Ajay Kalra is following in his parents’ footsteps as he embarks on his new role as managing director and market leader at CBRE. 

His mother is a realtor, and his father is a developer who has a portfolio that began with shopping centers and who is now working with multifamily and townhome developments. Kalra said he always knew he wanted to get into real estate but didn’t know at first how to apply that. 

He started as a pricing analyst with Ruan Transportation Management Systems, followed by a time with beverage company Keurig, where he was responsible for a region with a $400 million budget. 

But he knew he wanted to get back to real estate and received a job offer from LCS, a developer and manager of senior living communities. Kalra started in asset management before moving into the investment and acquisition side. It wasn’t until an old friend asked him to lunch and tipped him off to the job at CBRE that Kalra thought about making a move. 

He said he loved the people and culture at LCS, but after applying and having conversations with leaders at CBRE, Kalra said he knew making a move and joining CBRE would be a good fit. 

“It was very bittersweet leaving LCS, [but] I knew this was a tremendous opportunity,” he said. “I was patient in that I wanted to find the right leadership opportunity and be all in on it.” 

Kalra joining CBRE comes after the company parted ways with Hubbell and moved into its new offices in the Tower building, 595 S. 60th St. in West Des Moines, a multiuse building with a restaurant, retail and commercial space and condominiums on the upper stories. 

The Business Record recently spoke with Kalra about his career, goals and Iowa’s commercial real estate market. 

Can you describe how your prior professional experiences have prepared you for your current role?

A lot of what we joke about around here is we get paid to underreact. It’s having thick skin. I mentioned Ruan and I was in my mid-20s. I got to be in the boardroom and work with the C-suite. You get chewed out and you have to roll with the punches. You’re going to have bad days and good days. You’re going to have tough conversations. I learned a lot at a young age and I was fortunate to get that experience and work with that level of personnel. Secondly, I don’t come from a traditional brokerage background. Part of my interview process was with the Indianapolis managing director, and our backgrounds are very similar. And she’s been at the company for a year and a half and she’s killing it, so that gave me a lot of comfort knowing that while my background is not the prototypical route, I could still excel. And the role I had before, while I was not a broker, I was working with our equity partners, doing the pitching and the underwriting, working with brokers on deals that bring us business. Working with legal and title insurance. Working with tax consultants. I know the challenges that those guys face and how it takes a lot of effort to get the deal to the finish line. So I had an understanding of the real estate world. I’m not going to pretend to know all the answers. I have a lot to learn. But I think having what I feel is a strength of mine is the levelheadedness to roll with the punches will serve me well.  

What goals have you set both short term and long term?

First, we have 30 to 35 producers. I know some of them. A lot I don’t. So I’m booked out with lunches to get to know my team. That’s my first priority. Getting to know the team and understand the dynamics the best I can. Second, CBRE bought this affiliation from Hubbell in November of 2022. I want to rebuild our brand. I want to re-educate the market that CBRE is on its own two feet and moved on from Hubbell. Long term is more broad. What is the right cadence of your sales meeting? What is the agenda? Quarterly check-ins and what is the proper interaction? I think it will evolve as I go, as I find the right routine. You have an office that’s rolling and you don’t want to get in the way, so you have to find the right balance.

What is your management style?

Very transparent. Over communicate. I have a rule to get back to people within 24 hours. Email, text, whatever it might be. I may not have the answer, but just let people know you’ve heard them. Communication is critical. I value the little things tremendously. I’ve been called a lot of things, but fake is not one of them. I usually wear my heart on my shoulders. It’s active engagement and listening to your people. I think that’s a key component to leadership, whether it’s transparency, communication, positive attitude, active engagement and listening to your people. I honestly feel like it’s that simple.

Where does the commercial real estate market in Central Iowa stand and where do you see it going?

We’ll start with the elephant in the room. What we’re experiencing is this ever-looming return to office, return from home. I don’t think anybody knows where that’s going to end. I think directionally at some point we will get back to more of an expectation of you need to come in. Everyone is involved and close. But if you need to go for an appointment or family, just go and do your thing. The flexibility is there. Your work speaks for itself. The commercial real estate office has a long way to go. There’s a lot of good happening in industrial. Retail is making a comeback. Multifamily is crushing it in this market. So that’s where a lot of our attention is, but we still value the office sector tremendously, and we feel like we’ll get back. Timingwise, no one knows.

Did CBRE’s move into its new office make it easier for you to hit the ground running?

Having an opportunity to lead post-Hubbell, I can’t say how grateful I am for the opportunity. It gives me a great chance to find my path. I wish I could tell you I’m there yet, but I’m not. I have great people behind me to keep me in check. But I think the timing worked out well to help set some direction.

What is a podcast you would recommend?

I love the “All-In” podcast. It’s four guys. They’re all in the tech world. Very successful businessmen and entrepreneurs. But their all-in is based off their passion for poker. They condense the week’s current events and discuss it. They are on both sides of the aisle. They have a wide range of views. That’s my go-to consistent podcast.

Tell us something people may not know about you.

I like to grill. My wife is the cook, but I can man the grill. I joke that my talent is realizing I don’t have any talent. Woodworking? No. Am I a handyman? No. It’s just the little things. Taking the kid to the park. Spending time together. We do family walks a lot. Not to sound all philosophical but we started realizing as we get older that time is of the utmost importance and time is flying by. So we’re enjoying this time with our daughter. See her personality coming out. I’m dreading the teenage girl years, so I’m just really enjoying this time right now.

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AT A GLANCE
Age: 35
Hometown: West Des Moines
Family: Married, one daughter
Education: finance major with minor in international business from Iowa State University.
Activities: Spending time with family and friends, outdoor activities, exercising, traveling, cooking and grilling, and golf.
Contact: Ajay.Kalra@cbre.com