as a whole must operate dynamically and iterate rapidly.
The unique mix of emerging technology and modern
consumption patterns present both an opportunity
and a challenge. “Going digital” involves redefining
operational efficiency, customer engagement, product
and service innovation, and workforce productivity.
Standards will replace themselves rapidly, as digital
leaders never cease imagining new ways to use
technology. Becoming a modern digital organization is
about much more than technological horsepower, tech-
savvy, and resources. Success in the digital age lies not
in the efficiency of technology, but in the human touch
and the acuity of the professionals who wield it.
We are still early on in the story of CRE’s modernization.
Change, innovation, transformation, adaptation – these
are not singular points in time or siloed efforts, but
rather, ongoing and iterative processes.
RealMassive’s objective in producing this report is
to open a dialogue to collectively and progressively
examine the trends modernizing our industry. While
technology is fundamental to new approaches, real
transformation involves redefining the relationship
between firm, professional and customer, and
rethinking how value is created. This report will shine a
light on the cultures of innovation and entrepreneurial
spirits of those raising the bar within CRE.
BY SHIFTING FOCUS TO THE INSIGHTS,
SOLUTIONS AND STRATEGIES OF FORWARD-
THINKERS, WE WILL REPOSITION THE
INDUSTRY’S NARRATIVE FROM ONE OF
“DISRUPTION” TO “EMPOWERMENT.”
As William Gibson famously said, “The future is
already here - it’s just not evenly distributed yet.”
These trailblazers use technology not as a static
means to an end, but as a dynamic tool, leveraging
algorithmic power with gut feel, computational
intelligence with human ingenuity.

03
MARION CHANEY RYAN DENNISLINDA DAY HARRISON DAVID DUNN
BRANDON SEDLOFF EVAN STONE GRAHAM TRULL ERIK QUALMAN
MIKE FRANSEN
GREG HALLMAN JAY LAMYDR. J. NATHANIEL HOLLAND BONNIE MORATA BARBI REUTER
CONTRIBUTORS
#CREcosystem

04
ACCESS
“CRE has a rich history filled with
data, but the industry is just
beginning to tap into its full potential
through actual statistical analyses
and data science. It is critical for
stakeholders to move beyond historic
ways to embrace new data-driven
approaches, success of which will
ultimately be gaged by knowledge-
driven entrepreneurship derived from
the data analytics. Gut instincts and
experiences lead to the important
ideas, hypothesis, and alternative
hypotheses that are worth testing
through rigorous statistical analyses,
results of which produce knowledge
that complements (and sometimes
contradicts) the initial gut instincts
and experience.”
Long before the advent of
smartphones, tablets, and cloud-
based apps, CRE was a data-
centric industry. In the words of
Dr. J. Nathaniel Holland, Chief
Research and Data Scientist for
NAI Global Partners,
"DATA IS MEANINGLESS
IF YOU CAN’T
INTERPRET IT... THAT’S
WHERE GUT INSTINCT
AND EXPERIENCE COME
INTO PLAY! AND AT THE
END OF THE DAY, REAL
ESTATE IS A PEOPLE
BUSINESS."
EVAN STONE, JLL >
DR. J. NATHANIEL HOLLAND >
DataAnalytics
ACCESS
#CREcosystem

#CREcosystem05
The process of manually translating data into insights
that enable business decision-making is laborious and
complicated, and often requires a unique data analytics
skill-set. According to JLL research, only 28% of commercial
real estate firms currently rely heavily on data analytics
to inform decisions. Organizations leading the CRE data
revolution may be considered “pioneers” today, but
BY 2017 THE NUMBER OF FIRMS FUELED
BY STRONG ANALYTICS IS EXPECTED TO
DOUBLE TO 56%.¹
For early adopters promoting change, timely access to
accurate and relevant data is evolving from competitive
edge to industry standard. With increased data access
and exponential growth in volume and complexity of
information, CRE will find itself in a new age of analytics.
“Data underlies sound CRE decisions -
access expedites and informs decision
making. Data contributes to decision
making but represents only one piece
of the puzzle. Culture, relationships,
aesthetics, synergy all contribute to
location decisions.”
< BARBI REUTER, Cushman & Wakefield | Picor
Through our ongoing dialogue with the industry, CRE
influencers have emphasized that data is only as useful as
it is accessible, and that real value is realized through the
experience, knowledge and human ingenuity with which
that data is managed. Cloud computing places data at our
fingertips, but successful integration is heavily dependent
on executive sponsorship, change management, and
organizational culture. As BONNIE MORATA of HPI Corporate
Services says,“The number one factor for cultivating a data-driven
culture is employee buy-in. Employees must understand the
benefits of data and be given the training and tools to utilize it.”
CRE’s data-revolution and the dawn of the analytics age will not
be defined by any one technology or tool, but by the dexterity,
skillfulness, and ingenuity of the human touch.
“Most data can be compiled to show an
opinion we want set forth, ex. demographics,
comparables, etc. It is how we interpret the data
that makes the difference.”
MARION CHANEY, GPE Commercial Advisors
“Data will never replace economic logic and
intuition, but I think data can play a large part
in confirming some of the things we believe from
our gut, and even better, can sometimes show us
that what we believe might not be true.”
GREG HALLMAN,
University of Texas at Austin
ACCESS: Data Analytics
DataAnalytics
ACCESS

