Sitting Down with CBRE’s new Managing Director of Retail for the South Central United States
It’s been a little over a year since UCR joined forces with CBRE, a big step toward CBRE becoming the top name in retail. Fresh faces entered the mix and a new momentum has begun to build.
I sat down with our new Managing Director of Retail for the South Central United States, Daniel Taylor, to discuss the market and get to know him a bit more on a personal level.
A 16-year veteran of the industry, Taylor’s expert knowledge and fresh ideas have positively positioned the company for growth and profitability. Check out our Q&A below.
How long have you been with CBRE? Five years starting out on the CBRE side.
Why did you get into real estate? I’m a 4th generation Dallas real estate broker. Real estate is what my family talked about and still talks about at the dinner table. I never really considered any other career path. I love the thrill of the chase and working on behalf of a client aiding in their ability to reach business goals and ultimately affect their future success. I like the competition and the entrepreneurial aspect of retail real estate, and I enjoy interacting with the people in this industry.
What do you like most about working for CBRE? I love the people I work with. They are incredibly hardworking group of people and I’m lucky to be surrounded by such a talented group of professionals. I also appreciate the company’s current focus and commitment to the retail division. In the past, other divisions have required sizeable resources. CBRE has really gotten behind retail by investing money, technology, talent, etc. to ensure our success.
Where do you see retail heading in the future? I see consolidation amongst brokerage firms and omni-channel becoming a much bigger part of the retail spectrum. Urban street and retail environments are gaining more traction as opposed to suburban lifestyle centers, and large boxes will continue to right size. Class A fortress malls will remain strong due to high barriers of entry, but Class B- and C malls will continue to struggle.
What is your vision for CBRE retail moving forward? The company is strongly focusing on retail with a plan in place to aggressively grow our platform and brand. Additionally, we’re lucky to be in the market we’re in. Texas is consistently in the news, making headlines for its healthy economy and strong real estate market. We had a tremendous 2015 and anticipate an even better 2016 with the new resources CBRE is investing in for our retail division.
What does the DFW retail market look like currently/for the rest of 2016? The market is still strong. We’re still seeing new development but it’s tenant-driven versus spec. The companies moving to the area are spurring new residential development, which drives retail growth. The market should remain steady throughout 2016 and into early 2017, however the effects of this year’s election are unpredictable.
What about the region? We are carefully watching the price of oil and how it’s affecting Houston and Oklahoma, but Austin and Dallas continue to be on fire.
What is your greatest accomplishment thus far in the industry? Marrying my wife. She was an office broker when we worked together at The Staubach Company. My second greatest accomplishment was working on the Verizon account for 15 years. I started with them when they were occupying 2,500 SF in grocery centers and had only 6 different phones. Today, I manage the account in 4 states; they have doubled their size and moved into freestanding buildings; and now have more than 40 different types of devices. I’m also proud of bringing In-N-Out Burger to Texas.
What advice would you give someone starting out in the industry? Find a mentor. Work hard early in your career because the long hours you spend now will pay off later. Always be honest with your clients, even if it hurts. It’s easy to throw out half-truths to clients on a particular deal, but you will build a respectful, trustworthy reputation through transparency.
How do you spend your free time? Right now, my two little boys and my wife take up my free time, which I love. I also enjoy playing golf, basketball or fishing with friends.
What is your favorite restaurant? Javier’s. The Filete Cantinflas with the cheese in the center is my favorite. I can’t resist the chips and butter either.
What is something about yourself that people would be surprised by? I’m kind of a homebody and seem to turn into a pumpkin around 10 p.m. Well, maybe that might not surprise so many people.