2023 New Year Presidents Message

WELCOME TO A NEW YEAR OF HRACRE!

            As we begin the New Year at HRACRE, I sense a lot of optimism and excitement within HRACRE, despite the abundant, mixed opinions about the direction of our economy and the local commercial real estate sector.  I share that optimism, knowing that HRACRE enters 2023 in great condition, and believing personally that our economy is fundamentally strong, even though it may be headed for a brief downturn, before rebounding later in 2023 as the current drags on the economy hopefully start to recede.  And remember, as the economists remind us, that the stock markets are NOT the economy!

  But I am no economist, or even an economic prognosticator; fortunately, though, we have a very good one coming to speak to us next week!  Hurry to sign up for what is typically our best-attended luncheon of the year – the Wells Fargo Economic Forecast luncheon, at noon on Friday, January 13.  After many years as our featured speaker, Mark Vitner retired last September, so we are excited to host Wells Fargo Vice President and Economist Charles Dougherty, at the Doubletree by Hilton Hotel Norfolk Airport, at 1500 N. Military Highway, in Norfolk.  Come hear Mr. Dougherty’s analysis of where our national and regional economies are headed, and then put his insights to work as you implement your 2023 business plan.  It’s just another example of the value you get from your HRACRE membership!

            You may have noticed that our good friend and great leader Jim Toups’ smiling face no longer graces this page.  HRACRE’s leadership changes each year with the calendar, and it is my honor to serve as HRACRE’s President for 2023.  On behalf of our entire membership, I express my deep appreciation to Jim for his great stewardship of HRACRE during 2022.  He was an exemplary leader, ever calm, good-humored and thoughtful, while remaining laser-focused on the long-term interests of our organization.  Jim employs a gentle skill at mentoring his officers and Committee Chairs, often subtly couched as a concern about how he and HRACRE could support them in their work for the organization.  He has handed over HRACRE in great shape, ending 2022 with membership exceeding 550 members and a winning streak of outstanding events – the Oyster Roast, the Design Awards and the Holiday Party.  What you may not know is that Jim did all this after selling his business midyear, so for months, he had no marketing benefit from putting in all the work that he did – a genuine display of his altruistic commitment to HRACRE.  We owe a great debt of gratitude to Jim, and he leaves big shoes for me to fill as his successor.

            Please join me in congratulating President-Elect Bret Underwood, Secretary Ed Denton and Treasurer Bonnie Stretz, who were elected by the HRACRE Board at its December 2 meeting.  Bret will lead our 2023 Leadership Development efforts before succeeding me next year, and we welcome Ed to the “chairs” as our presumptive President for 2025.  Bonnie takes over from our veteran Treasurer Alvin Owens, after serving as Assistant Treasurer and Alvin’s understudy last year to observe how he masterfully guided and oversaw our finances for the past several years. 

            Over the coming months, you will hear from me about some initiatives that I hope HRACRE will be rolling out, but for now I will acknowledge that my biggest charge is simply “Don’t mess it up!”  HRACRE is on a definite upswing, with great momentum, and it is already by far the pre-eminent voice of the commercial real estate industry in Hampton Roads.  But, there are ways we can make the product we offer to the CRE sector, and how we deliver it, even better.  Please share with me your ideas as to how we can further improve HRACRE and enhance the value that HRACRE provides to its members, by e-mailing me at wnusbaum@williamsmullen.com or calling me at (757) 629-0612.  With your help, we can take HRACRE to even more successes.

William (Bill) Nusbaum
2023 HRACRE President