#CREcosystem06
BusinessImpact The Altus Group CRE Innovation report
indicates that a large portion of CRE
data continues to live in silos, with nearly
one-third of the global CRE industry still
relying on spreadsheets as a primary tool
for asset and portfolio management. This
translates to approximately $11 trillion
(US) in CRE assets managed within
inefficient and nuanced spreadsheets.²
However, forward-looking pros are
leveraging the power of technology to
chip away at inefficient legacy systems
and propel CRE forward.
“Better data helps everyone make
better decisions - it can remove some
of the pricing power that comes with
lack of information. Overall, more
data is better for the industry.”
EVAN STONE, JLL
The positive impact and financial incentives resulting from timely
access to quality, relevant data are easy to identify and hard to
ignore. Research from the Harvard Business Review indicates that
firms ranking in the top one-third of their industry based upon
data-driven decision-making are, on average, five percent more
productive and six percent more profitable than their competitors.³
A landmark study from Sybase and the University of Texas at
Austin of over 150 Fortune 1000 firms quantifies the relationship
between incremental improvements in data and key performance
metrics of businesses. The study - “Measuring the Business Impacts
of Effective Data” - looks at five attributes of data - quality,
usability, intelligence, remote accessibility and sales mobility-
and demonstrates that even marginal investments in information
technology to improve any one or two of these attributes can have
dramatic impacts on overall business performance.
ACCESS: Business Impact
ACCESS
“Information, both real time and quality, is power
in CRE so the ability to gather and assemble this
data into actionable strategies is important.
Real estate will always be a local game and
it’s just as difficult to manage from a
distance from a spreadsheet as it is to
manage locally without any reliance on
data. It is the strategic combination of
the two that creates opportunity for
true value creation.”
MIKE FRANSEN, Parkway Properties >

#CREcosystem07
BusinessImpact THE KEY FINDINGS ARE IMPRESSIVE:
If the median Fortune 1000 business in the sample* increased the
usability of its data by just 10%, it would translate to an increase in
$2.01 billion in total annual revenue, and increase sales per employee
by 14.4%, or $55,900 in additional sales per employee annually.
Increasing both the quality of data and the ability of
salespeople to access it by just 10% more than
existing levels in the business, the average
Fortune 1000 company can increase
ROE by 16%.
If the average Fortune 1000 company
were to increase both intelligence
and accessibility of data by 10%,
ROA increases by 0.7%. That is the
equivalent of squeezing $2.87
million of additional income out
of the average Fortune 1000
business’s assets, assuming assets
remain fixed.⁴
*Sample size is 36,000 employees and
$388,000 in sales per employee
$2.01 B
While the conversation surrounding data analytics in CRE will continue to evolve, the
effective use of data will remain a non-negotiable for sound and scalable business
practices. Success in CRE’s data-driven future will be determined by the skillful
combination of strategy, culture and leadership.
“Data is creating more transparency and making business
processes more efficient. Yet we have a long long way
to go. Creating an objective, non-commercial learning
environment to share best practices, best needs and
challenges will help evolve both the technology and
real estate sides of our industry.”
< BRANDON SEDLOFF, ULI
“Commercial real estate has always been a murky market when compared to
publicly traded equities. In general, markets work better when information is
more readily available. It is my impression that pricing and capital flows are
enhanced by better data about assets, and I think overall, the CRE market is
moving towards more efficiency in pricing. For market participants, this is a
good thing because prices are likely closer to true value when markets
have better information, but it also makes it harder to find
undervalued assets and produce higher returns.”
GREG HALLMAN, University of Texas at Austin
ACCESS: Business Impact
ACCESS
ROE +16%
$2.87 M

#CREcosystem08
ENGAGE
ResponsiveExperiences
On April 3, 1973, Martin Cooper made the
first call from a handheld cellular telephone.
Ten years later, the first commercially
available cell phones went on sale in the
U.S. for almost $4,000 each; they weighed
2 lbs, offered a talk time of just 30 minutes
per battery charge and could store 30
phone numbers. Today, two iPhone 6s
handsets have more memory capacity
than the International Space Station.⁵ As
recently as the early 1990’s, most firms
communicated via landline telephones,
fax machines, and US mail. Contrasted
with today’s global connectivity, instant
transactions, and real-time collaboration,
the impact of mobility on business is nearly
impossible to fathom.
According to Gallup...
of smartphone users in the US keep
their phone near them ‘almost all
the time during waking hours’
the majority report checking their
phone at least a few times within
every hour
report keeping it near them at night,
even while sleeping⁶
ENGAGE
Americans spend an average
of 4.9 hours a day on their
smartphones⁷
The average American adult
over the age of 18 spends
more than 11 hours per day on
electronic gadgets⁸
Informate’s 2015 International
Smartphone Mobility Report finds
that the average American makes or
answers six phone calls per day, sends
and receives 32 texts, and spends
14 minutes on chat/VOIP and 26
minutes a day texting.⁹
Mobility and connectivity are
cornerstones in nearly every modern-
day business. Organizations are faced
with heightened expectations produced
by on-demand consumption of goods
and information, and CRE is no
exception. Our influencers recognize
the importance of maintaining relevance
in an ever-changing market and point
to technology and adaptability as
competitive advantages.
“Most of us spend more time out of the office
than we do in it. The ability to do the vast
majority of the things we typically do from
inside the office outside is critical to survival
and success. Mobile technologies empower
today’s leader to be fluid and not lose a beat.”
MIKE FRANSEN, Parkway Properties
“In order to stay relevant and successful in
this business, we must always be analyzing
and adapting ourselves to keep up with these
trends. Technology plays a crucial role in
this philosophy. Change is a part of staying
relevant. And as we know, it is important to
stay relevant in this industry.”
GRAHAM TRULL, The Kucera Companies
“Mobile technology and portability of
information has made customer responsiveness
almost instant today. As a wise man told me
once many years ago, if you are not saying
‘Yes’ and ‘Now’ to your customers they are
going to go elsewhere. Today we can do that
with mobile technology and everything MUST
be searchable. Mobile gives you every flavor
imaginable with a variety of different client
types with different needs.”
LINDA DAY HARRISON, theBrokerList
81+W81%
41+W41%
63+W63%

