Demand for apartments is set to increase dramatically by 2020; compensation in the apartment industry will continue to rise faster than the rate of inflation; hospitality companies may seek to acquire an apartment REIT or privately held multifamily company by 2020; and over 50 percent of today’s senior leadership will pass the baton by 2020.
These are some futuristic predictions from Chris Lee, president and CEO of Los Angeles-based CEL & Associates Inc., a leading real estate consulting firm. Lee has just completed a book, “Transformational Leadership in the New Age of Real Estate,” which is available through the Institute of Real Estate Management. The book lays out the future of real estate and explains the need for executives of the future to be visionary and supportive of individual entrepreneurship.
“The book was driven by my interactions with 500 real estate clients who are continually probing and asking questions about not only the information we have, but also what the information means, what the future holds and how to prepare for the future,” Lee tells MHN. “Business as usual will not guarantee success tomorrow. Leaders have to be transformational in how they approach the company and capture those opportunities.”
Read more...Change is Coming | Multi-Housing News Online
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