SIOR leadership on market trends, membership growth, and industry shifts in Europe

What seems to be the market sentiment you’re getting here during your meetings?

Thornburgh: We’re definitely seeing an uptick in optimism. Many of us believe that the second half of 2024 could mark a turning point for the market. The recent reductions in interest rates have been energizing for many, signalling a return to growth.

Finnegan: International investors are eager for yield, and as rates decrease, we’re seeing tighter competition around these opportunities. This is a positive sign for the market overall.

Lacroix: While the UK has been slower to lower interest rates, it’s interesting to watch how it still competes with other European markets. In the U.S., for instance, we’re already seeing renewed activity, especially as we approach the end of an election cycle, which typically results in pent-up demand and heightened activity post-election.

Matthew Leguen de Lacroix

Head of Business Development EMEA
SIOR

Matthew is part of the SIOR HQ team, leading business development in Europe. He is officially based in Geneva, Switzerland but is often in Chamonix Mont-Blanc in the French Alps where he has a second home. Matthew was Managing Partner of DTZ’s Geneva office until 2015 and sold just before the merger with Cushman & Wakefield. He has been working in real estate since 1993 so has over 30 years of corporate real estate experience. He was Chairman of the company for nearly seven years, is a past member of the RICS Continental Europe Standards Board, is a past Vice-Chairman of RICS Switzerland and is a Fellow of the Royal Institution of Chartered Surveyors. Matthew is an SIOR Foundation Trustee and Past-President of the SIOR European Regional Chapter. He sits on the SIOR European Chapter Board and is a past Vice-Chair International on the SIOR Admission Committee. More »

The industrial sector is central to SIOR’s focus. What key market trends are members discussing?

Thornburgh: Logistics is thriving post-COVID-19, with demand for online operations driving growth. However, ESG compliance is becoming a challenge, particularly with older industrial spaces. In the UK, for instance, Victorian-era industrial buildings are being converted into modern distribution centres, often with office spaces overhead. There’s a strong demand for industrial spaces close to city centres, as these are increasingly specialized and valued assets.

FRICS Robert Thornburgh

CEO
SIOR

Robert is responsible for the management of the Society’s business and executing the directives set by the SIOR Board of Directors and its governance committee. A long-standing commercial real estate specialist and trailblazer based out of Los Angeles, California, he brings more than 25 years of exemplary industry knowledge and leadership experience, with a strong focus on integrity and a transformational, service-oriented style of leadership. Robert comes to SIOR from Kidder Mathews, where he was a shareholder and regional president of brokerage for many years. During much of his professional career, Thornburgh served as the CEO at Heger Industrial, a prominent real estate firm with a 60-year legacy in the Los Angeles market. Additionally, he has served as SIOR Global President and sat on the SIOR Board of Directors. He holds four of the most respected designations within the commercial real estate industry – SIOR, CCIM, CPM, and FRICS. More »

Are you seeing similar repurposing efforts in the office sector?

Finnegan: Definitely, though office-to-residential conversions can be challenging due to the architectural floor plates in older buildings. Interestingly, repurposing offices into hotels has taken off, particularly in Germany, as it often aligns better with existing building layouts.

FRICS Iain Finnegan

President
SIOR Europe

Iain is the Principal of leading Irish real estate firm Finnegan Menton, a full-service property consultancy firm specialising in the sale, acquisition, appraisal, valuation and development of commercial and residential land and property. Iain is President of SIOR Europe and is a Fellow of the Society of Chartered Surveyors in Ireland and a Fellow of the Royal Institute of Chartered Surveyors. He has over 35 years of experience in the property market both nationally and internationally and has significant experience and expertise in both advising and acting for many high profile Corporate and Private Clients in the Irish commercial market, real estate development and in the international investment market. Iain is also an active member of the Dublin Chamber of Commerce, the Urban Land Institute (ULI) and the Institute of Directors (IoD). More »

How is SIOR growing its membership in Europe, and what are the latest figures?

Lacroix: Our European membership has grown impressively. We now have 120 members in over 26 countries, with the UK and Ireland comprising 40% of our membership base. Despite an atypical market, our membership grew by 19% over the past three years, and our retention rate is an outstanding 97.2% annually.

What is SIOR’s approach to expanding its membership and reach?

Thornburgh: Our growth strategy is focused on quality over quantity. Rather than aiming for a specific membership number, we prioritize finding the right professionals in each market. Prospective members must meet minimum standards in probity, deal volume, and quality of service.

Finnegan: SIOR’s strength is in its collegiality. Our members often collaborate to ensure they’re providing top-notch service to clients across borders. This is why we’re so selective: trust and strong relationships are the foundation of SIOR, and we support these through regular social events to strengthen our professional bonds.