09
ResponsiveExperiences
The quality of customer experience is
essential to broker and brand, and CRE
pros are quickly recognizing that impersonal
mass-market outreach strategies are no
longer viable. Until now, mobile and social
channels have predominantly been viewed
as complementary to traditional activities
such as research, relationship building,
and community leadership. Insights from
our panel reveal a much more dynamic,
interactive, and powerful experience
enabled by mobile and social-led customer
engagements. Social media has evolved
from a one-way communication channel
into an ongoing dialogue, growing into a
dynamic tool for customer engagement
and research. Through this lens, CRE pros
are using mobile and social technologies to
not only respond to shifting consumer and
market demands, but to actively shape the
industry around them.
Social networking is by far the
most popular online activity,
clocking in at an average of 1.8
hours or 30% of daily online time.¹⁰
Today there are more than
2.08 billion social media
accounts globally.
Over 186 million active social media
accounts in the United States.
As of Q4 2015, Facebook had 1.59 billion
monthly active users.¹¹ To put this number
into perspective, if Facebook were its own
country it would be the most populous
nation on earth (with China at ~1.3B).
One in every three professionals in the
world has a LinkedIn and the company’s
community of over 414,000,000
registered members is continuing to
grow at the rate of more than two new
members per second.¹²
Social and mobile technologies bring
the speed, scale and economics of the
Internet to social interactions while
infinitely expanding the possibilities of
increased flexibility. Twenty-first century
CRE customers are dynamic, interactive
participants of the digital world who
are constantly connecting, responding
and sharing amongst themselves and
brands, with little distinction between the
two. Social technologies exponentially
amplify customer reach and can deliver
insights that lead to more meaningful
relationships. Market knowledge is
no longer confined to the realm of
marketing studies, but can be acquired
by engaging the true content producers
- clients. Social and mobile technologies
provide natural, intuitive channels
for communication and collaboration
between colleagues, customers, and
service providers. They eliminate
traditional communication hierarchies and
enhance connections across geography,
unlocking unique value.
“You have to have your office connected, your workspace connected, and your home
connected or you’ll be left in the dust.” DAVID R. DUNN, SVN / Dunn Commercial
“Take risks, make mistakes, always analyze your progress and have fun with live
social media platforms. Social media centrally integrated and driving your marketing
endeavors means your team has their ears to the streets; always remaining up-to-
date on industry news and market insights.” RYAN DENNIS, Genea
“We want quality to be our hallmark. Feedback from our followers and traffic
analytics are vital to the measurement of our success. Our product is our ability to
connect people and make people feel welcome and highly valued.”
LINDA DAY HARRISON, theBrokerList
“It is important to meet people where they are with the appropriate information and
offerings. A big shift towards technology adaptation is coming with the technological
era and the influx of the millennial workforce. It is unavoidable. Externally, we are
moving our business and deliverables online where millennials are looking to fulfill their
needs. Millennials turn to the Internet when they need a product or service not the
yellow pages and it is important that we meet them where they are.”
BONNIE MORATA, HPI Corporate Services
“We use linkedIn to turn cold calls into warm calls. The CEO of Shazam told me, “If
you contact me and you cannot tell me who we both know, you have not done your
homework or you are probably not that good.” JAY LAMY, Aquila Commercial
“We understand that social media isn’t a tech play, it’s a relationship play. It’s living,
breathing...it’s your customer...your lifeblood. Social isn’t confined to marketing, PR, or
customer service. Social media is your customers, partners and employees. It touches
every facet of the business.The future of social media in CRE is full transparency
which will help make better decisions across the board for everyone involved in CRE.”
ERIK QUALMAN, Equalman LLC
“The more connected you can be with your client the more you are able to
communicate with them and share thoughts, ideas, and opinions. This not only
allows your client to become more knowledgeable of the business so that they
can make more informed decisions, but also builds trust between you and your
client. This is crucial as clients will likely not to business with people they do not
trust or understand.” GRAHAM TRULL, The Kucera Companies
ENGAGE
#CREcosystem
30+W30%
186 M
2.08 B

