Qualified Fields of Commercial Real Estate

General Considerations

The following four points are general considerations that should frame or ground the review of an application for CREW Network membership.

1. Commercial real estate (CRE) refers to any real estate used exclusively for business purposes. It is a kind of investment (building or land) intended to generate a profit, either from capital gains or rental income as a place for organizations to do business.
   
   

2. As an industry, CRE encompasses professionals from across multiple disciplines, who each provide their own area of expertise. 
   
   

3. The below list of CRE fields was developed to help define the range of professionals within the CRE industry who are eligible for membership in CREW. When determining eligibility of an individual for membership using the below descriptions, and to fulfill CREW’s primary function as a business network for CRE professionals, one must assume the majority of an individuals’ responsibilities within their respective field lie within the CRE industry. The result of this screening process is an established network of CRE professionals who each have personal expertise in one or more of these aspects of the industry and are ready to provide the insight, expertise, connections and/or business sought by their fellow members.
   
   

4. When considering an application for membership it is important to keep in mind that there is a difference between a CRE professional that can become a full member of CREW and an affiliate or vendor member that solely provides goods and services to CRE professionals. To understand the difference between a vendor or affiliate member and someone who would qualify as a full member of CREW one must look at all applications with the following question in mind:  Is the applicant’s field necessary to the transaction, design, development, construction, management, investment and/or functioning of CRE?  If the answer to this inquiry is “no”, it is likely, though not an absolute, that the applicant’s field relates to the sale or provision of a good or service that is not tied to, or necessary, for the commercial operation of CRE and, therefore, such applicant should be approved as an affiliate or vendor member. 

Accounting

Accounting is the theory and system of setting up, maintaining, and auditing the books of a real estate firm, commercial/multi-family property or portfolio of properties; the art of analyzing the financial position and operating results of a business from a study of its sales, purchases, overhead, taxation, etc.

Acquisitions/Dispositions

Acquisitions involve the purchase of a commercial/multi-family property or portfolio of properties. This process typically involves due diligence. Due diligence is an investigation or audit of a potential investment to confirm all facts including the review of financial records.

Dispositions involve the sale of a commercial/multi-family property or portfolio of properties.

 
Appraisal

CRE appraisal or valuation is the practice of developing an opinion of the value of real property, usually its market value. An appraiser is usually licensed or certified.

Architecture

Architects are licensed individuals who lead a design team in the planning and design of buildings, or interior improvements, and participate in oversight of building construction. Landscape architects are licensed individuals who work to create an aesthetically pleasing exterior setting and to protect and preserve the environment in an area. Architects are typically licensed as they are responsible to ensure that their design plans meet the current building codes and local and federal laws and regulation. 

Asset Management

Real estate asset managers oversee real estate portfolios, loans, or other real estate related investment vehicles with the goal of increasing value while minimizing risk based upon a client or investment strategy. Asset managers typically focus on higher level strategic decisions, such as the strategic implementation of technology for the efficient functioning of CRE and CRE portfolios, and hire/oversee the property management and leasing teams.

Brokerage

A broker acts as an intermediary between sellers/lessors and buyers/lessees of real estate or real property and attempts to find sellers/lessors who wish to sell/lease and buyers/lessees who wish to buy/lease. Subject to the requirements of the local jurisdiction, brokers are usually licensed.

CRE Business Development

(*100% CRE firm only)
Business development includes those within a company who are charged with marketing the company and its services to gaining new customers or assignments in existing or new markets. When evaluating membership in CREW, those who serve in a business development role who also have technical responsibilities relative to CRE should align their membership with their technical specialty. For example, a CRE attorney or lawyer may be expected to bring in business, yet their primary role (and professional expertise) is as an attorney or lawyer so their qualified field would be considered law. An example of a business development member would be a business development or marketing professional for a property management firm that only works with CRE properties, whose primary role is in developing business opportunities for the firm.

*To qualify as a full member, individuals must work for organizations that specialize in at least one of the other qualified fields and the organization must be focused 100% on CRE.

Commercial Insurance

Commercial insurance includes professionals who provide property & casualty insurance, employee benefits, environmental insurance, etc., as related to CRE assets or firms.

