GATEWAY PERSPECTIVES: Renewed Focus on Commercial and Global Opportunities

Richard Haggerty | March 21, 2022

HGAR Chief Executive Officer Richard Haggerty

Residential real estate is the primary focus of the Hudson Gateway Association of Realtors. That is the focus of most of the members of HGAR, and residential real estate makes up the large majority of inventory in OneKey MLS. Having said that, HGAR must always actively support and engage with the commercial real estate brokerage community because it has an enormously strong symbiotic relationship with residential real estate. A robust commercial real estate market contributes to job growth and stimulates strong economic growth, and more jobs equates to more potential home buyers.

Over the last several years HGAR has seen an increase in members who are commercial brokers and property managers, as well as members who are actively engaged in global markets. Currently there are more than 1,400 commercial listings on OneKey MLS. That symbiotic relationship between residential and commercial is getting stronger, and we have to offer services and training that benefits all segments of our membership.

This past week HGAR President Anthony Domathoti and I, including other HGAR leaders, attended the MIPIM (Le Marché International des Professionnels de L’immobilier) conference in France, a four-day real estate exhibition, conference and networking event that focuses on commercial and global markets. It is the largest real estate conference in the world, and we were joined by representatives from the National Association of Realtors, New Jersey, Florida, Miami, South Carolina, North Carolina, Tennessee, Missouri and Illinois associations.

Why was HGAR at MIPIM? To make sure that the more than 20,000 attendees know that New York City and the lower Hudson Valley is open for business, with significant opportunities for growth and partnerships for those investors who might be interested. We were especially focused on opportunities in the bio-tech space, as the lower Hudson Valley has seen an explosion of growth in this sector, led by companies like Regeneron Pharmaceuticals. President Domathoti participated in a panel discussion in one of the main auditoriums at MIPIM discussing those opportunities.

A contingent from the Hudson Gateway Association of Realtors attended the MIPIM 2022 conference in Cannes, France earlier this month. This year’s theme was “driving urban change.” France Former President Francois Hollande delivered the keynote address discussing the challenges and opportunities that the property industry faces. From left, HGAR President-Elect Tony D’Anzica, HGAR CEO Richard Haggerty, HGAR Treasurer Carmen Bauman, HGAR Chief Marketing Officer Cathleen Stack and HGAR President Anthony Domathoti.

Some might ask, is this really HGAR’s mission? I would answer with an unequivocal “Yes!” Just as HGAR must advocate for our legislative interests to benefit our members and homeownership in general, HGAR must also advocate for economic development opportunities that will equally benefit our members. Having participated in countless conversations with individuals from all over the world over the past about who we are and what we do at HGAR, I believe the opportunities are boundless.

Just as we must sometimes be patient with the progress of our legislative agenda, we must also be patient with the progress of our commercial and global economic development initiatives. Right now, we are actively sowing seeds. Some seeds may germinate quickly, but some others might take time. However, given time and a good strategic plan, those seeds will hopefully lead to a bountiful harvest in the years to come for HGAR members and the overall New York City/Hudson Valley economy.

Richard Haggerty
HGAR CEO