Earlier this year, Christine Choi received the Frank Mahoney Award of Excellence from the Association of Industrial Real Estate Brokers. Choi recently joined Manulife Real Estate as a leasing manager after working for Avison Young as a vice president. She spoke with Illinois Real Estate Journal about her career and her new role at Manulife.
Illinois Real Estate Journal: How did you get your start in commercial real estate?
Christine Choi: I joined First Industrial Realty Trust in the corporate marketing group in 2006, so the boom years. That’s how I started out. I had been in merchandising before that in the corporate world and then transitioned over to commercial real estate at First Industrial.
IREJ: Why did you decide on commercial real estate as a career?
Choi: It was actually kind of a fluke. I was going through a headhunter and at the time we were evaluating different opportunities. It came down to me looking at being in the consumer goods product world or trying this new opportunity in commercial real estate. It was a marketing position and I had a lot of parallel skills, so I got an interview. When I walked in and met with the chief marketing officer she said, “I don’t even know how you got into this interview. You have zero B-to-B marketing experience.” I replied, “That’s true, but I have all of these skill sets that I believe are parallel and would be valuable for this position.” So she actually ended up creating a position for me and that’s how I ended up in real estate.
IREJ: What is your role in your new position with Manulife?
Choi: My role is leasing manager, so I work with Dan Shapiro, who is the leasing director for our Midwest portfolio, which is about 5 million square feet. We’re responsible for getting those assets leased and then we’ll also work with our acquisition people in Toronto to look at acquisition opportunities both on the industrial and the office side.
IREJ: What do you enjoy most about commercial real estate?
Choi: I think that it’s such a dynamic industry. It’s always changing and every deal is unique in its own way. What I loved on the brokerage side was the ability to meet with different types of industry users. Now, on the ownership side, what I find fascinating is understanding how the deals are actually constructed and looked at in terms of evaluating the financials.
IREJ: What would you say is the most challenging part of succeeding in this business?
Choi: I think that with every deal there are these unknowns and moving parts that exist regardless of what side of the table you are on, whether you’re the user, owner or broker. That can be challenging because you’re hit left and right with these unknowns. But at the same time I think that’s why we all are in the businesses because we have that hunger to solve the problem and make the best deal at the end of the day.
IREJ: What are some of the personality traits that have helped you succeed in this business?
Choi: Truthfully, I think it’s just about working hard and being dedicated, determined and focused. I also feel like I’ve been very fortunate to have some mentors in my life – both in the commercial real estate arena and outside of it – men and women who have really helped me along the way. They helped me to discern whether or not new opportunities are good next steps or how to evaluate a deal or approach a situation.
IREJ: What advice would you have for people who are new to the field?
Choi: Work hard and stay focused. Work to develop yourself as a leader and establish your reputation capital … be strategic in how you invest your time and when you step up and volunteer. This is important both within our industry and our communities. People will see how you work and what you stand for. Yes, we’re noticed by our transactions. But you’re also noticed by the way you conduct business and how you conduct yourself. In short, you are your brand.
IREJ: How has commercial real estate changed over the years?
Choi: When I started, people were printing money and deals were happening left and right. Basically, “no” was not an answer, at least from what I witnessed on the ownership side. Then, in the fall of 2008, the climate changed and it was really tough. I was laid off in October of ’08 and I wanted to stay in commercial real estate, but there were really few opportunities there. I ended up taking a full-time job at my alma mater while keeping my foot in real estate by interning at a tenant-rep shop. Since 2008, it’s been a different market, like a game changer. The market has really slowed and it’s unpredictable, but at the same time, I believe that we are on the move back up. Certain product types are stronger than others. I think industrial is coming back more strongly than office or retail and only the economy can help further improve that because commercial real estate is always a lagging indicator of the economy.
IREJ: What do you look forward to most about the future?
Choi: I just love our industry because it’s ever-changing. I’m excited that I’ll never get bored. I think that’s something that’s very unique to our industry. When most people join and they realize how fun it is, they stay in it.