One of the pioneers of the West Coast commercial real estate brokerage scene took a few minutes to sit down with Real Estate Forum West Coast editor Natalie Dolce for a frank discussion on the market and his business. In an exclusive interview, Robert Voit, chairman and founder of Newport Beach, CA-based Voit Real Estate Services, shared his secrets to success, lessons for industry newcomers and his thoughts on which investments to emphasize for the next year or two. Voit was also honored with the Lifetime Achievement Award at RealShare Orange County 2012, which took place on August 16 at the Hyatt Regency Irvine.

NATALIE DOLCE: The past few years were challenging. Yet in 2009, you opened new offices and increased your staff.

ROBERT VOIT: There's no substitute for knowing the local market. Regardless of whether we're doing acquisitions, leasing, asset services, property management, construction, valuation or dispositions, the fact remains that local expertise will greatly increase success. Voit's clients needed help in markets throughout the Western US, and we responded to that need by putting boots on the ground in our major regions. During the worst of the distress cycle, that need was particularly evident. As we come out of that period, our expertise in each market will assist institutional investors in selecting the right product, leasing and managing it and determining the best asset plan based on its value in its specific geography.

DOLCE: Which product types are the right ones to focus on in the next year or two?

VOIT: This, too, is a local or regional question. However, with the "Made in America" motto on a strong comeback, it's not surprising that industrial product is gaining momentum in almost all of our markets. 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.

Retail will grow stronger as consumer confidence comes up. We've 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 any reasonable rent increases take place.

DOLCE: What are the keys to running a firm through multiple market cycles?

VOIT: Vision, a nimble attitude and a good reputation are the keys to thriving despite the ups and downs of various cycles. And of course, hard work is also required. Voit's become arguably one of the strongest commercial real estate firms in the Western US based on our longterm relationships with our financial partners, our ability to see when the market is changing and our willingness to respond to our clients' changing needs. During the distress cycle, Voit was among the first firms to understand what the banks and other owners would need. From there, we developed the right model to meet all those needs and hired and trained teams to work together to provide seamless toplevel service.

DOLCE: What's next for the firm?

VOIT: As banks begin to clear distressed properties off their books, and many markets are now stabilized or stabilizing, we anticipate institutional investors will be purchasing existing assets to increase the value of these properties. We have a long history of working with institutional investors, both as clients and as joint-venture partners, to reposition, renovate or redevelop, market and bring commercial real estate product to a higher use and a stronger value. We expect that this work will become a larger part of our firm's focus for several years.

DOLCE: What advice would you give to a newcomer in this business?

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. 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 learn their role, participate in industry associations in order to build their networks and their knowledge and become involved in charitable work in their community. The people and experiences that can be gained from working with other civicminded professionals provides a great opportunity for younger professionals to make strong connections, and even to find important mentors.

DOLCE: Bob, your firm is now 40 years old. Why are you still doing this?

VOIT: For people like me, real estate becomes part of who you are. I'm still seeking the next great project, the next opportunity to 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. The idea of coming to work tomorrow is filled with the potential of what's yet to come.