SIOR: Nevada Chapter
Society of Industrial and Office Realtors
Dear Friends and Colleagues,
As 2009 President, I invite you to take a few moments to peruse the following pages, which highlight the Nevada Chapter of the Society of Industrial and Office Realtors (SIOR) in a special supplement to the Nevada Business Magazine. Inside these pages, you will meet some of Nevada’s top brokers whose high level performance and unwavering ethical code have earned them one of commercial real estate’s top distinctions.
SIOR, which stands for “Specialist, Industrial and Office Real Estate,” is a global organization consisting of 3, 200 commercial real estate professionals, 2,800 of whom have qualified, tested and received the SIOR designation.
SIORs are top producers known for their market knowledge, commercial real estate expertise, and business ethics. Members must have a minimum of five years in the industry, complete prescribed educational courses, adhere to a legally binding code of ethics, and demonstrate proficiency by completing a specified number and dollar volume of transactions.
2009 continues to be a challenging year for commercial real estate in Nevada. However, SIOR members have taken a leadership role in the community, serving as resources of knowledge and past experience to help peers and clients through a difficult market. The chapter will continue to do so in coming months and will surely be at the forefront of the recovery.
The remainder of the year brings exciting developments from the chapter to assist in guiding the market back to fruition. A recently launched Web site at www.siornv.com serves as an informational resource to members and non-members alike with directories, helpful links and a calendar of upcoming events. And, the education committee is moving forward on its agenda of seminars which are sure to be a valuable source of information about local and global trends.
The Society of Industrial and Office Realtors (SIOR), Nevada Chapter has the collective wisdom of more than 400 years of combined experience in the commercial real estate industry. The 21 commercial real estate brokers on the following pages are ready and able to serve you with the experience, ethics and know-how to assist in local office and industrial transactions.
Thank you,
Kevin Higgins, SIOR Nevada Chapter President
Ethics and Dedication
With more than 3,200 members in over 590 cities and in 25 countries, the Society of Industrial and Office Realtors’ (SIOR), knowledgeable and experienced commercial real estate brokers, are making deals around the globe. SIOR is a professional affliate of the National Association of Realtors and is dedicated to the practice and maintenance of the highest professional and ethical standards. In addition to its broker members, SIOR also includes associate members for other industry professionals involved in commercial real estate. The association known worldwide for its commitment to business and industry by providing outstanding professional services, publications and educational programs.
In Southern Nevada, SIOR brokers are highly qualified professionals that are respected throughout the community. The local branch is dedicated to serving Southern Nevada in both the professional realm of commercial real estate as well as the community itself through various events and activities. Additionally, the association offers multiple seminars and training programs throughout the year for commercial real estate specialists. Led in 2009 by President Kevin Higgins, SIOR of Voit Commercial Brokerage, the organization represents the collective wisdom of over 400 years of combined experience in the commercial real estate industry. Currently there are 20 commercial real estate brokers in Southern Nevada holding the SIOR designation. Since 2001, the combined overall market transaction value from these brokers has been over $8 billion.
The following pages highlight current SIOR members and provide an insight into their views on the industry. These professionals, the most knowledgeable in the industry, also offer predictions for the future of commercial real estate in Southern Nevada.
Donna S. Alderson, SIOR
23 Years R.E. Broker
Senior Vice President
Industrial Specialist
CB Richard Ellis
P 702.369.4866
donna.alderson@cbre.com
What does it take to be successful in your field?
Hard work, patience, tenacity and the ability to solve problems.
What value do you receive from being an SIOR member?
Networking and sharing ideas and information with the most experienced and ethical professionals within my industry.
What advice would you give to someone new to your field or interested in joining your field?
Don’t give up! There is opportunity in a down market and the market will recover.
What is your market forecast for 2009-2010?
I believe we will be in a more positive economic environment by this time next year. I do not believe we will see significant industrial development in Southern Nevada in the next 3 to 5 years.