 
Commercial Lending

Commercial lending includes those individuals who provide loans, most often secured by liens, on any kind of commercial property or asset related to CRE. Lenders in this category include banks, life insurance companies, investment companies, community development financial institutions (CDFIs), crowdfunding investment platforms, etc. In addition to direct lenders, this category also includes mortgage bankers and others who facilitate those commercial loans or represent the lenders.

Construction Management/General Contracting

Construction includes those individuals involved in building or renovating buildings, including interior improvements, and in designing, developing, or constructing infrastructure related to CRE (such as parking, renewable energy and battery storage infrastructure, EV charging infrastructure, roads, or public improvements).

Consulting

Consulting is the practice of providing advice in a particular area of expertise within the CRE industry.

EXAMPLES

• Sustainability consulting provides clients with support on all aspects of corporate sustainability strategy and implementation related to CRE assets and portfolios, including: risk management, innovation, reporting, accountability and engagement.

• CRE technology service consulting concerns information technology systems and infrastructure that is integral to the commercial operation of CRE and that is integral to the development or functioning of CRE assets.   

• Quantity surveyor/cost consultants ensure the costs of large construction and infrastructure projects are accurately estimated and verify progress according to budgets and plans.

Corporate Real Estate

Corporate real estate deals with all facets of CRE portfolios leased or owned by corporations that support its core business—includes planning for growth and corporate relocations, development of new facilities, leasing, purchasing, or selling facilities.

Cost Segregation

Cost segregation is the process of separating personal property assets from real property assets for tax reporting purposes allowing accelerated depreciation deductions and deferring taxes.

Development, Real Estate

Real estate development is the process by which a developer makes improvements to real property, thereby increasing its value. Areas of CRE development may include but not be limited to industrial, flex, warehouse, land, multi-family, office, retail, hotel/hospitality, entertainment, mixed-use, healthcare/medical office and life sciences, senior housing, student housing, renewable energy, infrastructure, etc.

Economic Development

Economic development refers to the field comprising policies and efforts that seek to improve the economic well-being that leads to sustained economic growth and quality of life for a community or region by creating and/or retaining jobs and supporting or growing incomes and the tax base.

EXAMPLES

• Government undertakings intended to meet broad economic objectives such as price stability, high employment, and sustainable growth. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies.

• Infrastructure/service programs that develop highways, parks, affordable housing, crime prevention, and facility design and construction for public facilities.

• Job creation and retention through specific efforts in business finance, marketing, neighborhood development, small business development, business retention and expansion, technology transfer, and real estate development. 

Education

Education includes those who are employed by an educational institution in either a high-level administrative or a teaching role, in a capacity that is directly involved in the CRE industry (e.g., the head of a university real estate department, a commercial RE research professor, engineering professor, etc.).

Engineering

Engineering is the creative application of, or works utilizing, scientific principles to design or develop structures or infrastructure. In the CRE industry, engineering professionals may also interact with CRE during design, development, construction, acquisition, property management, risk management, and financing activities. Engineering consultants provide a broad range of expertise including property condition risk management and due diligence, life safety assessments, building code compliance, and resilience to natural hazards.

EXAMPLES

• Building performance engineering is a discipline in which professionals assist property owners assess current building performance with respect to energy, water and/or waste, and design more efficient and/or resilient solutions to improve building performance.

• Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including reconfiguration of land areas to provide for roads and buildings, and designing works such as bridges, roads, canals, and dams.

• Construction engineering concerns the planning and management of the construction of structures and site improvements. Construction of such projects requires knowledge of engineering and management principles and business procedures, economics, and human behavior.

• Environmental engineering works to manage environmental issues such as climate change and natural hazard preparedness, water and air pollution, waste disposal, and public health issues.

• Structural engineering deals with the analysis and design of structures that support or resist loads economically, and may also be involved in building safety and resilience

• Transportation engineering involves the safe and efficient movement of people/goods. 

Environmental

Environmental professionals interact with CRE during design, development, acquisition, property management, risk management, and financing activities. Environmental consulting includes a broad range of expertise including health and safety, environmental risk management and due diligence, compliance, occupant wellness, sustainability, remediation, and resilience. Additionally, engineering, and environmental firms provide due diligence services for buyers and sellers of CRE, lenders, and others with an interest in CRE properties.

