Part 1 of 3 Mini-Episodes
UPDATED INTRODUCTION
Since this episode and the subsequent two episodes (Episodes #12, #13, #14) were recorded in March 2nd, 2020, the COVID 19 crisis has accelerated dramatically internationally and especially in the United States. The context of these interviews are “pre-crisis” and the ideas discussed regarding real estate markets and business in a relatively “normal” economy. The current environment basically puts most of this, other than historical perspective, “on hold.” If Spencer and I were to rerecord this series of interviews, the content and perspective would be significantly impacted. Nevertheless, the overall concepts and suggestions made are worthwhile considering with the idea that much will be reconsidered.
To add some contrast, I am adding a link to CBRE’s recent webcast called “COVID-19 Impact on Commercial Real Estate” . This addresses the impact, as of March 18, 2020.
His Bio and Background
Bio
Spencer Levy is Chairman of Americas Research for CBRE and Senior Economic Advisor for CBRE. He plays an integral role in the development and implementation of the global research strategy and business plan. A CBRE veteran of more than 10 years, Spencer had previously served as Executive Managing Director in the company’s Capital Markets division.
Mr. Levy oversees the analytical activities of the CBRE research community within the Americas region and is responsible for the management of hundreds of professionals who are focused on producing market-leading insight and interpretative analysis on the latest real estate trends. Mr. Levy supports CBRE executives in their decision-making by providing insight into the impact of market trends related to strategic business planning, and analyst call preparation.
He serves as principal external spokesperson on real estate issues in the Americas region and has considerable media experience, providing market commentary for many national television, newspaper and internet outlets.
Mr. Levy joined CBRE in 2007 to lead the U.S. Eastern Division of the Capital Markets platform. Since then, he has assumed positions of increasing responsibility. As a part of senior management for the Capital Markets platform, Mr. Levy provided leadership for several areas in the United States and Latin America. Mr. Levy provided additional oversight of Retail, Auction and Investment Banking in the United States. He also directly serves a number of major clients.
Mr. Levy is a frequent speaker before industry groups, including NAIOP, ICSC, ULI and CREW. In 2010, he won CBRE’s Gary J. Beban Teamwork Award, which acknowledges professionals who take a multi-disciplinary approach to client service. Mr. Levy currently serves on the Board of Directors of the Baltimore Leadership School for Young Women.
Prior to joining CBRE, he was a principal at Stifel Nicolaus (formerly Legg Mason Capital Markets), a leading investment bank serving the real estate industry, where he played a significant role in M&A, IPO and private capital-raising activities. Before that, he served as assistant general counsel at the Witkoff Group and was an attorney at Fried Frank Harris Shriver & Jacobson and Jones Day Reavis & Pogue.
Mr. Levy resides in Owings Mill, Md. with his wife and three children. He is a graduate of Cornell University and Harvard Law School.
Show Notes
This is the first of three “mini-episodes” with Spencer Levy, whom I met in 2002 when we worked together at Legg Mason and stayed in touch through his transition to Stifel Nicholas and subsequently to CBRE. Spencer has built up quite a following online with his highly visible job as Head of Research for CBRE. While technically, Spencer is not a DC Icon, he has developed an international following with influence in many markets, including the Washington region.
This first episode is about Spencer’s background and career trajectory leading to the subject of his upcoming book about public speaking with some recommendations about its techniques. Here are more specific highlights of this conversation:
- Role at CBRE (3:00)
- “Johnny Cash of real estate” (3:20)
- Dad a real estate lawyer in NY and was an influence (3:56)
- Grew up in Harrison, NY (4:00)
- Worked real hard beginning at 16 yrs. old- hard with work/life balance (4:30)
- Cornell University (5:30)
- Dad’s work ethic and “putting the clients first” and “being the most ethical guy” he knew (6:10)
- “Teach Your Children Well” (6:50)
- Treat people the same way with everyone (7:08)
- Harvard Law School (I worked very hard) (7:38)
- Practiced law for 5 yrs. (7:50)
- Said that his Dad could have been a broker, but was a lawyer (best salesman he ever met) (8:25)
- Think creatively as possible switching from law to banking (9:14)
- Always selling when speaking with clients (9:33)
- How to bring facts and figures to life–through storytelling! (10:00)
- Married a lady from Baltimore and he wanted to shift to banking from law with Legg Mason (10:25)
- Liked bankruptcy law yet his father’s influence in real estate (11:40)
- Then went to Witkoff Group as in house lawyer (12:10)
- Dick Himelfarb at Legg Mason hired him to be a real estate investment banking analyst initially (13:20)
- Bring experience to bear with every day speaking (14:00)
- Worked with Tom Robinson, Keith Getter, Jeff Rogatz, & Jon Mahan at Legg Mason
- Legg Mason sold its investment banking division to Stifel Nicolaus (15:00)
- CBRE offered him opportunity to lead capital markets in 2008 and then read TARP and was reassigned to “Restructuring Services” (16:40)
- Led to “Research” position he now has. Also, it led to his public speaking activity (17:50)
- Given more speeches than anyone in the CRE business (18:40)
- First draft of a book he is writing is done (19:00)
- “How to Speak in Public as a Corporate Professional” “Public Speaking Rockstars” (19:44)
- Public speaking is the lowest hanging fruit (20:20)
- No such thing as a killer chart…only persuasion (20:45)
- Writing book in his voice (21:10)
- First speech professionally in 2008 was “read” and was horrible (27:00)
- Worked on speaking diligently since then (22:44)
- In 2015 he gave a speech about economics that had a standing ovation (23:00)
- Advice about speaking
- Knowing basics- “Speak Like Churchill, Stand Like Lincoln” (23:50)
- Courage- Goal is To Win- Give best speech- storytelling (24:30)
- Practice more important than actual performance (25:30)
- Value brought to CBRE-
- Improve quality of brand (26:25)
- Wins on business relationships (26:40)
- More intangible things most important (27:00)
Subsequent Mini-Episodes
- Episode #13 will address CBRE’s International influence and the commercial brokerage industry
- Episode #14 will address CBRE’s Washington area influence and market conditions of each product type regionally (office, retail, industrial, apartment, senior housing, student housing & data centers)