#CREcosystem10
Approximately 20% of the human brain is there purely for vision. Between 40 and
50% of the brain’s neurons are estimated to be associated with visual information
processing, compared to 10% for hearing and 10% for the other senses.²²
Consumer facing industries have always recognized the power of using visual language
to connect with customers, and CRE is no exception. The earliest known evidence
of advertising is a Babylonian clay tablet dating back to 3,000 BC with pictorial
inscriptions advertising the services of an ointment dealer, a scribe, and a shoemaker.²³
Images, colors and nonverbal cues have remained an essential part of developing
brand identity, effective marketing, and compelling content. Firms are infusing imagery
into their marketing campaigns, utilizing visual platforms such as , and to
engage younger consumers.
Many of the largest CRE firms — including CBRE, JLL, and Cushman & Wakefield —
have developed robust Instagram profiles and amassed thousands of followers, or
rather, “potential clients.”
VisualCurrency The explosive growth of social media as a staple in our personal and professional
lives has brought visual language to center stage. Researchers have found that
visuals with color increase willingness to consume content by 80%.¹³ Adding
color can increase viewers’ attention span and recall by up to 83%¹⁴ and 84%
of consumers note color as the primary factor in purchase decisions.¹⁵ Photos,
videos and infographics have become powerful tools for brands to communicate
and connect with consumers. Video content is shared nearly four times more than
other content across all platforms,¹⁶ image-based tweets obtain 150% greater
retweets, and Instagram’s brand engagement is 4.2% higher per follower than any
other social network.¹⁷ In 2015, Oxford Dictionaries made history by announcing that
would be their “word of the year.” According to their press release, “Emoji have
come to embody a core aspect of living in a digital world that is visually driven,
emotionally expressive, and obsessively immediate.”¹⁸
The human brain is hardwired to process information visually. Visual activity is linked
to almost everything we do, from cave paintings to modern media, humans have
been using visual stimuli to entertain, communicate and inform for nearly 200,000
years.¹⁹ Comparatively, verbal language has had a relatively short history, coming
into form approximately 40,000-50,000 years ago and the written word is still in its
infancy at only 5,000 years old.²⁰ Research from MIT reveals that the
human brain can process images in as little as 13 milliseconds - ten
times faster than the blink of an eye.²¹ Our sense of vision largely
dictates how we perceive and interact with the world around us.
ENGAGE: Visual Currency
ENGAGE
13 ms

#CREcosystem11
SocialROI The impact of social media is not confined to branding and marketing
initiatives. A 2012 Mckinsey Global Institute report (MGI) estimates
that becoming a social business can raise productivity of highly-
skilled knowledge workers, including managers and professionals,
by 20 to 25%.²⁴ MGI examined the current usage and evolving
application of social across four commercial sectors: consumer
packaged goods, retail services, advanced manufacturing, and
professional services. They found that social
integration could ultimately
contribute up to $1.3 trillion in
annual value by improving
productivity across the
value chain.²⁵ Two-thirds of this value
comes from improving collaboration
and communication within and across
enterprises. MGI reports that the average
interaction worker spends an estimated
28% of the workweek managing e-mail
and nearly 20% looking for internal
information or tracking down colleagues
to help with specific tasks. When
organizations leverage social platforms for
internal communications, messages become
content, and searchable records of
knowledge can reduce information-
seeking tasks by as much as 35%.²⁶
“We directly attribute our increase in brand recognition and thought leadership
in the Southern Arizona markets to our social and blogging strategies.”
BARBI REUTER, Cushman & Wakefield
To reap the full benefit of social technologies, organizations must adapt their
culture by reducing hierarchies and engendering trust. Ultimately, the power of
social hinges upon the full and enthusiastic participation of employees and their
willingness to share ideas and participate in constructive debate. Fostering
such an open and collaborative environment is far more challenging than
implementing the tools themselves.
“Social media will be the glue and soul that keeps CRE relevant, especially
on the office side. The lines between people’s work and personal lives
are more blurred now than ever before, and thus it becomes even more
critical that the level of activation in every venue be both well
curated and communicated.”
MIKE FRANSEN, Parkway Properties >
“We take a long-term approach to
define success of our overall social
media strategy. Since social media touches every facet
of the business the success is really tied to the
overall success of the company.”
< ERIK QUALMAN, Equalman LLC
ENGAGE: Social ROI
ENGAGE
$1.3 T
35+W-35%

