Meet Matt McTavish, winner of the SIOR Canada Central Chapter 2022 Office Broker of the Year Award. With over 15 years of experience in the commercial real estate industry, Matt has established himself as a knowledgeable and dedicated real estate advisor to his clients. He has successfully closed several challenging transactions, including the Travelers Insurance's Canadian head office requirement, which involved consolidating four locations into one and reducing their footprint by 50%. In this blog post, we will dive into Matt's insights on how he stays current on market trends, how he balances the needs and goals of his clients with current market conditions, and his advice for up-and-coming brokers looking to break into the office market.
Can you tell us about a particularly challenging transaction you worked on this year and how you were able to successfully close the deal?
Together with my business partner, we had the pleasure of facilitating the transaction for Traveller's Insurance’s Canadian head office requirement. This 75,000 square foot deal involved consolidating four locations into one and increasing its efficiency by reducing their footprint by 50%.
The challenging part about this situation was that availability in the downtown market for options over 60,000 square feet was very limited. After completing detailed employee commute time analysis and comparing how various areas of the city would affect employees’ commutes, the team determined that the best option was to downsize and consolidate their existing space at 165 University Avenue. This required reconfiguring their existing layout to accommodate the other three locations and their employees.
We successfully negotiated a below market rent while also negotiating an allowance for the tenant to use towards their space reconfiguration to meet their new corporate standards.
How do you stay current on market trends and changes in the office sector of commercial real estate?
Understanding and being up to date with market trends is an important part of being a knowledgeable real estate advisor. In order to best advise my clients, I am consistently striving to improve and expand my knowledge base and stay in-tune with the ever-changing market trends in the office sector.
I lean heavily on Cushman & Wakefield’s research team and the data and reports they release, as well as reading relevant news articles, industry publications and staying connected with my networks and peers. Two way sharing of information between colleagues is also critical to keep a finger on the pulse of the market.
Providing my clients with sound advice that is supported by well documented market information is the key to ensuring a successful outcome. Sometimes the best advice a broker can offer their client is to “do nothing” in an effort to find the ideal time to transact based on market conditions.
In your opinion, what are some of the key factors that contributed to your success as an office broker this year?
2022 was a year of ups and down, being at the tail-end of the pandemic. I believe my success stemmed from being consistent and focusing on my client’s best interests. With lockdowns still occurring early in the year, I focused on keeping my clients updated and apprised on the rapidly changing market conditions and industry best practices. My clients appreciated my dedication to keeping them informed and prioritizing their best interests at all costs.
How do you balance the needs and goals of your clients with the current market conditions to achieve mutually beneficial outcomes?
Providing my clients with sound advice that is supported by well documented market information is the key to ensuring a successful outcome. Sometimes the best advice a broker can offer their client is to “do nothing” in an effort to find the ideal time to transact based on market conditions.
This business is a marathon, not a sprint. Patience is a virtue, and you need to stay forward-thinking, knowing that the hard work you put in today will pay off years from now.
What advice would you give to up-and-coming brokers looking to break into the office market?
This business is a marathon, not a sprint. Patience is a virtue, and you need to stay forward-thinking, knowing that the hard work you put in today will pay off years from now.
How do you make sure that your brokerage's business practices align with social and environmental responsibilities?
Being socially and environmentally responsible should be a priority to all firms. It’s important to remember that success should not come at the expense of our responsibilities to our community and the environment. In recent years, Cushman & Wakefield has placed ESG at the forefront of its business priorities, focusing on ensuring we are doing our part for the environment.
Matt McTavish's success in the commercial real estate Industry can be attributed to his consistent focus on his clients' best interests, his ability to stay up-to-date on market trends, and his dedication to providing sound advice that is supported by well-documented market information. We congratulate Matt on his well-deserved award and wish him continued success in his career.