Relative newcomers to the ULI Young Leaders Group (YLG) network, YLG in Australia has had a busy year so far. Not only has each of its three chapters (Brisbane, Melbourne, and Sydney) held monthly “power-hour” lunches with high-profile leaders in the Australian property industry, but plans also are in the works to hold a national leadership conference in 2016 and expand to Perth and Adelaide. At the end of May, the groups teamed up to organize their first international study tour, which was in Tokyo preceding the 2015 ULI Asia Pacific Summit.
The study tour gave participants a close-up look at one of the city’s most iconic projects, Roppongi Hills; architect Phil Kim from Jerde Partnership and a representative from Mori Group, the site developer, led the tour. The Young Leaders got an overview of the Tokyo real estate market from Goldman Sachs investors and visited the retail districts of the Ginza, Shibuya, and Omotesando Hills. There were healthy doses of fun, too, with karaoke and a stop at a barbecue restaurant, where members from Tokyo bonded with their Australian counterparts while discussing local etiquette.
For example, Australian members learned the proper way to exchange business cards in Japan: by presenting the card, right side up, with both hands and while bowing deeply. The recipient of the card is expected to read the card and show appreciation of the giver’s name and position.
“In Australia, we are used to tossing a card across the table, but clearly in Japan it’s quite different,” says Goldie Markovits, cochair of ULI Sydney’s YLG chapter and a property graduate at AMP Capital.
Exchanging business cards is a small gesture, but learning how to navigate new cultures is an important step in a young property professional’s career in Australia. Gaining work experience overseas is an expectation as capital becomes more global and Australia is considered part of a larger context of Asian investment opportunities. “People flow to and from constantly,” Markovits says. “We have to think regionally, and not just be Australia-focused.”
Having graduated from Deakin University in 2013, Markovits is just starting her career and says she values YLG events for their intimacy and content. Compared with other networking events where 200 people may be in attendance, those organized by YLG bring together a tighter-knit group, attracting a few dozen people. “Quite simply, it’s given me a great place to meet people and to learn,” Markovits says. “Being able to sit on the Young Leaders committee has allowed me to develop relationships quickly, in a matter of weeks, when normally it takes months to get to know people.
“When it comes to a building, it takes a lot of people,” Markovits says. “Relationships are the cornerstone of this industry.”
Besides being more approachable, the content shares best practices from around the world. “ULI holds appeal because it’s global,” she says. “It’s important to be connected to global trends, particularly in areas like mixed use and student housing, which we are just starting to talk about.”
The content also connects young professionals in Australia with renowned industry experts. The power-hour lunches have attracted such leaders as Geoff McWilliam, chairman of LaSalle Investment Management; Jane Hider, managing partner in DLA Piper’s Melbourne office; and Jane Lloyd, former development and design manager at Stockland. As part of its “learning series,” ULI Sydney invited Jessica Roth of Social Impact Hub to learn about impact investing in real estate. Attendance is growing at each event, with newcomers mixing in with familiar faces, Markovits says.
“The power-hours have given attendees an opportunity to delve a little deeper into how some of our industry’s leaders came about being exactly that,” says James Montague, a member of YLG Brisbane and director, office leasing, at JLL in the Australian state of Queensland. “Each speaker has brought something different to the attendees and the [YLG] committee is conscious of wanting to offer diverse perspectives in the selection of our speakers.”
ULI Sydney Urban Innovations Ideas Competition
An initiative that has sparked excitement is the new Urban Innovations Ideas Competition, sponsored by the ULI Sydney YLG chapter and which officially launched this month. The competition is aimed at soliciting ideas on how to activate public space around George Street in Sydney in preparation for a new light-rail line that will open in 2020. The rail will connect central Sydney to Circular Quay near the Sydney Harbour and Sydney Opera House.
“The city is really changing,” Markovits says. “This competition started out as a very small idea, but we now have funding from ULI Asia Pacific and other private sponsors. The idea is to create a physical space or even generate policy ideas that will enliven the places along George Street, which is very much in a state of change.” The Sydney city government is also on board.
YLG Sydney is seeking proposals from multidisciplinary groups and is encouraging international teams to enter the competition. Other chapters such as YLG Brisbane are contemplating a similar competition.
The competition is the latest phase in what will no doubt be YLG’s future growth. One of the chapter’s key goals for 2016 is to transition from a startup phase to a stabilization one. “We want to get to a point where all our processes are in place and well organized, whether that is hosting events, social media, or study tours,” Markovits says. “And of course, we want to think about growing our membership.”