Randy E. Broadhead, SIOR
26 Years R.E. Broker
Senior Vice President
Office Specialist
CB Richard Ellis
P 702.369.4867
randy.broadhead@cbre.com
What does it take to be successful in your field?
Market knowledge — You must have the ability to communicate and a knowledge of the negotiating process.
Who is your mentor? Why?
John Knott. He is one of the best brokers I know.
In what ways have you become innovative or creative during the economic climate?
I have had to be more persistent. Deals are not easy anymore, more research is required. Know your client and take the time to understand all the issues.
What is your market forecast for 2009-2010?
It will continue to be a struggle, but will start to brighten next year.
Mike DeLew, SIOR
20 Years R.E. Broker
Senior Vice President
Industrial Specialist
Colliers International
P 702.836.3736
mdelew@lvcolliers.com
What advice would you give to someone new to your field or interested in joining your field?
Work hard to understand the product and market. Ask questions of seasoned developers, brokers, lenders, escrow agents, attorneys, contractors, etc., and listen - really listen - to their answers.
What is your market forecast for 2009-2010?
I certainly think we’ll be stabilized by 4Q 2009 and looking toward a sluggish recovery starting in 2Q 2010. One key will be lenders working with their borrowers when the borrower has the knowledge and expertise to navigate these difficult times. Economic expectations were too lofty for many developers and it is now easy to see how those levels were not sustainable. However, the pendulum has swung so far in the other direction that the current distressed price points are not sustainable either. If lenders can be patient working with their clients, I believe they’ll generally find that the reward will be there for both parties by not forcing price points lower via foreclosure and increasing the probability of full loan pay-offs.
Dan J. Doherty, SIOR
20 Years R.E. Broker
Senior Vice President
Industrial Specialist
Colliers International
P 702.735.5700
ddoherty@lvcolliers.com
Who is your mentor? Why?
Over the past 20 years doing commercial real estate I have had many mentors. My father is probably the most noteworthy. He told me if you enjoy what you do, you will never have to work a day in your life. Also, to treat people as you would like to be treated, and you will never have to look over your shoulder. Fellow SIORs are also great mentors such as Mike DeLew, Kevin Higgins, Dean Willmore, and Donna Alderson. These people continue to set the bar higher and make you reach in your abilities.
What is your market forecast for 2009-2010?
Expect to see a continued drop in sales pricing and lease rates. Sublease space will also exceed one million SF during 2010 and will be three times the typical amount we normally deal with. Activity will pick up in the next 12 months, but the amount of new space being added to the market via sublease, bank owned assets, and new construction will continue to exceed demand.
Michael Dunn, SIOR, CCIM
30 Years R.E. Broker
Senior Director
Office Specialist
Commerce CRG/
Cushman Wakefield Alliance
P 702-688-6913
mdunn@commercecrg.com
In what ways have you become innovative or creative during the current economic climate?
I have evolved and adapted to the aftermath of the financial storm by listening to better comprehend my clients individual circumstances and creatively develop strategies to achieve their goals.
What is the benefit to working with an SIOR member?
The reassurance of knowing that our mutual ethics will ensure ethical and honest business practices.
What is your market forecast for 2009-2010?
Commercial real estate conditions will worsen in Las Vegas through the balance of 2009 and a good portion, if not all of 2010, but opportunities are always present for those who are paying attention.
Art Farmanali, SIOR
15 Years R.E. Broker
Vice President
Industrial/Investment Market
Specialist
Prudential | IPG Commercial
Real Estate Services
P 702.547.1110
artf@prucres.com
What does it take to be successful in your field?
Strong market knowledge, good business ethics. Thinking outside the box is critical when traditional sales methods are not working.
What advice would you give to someone new to your field or interested in joining your field?
Work hard, continue with ongoing education and re-educate yourself. Be generous with your time, knowledge and personal resources to help others when you can.
What is your market forecast for 2009-2010?
