OBX Commercial Real Estate Newsletter: May 2021

OBX CRE Spotlight

Lang Williams

Senior Vice President, Principal

• Born and raised in Richmond, VA
• University of Virginia graduate
• 10+ years in Colorado
• Board Member SIOR
• Live in Norfolk with my wife and two teenage children
  

How long have you been working in commercial real estate?

How did you first get into real estate?

After 2 years teaching skiing in Crested Butte, CO, I moved to Denver looking for my first "real" job. My father gave me the idea of trying commercial real estate, saying his friends in that business "play a lot of golf and do well financially." I don't play golf but fortunately have enjoyed success professionally. I cold called top Denver commercial real estate firms, and took a job in 1995 as an office "databank" researcher for what then was known as CB Commercial.

What was your first CRE transaction?

Believe it or not I track every assignment completed in my career (697 so far...) in a monster Excel spreadsheet. After about 15 months as the researcher I joined the "Southeast Denver" Office Team and the first assignment was a landlord leasing assignment for 6,298 square feet in a 2-story office building in Inverness Office Park back in 1997, shortly after transitioning as a researcher to a "runner" for the Southeast Office Team.

 

What was your most memorable CRE transaction?

What's your favorite part of working in CRE?

What's the biggest misconception about CRE?

Commercial real estate means something different to just about anybody who is not involved in the CRE industry. Perhaps the biggest misconception is that developers stack the cards in their favor and achieve great success very easily. The truth is far from that.

 

I have great respect for the numerous first-rate developers with whom I have completed business. They have to have incredible patience and intestinal fortitude to navigate entitlement and approvals just to get municipal approvals for a project, not to mention a high risk tolerance given no certain outcome for landing a creditworthy tenant.

 

 

How would you describe the commercial real estate market in northeastern NC and the Outer Banks?

People unfamiliar with our region may not know Northeastern NC is actually part of the greater Norfolk MSA. No doubt a great place to visit for beach-lovers, but also an up-and-coming region that has potential to leverage Port of Virginia maritime, logistics, and manufacturing activity.

 

Can you share one great piece of advice for someone looking to buy/lease commercial property or land?

What is your favorite thing about the Outer Banks?

What's your favorite way to spend your free time?