August 11, 2023

Throughout the month of August, Connect CRE is running a series titled “Leading in Tough Times.” We’ve asked leaders around the U.S. and across the commercial real estate spectrum to share their wisdom and discuss lessons learned. In this installment, you’ll hear from Craig Deitelzweig, president and CEO of Marx Realty.

Q: What’s the most important lesson you’ve learned about leading in a challenging environment? 

A: It is important to remain focused on the company’s mission and goals, and to not be distracted by the current groupthink. I also believe there is great benefit in having a clear-minded but positive attitude and to lead by example.

Q: What’s the most common mistake leaders make in an inhospitable market? 
A: Many leaders feel paralyzed during uncertain times. Although it’s challenging to make decisions and take action during inhospitable times, oftentimes these moments present best value opportunities; having conviction and acting upon them is critical during these times.

Q: What’s the best decision you’ve ever made as a business leader? 

A: Having the courage to disrupt the office market with a different product and philosophy than the market norm was definitely a great decision that continues to benefit our properties and our tenants. We were among the first to bring hospitality to the office market. When we first decided to approach the office space differently, we received lots of doubtful comments and our fair share of naysayers. Now, six years later, our repositioned, hospitality-rich office properties are out-performing the market.