Jul 7, 2020
Real Estate Development Goes on in the Pandemic in the Phoenix Mkt, & 80/20 Principle
- BRT S01 EP22 7-5-2020
Guest: Corina Vanek – Phoenix Business Journal writer
https://www.bizjournals.com/phoenix/bio/40055/Corina+Vanek
LKIN - https://www.linkedin.com/in/corina-vanek-833722b7
Things We Learned This Week
- NAU (Northern Arizona Univ) is one of the largest developers in Flagstaff, AZ
- ASU is one of the biggest developers in Tempe AZ and all of AZ
- Covid19 crisis, the affect on Phoenix real estate industry, the economy
- West Valley growing fast, 101 and 303 areas
- 80/20 Principle summed up is, 80% of outputs come from 20% of inputs – Focus on the 20%
Corina covers commercial real estate and the economic development with a focus on Phoenix, Scottsdale, Tempe, Maricopa County and the state (Started in summer of 2018). Prior to Phx Bus Jrl, she worked for a paper in Flagstaff, AZ covering schools and city government. She is originally from Phoenix, AZ.
Notes:
NAU (Northern Arizona Univ) is one of the largest developers in Flagstaff, AZ
Tourism is a major industry in Flagstaff, hotels and hospitality
Science is a major industry because of NAU
ASU is one of the biggest developers in Tempe AZ and all of AZ
Hotel or other Projects in development was put on hold
State or commercial building projects in motion, just kept building
Restaurants had to zoning approval to add takeout or drive thru to pivot in Pandemic
Warehouse District in downtown Phoenix, started redevelopment circa 10 years ago
Flight Business Park $20 mil development, in Goodyear, AZ, in 1940s used to build aircraft
Reliance Management & Daryl Burton are the developer for the multipurpose office, hoping for industrial and aerospace tenants
Repurpose old office space and update to more open modern layout
West Valley of Phoenix AZ growing fast, hoping for more business in west valley, to cut down commutes
City of Goodyear involved in development with the Economic Coordinator to recruit companies
Chandler Technology Center, another Reliance Mgmt development
Tempe Town Lake – hottest office market in the valley, low vacancy and high rents
MB on China & Hong Kong Freedom Issues
MB on the 80/20 Principle
80/20 Principle summed up is, 80% of outputs come from 20% of inputs
Other examples - 80% of sales comes from 20% of sales people
Microsoft – 20% of bugs caused 80% of problems
80% of client issues come from 20% of clients
You make business decisions based on the stats, and data on how to manage process and clients.
Hence, you may fire bottom 10% of clients to cut out issues
Very few things create a lot of your results – could actually be ratio of 90/10 or 70/30.
Analyze who are top 20% of clients and get more of the top 20% types to grow business.
Also named Law of the Few or Pareto’s Principle
Vilfredo Pareto studied land, & farming in Italy, he realized 80% of land in Italy held by 20% of population.
Joseph Juran - expert in efficiency and quality coined “Pareto’s Principle”
Richard Koch – wrote 80/20 Principle book in 1998.
Koch was a Bain & Co. consultant – worked with Bill Bain. Koch said Bain was smart and lazy.
Bain hired young brilliant and “cheap” talent, less accounts, but great customer service.
Focus Time on Key 20% effective work for best results to grow business.
‘To Do’ List can only have a few high priorities per day, focus on important tasks
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Construction - Real Estate Topic:
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