12
“We embrace innovation anyway we can. We stay on top of the current
real estate trends and implement and try any new types of innovation,
especially technology.”
DAVID R DUNN, SVN / Dunn Commercial
“We are constantly working to identify and be on the front end of new
technology that we feel is an enhancement to our platform and pivotal to
the way the industry behaves in general.”
MIKE FRANSEN, Parkway Properties
“Our real estate group is based on a culture of innovation. We are always
looking for new angles through which to view commercial real estate assets
and capital markets.”
GREG HALLMAN, University of Texas at Austin
ChallengetheStatusQuo
MIT Sloan Management Review and Deloitte’s 2015 Digital
Business Global Executive Study identifies strategy, not technology,
as the driver of digital transformation. The report notes, “The
strength of digital technologies — social, mobile, analytics and
cloud — does not lie in the technologies individually. Instead, it
stems from how companies integrate them to transform their
businesses and how they work.”²⁷ The same is true for the CRE
business ecosystem. When viewed holistically, the ways in which
CRE pros are integrating technologies into business workflows
demonstrate how digital can do much more than increase
operational efficiencies and profits.
Today’s digital consumer is always on, always connected and rarely makes
a decision without first consulting Google. As consumer expectations for
increasingly transparent and responsive services continue to rise, applying new
technology to legacy business practices will not be sustainable. CRE Influencers
at the digital frontier look far beyond the silos of search, social and mobile to
broaden their branded reach and connect with target clients at each point of the
customer journey. They demonstrate a willingness to experiment and integrate
technology solutions into CRE in order to deliver new and unique value to their
customer relationships. If we empower more professionals with knowledge and
tools that complement--not disrupt--their daily operations, we will see seismic
shifts in industry perception. CRE’s future is now: it is data-driven, customer-
centric, and rapidly adapting to modern technology.
INNOVATEINNOVATE
The modern digital age is defined by being agile and adaptive. We cannot effectively
participate in a connected, global marketplace with a 20th-century CRE model. Our panel
of industry influencers identified the following success factors for cultivating and fostering
innovation in their organizations.
Today’s CRE leaders are prepared and empowered to challenge the orthodoxies of the
traditional commercial real estate experience. As stated in the 2015 Digital Business
Global Executive Study, “A culture conducive to digital transformation is a hallmark of
digitally maturing companies… These organizations have a strong propensity to encourage risk
taking, foster innovation and develop collaborative work environments.”²⁸ Forward-thinking,
digitally advancing organizations seek to establish a culture of innovation that ensures
constant idea generation by employees while remaining highly efficient and productive.

13
FailForward “We strive to actively support a culture of
innovation by routinely performing and
managing a number of different processes.
We work consistently to better ourselves
from both a technological and structural
standpoint. In this current ever-changing
market, it is crucial to stay up to date with
market trends and constantly analyze data
to maintain a competitive edge.”
GRAHAM TRULL, The Kucera Companies >
“Our motto is fail fast, fail forward,
fail better. Failure is an integral part
of innovation.”
ERIK QUALMAN, Equalman LLC
“Our innovation culture centers around
three words: Envision. Invent. Create.
Our aim is to constructively challenge
the status quo of excellent service for
our clients.”
< RYAN DENNIS, Genea
INNOVATE: Fail Forward
INNOVATE
Bold experimentation and stepwise
innovation are fundamental to modern
real estate development and urbanization
throughout the world. Businesses that
foster innovation recognize failure as
an invaluable prerequisite to success
and a foundational element of growth.
Failure indicates a hunger for continuous
improvement and demonstrates that
boundaries are being tested.

#CREcosystem14
DiversityasBusinessStrategy Innovation does not emanate
from the sudden flashes
of brilliance of a gifted
few. New ideas arise from
collaborative efforts among
individuals representing unique
backgrounds, experiences, and
ethnicities. Deloitte research
indicates that teams which
operate in an inclusive culture
outperform their peers by a
staggering 80%.²⁹
“We are actively prospecting
millennials for our brokerage
division because they add
an energy to the workforce.”
< MARION CHANEY,
GPE Commercial Advisors
“We are intentionally recruiting with an eye toward
diversity of generations, gender, ethnicity and life
experiences. This creates a team that more closely
mirrors our clients.”
BARBI REUTER,
Cushman & Wakefield | Picor
“If you’re serious about the future of your company
then you must consistently seek knowledge from and
about the youth. Generation Y is not only larger than
baby boomers in number, they are far more diverse.
The Census Bureau predicts caucasian children will
no longer make up a majority in just a few years.
That means that if you do not have a management
team that can communicate with people of different
backgrounds, experiences, and ethnicities, your firm
will struggle mightily.”
RYAN DENNIS, Genea
“Since its conception our firm has actively built a multi-
generational team with the idea that the younger
talent would propel the firm forward while the senior
leadership would anchor the firm in experience and
established practices. We resolutely believe one cannot
succeed without the other.”
BONNIE MORATA,
HPI Corporate Services
INNOVATE: Diversity as Business Strategy
INNOVATE

15
CONCLUSION As the largest asset class in the world, the real estate sector’s economic forecast has profound
impact on the global economy. In September 2016, the S&P Dow Jones will promote Real Estate
to its own standalone sector in the Global Industry Classification Standard (GICS) structure.³⁰
The creation of a new sector in the GICS for Real Estate will make history as the first addition to
the original 10 headline sectors³¹ since the GICS was created in 1999. The decision to move real
estate out from under the Financials sector and elevate it as the 11th sector in the GICS cements
its position in the global economy and strengthens its reputation as the new Fourth Asset Class.
The World Economic Forum’s report,
“Understanding the Commercial Real Estate
Investment Ecosystem”, begins by establishing,
“The basis for any market, including commercial
real estate, is the ability to confidently and
dynamically assign current and future value to
the assets being exchanged as the market ebbs
and flows.”³² This presents significant issues for
the commercial real estate industry as it exists
today because “much of the market is based on
looking backward rather than looking forward.”
The report highlights CRE’s reliance on historical
data and backward-looking models as the defining
challenges for the industry, asking us to “Imagine
trying to drive a car by looking only at the rear
view mirror rather than through the windscreen—a
crash is not only likely, it is inevitable.”³³
AS REAL ESTATE MATURES INTO A NEW ASSET
CLASS AND GLOBAL REAL ESTATE INVESTMENT
GOES MAINSTREAM, THE #CREcosystem WILL
EVOLVE AND BECOME INCREASINGLY MORE
COMPLEX. FUTURE VIABILITY AND CRE SUCCESS
SHOULD BE INFORMED BY HISTORY, BUT
MARKET CHANGES WILL NEED TO BE EVALUATED
BY LOOKING FORWARD.
We have the opportunity to come together as a diverse and
infinitely resourceful community to proactively address the
challenges and opportunities surrounding an industry that is
the bedrock of our global economy. Ultimately, the question
is not if, when or which technologies will impact CRE, but
how are CRE’s emerging voices, market makers and industry
influencers using technology to shape the future of the
industry and what can we do to support them?
Conclusion
ACCESS
ENGAGE
INNOVATE
#CREcosystem

