Crowdsourcing and commercial real estate

Crowdsourcing is a practice that is becoming more mainstream and used more frequently by all kinds of companies. It’s a fascinating concept that’s developed as we’ve become a more global, connected and seamless marketplace.  If you’re not familiar with the term, crowdsourcing is a way to reach out to the masses or specific communities online (the crowd) to outsource tasks typically performed by an employee or employees on staff or to tap resources not available to companies via traditional labor resource models.
Tapping into the collective wisdom of the crowd can be a more efficient and sometimes more economic way to get things done. One of the most common examples of crowdsourcing is Wikipedia, where users share their expertise and make continual updates to the vast online encyclopedic resource.

In addition to crowdsourcing labor, organizations are using it to generate new creative ideas in the way of logo or naming contests. For example, Pepsi used crowdsourcing in 2007 to ask consumers to design a new look for the Pepsi can in exchange for a $10,000 prize. Others use it to generate donations for a good cause or to support innovation. Researchers and game designers at the University of Washington developed Foldit, an online game that uses crowdsourcing to ‘solve puzzles for science.’ A group of video gamers helped them discover the structure of an enzyme used by retroviruses similar to HIV. It was a major research breakthrough and one that biochemists had not been able to solve for years.

Several new companies help their clients access a crowdsourcing platform. San Francisco-based CrowdFlower found its niche by providing companies with data clean up via crowdsourcing. The ‘crowd’ handles simple tasks such as matching business names with addresses. The company has had more than 2 million people around the world work for them. They’re able to provide an inexpensive labor pool that can ramp up quickly to manage a large volume of work. A few other firms that offer access to crowdsourcing are Amazon’s Mechanical Turk and Clickworker.com.

I recently read about a small startup in our industry using crowdsourcing to connect developers with the local community. Through its website, popularize.com, the company enables developers and property owners in Washington, D.C., to take the pulse of the local community and deliver the kinds of companies and services local residents want. They post large-scale signs on empty building exteriors asking, “What would you like to see here?” Users log onto the website, find buildings in their area and then provide input. Then, it’s up to developers and property owners to determine the economic viability of the suggestions. The company is scheduled to launch a new platform that will allow users to directly invest in buildings listed on the Popularise site.

Tapping into the opinions and expertise of the crowd has huge potential as a way to get fresh perspectives on complex challenges, get access to talent around the world or get new ideas to develop or market products. The question for Colliers and for our industry is: Can we leverage the wisdom of our global organizations, with the vast knowledge and expertise, in new and unique ways to take real estate services to higher levels of professional excellence? I welcome the challenge in exploring this idea and I welcome your feedback on how you see crowdsourcing impacting our industry.

A Look Back at Everyone Gives | 2012

Everyone Gives has just released final numbers from the first global social giving campaign of its kind last month, and they’re really something for all participants to be proud of.

Here’s the data from a little over two weeks:

•           More than 12,000 donors
•           …in 474 cities
•           …across 64 countries
•           …raised over $740,000
•           …for 1,479 charities around the world.

100% of all donations went directly to their intended beneficiaries, which ranged from well-known international non-profits to small local and community charities. Thanks to all who participated in this year’s event, whether by donating, promoting, organizing or mobilizing.

We’re already making plans for Everyone Gives in 2013; you can keep up with the latest developments through Facebook, Twitter and LinkedIn. But you don’t need to wait until then to donate. (You can review the full list of Everyone Gives charitable partners here.)

The public support that this Everyone Gives received from across the world makes clear is that the spirit of giving is alive and well. The capacity of social philanthropy campaigns to amplify that common desire to do good in the world is truly awe-inspiring, and I believe we’ve only seen the beginning. 

Colliers Again Named an Outsourcing Leader

Colliers International has again been named to the International Association of Outsourcing Professionals® 2012 Global Outsourcing 100® service providers list. 

Every year, IAOP recognizes the best outsourcing firms across multiple industries, as selected by an independent judging panel. This is the seventh consecutive year that Colliers has been honored with this distinction. The Global Outsourcing 100 is more than just a ranking--it is a critically important resource for any company seeking best-in-class service providers and vendors.

The complete list will be unveiled by IAOP on July 23. You can view the 2011 results here. 

Thanks to all of our professionals and staff for once again establishing Colliers as a leading global real estate services provider.

Everyone Gives Launches Next Week

Eight days to go before the launch of Everyone Gives, and our list of charitable partners worldwide is over 400 and still growing. In the U.S. we’ll be collecting donations for March of Dimes, United Way, the American Red Cross, Habitat for Humanity, Make-A-Wish and many more national organizations. Locally, our professionals, partners and colleagues will be supporting foundations in their own communities. Whatever you’re most passionate about—fighting poverty, protecting and nurturing children, curing disease—however you want to do good in the world, you’ll find a cause to donate to among our charities.

