10/19/2007

Five Questions with Brooks McCabe of NAI McCabe Henley

by

Mr. McCabe

Brooks McCabe formed commercial real estate firm McCabe Henley with John R. Henley in 1980. He has a Doctor of Education degree from West Virginia University and master's of Education Administration and B.S. in Management Engineering, both from the University of Vermont. In 1995, he and Henley were named West Virginia Real Estate Entrepreneurs of the Year by Inc. Magazine.

CREF: How did you get into the real estate business?
BM: My background was in planning and community development and I was working in state government. I had AICP (American Institute of Certified Planners) designation, but West Virginia was not an active market for certified planners, so I figured the best way to get into community and economic development was through commercial real estate. That was the avenue I took 25 years ago and I've been at it ever since.

CREF: What deals have been your most memorable?
BM: We have been very active in the downtown redevelopment of Charleston, W.V. We've done a number of historic preservation projects here and also in Fairmont, W.V.

CREF: How has the industry changed since you've been involved?
BM: It's become more sophisticated. In West Virginia, we now have a number of commercial brokers across the state when 25 years ago, there were two firms. Now there are several. Also, the national firms have come into the secondary and tertiary markets and now have a presence. The consolidation of national companies has had a significant impact. We've chosen to line up with NAI Global in order to have a national presence in our local market and it's proved to be very beneficial for us. The industry has also become in some ways more centralized and recognized as a broad-based profession and career path. When I started out, few people viewed commercial real estate in West Virginia as a solid career path.

CREF: How does the market look over the next 12 months?
BM: Overall it has been stable but has picked up in the last few years. The Class A market remains strong, the industrial market remains strong with the least amount of vacancies. Housing has been very strong in certain markets until this year, obviously that has weakened. I see the coming year as developing modestly.

CREF: What literature do you read to stay up-to-date?
BM: I read professional magazines, the Wall Street Journal and several local newspapers. I also read books that relate to planning, community development and new urbanism. And also books relating to economics in market formation.

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