#CREcosystem16
MARCH 2016
PRESENTED BY:
JOIN THE DISCUSSION
AND HELP US SHAPE
THE NEW #CREcosystem
#CREcosystem
CREcosystem@RealMassive.com

17
Marion Chaney has been in the real estate business for
over 20 years. She worked for De Rito Partners in retail
real estate for eight years, and had been a residential
real estate agent in Colorado Springs before moving to
Scottsdale. Marion uses her strong analytical skills to
research demographics, comparable real estate properties,
investors, developers and real estate brokers, as well as
a variety of research projects from the brokers at GPE.
The combination of Marion’s commitment to GPE and
her skills make her one of the most qualified researchers
and assistants in the field and a valuable member of the
GPE Commercial Advisors team of professionals. Marion
was born and raised on the east Coast in New Jersey,
Pennsylvania and Maryland and moved to Arizona in 1995.
/marion-chaney-341b0122
Linda Day Harrison founded theBrokerList.com in an
effort to create efficiency and streamlined operations for
the commercial real estate industry, property and facility
management, leasing and brokerage. As a part of Linda’s
other work, she also founded ManagerLabs and with this
group, she is developing web applications, with a team
of programmers to solve some complex processes in the
commercial real estate and property management industry.
In addition, Linda is working with real estate company
owners and other business models to identify the path those
firms should take to embrace technology in today’s rapidly
and constantly evolving environment.
@dayharrison
/ldayharrison
Ryan Dennis is a visible management operations
communicator and orator. Last year, he was recognized
as one of the “Top 10 Most Influential Online Commercial
Real Estate People” by Duke Long. He is now an advocate
for the Internet of Things and smart building technology
with Genea. Dennis has managed operations teams
for four Fortune 500 companies. He has addressed
audiences of thousands in Miami, Los Angeles, New York
City, and Washington D.C. on various social issues. His
Twitter account, @RyanDennisLive, was listed as one of
the Top 75 Commercial Real Estate Twitter Accounts in
2015. He currently lives in Irvine, California where he
enjoys volunteering and reading.
@RyanDennisLive
/ryandennislive
MARION CHANEY
GPE Commercial Advisors
LINDA DAY HARRISON
theBrokerList
RYAN DENNIS
Genea
CONTRIBUTORS

#CREcosystem18
David is the owner and founder of Sperry Van Ness | Dunn
Commercial and leads his company for the DFW market. He has
20+ years of executive leadership experience specializing in the
sale and leasing of industrial, office and land properties. David’s
creativity and tenacity in dealing with complex transactions
combined with his commitment to excellence and professionalism
enabled him to exceed client expectations and become one of the
top full service commercial firms in Texas. He is past president and
vice president of the North Texas CCIM chapter and has served on
the Board of Directors for the North Texas Commercial Association
of Realtors and the Arlington Chamber Foundation Board member.
@DunnDeal1
/commercialrealestatedfw
Mike joined Parkway in 2006 and is currently responsible
for Parkway’s Houston and Austin operations, which
includes an over 7 million square foot office portfolio. In this
capacity, he oversees all day-to-day operations for the region
including property management, construction management,
leasing, and budgeting. Additionally, Mike serves as the
Designated Broker for Parkway in Texas and is responsible
for the company’s leasing efforts in the market. Prior to
Parkway, Mike spent five years serving in the US Army
where he worked in finance with assignments in Kosovo
and with the Defense Intelligence Agency. He received a
Master of Business Administration from Yale University’s
School of Management and a Bachelor of Science in Systems
Engineering from West Point.
/mike-fransen-7494903
Greg Hallman is an award-winning Senior Lecturer in the Department
of Finance at the McCombs School of Business where he teaches
undergraduate and graduate courses in investments, valuation, and
real estate finance. In addition to his teaching, Dr. Hallman serves as
the Senior Managing Director of McComb’s Real Estate Finance and
Investment Center (REFIC) and as faculty Director of the McCombs Real
Estate Investment Fund. Before joining the faculty at UT in 2002, Dr.
Hallman worked full-time in consulting for six years, starting with Putnam,
Hayes, & Bartlett in Palo Alto, CA in 1996, and finishing his full-time
consulting career as a Managing Director in the Silicon Valley office of
InteCap, Inc., later acquired by Charles River Associates. Dr. Hallman holds
a Ph.D. in finance from the University of Texas at Austin, an M.B.A. from
Tulane University, and a B.A. in chemistry from the University of Virginia.
/greg-hallman-6a3929
DAVID DUNN
Sperry Van Ness | Dunn Commercial
MIKE FRANSEN
Parkway Properties
GREG HALLMAN
University of Texas at Austin
CONTRIBUTORS

