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Promoting and supporting initiatives that educate, expand,
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John Culbertson, SIOR, CRE
By Steve Bergsman
Let’s face the facts, it’s now four years into the
Great Recession and the industrial and office sectors
of the U.S. commercial real estate marketplace remain
extremely weak. The national vacancy rate for the
office sector at the start of the third quarter 2011 stood
at 16. 6 percent and for the U.S. industrial sector, 12. 7
percent, reports the National Association of Realtors.
Obviously, many individual markets are doing better than that, but there are some that are doing a lot
worse, one of which is the Las Vegas metro, which at
peak suffered a more than 16 percent vacancy rate in
industrial (since fallen about a percentage point) and an
office market that tipped 28 percent.
Yet, a dedicated core of commercial real estate brokers in Las Vegas have survived the down-turn – all
choosing a different path.
A spotlight on two SIOR members working in the
same Las Vegas company, Commercial Real Estate
Solutions, reveals successful but divergent paths.
Dean Willmore, SIOR, senior director for CRES,
after 30 years in the business, has been through a few
recessions in his time, but this one was different because
it wasn’t due to the usual causes such as overbuilding,
but instead to an economic downturn combined with
the removal of liquidity from the marketplace.
While things looked tough in Las Vegas, Willmore’s
good works in the past caught up with him. “What
goes around, comes around,” he says. “I took care of
my clients for the last 30 years and many have called
me to do work for them in the last three years, either
because of leasing needs, consolidation or moving to a
He asserts, “I reaped the benefits of taking care of
clients during the good times. I had clients that I hadn’t
spoke to in 10 years call me up and say, ‘you did a good
job for me back then, can you help me now with the
mess I’m in.'”
In 2009 and 2010, during the heart of the recession,
Willmore helped clients restructure leases and consoli-
date in workplace locations.
Mike Hillis, SIOR, CCIM
Chip Hurley, SIOR, CCIM
Andrew Jaffe, SIOR
Dean Willmore, SIOR
Danny Zelonker, SIOR,