The US economy is being severely tested in 2009 and the recovery will be slow in 2010. Property values would start to stabilize in second quarter of 2010. Investment properties will be trading in the 9 to 10% capitalization rates. The entire landscape in the real estate market is now changed.
Thomas G. Grant III, SIOR
28 Years R.E. Broker
Senior Associate
Industrial Specialist
Grubb & Ellis, Las Vegas
P 702.733.7500 (226)
tgrant@gelasvegas.com
What value do you receive from being an SIOR member?
Industry recognition as the best in our individual fields. Additionally, the education benefits are exceptional both in the local chapter as well as nationally.
In what ways have you become innovative or creative during the current economic climate?
Trying to offer better information and advice to potential clients and customers to increase value of service.
What is your market forecast for 2009-2010?
Buckle your seat belt! Things could get worse before they get better. I expect the Las Vegas economy and market to turn around by the Summer of 2010.
Kevin J. Higgins, SIOR
24 Years R.E. Broker
Senior Vice President
Industrial Specialist
Voit Commercial Brokerage
P 702.734.4500
khiggins@voitco.com
What value do you receive from being an SIOR member?
The value is in the people you meet, not only fellow SIORs but others related to the commercial real estate industry that value the SIOR’s knowledge and capabilities.
What advice would you give to someone new to your field or interested in joining your field?
Do not look for quick riches. This industry, like many, has to be mastered and understood. You are constantly learning, evolving and adapting in the current economic downturn.
What is your market forecast for 2009-2010?
The remainder of 2009 will be very challenging. In 2010 we will see the “start” of a better marketplace, but it will take time to recover.
Paul Hoyt, SIOR
14 Years R.E. Broker
Vice President
Industrial Specialist
Colliers International
P 702.735.5700
phoyt@lvcolliers.com
What does it take to be successful in your field?
I believe that hard work, building strong relationships and perserverance are the key elements to success in this business.
What advice would you give to someone new to your field or interested in joining your field?
The same advice I received when I started my real estate career. I was incredibly fortunate to begin my real estate career with an SIOR broker who told me that “we as brokers only have our knowledge to sell to the client.” I believe that this was true then and it is true today. I would inform the person that whatever discipline they choose (office, Industrial, retail or land) that it is critical that they know everything there is to know about every property in town. Clients choose brokers based on their knowledge and to be credible, you must have your pulse on the market.
What is your market forecast for 2009-2010?
I believe that we are close to the bottom in this downturn and we will bottom out by the end of the year. I think that we will start to rebound in the 1st quarter of 2010.
Pat Marsh SIOR
13 Years R.E. Broker
Senior Vice President
Industrial Specialist
Colliers International
P 702.735.5700
pmarsh@lvcolliers.com
What does it take to be successful in your field?
Patience, creativity, confidence. I don’t think anyone is immune to this economy. All brokers have suffered. The ones who will succeed are the ones who are patient with deals, because deals take much longer today than a year ago. They need to be creative, because straight “cap rate” deals don’t make sense anymore. And they need to be confident that they can make deals happen.
What value do you receive from being an SIOR member?
Besides the referral base (I receive about 2 referrals a year from other SIORs), the SIOR designation brings automatic credibility to me. This is particularly important in this market when we are competing more frequently with other brokers for business.
What is your market forecast for 2009-2010?
I believe we are getting close to the “bottom” of the curve now. I don’t believe, however, that we will start to see the curve turn upward anytime soon. Likely not until early 2010 when I believe we begin to see prices and rates slowly increase.
Tom Naseef, SIOR, CCIM
30 Years R.E. Broker
Corporate Broker/President
Office Specialist
Coldwell Banker Commercial
P 702.737.8000
tnaseef@cbcdistinct.com
What advice would you give to someone new to your field or interesting in joining your field?
Come with the mindset that you are now in business for yourself. You are going to get a desk, phone and hopefully some education. If you are lucky, you may be invited to work on a project to help you get started. Roll up your sleeves and expect 12-hour workdays.
What is your market forecast for 2009-2010?