19
Dr. J. Nathaniel Holland is a research scientist with 20 years of
experience in using the scientific method to extract information from
complex multi-dimensional data. He joined NAI Partners in 2014 as
Chief Research and Data Scientist. At NAI Partners, Nat leverages
his sharp intellectual curiosity with his skills in statistical modeling to
guide data-driven business decisions in commercial real estate. Like
many data scientists in the private sector, Nat joined NAI Partners
following a career in academia. Prior to taking up data analytics at
NAI Partners, he held professorial and research positions at Rice
University, University of Houston, and the University of Arizona
between the years of 2001 and 2014. Nat is the author of more than
50 scientific publications, and he has been an invited expert speaker
for more than 60 presentations. Trained as a quantitative ecologist, he
holds a Ph.D. from the University of Miami, a M.S. from the University
of Georgia, and a B.S. from Ferrum College.
/j-nathaniel-holland-ph-d-55472a15
Jay Lamy founded AQUILA Commercial in 2007 after spending
seven years growing The Staubach Company’s Austin office. During
his tenure at Staubach, Jay was honored numerous times by the
Austin Business Journal and others for his outstanding work on
Austin’s most highly visible transactions. Jay has leveraged his
background in investment banking and venture capital to better
serve his clients in the commercial real estate arena, specifically
on lease acquisitions and dispositions and asset purchase and sale
transactions. Prior to joining The Staubach Company, Jay worked
with Bariston Partners, a merchant bank / venture capital group in
Boston. At Bariston, Jay focused on new company acquisitions and
financial advisory work for existing portfolio companies seeking
additional equity and debt financing. Prior to Bariston, Jay worked in
CIBC Oppenheimer’s investment banking group in New York, where
he was an analyst in the Financial Institutions Group focusing on
M&A transactions and public equity offerings.
/jay-lamy-a4567b14
With three years of experience in commercial real estate Bonnie aims
to change the way CRE markets itself. Using her design and digital
communications skillset she strive to connect people to the real estate
services they need. Her current focus is crafting compelling messaging
and content for the HPI Corporate Services team which specializes in
lease and purchase transactions on behalf of companies. Her long term
goals include helping the traditional real estate industry move online
with digital strategies. In her previous role with Endeavor Real Estate she
reimagined what a corporate campus could be. She took a disengaged
community and reconnected its tenants with the superb offerings of
their workplace through event planning, social media management, and
program branding and marketing.
@bonniemorata
/bonniemorata
DR. J. NATHANIEL HOLLAND
NAI Partners
JAY LAMY
AQUILA Commercial
BONNIE MORATA
HPI Corporate Services
CONTRIBUTORS

#CREcosystem20
High-energy executive with 20+ years of executive leadership
experience in commercial real estate services. She has
spent her career with Cushman & Wakefield | PICOR, an
employee-owned firm, as the co-practice lead for the Tucson
market in brokerage and property management services.
After founding and spearheading the property management
division for several years, she now serves as COO, leading
C&W | PICOR’s marketing and operations. Barbi also serves
as Director of CREW Network.
@BarbiReuter
/barbireuter
Brandon Sedloff is the Global Head of Corporate Development
at Urban Land Institute (ULI). Based in San Francisco, Brandon is
responsible for managing and expanding relationships between ULI
and key corporate stakeholders and strategic partners. Brandon leads
two initiatives within the organization. The first is focused on the
intersection of technology and real estate (CREtech) which brings
together real estate owners, operators, REIT, and investors and
technology companies working to evolve the real estate industry. The
second is working with allocators, helping them to connect with the
real estate industry and their peers to learn and share best practices.
Previously, Brandon was Managing Director, Asia Pacific at the Urban
Land Institute based in Hong Kong. Prior to joining ULI, Brandon was
Asia Practice Area Head at Gerson Lehrman Group (“GLG”), where he
was the founder and head of GLG’s Asia Real Estate business.
@bsedloff
/bsedloff
Evan Stone is Managing Director of capital markets
and investment sales for JLL. He focuses on the sale
and financing of commercial real estate, including
office, lodging and multifamily properties. Prior
to joining JLL in 2004, Stone ran Eastdil’s Dallas
office. During the past 18 years, he has completed
more than $6.5 billion in sales and debt placement
transactions across the country, with a focus on
the Southwest. He has a bachelor’s degree from
the University of North Texas and a MBA from the
University of Southern California.
/evanstonedfw
BARBI REUTER
Cushman & Wakefield | PICOR
BRANDON SEDLOFF
Urban Land Institute
EVAN STONE
JLL
CONTRIBUTORS

21
Graham Trull specializes in tenant representation for
The Kucera Companies. He started at Kucera in June of
2015 after receiving dual degrees in both marketing and
management from Texas Tech University. Graham, who is
a native Austinite, is also a member of multiple prominent
organizations in the Austin area including Real Estate
Council of Austin, Commercial Brokers Association, and The
Bachelors of Austin. Working in commercial leasing and
brokerage, he represents both owners and tenant buyers in
completing real estate transactions.
/graham-trull-4320768b
Often called a Digital Dale Carnegie and The Tony Robbins of Tech,
Erik Qualman is a #1 Best Selling Author and Motivational Keynote
Speaker that has spoken in 44 countries. His Socialnomics work has
been featured on 60 Minutes to the Wall Street Journal and used
by the National Guard to NASA. His book Digital Leader propelled
him to be voted the 2nd Most Likeable Author in the World behind
Harry Potter’s J.K. Rowling. Qualman is a sitting professor at
Harvard & MIT’s edX labs. His latest book What Happens in Vegas
Stays on YouTube is a Pulitzer Prize nominated work.
@equalman
/qualman
GRAHAM TRULL
The Kucera Companies
ERIK QUALMAN
Best Selling Author and Keynote Speaker
CONTRIBUTORS
#CREcosystem

