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Organizational Structure

This year, we put in place a new organizational structure that better reflects how Burke Properties is meeting the increased demand for the full spectrum of commercial real estate services from a single provider. In addition to transaction services and management services, we offer clients a variety of financial services and strategic services. All four service areas are explained in the opening pages of this report.

 

For the fiscal year, revenue generated by Relocation Services was up nearly 18% as we continued to take advantage of the market’s recovery to capture additional businesses. In Commercial Services, we saw a substantial increase in management and leasing activity, adding approximately 22 million square feet to our commercial portfolio. Our goal is to have an additional 80 million square feet, a total of 102 million square feet, by end of the next fiscal year for our commercial portfolio.

 

We also combined Jersey Real Estate Management, Inc., a wholly owned subsidiary, and the Company’s property management and leasing services capabilities under one name: Burke Properties, Inc. We believe the synergies created by this new structure should lead to significant opportunities for cross-selling services and expanding into new geographic markets.

Investment

This year we launched several initiatives designed to help meet our goal of enhancing the quality of the Company’s service lines and expanding and diversifying sources of revenue beyond traditional commercial brokerage. These include:

 

An Investment in Client Service

We established the Corporate Relocation Group and Institutional Services Group to allow the Company to respond to the increasing demand from major corporate and institutional clients for expanded services through a single point of contact.

We expect these innovative relationship management groups to be key in helping the Company establish more secure, long-term client relationships that can generate a stable, consistent stream of revenue across all service lines.

We also launched a national affiliate program,

which enables the Company to enter markets where it previously did not have a formal presence and to better meet the multi-market needs of national clients.

To date, the Company has formed alliances with 17 independent brokerage firms with a presence in 20 markets, as noted on the inside back cover of this report. Our goal is for Burke Properties to have internal and affiliated offices in 150 markets within the next two years.