CORFAC News

By Elizabeth Reyn, Bisnow Studio B

CORFAC International's global network of independently-owned commercial real estate brokerage firms was formed in 1989 as a networking organization focused on the industrial and office sectors. Today, CORFAC is the world’s largest network of independent commercial real estate brokers serving the office, industrial, retail and investment sectors. The organization has successfully navigated periods of market turbulence, particularly during the last five years in the face of a global pandemic and volatile inflation. 

Throughout these turbulent times, CORFAC’s membership and referral activity have continued to grow. Member affiliates have earned a reputation as trusted advisers rooted in their local markets while being backed by a globally connected network of like-minded firms. 

“The last five years have been some of the most economically and societally tumultuous in CORFAC’s history, yet our members have stood strong together,” said  2024 CORFAC President David Boyd, CCIM, SIOR, principal of Boyd Commercial/CORFAC International in Houston, Texas. “Our global network combined with local expertise and deep relationships brings value to CORFAC members and clients alike.”

A key reason CORFAC’s founders came together over three decades ago was to counteract the trend of local and regional brokerage firms being acquired by publicly traded global providers. Another foundational pillar of the network was the ability to serve clients across multiple markets.

In the late 1980s, the leaders of five non-competing brokerage firms first discussed the concept of creating an independent network during a Society of Industrial and Office Realtors conference. The idea was to create a collaborative group of professionals who knew each other and could openly share information. To keep the focus on serving their clients, members were not obligated or incentivized to refer business to one another. 

Over the years, the regular connections between CORFAC members have led to many cross-market referrals and intra-network deals, always with the best interests of their clients at heart. 

“We aimed for the expertise and experience of a larger global professional network, but remained nimble enough that we could easily share information and collaborate on deals,” said Charles B. King Jr., SIOR, founding member of CORFAC and president of King Industrial Realty, Inc./CORFAC International in Atlanta, Georgia. “Our biannual conferences and regular committee meetings allow us to build trusted relationships for cross-market referrals.” 

Global expansion has been a keen focus of the modern CORFAC mission. At its launch, CORFAC was established in about a dozen cities in the U.S. and Canada. Currently, the network has 75 member offices in North and South America, Europe, the Middle East and Asia. CORFAC offices collectively close an average of 10,000 lease and sales transactions valued at more than $10B annually, totaling 750M SF closed and managed worldwide.

Independence is a key characteristic of the network. CORFAC firms maintain their independent ownership and brokerage identity. Brokers keep 100% of their commissions on closed transactions, and members are not bound to lengthy contracts or terms. The average tenure of a CORFAC firm exceeds 15 years, which illustrates the network’s value to its members.

“Being a CORFAC member really helped our firm in terms of developing young people,” Dan Dokovic, SIOR, principal of Intelica/CORFAC International in St. Louis, Missouri, said. “There’s a lot of good talent here and talent sharing.”

However, what most members will highlight about being part of CORFAC is the camaraderie and collaboration between affiliates and the opportunities to excel together. 

“Being able to turn to CORFAC colleagues across other countries and continents for local information, referrals and cross-market deals is one of the chief benefits of membership,” said 2024 CORFAC Vice President Daniel Shindleman, CCIM, MRICS, president of Bridgemer AG/CORFAC International in Switzerland. “We truly are one group. It’s our go-to team.”

This article was produced in collaboration between CORFAC International and Bisnow's Studio B. It was published in Bisnow's National edition on June 20, 2024.