EDISON, N.J., June 11, 2009 - Much has changed in the 25+ years since Robert A. Dinner set out on his career in real estate brokerage. Today, as a senior director in Cushman & Wakefield, Inc.'s Edison, N.J., office, he is recognized for his deep market knowledge and strategic planning skills, specializing in landlord and tenant representation. He also is known for his role as a member of the Senior Council and past president of the Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA). In the following Q&A interview, Dinner reflects on the business, industry shifts and the importance of trade organization membership - in both challenging economic times and beyond.

Why, how and when did you get involved in commercial real estate?
When I graduated college, I knew that I wanted a career in business. Through friends and family, I was introduced, interviewed and, ultimately, hired by a Manhattan real estate firm. I started my career there, but I moved to the New Jersey suburbs after one year as an office broker for Jacobson, Goldfarb & Tanzman. The suburban markets at that time, in the 1980s, were just beginning to burgeon. I eventually became a principal with JGT, which merged with Newmark Knight Frank in 2001. I came to Cushman & Wakefield in 2006. That's how I got here.

How has the nature of the business changed during your career?
Technology has brought the biggest changes to how brokers do business. Canvassing is a great example. Back when I started, you would keep 3x5 index cards. Now everything is electronic. We can produce all kinds of promotional materials, track tenants in the market and do so many things via computer. The deals, themselves, are more complicated to make now than they were 20 years ago. Brokers assume much more accountability in terms of analytics. Real estate expenditures today are the second largest operational line item, next to labor. Our clients require justification for what they are getting.

How has the region changed?
When I started here in New Jersey, we were making first-generation leases on new buildings. Today, New Jersey's suburban market has spread from the northern counties down into central New Jersey, and the entire region has emerged as a hub for corporate headquarters. Some landlords have come and gone, and those who have stayed have participated in an evolution from the simple office building to very intricate, high-tech facilities with state-of-the-art systems. These are the buildings that attract today's tenants. That original inventory is being renovated to meet 21st century needs, and new buildings are being developed to these sophisticated standards.

How are you/your company responding to the economic downturn to maintain your competitive edge?
We have an opportunity in this environment to work with a huge number of tenants that simply do not have the capital to move today. We can help them recast their lease or renew early - which may give them better terms and provide their landlords with asset stability going forward. Additionally, we are helping our clients who are owners with direct space out in the market recognize the need to be more competitive against sublease space. Sublessors may offer plug-and-go furnished space. Landlords looking to lease direct availabilities need to be more aggressive with their rates and their improvement allowances in order to provide a compelling deal.

How does being involved in a group like IOREBA work to your advantage?
I served as IOREBA president in 2004-2005 and have been a member for 25 years. I believe the biggest advantage in being part of this group is the ability to network with other brokers, landlords and a broad spectrum of service providers. When you are working on a deal, you almost always bump into someone you know. It makes it much more personal. On the flip side, when a requirement comes up, you are going to pull in people you know, so developing relationships is imperative. And IOREBA offers a great platform for this. Membership in a trade organization like IOREBA is absolutely valuable in a market downturn. You want to be out there with people, seeing what is going on and seeing that you are not the only one experiencing the challenges.

What do you expect to see in the industry for the remainder of 2009?
I'm expecting a challenging year, but I am hopeful that as things progress we will finally reach the bottom and start moving upward. In the meantime, there are opportunities, especially for tenants. For example, my team at Cushman & Wakefield has just been appointed leasing agents for a new, 700,000-square-foot, trophy LEED platinum tower to be constructed at the new Trenton Transportation Center. It will offer all kinds of economic incentives, including the Urban Transit Hub Tax Credit, which can potentially reduce or eliminate occupancy costs. That is the type of advantage worth taking.

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