ESG/Sustainability

Environmental, Social and Governance (ESG)/Sustainability professionals in CRE guide and steward strategy, implementation and management of clients’ corporate and asset level ESG strategy, policies and programs, engagement with internal and external stakeholders, environmental efficiency initiatives and performance, green leases, sustainable acquisitions, dispositions and development, and green and healthy building certifications. Individuals may oversee progress and performance on ESG goals and targets for clients’ portfolios comprised of new and/or existing buildings (across office, retail, multifamily, and industrial properties) or work in sustainability-oriented built environments to support clients with tailored real estate management solutions that align their organizational priorities with their ESG goals. Professionals support monitoring and progress of other key governance and social initiatives including but not limited to, ESG and sustainability policies and guidelines, partnerships, diversity and inclusion, occupant health and safety, and health and well-being.

CRE Executive 

A CRE executive is someone in a CRE business who has influence and decision-making authority over giving or getting business, operations of and/or investing in CRE assets.

Facility Management 

Facility management professionals are responsible for the actual commercial property. Coordinating the people and work necessary for the overall management, maintenance, and repair of the property from the strategic and operational levels. Responsibilities can include overseeing and agreeing to service contracts and providers for services such as security, parking, cleaning, catering, including technology for the efficient functioning of facility, etc. Some essential functions of facilities managers include: property strategy, space management, communications infrastructure, building maintenance, testing and inspections, building administration, contract management, EHS (environment, health, safety), security, facility maintenance planning, and managing renovations and refurbishments.

Finance

Finance includes the general management of money, banking, investments, credit, other assets/ monetary resources, facilities, and funds in connection with commercial real estate assets and/or real-estate related endeavors, especially those of a government or corporate body.

EXAMPLES

• Fund development is acquiring financial resources at an organizational level to achieve a specific aspiration of an individual and/or organization. 

• Global investment banking is a part of the function of investment banks which helps customers acquire funds through the capital markets and in giving advice on acquisitions and dispositions.

• Portfolio management is the art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for institutions/funds and balancing risk against performance.

CRE Human Resources

Human resource management is the strategic and coherent approach to the management of a CRE organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of their CRE-related business. Human resource professionals are typically involved in employing people, developing their resources, utilizing, maintaining, and compensating their services in tune with the job and organizational requirement.

Interior Design/Space Planning

Commercial interior design/space planning is the art or process of designing the interior space, and/or exterior space, of a commercial property to shape the experience of the space through the manipulation of spatial volume as well as surface treatment. Interior design is a multifaceted profession that includes conceptual development, communicating with the stakeholders of a project and the management and execution of the design. Interior designers/space planners protect the health, safety, and welfare of the public while simultaneously meeting current building codes, sustainability, and accessibility standards.

Investment Management

Investment management generally refers to the buying and holding of commercial property in anticipation of earning returns from income and gains as the value of the asset increases and is eventually sold. Individuals in this category may work for private owners, investment funds, insurance companies, and other institutional owners who have equity stakes in CRE or may themselves be the equity investor. Investment management involves the development of strategies for managing a significant portfolio of investments along with financial planning, undertaking research, investing, day-to-day buying and selling of securities, portfolio monitoring and more.

 
Investor Relations

Investor relations is a strategic management responsibility that integrates finance, communication, marketing, and securities law compliance to enable the most effective two-way communication between a company, the financial community, and other constituencies, which ultimately contributes to a company's portfolio achieving fair valuation. These professionals handle inquiries from shareholders and investors, as well as others who might be interested in investing in a company's CRE portfolio, stock, or financial stability.
 

Land Use Planning, Zoning and Urban Design

Land use planning, zoning and/or urban design are professions that seek to improve the quality of life in urban areas. Professionals in this field help design communities, plan developments and/or segregate land uses that are thought to be incompatible. These professionals provide expertise related to ensuring that new development is compatible with existing development and to make the most efficient use of land and infrastructure. Legal professionals are often involved in this field, and they also work with government officials, land use planners, urban designers, architects, engineers, and other service providers.
 

Land Surveying

Land surveying is the technique, profession, and science of determining the terrestrial or three-dimensional position of points and the distances and angles between them. The planning and execution of most forms of construction require it; it is also used in transport, communications, mapping, and the definitions of legal boundaries for land ownership.

