Brenda Marchwicki is the immediate past president of the Rhode Island Association. Members of the RIAR leadership plan to attend a global real estate conference in Cannes, France. Marchwicki responded recently to questions posed by the Providence Business News about this role.
PBN: What is the MIPIM Conference and what will you gain from attending the event?
MARCHWICKI: With more than 24,000 real estate professionals and investors in attendance, the MIPIM Conference is one of the largest real estate property events in the world. MIPIM offers an extraordinary opportunity to connect with people worldwide who could bring business and development to Rhode Island.
Last year, the Rhode Island Association of Realtors joined the National Association of Realtors to showcase what the Ocean State has to offer to potential investors and developers looking for a locale to launch projects in a variety of industry sectors. Interests range from office complexes to health care, residential development to retail. There are endless possibilities for partnership at MIPIM. We just need to let these people know what Rhode Island has to offer.
PBN: What kinds of global investment are now taking place in Rhode Island? Is it primarily residential?
MARCHWICKI: There’s a variety of foreign investment in Rhode Island. Santander Bank hails from Madrid. National Grid is based in London. There are security services, gaming and manufacturing businesses from abroad right here in Rhode Island. There’s also residential investment brought in by our colleges and tourist areas.
PBN: What are the international markets most interested in Rhode Island?
MARCHWICKI: Hotel, office and development projects predominantly rule the world on international transactions. That’s why we need to market things [such as] the [Interstate 195 Redevelopment District] that opened miles of real estate in Providence for development, the “Superman” building that needs a global presence to ensure the rich history of the building, the need for a new home for the PawSox and the opportunities at Quonset. We have valuable “real estate” here and we need to get that message out.
PBN: Do we have the name recognition overseas to compete with other known residential markets, such as the Hamptons?
MARCHWICKI: We have recognition overseas thanks to globally recognized colleges such as Brown [University], [Rhode Island School of Design] and Johnson & Wales [University] that create demand for residential development, hotels, infrastructure and medical facilities. Newport has also put us on the map.
PBN: What else is the RIAR global business committee immersed in this year?
MARCHWICKI: We’re trying to expand our offerings surrounding international real estate to our members. The Rhode Island Association of Realtors is bringing a CIPS course, which stands for Certified International Property Specialist, to Rhode Island. This is a national designation course that teaches Realtors how to expand their market globally. Global transactions are significantly different and more complex than domestic deals and this course informs the Realtor about currency issues, financing, visa and tax laws, and more.
Another goal is the expansion of education from the CCIM Institute – Commercial Real Estate’s Global Standard for Professional Achievement. With technology evolving at warp speed, the world is becoming smaller. It’s our job to help our Realtor members adapt to the emerging global market.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
