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Confronting the conflict of interest dilemma in commercial real estate representation
Corporate Real Estate Journal,
7
(2),
108-113
(2017)
Abstract
From a California courtroom to the boardroom of one of the world’s most prominent real estate accreditation bodies, legislation and regulations are being put in place to address the conflict of interest issue in commercial real estate, in both the US and the UK. These decisions, along with pressure from various other sources, are placing greater limits and requirements on dual agency firms, such that the entire practice may ultimately be threatened. As the industry slowly evolves to rectify the problem and take action to protect the interests of tenants, landlords and brokers alike, corporate real estate (CRE) professionals need to be aware of the potential for conflicts of interest and take the steps necessary to ensure that they receive the highest degree of unbiased service from their brokers.
Keywords: conflict of interest; dualagency; tenant-only; objectivity; impartiality; client advocacy
The full article is available to subscribers to the journal.
Author's Biography
Jim Underhill is CEO of Cresa, the largest commercial real estate tenant advisory firm in the world. The company has offices in over 70 cities worldwide, and is known for client advocacy, thought leadership and analytics, and a special culture resulting from being a 100 per cent employee-owned company. Prior to joining Cresa, he was CEO of the Americas with Cushman & Wakefield. Previously he was the Founder and President of The Staubach Company — Northeast. During his tenure, he negotiated transactions with a combined value well in excess of $1bn and included World HQ assignments for organisations such as Booz Allen & Hamilton, The Nature Conservancy, MCI and the World Wildlife Fund, among others. He has served on the boards of numerous charitable organisations, including Junior Achievement, the Wolf Trap Foundation for the Performing Arts, Neediest Kids, the National Rehabilitation Hospital and the Chesapeake Bay Maritime Museum. He is a member of the World Presidents Organization (WPO) and the Economic Club of Washington, and was previously a finalist for the Ernst & Young Entrepreneur of the Year Award. He received his MBA degree from Harvard Business School and has taught at Harvard University. He holds a Bachelor of Science degree from Washington & Lee University, where he recently served on the Williams School Board.