Generally speaking, the residential market is ahead of the commercial market. The residential market bottomed out first. Now we are experiencing the same thing in commercial real estate. From an office standpoint, Las Vegas is generally about 6 months behind Phoenix. My CBC colleagues tell me that Phoenix is a lot worse off than Las Vegas right now. My belief is that the office market is in for a rough ride for a while. I see activity, but the office market is extremely saturated with available space.
Patricia A. Nooney, SIOR, CCIM, CPM
20 Years R.E. Broker
Managing Director
Office Specialist
CB Richard Ellis
P 702.369.4812
patricia.nooney@cbre.com
What does it take to be successful in your field?
Perseverance, dedication to doing what is right for your client, continuous education on market trends and finding better ways to better service you clients.
Who is your mentor? Why?
I have been lucky to have many experienced professionals to learn from since I started in the business. My first and most long-standing mentor has been my father.
What is your market forecast for 2009-2010?
There will be continual challenges in the market. I believe we will reach the bottom in the second half of 2009, but then, it will be a slow climb upward.
Gregory Pancirov, SIOR
12 Years R.E. Broker
Senior Sales Associate
Industrial Specialist
Colliers International
P 702.836.3734
gpancirov@lvcolliers.com
What is the benefit to working with an SIOR member?
Time and knowledge. Given the years of experience, an SIOR typically makes the real estate transaction a little easier for the client which enables them to keep focused on their own work.
What is your market forecast for 2009-2010?
This is a little like asking Christopher Columbus what he expects to find in his journey. I believe the market could really go one way or the other at this point. There is so much happening that not only affects Las Vegas, but the world economy. Everyone and everything is so tied together today and has such an impact on the other. Locally, the hotel and airline industries are doing what they need to do to make Vegas an attractive and affordable vacation. Being an optimist, I feel that if we can keep the hotel industry relatively healthy during the tough time, it will trickle down to the ancillary service industry and residents, and Las Vegas will be poised for a good comeback when things return to normal again.
Brad Peterson, SIOR
25 Years R.E. Broker
Senior Vice President
Office Specialist
CB Richard Ellis
P 702.369.4809
brad.peterson@cbre.com
What value do you receive from being an SIOR member?
Great networking opportunities and having a designation that people respect enough to trust you with their commercial needs.
What advice would you give to someone new to your field or interested in joining your field?
Come to work early, pay attention to detail, work long hours and network.
Who is your mentor? Why?
My father. He taught me to care about the client.
What is your market forecast for 2009-2010?
This is a great user market. It has been and will continue to be tough on the landlords and sellers.
E.J. Paul Sweetland IV, SIOR
11 Years R.E. Broker
Vice President
Industrial Specialist
Colliers International
P 702.836-3709
psweetland@lvcolliers.com
In what ways have you become innovative or creative during the current economic climate?
This economic downturn has helped me to really polish my professionalism and market knowledge, and to be extremely proactive in assuring that when you have a potential deal that you are hands on in keeping that deal together.
What is your market forecast for 2009-2010?
For end user building sales, I believe that even though interest rates, loan fees and building prices will be at historic lows, some companies that are considering buying may lean towards leasing space or a lease with an option to purchase in order to weather the downturn. For building leasing I believe that although we will see an increase in vacancies, we will see an increase in activity of tenants moving around to take advantage of the low lease rates and incentives.
Taber Thill, SIOR
8 Years R.E. Broker
Senior Vice President
Office Specialist
Colliers International
P 702.836.3796
tthill@lvcolliers.com
Who is your mentor? Why?
I have two mentors, Tom Stilley and Lizz Stilley. Tom is a natural problem solver with the ability to craft creative solutions to get the deal done where others would be lost. Lizz is stickler for detail and organization who keeps the process moving forward. Both have an incredible work ethic and have pushed me to be a better broker and person.
What is your market forecast for 2009-2010?