#CREcosystem22
FOOTNOTES
1 Mind the Data Gap: Aspiration vs. reality in corporate real estate.
A commissioned study by Forrester Consulting on behalf of JLL.
November 2014.
2 Future-Proofing the CRE Industry: Is Commercial Real Estate’s
Innovation Curve Moving Fast Enough? Altus Group CRE
Innovation Report. ARGUS Software, Voyanta and Altus Group
commissioned IDC to conduct a global research survey on the state
of technology innovation in the CRE industry. Research survey was
conducted between May to June 2015. September 2015.
3 Big Data: The Management Revolution. Andrew McAfee and Erik
Brynjolfsson. Harvard Business Review. October 2012.
4 Measuring the Business Impacts of Effective Data. Chapter
One of a Three-Part Study. Anitesh Barua, University of Texas at
Austin. Deepa Mani, Indian School of Business. Rajiv Mukherjee,
University of Texas at Austin. Study was commissioned by
Sybase and conducted by the McCombs School of Business at
the University of Texas at Austin, in conjunction with the Indian
School of Business. 2010.
5 Cutting Through the Noise Around Financial Technology. By
Miklos Dietz, Somesh Khanna, Tunde Olanrewaju, and Kausik
Rajgopal. Mckinsey & Company. February 2016.
6 Most U.S. Smartphone Owners Check Phone at Least Hourly.
Frank Newport. Gallup. July 2015.
7 International Smartphone Mobility Report. Informate Mobile
Intelligence. January 2015.
8 The Total Audience Report: Q4 2014. Nielsen. March 2015.
http://www.nielsen.com/us/en/insights/reports/2015/the-total-
audience-report-q4-2014.html
9 International Smartphone Mobility Report. Informate Mobile
Intelligence. January 2015.
10 GWI Social Report Q1 2016. Global Web Index. January 2015.
11 Facebook Climbs To 1.59 Billion Users And Crushes Q4 Estimates
With $5.8B Revenue. TechCrunch. January 2016.
http://techcrunch.com/2016/01/27/facebook-earnings-q4-2015/
12 LinkedIn Newsroom. https://press.linkedin.com/about-linkedin
13 37 Visual Content Marketing Statistics You Should Know in 2016.
Hubspot Blog. http://blog.hubspot.com/marketing/visual-content-
marketing-strategy. January 2016.
14 20 Ways to Share the Color Knowledge. Xerox. 2014.
15 37 Visual Content Marketing Statistics You Should Know in 2016.
Hubspot Blog. http://blog.hubspot.com/marketing/visual-content-
marketing-strategy. January 2016.
16 The State of Social Media Content in 12 Charts. https://contently.
com/strategist/2015/09/14/the-state-of-social-media-content-
in-12-charts/. September 2015.
17 How Top Brands Are Using Facebook, Twitter, and Instagram:
Forrester's 2015 B2C Social Network Marketing Benchmark.
Forrester. April 2015.
18 Announcing the Oxford Dictionaries ‘Word’ of the year 2015.
Oxford Dictionaries. http://blog.oxforddictionaries.com/press-
releases/announcing-the-oxford-dictionaries-word-of-the-
year-2015/. November 2015.
19 Communicating Pictures: A Course in Image and Video Coding.
David R. Bull. Elsevier Ltd. 2014.
20 Ibid.
21 In the Blink of an Eye: MIT neuroscientists find the brain can
identify images seen for as little as 13 milliseconds. Anne Trafton.
MIT News Office. January 16, 2014
22 Communicating Pictures: A Course in Image and Video Coding.
David R. Bull. Elsevier Ltd. 2014.
23 Marketing Communications. By Lynne Eagle, Stephan Dahl,
Barbara Czarnecka, and Jenny Lloyd. Routledge Taylor & Francis
Group. 2015.
24 The Social Economy: Unlocking value and productivity through
social technologies. Mckinsey Global Institute, 2012.
25 Ibid.
26 Ibid.
27 Strategy, Not Technology, Drives Digital Transformation:
Becoming a digitally mature enterprise. MIT Sloan Management
Review and Deloitte. July 2015.
28 Ibid.
29 Global Human Capital Trends 2015: Leading in the new world of
work. Deloitte. 2015.
30 S&P Dow Jones Indices and MSCI Announce August 2016
Creation of a Real Estate Sector in The Global Industry
Classification Standard (Gics®) Structure. March 2015.
31 The current GICS sectors are: Consumer Discretionary, Consumer
Staples, Energy, Financials, Health Care, Industrials, Information
Technology, Materials, Telecommunication Services, and Utilities
32 Understanding the Commercial Real Estate Investment
Ecosystem: An Early Warning System Prototype. Prepared by the
Steering and Advisory Committees of the Shaping the Future of
Real Estate - Asset Price Dynamics Initiative. February 2016.
33 Ibid.

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