CORFAC News

22 Apr2019

CORFAC Celebrates 30 Years as a Network

Over the last three decades, commercial real estate has seen tremendous changes — from technology to the birth of entirely new asset classes. Through all the transformations, there has been a constant demand for local expertise from respected commercial real estate brokers. 

Now in its 30th year, CORFAC International remains an unparalleled resource for that kind of expertise — an independent network of brokers and a reputable source of unbiased information at a time when the industry is doing more business than ever. And for its members, it serves as an indispensable community of trusted colleagues, advisers and friends. 

“Being a member has had many benefits over the years, not least of which is generating income through referrals thanks to my CORFAC network,” said founding member David Prior, SIOR, Senior Managing Principal of The Klabin Co./CORFAC International in Los Angeles, CA. “But just as important, I have a lot of very close friends here who act as an advisory board to help me run my company. These are intimate relationships with other owners that you can’t build anywhere else.” 

A New Network Was Born
In the late 1980s, local and regional brokerage firms were a dying breed. Many were absorbed by corporate global service providers; others merged to create larger networks that could serve clients who operated in multiple markets. During a 1986 SIOR conference, the leaders of five noncompeting brokerage firms discussed forming an independent network of brokers. The idea was to create a collaborative group of practitioners that could share information, but who weren’t obligated or incentivized to refer business to one another. The focus would be to keep serving their clients in the best way possible. And so, CORFAC was born. 

CORFAC’s five founding member firms reached out to more of their colleagues in the industry and by the time they formally launched the network in 1989, participation had jumped to more than a dozen markets. Among those early members was Ray Lyons, CCIM, SIOR, president of Realty Advisors Ltd., Brokerage/CORFAC International in Toronto. “Being part of CORFAC gives us a bigger footprint, provides an avenue for referral business from other markets and allows us to work with people we know and trust,” Lyons said. 

CORFAC Today
CORFAC is currently the world’s largest network of independent real estate brokerage firms serving the office, industrial and retail markets. CORFAC’s affiliates in 75 U.S. and international markets annually complete more than 10,000 lease and sale transactions totaling 500 million square feet valued at over $8 billion. 
The network has added 20 new affiliates in the past four years — 10 domestic and 10 international. While affiliates aren’t required to hold credentials such as SIOR, MCR or CCIM, many still do and Prior said CORFAC boasts a higher percentage of accredited brokers than most worldwide real estate services alternatives. 

For many CORFAC members, membership goes far beyond the surface level. “I’ve been a CORFAC member since I joined King Industrial 25 years ago, and I’ve been going to conferences ever since,” said Sim Doughtie, president of King Industrial/CORFAC International and 2019 president of CORFAC International. “For me, it’s not the CORFAC network, it’s really the CORFAC family.”
 

 

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Patricia True Agos
773-758-5044
patricia@ktpronline.com

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Locally Owned. Globally Connected

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 49 offices in the U.S., 5 in Canada and 17 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Japan, Mexico, Romania, Russia, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 620 million square feet of space valued in excess of $8.2 billion in 2018.