Cushman & Wakefield names Edward Forst as CEO. Mr. Forst, who spent most of his career at Goldman Sachs and was most recently the global co-head of the firm’s investment management division, will take the helm of C&W on January 6th.
Forst brings 30 years of experience working in international asset management, capital markets and operations which makes him a strong candidate to lead one of the largest real estate companies in the world. Executive’s at C&W believe he brings “tremendous leadership qualities” to the table.
2013 marks the passing of the torch for many real estate executives. Real estate firms across the country - including Cushman & Wakefield, Vornado Realty Trust, Silverstein Properties and Boston Properties - saw shakeups in executive (and local) leadership. In many cases age played a decisive role in the transition, which companies like Deloitte are predicting to be a major trend in 2014.
As we reported earlier this month, Deloitte makes the case that real estate companies should be more aggressively managing succession plans and should put a stronger focus on developing leadership pipelines.
CBRE is on a shopping spree. Last week CBRE purchased one of San Francisco’s largest commercial real etate firms, The CAC Group. This week CBRE took a forwards jump into the technology market with their purchase of Whitestone Research., which adds Whitestone’s facilities cost analytics epxertise to their platform.
Nasdaq summarizes: With this buyout, CBRE Group, which currently manages more than $32 billion in operating expenses for client facilities, can leverage one of the widely recognized analytical tools in the industry, CostLab - which is one among Whitestone’s proprietary technologies.
WSJ: US transactional volumes topped $140 billion this quarter – only the second time since 2007. Jones Lang LaSalle has “polished off their crystal ball” and predicts even stronger performances in commercial real estate in 2014. JLL reports global investment volumes to grow 10 percent in 2014 to $550 billion. The firm expects particularly strong investment gains in the U.S. market. Leasing on the other hand is predicted to be a “weaker year for rental growth.” Read more via JLL’s global capital group here.
And in conclusion:
Digital Innovation for Better Business. Booz&Co recently released their annual study of R&D spending - The Global Innovation 1000 - which focused on “navigating the digital future.” The report highlights how the top R&D spenders are leveraging technology for the competitive edge. Download the whitepaper here.
See you next week.