GlobeSt.com: Utilizing your knowledge, both built during your long career and through your multi-market expertise, which product types do you see as the right ones to focus on for the next year or two?

Voit: Clearly, this too is a local or regional question. However, with made in America on a strong comeback, it’s not surprising that industrial product is gaining momentum in almost of all our markets, including spec development in the Inland Empire as the larger product there is now fully occupied. Multifamily, which has been particularly strong following the mortgage crisis, will continue to be a key product type for the next several years. Supply is simply not keeping up with growing demand, which is increasing investment sale activity, as well as new development.

Retail will grow stronger as consumer confidence comes up. We have added several strong retail teams in our regions in anticipation of a healthier market in the next year or so. While leasing remains fairly challenging, retail investment sales are once again becoming popular in many regions. Office product will, of course, have to wait until job creation is more consistent before the true vacancy numbers decrease and before any reasonable rent increases take place.

GlobeSt.com: What would you say are the keys to running a commercial real estate firm through multiple market cycles?

Voit: Vision, a nimble attitude and a good reputation are the keys to thriving and surviving the ups and downs of various cycles. And of course, hard work is also required. Voit Real Estate Services has become arguably one of the strongest commercial real estate firms in the Western US based on our long-term relationships with our financial partners, as well as our willingness to not only see when the market is changing but to also respond to our clients’ changing needs. During this distressed cycle, Voit was among the first and only firms to truly understand what the banks and other owners would need. From there, we developed the right model to meet all those needs in our company, and hired and trained our teams to work together in order to seamlessly provide top-level service, from the vision for the real estate through the detailed steps that were required for implementation of the plans.

GlobeSt.com: What’s next for Voit Real Estate Services?

Voit: As banks begin to clear their distressed properties off their books, and many markets are now stabilized or stabilizing, Voit anticipates that many institutional investors will be purchasing existing assets in order to increase the value of these properties. Our firm has a long history of working with institutional investors, both as third-party clients and as joint-venture partners, to successfully reposition, renovate or redevelop, market and bring commercial real estate product to a higher use and a stronger value. Voit’s top-flight team of experts in each part of the process are now poised to accept new assignments in this arena. We expect that this work will become a larger part of our firm’s focus for the rest several years.

GlobeSt.com: What advice would you give to someone who is newer to real estate as a career?

Voit: If you have a true passion for real estate, this industry offers tremendous opportunity—not only financially, but also as a truly rewarding challenge. While many will try to perform their jobs in a perfunctory manner, the reality is that those who thrive and reach the upper echelon will be those who reach for a higher level of knowledge, service and creativity in their approach. Younger associates will do well if they put in the hours to truly learn their role, participate in industry associations in order to build their networks and their knowledge, and also become involved in charitable work in their community. Often, people don’t begin their charitable roles until they become older, but the joy of creating a better community through combining real estate and charitable work is rewarding at any age. In addition, the people and experiences that can be gained from working with other civic-minded professionals provides a great opportunity for younger professionals to make strong connections, and even to find important mentors.

Bob, your firm is now 40 years old, and you’ve been quite successful. Why are you still doing this?

For people like me, real estate becomes part of who you are. I am still seeking the next great project, the next opportunity to successfully increase the value of a community as a whole, and of course, the next chance to not only create a financial success, but to enjoy the excitement of the journey on which real estate can take me. I am also excited to mentor more young people in our profession, to see our firm reach new heights, to enjoy the success of my team members in their work, and to work together with new and continuing associates, clients and partners. To me, the idea of coming to work tomorrow is filled with the potential of what is yet to come.

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