As February 22, 2012 grows nearer, it’s exciting to see the buzz that Everyone Gives is generating through our social media channels. The campaign has more than 1,700 fans on Facebook, and more than 500 followers on Twitter. We’ve seen steady increases in activity as word spreads and more and more people across the globe get involved.

Participating in Everyone Gives is easy. Click the video below to learn how:

Follow Everyone Gives on Twitter, Facebook, or LinkedIn for the latest updates and news. Spread the word about the campaign to your own personal networks.

The pieces are in place. The vision of Everyone Gives—to amplify the power of individual giving—is poised to become a reality. Have you added your voice?

Everyone Gives

February 22, 2012 marks the launch of a unique social giving campaign: Everyone Gives. This giving event—dubbed the most inclusive initiative of its kind—will enable charities, companies and public figures to collaboratively mobilize their networks, raising awareness of a global charitable event that will demonstrate the collective power we all share to dramatically impact the world for good. 

The premise is elegantly simple: use social media and technology to leverage your personal networks and connections, and contribute to whatever individual cause or charity you care most about. What’s more, those you bring to your giving tree can immediately do the same with their networks as well. 

Everyone Gives is the vision of Doug Frye (Global CEO of Colliers International), who throughout his career has been an amazing leader for social good and aspirational community impact. He believes in the power each and every one of us has to change the world in which we live. He believes that if everyone gives, nothing is impossible. 

To be clear, Everyone Gives is not itself a charity. It’s a community-based platform that connects causes with givers; every cent donated goes directly to the participating charities. Colliers International was the first corporate sponsor of the initiative, donating resources and time to launch the project. The goal is to harness individual inspiration to create a global torrent of giving that can truly change the world. 

It’s a simple process. Make a small donation—say, $5—to a participating charity of your choice. Through the Everyone Gives website, your donation initiates a “tree” of giving; your gift is selectively shared with your personal network, who are asked to contribute and encourage people in their network to join in. You can see your “seed” gift grow exponentially.  Personally, the most exciting thing for me about Everyone Gives is the way it will bring people together.

Learn more by visiting everyonegives.org. Stay in touch with Everyone Gives on Twitter, Facebook or LinkedIn. Please help spread the word, and we’ll see you on February 22. 

Dollar Days

The newly released white paper “Dollar Days: How Dollar Stores Are Growing a Weak Economy” documents a strong national trend in consumer behavior and its impact on retail leasing. The report, by Ann Natunewicz (head of research for Colliers Retail Services Group), traces the recent aggressive expansion and repositioning campaigns of the four major dollar store chains.

What’s driving the growth of dollar stores?
Obviously, economic conditions have severely impacted consumer behavior, both in terms of disposable income and perception of “value.” Dollar store chains have expanded food offerings, rethought their merchandising strategies, and targeted a higher-end mainstream consumer.

How significant is this trend?
The four largest chains—Dollar General, Dollar Tree, Family Dollar and 99¢ Only—now operate roughly 21,500 U.S. locations. By contrast, the three largest drug store chains combined have only 19,700 locations.

What’s more, dollar stores continue to capitalize on the availability of better space, in terms of demographics, location and footprint. At first, this trend was fueled by recessionary vacancy rates and depressed leasing markets; however, this growth has persisted even in markets that have seen significant recovery in rents and absorption. Growing interest on the part of landlords and property investors indicates that dollar stores have become a more desirable destination, and are favorably impacting traffic and vacancy rates in the shopping centers they occupy.

What does this mean for retail leasing?
Aggressive expansion and larger footprints will continue to drive absorption, even in markets where pricing has normalized, or traditional grocery and drug stores are still prominent.

Dollar store chains will still be able to dictate aggressive terms. Landlords recognize that the dollar store value proposition is part of the “new normal” for consumers, and are attracting a higher-ticket demographic. And, as dollar stores increase their food offering, they drive a higher trip frequency. For smaller regional centers with a local tenant mix, a dollar store can also provide a national-level tenant opportunity.

Where can I find out more?

Download a PDF copy of “Dollar Days: How Dollar Stores Are Growing a Weak Economy” here.

Colliers International Launches Government Services Practice Group

I'm excited to report that the senior team of Kurt Stout, Charles Dilks, and Keith Lavey have joined the Colliers International to lead our newly established Government Services Practice Group.

Based in Washington, D.C., the six-member team will provide a full array of consulting and contracting services to government agencies on a national basis. These Colliers professionals represent private sector landlords who lease space to government tenants. They also participate in the sale of government-leased properties.

“Colliers International is a perfect cultural fit for our team. This is a unique opportunity to establish a national business unit that is exclusively devoted to providing real estate services to government agencies as well as investors who serve government tenants,” said Stout, a 20-year real estate veteran in the government services sector.

Last week, Colliers International also announced a major expansion of its Washington, D.C.-area operations with the launch of a new office in Northern Virginia and the introduction of a regional property management practice.