Here's the problem. Customers don't compare you to other real estate businesses. They compare you to other businesses. If they can track packages online, why can't they track requests for building services? If they can easily search thousands of airfare options, why can't they do basic research on space available? If they can monitor their investment portfolios, why can't they calculate their remaining lease obligations online?

How can you help your customers achieve more value? Our first roundtable -- Chris Mundy of Equity Office, Bill Tresham of Trizec, Greg Vorwaller of CB Richard Ellis, and John Wallerius of Jones Lang LaSalle -- urged attendees to focus on core real estate services, reminding the audience that non-core ventures like telecommunications and e-commerce startups cost the industry hundreds of millions of dollars during the Internet Bubble.

According to Mundy, Equity Office's value proposition is to be the "industry's high-quality, low-cost provider" of office space. And to achieve this, he outlined four strategies -- shifting from a generalist to a functional model, increasing occupancy and retention, compressing lease cycle times, and partnering with brokers. Nothing exotic. Just basic real estate. (To be continued in Thursday's Dispatch)

--Peter Pike