Munish Viralam joined Newmark in June, following 18 years at CBRE. As Executive Vice Chairman, Viralam is tasked with leading the company's newly centralised Real Estate Strategy & Consulting Group, expanding its strategic arm, and assisting corporate clients in navigating the complex process of real estate strategy and negotiations.
Viralam found his niche at Emory University, where degrees in finance and real estate led him to an intersection of business and entrepreneurship. After graduating, he began at CBRE, where he spent nearly two decades refining his skills as a real estate strategist and problem solver. Viralam was Executive Vice President responsible for CBRE's consulting group in Manhattan when Newmark approached him.
Commercial Observer spoke with Viralam in July, just weeks after he took office at Newmark. He discussed his vision for the group, New York's office occupancy challenges, and the role of real estate consulting in transactional business. The interview was edited for length and clarity.
Viralam explained that the group calls itself the Real Estate Strategy & Consulting Group to emphasise both components of its work. It is a transaction-based group focused on advising large corporations in New York City regarding their real estate and occupancy strategies. He described the approach as analytical, which means not just numbers, but also evaluating all risks and benefits of potential strategies. The aim is to become a strategic hub for the organisation. Viralam stressed that Newmark already possesses a great deal of talent and strength, not only in corporate consulting but also in research, workplace strategy, capital markets, and other business areas. His task is to connect these diverse strengths and develop a method through which the group can become a central ideas hub for the organisation's expertise, thereby deploying best practices on behalf of clients.
Designing office occupancy strategies represents a large part of his work. Viralam observed that many companies reinvested in their occupancy after COVID-19 and increasingly focused their business on New York City, as the city offers excellent opportunities to attract talent and scale businesses. From a Corporate Real Estate perspective, demand is incredibly high. In recent years, there has been more year-on-year activity than ever before in his career. New York City's economic environment explains a large part of the real estate trends. Viralam sees his role as identifying macroeconomic developments and, based on these, developing real estate strategies for clients to navigate this dynamic. Companies must grow and plan potential mergers, which requires a long-term perspective as a real estate consultant. This applies not only to occupancy consulting but also to capital markets and workplace strategies.
All requirements are gathered, and an occupancy strategy is developed that considers not only the demand side from tenants but also developments in capital markets, credit markets, and among owners. For example, clients ask how an expansion in a specific building can be realised. Beyond availability, aspects of the owner's side must be considered, such as financing and hedging options. The group also assesses potential risks in 2028 or 2030 to put safeguards in place.
When asked when corporate clients typically contact his group, Viralam replied that this is often motivated by expiring leases but varies greatly depending on the organisation. The aim is to align real estate practice with the client's business goals. Strong company growth has significant real estate implications. Viralam emphasised that a long-term perspective is adopted for all clients, which is why early contact is advantageous. The group assists in creating plans that not only cover lease expiration but ideally the next 10 to 20 years of occupancy. Viralam also addressed challenges posed by the high demand for office space in New York City, which persist despite the positive news for the commercial real estate market.