Law

CRE law is a broad area of legal practice that includes a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing and selling CRE.

EXAMPLES

• Bankruptcy and restructuring law deals with the handling of bankrupt persons or businesses who may be tenants, owners, lenders, or other parties with interest in commercial properties.

• Condominium law deals with the creation of strata title and condominium registration for multi-unit developments.

• Environmental law regulates the interaction of humanity and the rest of the biophysical or natural environment, toward the purpose of reducing or minimizing the impacts of human activity, both on the natural environment, and on humanity itself.

• Investment law uses legal principles in relation to various investment vehicles for ownership/interests in CRE.

• A controversy before a court or a "lawsuit" is commonly referred to as Litigation. If said controversy is not settled by agreement between the parties, it will eventually be heard and decided by a judge or jury in a court.

• Transactional law refers to the various substantive legal rules that influence or constrain planning, negotiating, and document drafting in connection with business transactions, as well as the “law of the deal” (i.e., the negotiated contracts) produced by the parties to those transactions. Typically involve acquisitions, dispositions, lease transactions and finance transactions, among others

• Assessment and taxation law deals with applications and appeals related to the assessment value of CRE, its classification for tax purposes, and applications and appeals for tax relief or for the exemption of CRE from real property taxation.

Market Research

Market research is the systematic collection and evaluation of data regarding preferences for actual and potential CRE portfolios, products, and services.
 

Program Management/Project Management

CRE program management is the process of managing several related CRE projects, often with the intention of improving performance of a commercial real estate organization, or of CRE assets. 

Project management is considered the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals within the field of CRE.

Property Management

Property managers are responsible for the operations of commercial properties. They typically are the face of the ownership with tenants, work closely with the leasing teams, make sure properties are properly maintained, and oversee management staff. Additional responsibilities may include creating and executing property budgets and capital plans and overseeing tenant improvement projects.
 

Public Sector

Public sector includes employees of public agencies/corporations chartered or legislatively created by a local, provincial, state or federal entity to perform some public service, such as a public authority, which is a public corporation that takes on a more bureaucratic role (e.g., maintenance of public infrastructure or conservation authorities), which often has broad powers to regulate or maintain public property. It can also include employees of local, provincial, state or federal corporations that have regulatory and other powers over, or with respect to, land, including CRE. Examples of such positions in the CRE field include professionals in the following types of departments: economic development, land use planning, urban design and transportation, infrastructure planning, development services, and other similar departments or agencies.

Quasi-Governmental Transportation and Port Authorities

A port authority is a governmental or quasi-governmental public authority for a special-purpose district usually formed by a legislative body(s) to create and support economic development within that area. Acting as landlord, this position manages the port assets and public infrastructure under its jurisdiction.

Transportation authority professionals are responsible for financial management and operating transportation systems. They develop and oversee transportation plans, policies, funding programs, and both short-term and long-range solutions that address increasing mobility, accessibility, and environmental needs.

 
Relocation Services, Corporate

Corporate relocation services include a range of internal business processes that are engaged to transfer employees, their families, and/or entire departments of a business to a new work location. Like other types of employee benefits, these processes are usually administered by human resources specialists within a corporation and outsourced to different types of service providers. Relocation companies offer corporations a broader range of specialized services than a moving company.

Risk Management

Within the CRE industry, Risk management typically involves monitoring environmental conditions and other areas where commercial property owners are exposed to risk, assessing a property’s physical obsolescence relative to the market, the economic feasibility to renovate to market standards, the replacement cost for the improvements, and securing insurance coverages of all types for owners/lenders of real property. Risk management may also include development and implementation of risk management programs for assets or portfolios of assets, as well as annual reporting to investors and stakeholders about the risks that have been identified and how they are being managed.  

 
Title/Escrow

Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equity interest. The rights in the bundle may be separated and held by different parties. A commercial title professional serves as a neutral party that works on behalf of the transacting parties to ensure that the title of the property is clear and free of encumbrances.

Escrow is the holding of funds for proper disbursement. Escrow managers receive and disburse money or documents on behalf of another party on conditions agreed to by the transacting parties.