The Prague Post
November 23rd, 2008
Endowment Fund     Business Listings ONLINE      Reservations      Classifieds    Subscriptions
Prague Center Hotel
Prague Real Estate

Home » Archives » Real Estate

DTZ spreads wings over capital

Company positioning itself as a market leader here and around the world

By Curtis M. Wong
Staff Writer, The Prague Post
July 16th, 2008 issue

VLADIMÍR WEISS/THE PRAGUE POST
Johnny Dunford, the managing director of DTZ, says he sees his company "expanding gently" while upholding its high-quality services.
DTZ


Ovocný trh 8
Prague 1
Tel.: 226 209 100
Web: www.dtz.cz
A bit of corporate restructuring can make or break even the most established business. The same applies in the world of commercial real estate, particularly with its emphasis on client services.
With that in mind, the Prague-based offices of DTZ can’t go wrong with Johnny Dunford, a UK native who stepped into the role of managing director in March. Having served as Central and East European business manager in the company’s Budapest office for several years, Dunford has built a solid professional reputation that spans several countries.  
In addition, as a self-proclaimed people person, Dunford seems well-suited in adhering to the company’s “quality over quantity” motto quite nicely. As one of the “big four” global real estate advisers operating across Europe, the Middle East, Africa, Asia and the Americas, DTZ prides itself on having the best research and intelligence teams on the commercial real estate market. Here in the Czech Republic, DTZ specializes in modern administrative buildings mostly throughout Prague, with up-and-coming development projects planned for regional cities such as Brno, Olomouc and Ostrava as well.
Dunford sat down with The Prague Post to talk about his experiences as a newcomer in the world of Czech commercial real estate and why some of his favorite aspects of the industry are also the most personally and professionally challenging.
The Prague Post: What’s been the biggest professional adjustment for you since moving to the Czech Republic?
Johnny Dunford: Well, we’ve now got a really large business here, so one has to be constantly understanding the bits of the business. I started here just as the credit crunch was becoming a major economic factor, so hardly a day goes by without some development on that front. [But] the Czech people are great. They are very friendly, and they really enjoy having fun. In this business, we’re lucky to have some great people who are leaders in their field and have entrepreneurial spirit. It’s difficult to complain about living in a wonderful city in the middle of Europe. Prague has a lot going for it.
TPP: What inspired you to enter the real estate industry initially?
JD: I think I like the people. The property industry is a people-based industry, and I knew a lot of people in it. I liked the fact that you don’t spend all of your time sitting at a desk, and that really seemed to fit with what I wanted. It was a happy marriage.
TPP: Was it always your professional goal to work in real estate development?
JD: I think most people change their position over the years as they mature, but I’ve always had an interest in property. I’ve always found myself involved [with this industry] in some way. My family were farmers, and I’d messed about refurbishing houses and the like. Gradually, I’ve realized that it’s a great business to be in. There are opportunities in many different areas, both physically in terms of the type of property but also location-wise. That doesn’t happen in every industry. It’s really about the diversity and the people. I’m quite a people-led person … I like being in the company of people, and I like to see people being fulfilled, and I also like to make a difference.
TPP: What do you think sets your firm apart from its competitors in the industry?
JD: DTZ is now a truly global business, and we now have about 13,000 people working for us across the world. I think we’ve always had a reputation for trying to really work closely with our clients and delivering exceptional service. I’d like to think that’s still the case. I think our defining feature is that, combined with a global platform — so providing exceptional client services across the world. We’re constantly trying to improve on that, and make it bigger and better.
TPP: How do you think the Czech real estate market will change in the next five to 10 years?
JD: Of course everyone would like to have a crystal ball, but sadly, they’re in short supply. In the short term, I think the Czech Republic is very well-balanced. It’s a very strong performer compared with neighboring countries and the rest of Europe. I think there is an emerging population with huge aspirations for consumer goods, growing wealth and also a general growth in services. That population is also well-motivated, highly intelligent and well-educated. With regard to the property market, I think we’re going to see a continuing growth in quantity but also quality as more buildings are built to satisfy the demand for services. But I think quality is going to be the defining feature. No longer will you be able to build poor-quality developments and expect people to take them. Increasingly, we’re going to see more multinational companies relocating here and local businesses will grow bigger and increase the demand for high-quality space. So, overall, a nice steady growth. Positioned as it is, the Czech Republic will continue to be a popular destination for business and general investment.
TPP: How do you think your firm will have to work to address these changes within the market?
JD: Everybody is going to want better-quality stock, be it to live in, to shop in, to work in and so on. I think that also applies to the service industry. We will be required to be very good at providing a comprehensive service. I think we’re well-configured in that respect, because we have business lines covering all of the disciplines and we’ve got strong teams heading them up. I think clients will continue to be very demanding over the quality. I see us expanding gently, covering the market with our multiple business lines and increasingly delivering better quality service in line with what our clients expect.
TPP: As you get more and more settled into your new position as managing director, what are your personal and professional goals for the future of your time here?
JD: Well, professionally, I’d like to see the business develop to be better known in the Czech market, preferably as a market leader. I’d like to see us have a very robust business capable of coping with any number of projects across the country and across the sector. I think we’re working hard to develop our people, and I’d like to see us have a business where we offer not just a job, but a career within the DTZ network. I’d like to see us contribute to the society and the framework of the Czech Republic … corporate social responsibility is something that is increasingly important. Personally, I’d like to enjoy Prague, understand more about the city’s culture and its people, and really try and get under the skin of the environment. I’m very mindful that there are some great opportunities in Prague and one needs to grab them. I hope that I can grab every opportunity that passes.
TPP: What’s the most challenging part of your new position?
JD: I think, for me, the greatest challenge is getting to know the people — those in the business and also our clients. It’s always difficult to get around to see everyone as quickly as you’d like, and understanding what’s going on.
TPP: On the other hand, what part of your new job do you enjoy the most?
JD: Well, it’s strange, because it’s probably the same thing. I love talking to people, I love understanding people. So, the two are really intertwined. I derive energy from a challenge, and it wouldn’t be as much fun.
TPP: What advice would you give to someone who’s interested in entering the Czech real estate industry as a newcomer?
JD: I’d tell them to spend some time doing some formal learning. I think the market will become more discerning, and the need for qualified people is going to become greater. Any time spent preparing formally is time well spent.

Curtis M. Wong can be reached at cwong@praguepost.com


Other articles in Real Estate (16/07/2008):

Browse the Current Issue

If you enjoyed this article, why don't you subscribe to the print version!
We accept secure online transactions provided by PayPal and Moneybookers

Be the first to add a comment!


Full Name: *
City: *
E-mail: **
This comment can be published in the print version of The Prague Post
Enter the text on the right:
 visual captcha
Comment: *
* Required field. In order to be approved for display, comments must have a first and last name and a city.
** E-mails are required and will only be used for internal purposes.

Most visited in Business Listings

Hotel booking
The Prague Post Online contains a selection of articles that have been printed in
The Prague Post, a weekly newspaper published in the Czech Republic.
To subscribe to the print paper, click here.
Unauthorized reproduction is strictly prohibited.