In our latest interview, we sit down with Jim Bijou, a seasoned professional in the commercial real estate industry and a past SIOR Canada West Chapter President, to explore his journey and insights. Jim shares his experiences, from his initial steps into the field to navigating the challenges of complex deals. We also discuss the evolving trends in the industry, including the impact of social media and AI, and the importance of mentorship. Join us as we delve into Jim’s perspectives on the unique dynamics of commercial real estate in Western Canada.
SIOR Canada: Let's begin with the first question, which is what's your story and what inspired you to pursue a career in commercial real estate?
Jim Bijou: I had worked in several other industries after university and did not get into the industry until my late twenties. Funny enough, I had never really even thought about what commercial real estate was back when I got in. I drove by buildings all the time and
never gave a second thought as to how they got into the space although I was always interested in real estate. I knew more about the residential side, and I was actually having lunch with a banker buddy of mine, and he said, why don’t you look at commercial real estate?
I was in the hotel management industry at the time. I went back to my office and looked up ‘commercial real estate companies’. I did some research on several companies, phoned them, set up interviews, and a few months later, I was in the industry. I needed to work on my license which I did at nights while working at the hotel during the day
Jim Bijou: I started with a boutique firm, which later adopted the DTZ flag. After being there for about 8 years, I left shortly before the merger with Cushman & Wakefield, to open the JLL office in Edmonton. I was with JLL for about nine years before moving to Colliers two years ago.
SIOR Canada: Do you remember your first transaction?
Jim Bijou: My first deal was a land sale. I found a bunch of locations for this group, put one under contract and we were at the point of needing to waive conditions. “Do you have the environment done?” Yes. “Do you have the financing lined up?” Yes. OK. We waive conditions, and a week before the closing, he’s like, oh Jim, I don’t have my financing. I’m like, what? We talked about this. He says, I borrowed money from my father-in-law for the deposit, and now I couldn’t get the financing.
Jim Bijou: The vendor was a hard guy and there was no way he was giving the deposit back. So I had to tell the buyer he lost the $50,000 deposit. This was a good lesson to ask and confirm some questions.
SIOR Canada: That was a good lesson learned, right?
Jim Bijou: Yes, exactly. It’s the only time that’s happened to me. Looking back, we asked all the right questions, but maybe some explanations are worthy sometimes.
SIOR Canada: What was the most challenging deal you’ve worked on in your career, and what were your learnings from it?
Jim Bijou: It was a build-to-suit for a pharmaceutical distribution company, about 325,000 square feet, with very specific building requirements. It took time, but they had a good real estate team. After looking at about 25 sites, we pinpointed one and worked with a knowledgeable developer. We had tight timelines but managed to meet them. It was a complex deal but successful in the end. We had many meetings with the city, various councils, and municipalities. Having the right team and partners made this process seamless.
SIOR Canada: What motivated you to join SIOR?
Jim Bijou: My managing director mentioned it during a meeting after his travels. I researched SIOR, and although I wasn’t quite five years into the business, I had met all other prerequisites. I made calls to contacts across the country and realized this really was a group for the best of the best. As soon as I completed my required experience, I applied and was accepted. SIOR is an incredible groups of people across North America.
People often think you can just start and immediately close deals and make money. In reality, it takes a long time to get established. Stay persistent, you can’t afford to coast.
SIOR Canada: What was your experience taking SIOR courses?
Jim Bijou: t was fantastic. The course was in Chicago, which I loved. I met people from all over Canada and the U.S., including Matt Dorsey from Toronto, who’s still a good friend. We were all around the same age with similar experience levels, and it was a great networking opportunity.
SIOR Canada: That’s great to hear. Matt Dorsay is a really cool guy; he’ll appreciate the shout-out!
Jim Bijou: Yes, Matt and I got to know each other well during the course. We had some busy days but also free time in the evenings to connect.
SIOR Canada: What do you see as the biggest trend or change currently impacting the commercial real estate industry in your area, and how are you adapting to these shifts?
Jim Bijou: Over the past few years, social media has been a significant equalizer between experienced professionals and newcomers. Today, I’d say AI is the big trend. It’s poised to change not just our industry but many others in ways we can’t even predict yet.
SIOR Canada: How does social media level the playing field for commercial real estate professionals?
Jim Bijou: It allows those with less experience to gain visibility quickly. Experienced professionals might rely on their track record, but younger professionals on social media can rapidly enhance their public image and reputation by being consistently present online.
SIOR Canada: What’s a common misconception about people in your asset class or industry?
Jim Bijou: People often think you can just start and immediately close deals and make money. In reality, it takes a long time to get established. You have to stay persistent and can’t afford to coast.
The fall and spring global conferences are fantastic. I always come away with new ideas. The environment is collaborative, with professionals from various companies sharing ideas without concern for company affiliations. It’s great for networking and learning.
SIOR Canada: Is there anything unique about doing commercial real estate in the West compared to other regions?
Jim Bijou: In Edmonton and Alberta, the oil and gas industries drive the market. We don’t have the volume of large deals like in Toronto or even Calgary, where my colleagues frequently handle much larger transactions. That said, Alberta in general, has a strong entrepreneurial spirit, not specifically related to real estate, but as a city overall. Because of that there is a lot of local businesses but also more coming from across the country and from the U.S.
SIOR Canada: What advice do you have for young professionals entering the CRE industry now?
Jim Bijou: It’s not easy; you need to make your phone calls. Teaming up with an experienced colleague is beneficial. Being on a national platform offers more advancement opportunities. Global companies like Colliers, CBRE, and Cushman & Wakefield provide broader opportunities.
SIOR Canada: What’s your favourite SIOR event to attend?
Jim Bijou: The fall and spring global conferences are fantastic. I always come away with new ideas. The environment is collaborative, with professionals from various companies sharing ideas without concern for company affiliations. It’s great for networking and learning. If I need information about a city or state, I can easily reach out to the contacts I’ve made.
SIOR Canada:Who are your biggest inspirations and helpers in your career?
Jim Bijou: My first boss, Lance Frasier, who owned Frasier Realty. I worked my way up and became a partner with him. Another significant influence was Chad Brennand who was also our partner. He was, an office leasing guy who was in the business a couple years longer, but we were a similar age. We advanced together, and ended up leaving that firm at the same time to start the JLL brand in Edmonton.
My wife and 3 kids are what really motivate me however. I strive to be better both at work and personally because of them.
SIOR Canada: Which causes are you most passionate about or any charity work you support?
Jim Bijou: I’m passionate about animal causes, like the Edmonton Humane Society. There’s a major shortage of homes for pets adopted during COVID. I’m also dedicated to supporting sick kids, particularly through the Stollery Children’s Hospital in Edmonton.
We hope you enjoyed this insightful conversation with Jim Bijou, showcasing his expertise and perspectives on the evolving commercial real estate landscape. Stay tuned for more interviews and insights from leading professionals in our upcoming blog posts.
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