The Value of Strong Partnerships in the Commercial Real Estate Sector

Developing commercial real estate has a lot of moving parts, and it is not something you can handle on your own. According to an experienced professional, Jonathan Rooks, setting up strong partnerships is critical. There are obstacles that are going to arise along the way, and if there is a strong partnership in place, it is possible to keep the project on track. In particular, it is important for private businesses and industries to have strong partnerships in the public sector. Because there are requirements that have to be met, having someone in the public sector that can expedite permits and approvals can make a significant difference.

The Benefits of Partnerships Between Public and Private Sectors

There are significant benefits that projects will enjoy if there is a strong partnership between the public and private sector. There is a tremendous amount of creativity, energy, and entrepreneurial spirit that comes from the private sector. They carry with them tremendous resources and momentum that can significantly improve a town or city. Strong commercial real estate projects can even turn the location into a major tourist destination.

At the same time, the public sector is an important counterbalance for the private sector. The public sector can identify potential issues that the private sector did not think about, allowing both to work together to accomplish the same goal. The public sector can also raise money from the town or city that could subsidized a portion of the project.

Strong Partnerships Benefit the Town or City as Well

When there is a strong partnership between the public sector and the private sector, it provides a lot of benefits for the town or city. For example, a commercial real estate project may develop or remediate land that had previously been an eyesore for the town. In addition, a strong commercial real estate project can bring new jobs to the area, creating new opportunities for people who live there. With a new commercial real estate project, as well as new jobs, the entire project can generate more tax revenue for the town or city, supporting local community services. A commercial real estate project can also significantly improved public infrastructure, which can help the utility and transportation sectors, Rooks says.

Establishing Partnership Is Crucial to the Success of Every Commercial Real Estate Project

In the commercial real estate industry, there are a lot of people who are strong, independent professionals with a strong vision in mind. There is nothing wrong with being independent, but it is also important to recognize the value of strong partnerships, particularly between the public and private sectors. According to Jonathan Rooks, these types of partnerships can make it significantly easier for projects to stay on track. Having an outside perspective is also helpful because it can identify potential issues before they derail the entire project. If you have a commercial real estate project coming up, make sure you have a strong partner who can help you.


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