Back when I was a young, five-year-old boy, owning property outright was difficult for women because of banking policies. A husband or male relative had to cosign on the deal (same with credit cards). But in 1974, the Equal Credit Opportunity Act passed to make it illegal for banks and lenders to deny credit based on marital status or gender. 1974. 😳
Decades later, when I started in commercial real estate, rooms were dominated by men in their fancy $1,000 suits. What do I see in 2024, decades after that? Here are my thoughts on women in commercial real estate:
1. In a time where women-owned businesses continue to rise, women have been soaring in commercial real estate –– as brokers, investors, bankers, and owners. We recently helped client, Hetal Gatecha, realize her vision to create an innovative, dental spa-like space, Reflections Dental Studio. We were with her from the groundbreaking through the development process to the ribbon cutting this week. We’ll continue to support her and find the right tenants to neighbor her fantastic space. CEG is here to help her meet business and investment goals.
2. Female brokers are kickin’ butt in the Twin Cities. Women have become power brokers across medical, retail, office, and industrial deals. They’re in the game and in it to win it. This change in the old network broadens access for those coming after. It’s exciting to witness in my tenure.
3. Women make fantastic brokers because of their ability to multitask, listen, and pay attention to detail. Their organizational skills make complex deals run much smoother and that’s a win-win for all. Saving time and stress means more energy is available for the next deal.
4. Women are pooling their resources to buy buildings for business use and investment purposes. To give you an example, one woman I know is in business partnership with another female. They have their successful business, but they also have a different entity that invests in properties. They’re about to buy one more building with the assistance of a female building owner willing to provide a contract for deed. This deal is an example of the multiple layers of female power, wealth building, and financial independence. CEG is happy to be on the team to make the deal happen.
5. From 1960s Twin Cities broker, Helen Brooks, to current CEG brokers, Nicole Langer and Shannon Strock Farrand, women in commercial real estate impact community. In June, Nicole worked on a deal in Northfield where Emily Boyd bought a decommissioned funeral home that had a lot of history in the area. Emily is currently repurposing it into a dance studio, set to open in the fall. It will once again bring the community together in a place where many felt care, support, and love. But this time the memories will be of a different sort. Having a place with that kind of history sit empty is not helpful to a community.
Conclusion
At CEG, we prioritize a culture that paves the way for women to buy buildings and house successful businesses; broadens the old network to increase access; recognizes the brilliance they bring; supports women making deals and driving change; and acknowledges their impact on community. Women in commercial real estate are a force, and at CEG, we’re all for it.
Jeff Salzbrun is the owner/broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
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