Nov. 17, 2013
/PRNewswire/ -- Hamid Moghadam, CEO and Chairman of
, has been named the
National EY Entrepreneur Of The Year™
2013 Real Estate, Construction and Lodging Award winner
. Moghadam was also awarded the
National EY Entrepreneur Of The Year 2013 Overall Award
, chosen from a group of 10 separate category finalists. The EY Entrepreneur Of The Year Award is the country's most prestigious business award for entrepreneurs. The award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
Moghadam was honored for his ability to not just see trends, but for having the courage to do something about them. He was honored at the Entrepreneur Of The Year Awards gala, the culminating event of the
EY Strategic Growth Forum®
Palm Springs, Calif.
The Forum is the nation's premier gathering of high-growth, market-leading companies. Awards were given in 10 additional categories.
The EY Entrepreneur Of The Year Award winners were selected by an independent panel of judges and from more than 250 regional award recipients.
"Entrepreneurship is embedded in this industrial logistics real estate firm's DNA by design. Moghadam created a decentralized structure that allows his company to combine a global reach with a strong local presence — and to give back to communities all over the world," said
, EY Americas Director, Entrepreneur Of The Year.
Location, location, location … and timing
It's often said that success in real estate is all about location, location, location, but that's only partly true. It's also about timing the market. By anticipating and then taking action to respond to developing market trends, Moghadam has guided Prologis through three decades of sometimes turbulent economic conditions. In fact, his timing was impeccable in 2011 when, as CEO of AMB Property Corporation, he merged with his former competitor to form the company that now ranks as the world's largest owner, developer and operator of industrial logistics real estate – and assets have tripled since the merger.
And Moghadam didn't just get lucky with timing the Prologis merger – AMB became profitable and even successfully anticipated the collapse of the office building market in the late 1980s. Moghadam recognized that changing demographics, combined with overbuilding in office complexes, would lead to soaring vacancy rates. He redirected AMB's investments to focus on industrial parks and shopping centers. That decision positioned AMB to thrive during the 1990s and set the stage for the company's IPO in 1997.