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SAN FRANCISCO-“Go for it, but have a plan. Success is not in our nature, it's in our habits.” Those were George M. Marcus' parting words to a group of Urban Land Institute members at a special event held last week at the City Club in downtown San Francisco.
Marcus, the founder of Marcus & Millichap, was the featured guest as part of the Urban Land Institute San Francisco chapter's “Icons” series, an annual spotlight of a Bay Area individual who has had an impact on the local communities and the nation. He was interviewed by Mike Covarrubias, chairman and CEO of TMG Partners.
In a one-on-one conversation, Marcus revealed that his primary mission in life has been to improve the commercial real estate industry. Though he is often described as deal driven, he disagrees with the moniker.
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“My career is not about the deal, it's about the strategy,” he said. “You have to have a defined strategy and for me, it was about the client. You have to be thinking about local markets and you can definitely add value through your representation.”
Addressing the question if the Bay Area is becoming a bubble market that could potentially burst, Marcus referenced the continued robust economy and the geographic diversity of the area as insulators. Still, “you have to be thoughtful and you have to have a plan,” he said.
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Referring to the potential in the commercial real estate industry, Marcus said that “All of us can thrive and prosper together, there is enough for everyone.” He also noted how Marcus & Millichap began forecasting supply and demand trends 35 years ago, as an example of how he hoped to “differentiate his own firm and heighten the level of industry sophistication.”
When it comes to defining moments in his own career, Marcus gave high praise to Marcus & Millichap co-founder William Millichap. “When Bill came into my office back in 1971, it was the luckiest day of my life. I moved out of the way.”
His primary advice to those new to the industry is to find mentors. Marcus noted that one of his own iconic mentors was Hal Ellis, the founder of Grubb & Ellis. “He had the highest integrity and that is so important in our world,” he said.
Marcus runs several companies, including Essex Property Trust, a publicly traded multifamily REIT and Summerhill Homes, a homebuilder in the Bay Area. “I've always believed that companies should be diversified. Diversity matters.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
