Power Brokers

>>Defying the real estate market slump, Charlene Greenblatt and Enn Luthringer are among the handful of local commercial brokers tapped as 2007 CoStar Power Broker Award winners, which were announced in June. CoStar Group is regarded as a leading provider of information services to the commercial real estate industry. The awards program, in its sixth year, recognizes brokers and brokerage firms based on the number of commercial property sale or leasing transactions. Gulfshore Business asked Greenblatt, of Premier Commercial Properties (formerly with Colliers Arnold), and Luthringer, of CB Richard Ellis, how they scored big numbers in a tough market.

What is the state of the commercial real estate market?

Luthringer: Vacancy rates are high. There is overbuilding in every sector—industrial, retail and office. Tenant numbers are low, so landlords and owners need to be aggressive in capturing the few that are out there. It’s a buyers’ and tenants’ market all the way.

Greenblatt: There is a lot of anxiety in commercial real estate. It is much tougher to negotiate between the owners, tenants, buyers and sellers. Sometimes it’s hard to get people to be reasonable. You have to stay focused on each client’s hot buttons and try to win for them, while also getting them to be reasonable. Deals are taking longer to put together so we have to be patient.

So, in a tough market, how do you survive—and thrive?

Greenblatt: There is money to be made in a down market. You simply have to recognize that we are in one, and then choose to work only with realistic clients. Also, good communication with clients is more important than ever. I talk to my clients often to keep them apprised of what, if any, activity is happening. I don’t let them just sit and wonder. I call them frequently with updates.