The majority of the deals done over the next 2 years will consist of existing companies looking to take advantage of the low lease rates and concessions by renewing early, and companies with leases expiring facing the decision of renewing or relocating. Should the National economy stabilize within the next two years, look for a two to three quarter lag time for our market to see a positive recovery.
Soozi Jones Walker, SIOR, CCIM
30 Years R.E. Broker
Corporate Broker / President
Office Specialist
Commercial Executive Real Estate Services
P 702.316.4500
soozi@commercialexecutives.com
What is the benefit to working with an SIORmember?
They are proven experts that are honest, ethical and experienced. Cooperative by design and nature, these brokers know what it takes to complete a transaction. They are committed to the industry and will not disappear in the night when a transaction gets challenging.
What is your market forecast for 2009-2010?
I believe the next 12 months will be the most challenging for the commercial market that we have seen in the past 10 years. Vacancies are high and will continue to climb for the next 6 to 8 months. For tenants, it will be a fabulous market, but use caution. Make sure the landlord you sign a lease with has the ability to perform. For buyers, I again believe the market is great. Prices are down for the first time in several years. There are many investors looking to purchase and the next 12 months will provide excellent buys and interest rates.
Xavier Wasiak, SIOR
19 Years R.E. Broker
Senior Vice President
Industrial Specialist
Grubb & Ellis, Las Vegas
P 702.733.7500
xwasiak@gelasvegas.com
What advice would you give to someone new to your field or interested in joining your field?
Take your time and be patient. Work hard and in time it will all come together.
In what ways have you become innovative or creative during the current economic climate?
I’ve taken different approaches to communicating with my landlords. I spend time determining what information to educate my landlords with, in order to help them in their decision making.
What is your market forecast for 2009-2010?
Slow with a good chance for an upturn in late 2009 to mid-2010. All tenants will be hard fought for and vacancy rates will continue to increase through 2009 as rental rates drop. Sale prices will continue to drop with little arms length in sales activity until late 2009 or early 2010. Land prices will continue to drop.
Dean P. Willmore SIOR
24 Years R.E. Broker
Senior Vice President
Industrial Specialist
Prudential | IPG Commercial
Real Estate Services
P 702.547.1110
deanwipg@aol.com
What advice would you give to someone new to your field or interested in joining your field?
I would tell them that becoming a commercial real estate broker is a lifetime career decision and not a “get rich quick” scheme. It takes years to build a foundation and develop relationships, but it can be one of the most challenging, lucrative and enjoyable careers you could ever have.
What is the benefit to working with an SIOR member?
As a customer, you want to work with a broker that has earned the SIOR designation, because they have the experience, market knowledge, credibility, competency and business ethics to effectively handle your business real estate requirements.
What is your market forecast for 2009-2010?
I believe industrial building prices are close to and may already have bottomed out. Industrial rental rates are bouncing all over the place and there is no rent stability whatsoever. I don’t believe industrial rents will start to stabilize until the fourth quarter 2009. The industrial land market will not recover until 2010.
Charles W. Witters, SIOR
24 Years R.E. Broker
Senior Vice President
Office/Investment Specialist
Lee & Associates Commercial
Real Estate Services
P 702.739.6222
cwitters@leelasvegas.com
Who is your mentor? Why?
John Earnhart, SIOR, Lee & Associates, City of Orange and Ontario, California. John recruited me from Fluor Corp. and greatly assisted in my initial training as a commercial real estate broker. John guided me to become an “active office” member of SIOR in 1990 and while John is now retired, I still call him for advice.
In what ways have you become innovative or creative during the current economic climate?
I now work on smaller deals and try to execute as many deals as possible. I have joined a group of investment brokers in the Western United States to obtain listings for commercial real estate which has gone into default or appears to be headed for default. Now is the time to work harder and smarter.
What is your market forecast for 2009-2010?
As an office broker, I see the office market continuing its decline for the remainder of 2009 and commencing a comeback in 2010, if the local and national economy starts to rebound and create the jobs we need in the Las Vegas Valley that lead to office space absorption.
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