Staubach Company has been gobbled up by Jones Lang LaSalle and every tenant rep in the country believes that the vacancy at the front of the line means happy days for players still in the game. Studley, now the big player in tenant representation can assuredly hold top billing, while boutique firms across the country will rush to present themselves as the next Staubach in their town. Corporate tenants however are now much more savvy than falling under the spell of a graying old (albeit superior) Dallas quarterback. At the beginning of the Staubach years, the prospect of meeting Roger, or the intoxication of working with a star, brought lots of business. In fact, it perfected the business. Tenant Rep firms across the country have sprung up in various degrees of success thanks to Staubach. Yet the deliverable to the client remains the most precious commodity, and here is where the chaff separates from the wheat.
Tenant Rep firms of all types and sizes are, for the most part, exactly the same as peanut butter. They are all pretty much the same and provide no real value beyond (snore) the boring description that they "avoid any conflict of interest". Corporate clients need a great deal more than similarity and lack-luster deliverables to be successful in this next decade. Tenant Rep firms will need to do more; need to provide clear and convincing valuable service beyond simply a tenant's form of buyer's agency.
Jones Lang LaSalle will be a major force. Roger is not going into the dark night. Far from it. He's heading to the Board of Directors where he will continue to exact his expert influence on corporations, and on driving the wedge even further between smaller tenant rep players and his mastery legacy now emboldened by a worldwide platform.
While Tenant Rep firms across the US have dreamed for years of a world without Staubach at the head of the line, the may come to regret the new and demanding additional level of service they will need to create to compete with the NEW STAUBACH, and other major tenant rep players. Work will not get easier, it will get exponentially harder.
Only those firms which can bring positive, immediate and certain superior deliverables, process management and added value will move up in the line. To remain as a pedestrian tenant rep firm suggesting to clients that the "no conflict of interest" angle is the major deliverable will be a major mistake as Jones (the New Staubach), Studley, CBRichard Ellis, etc. all file their nails for the next gen in tenant rep. These guys play hard ball and they play for keeps and they answer to wall street (where they get money and staying power).
The only way to bring greater deliverables to the client is to move beyond an agency and boldly become a major player in the mind of the client providing exactly and every item of service they expect. It is a big market, and the big boys are not in every town or operate at every size deal. So smaller firms can actually gain market share, but only if they move into excellence, zero mistakes, perfect service and highest degree of professionalism.
The tenant representation business model is under some curious strain as this leader vaporizes and the remaining Staubach Retail has announced they too will represent landlords. But at the DNA level of the business model, it is still a high-margin, high revenue gig which will continue to draw talented professionals. Clients also recognize the value of key services and will continue to be drawn to strong Tenant Rep players.
Yes, Jones will shed Staubach agents over time, but for a performance reason. It is wishful thinking that a market absent Staubach now makes the beach clear for landing. He just moved up the hill with a clearer shot of the beach on which his competition now walks. Keep your eyes high and run fast. But you'll still need more amo to get the job done. Thanks Roger for showing us the way.
Staubach's Departure As Tenant Rep Firm is As Much Sizzle As Steak - it is Both Good and Bad News
Christopher Desloge is a three-decade veteran tenant representative in office leasing, authoring The Tenant's Guerilla Guide to Office Leasing and publishing the website officetenant.com. Mr. Desloge is Chairman of the Tenant Rep Agency, LLC specializing in office tenant representation throughout the US. The Tenant Rep Agency, LLC has teamed with HOK, the largest architectural firm in the world to provide office leasing tenant with tenant representation brokerage services coupled with space planning, tenant development, construction drawings and construction administration all at no cost to the tenant. Tenant Rep Agency website is http://www.tenantrepagency.com
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