From the Front Lines: Commercial Real Estate
How did you get started at your agency?
My mother started the agency, and I’ve been a part of it since I was in middle school, back when filing cabinets were still a thing. Once I started working on more complex risks, talking with business owners and seeing the world through their prism, it completely changed my perspective. I realized just how interesting, broad and fun this industry really is. There honestly is never a boring day. After starting as a two-person operation, we have expanded into a 20-person team that punches well above its weight class.
Why the commercial real estate insurance market?
From the beginning, commercial real estate has been a major focus for me. Everything from condominium associations and apartment buildings to office buildings, warehouses and mixed-use properties—anything involving the construction, ownership, operation or management of buildings has always been fun to work with.
What Are Your Goals for 2027?
It’s given me incredible insight into so many different industries because I’m constantly working alongside lenders, developers, property owners, tenants, contractors, attorneys, municipalities and building departments. To truly become an expert, you have to understand far more than just insurance.
Challenges in the commercial real estate market?
Insurance is often the second-largest operating expense for a property owner after debt service, so it’s always top of mind. The hard insurance market, increasing maintenance costs, recalled electrical panels, aging infrastructure, higher labor costs, COVID-19-era rent freezes, proposed rent control initiatives and constantly increasing tenant expectations have all driven operating expenses significantly higher. Short-term rentals have gone from booming to being heavily restricted in many communities, while commercial vacancies remain elevated. These factors affect insurance costs, insurance eligibility and long-term risk management strategies.
One thing I’ve observed over the years is that the public conversation around housing often overlooks the financial realities of owning and maintaining rental property. Most of the landlords and investors I work with aren’t massive institutional owners—they’re local business owners trying to maintain safe, well-run buildings while dealing with rising insurance costs, taxes, labor and maintenance expenses.
What Are Your Goals for 2027?
Future trends?
In Greater Boston, conversations around housing supply, zoning restrictions, office vacancies and affordability aren’t going away anytime soon. I think the long-term solution has to include loosening zoning restrictions, converting underutilized office space where it makes sense and creating incentives for builders to increase the housing supply.
Advice for a fellow agent?
Claims are insurance. We have to be willing to confidently explain what a policy is designed to cover, what it isn’t designed to cover, and how clients should use that coverage to protect themselves. Don’t just be an insurance agent. Be a consultant.
Olivia Overman is IA content editor.
