Ensuring Continual Progress Of The Construction Industry

In an interview with Real Estate Business Review, Brooke Walbuck, Senior Director, Business Development, Webcor, shares her thoughts on investing in the current real estate landscape with an extensive understanding of the latest market developments.

Could you give us an overview of your current roles and responsibilities?

My career began in real estate, where I worked as a broker in Oregon for eight years. However, the impact of the great recession led me to completely change directions. I relocated to Los Angeles, pursued a degree in interior design, and embarked on a successful career in the design industry.

After gaining valuable experience in business development for a contract furniture dealer, I had the opportunity to work on highprofile projects with renowned design firms and entertainment clients. After being involved in winning a large Google project, I was recruited by HKS architects as the leader of business development in Los Angeles.

Could you elaborate on the challenges that you have encountered?

 In the current market landscape, various external factors beyond our control are exerting a significant influence. We are witnessing rising interest rates and a dip in rental prices. Additionally, construction costs and escalations have become notable contributors to the challenges we face.

After spending five years in the architecture and design world, I was recruited by Webcor as a general contractor. From real estate to design and now construction, it has been an exciting and fulfilling adventure

From your experience, how has the real estate domain evolved over the years?

The real estate market has experienced significant shifts since the last recession, particularly in relation to the focus on work and the open workplace concept. As remote work became with the onset of the pandemic, it dramatically changed the entire landscape.

As we navigate through the current hybrid environment, we encounter both opportunities and challenges within the real estate market, particularly in the office sector. This dynamic real-estate environment presents new and exciting developments, but also requires careful consideration and adaptation to address the evolving needs of businesses and their workspaces.

The construction industry is also experiencing a notable shift towards the adoption of innovative technologies. Particularly, the advancements in AI have made a significant impact on revolutionizing the construction processes. These groundbreaking technologies are reshaping the construction landscape and unlocking new possibilities with increased efficiency

Particularly in Los Angeles, even approved and entitled projects are experiencing delays or being put on hold. These circumstances have instilled hesitation and caused the market to experience a substantial slowdown. 

It is crucial for industry professionals to closely monitor these trends and adapt their strategies accordingly to effectively navigate the evolving market conditions.

How are you pivoting your approach to mitigate these challenges?

Within Webcor, we are fortunate to possess a diverse range of clients and projects as part of our portfolio. During these dynamic times, we strategically shift our focus and delve deeper into sectors such as aviation, which are experiencing remarkable growth and development.

 In the Los Angeles and Southern California market, significant investments are being made, particularly with the upcoming Olympics, World Cup, and various other exciting events on the horizon. These opportunities create an environment brimming with potential, and we are wellpositioned to capitalize on them, leveraging our extensive experience and expertise to deliver exceptional outcomes for our clients.

Are you currently working on any new projects?

Our current project range encompasses a variety of impactful endeavors. Notably, we have been engaged in the Silver Lake Reservoir infrastructure project for many years, and we are currently embarking on phase four, which will bring significant benefits to the community.

Another exciting venture is our collaboration with HKS on the development of Chasm, a digital immersive sports bar located near SoFi Stadium at Hollywood Park in Inglewood. Furthermore, we have successfully completed a remarkable 13 to 14 acres of high-end retail space in close vicinity, adding on to the vibrancy of the area.

We recently achieved Temporary Certificate of Occupancy (TCO) for a flagship project for Brookfield, which is a magnificent 57-story luxury residential high-rise aimed at setting a new benchmark for refined living in Los Angeles. These endeavors showcase our commitment to delivering exceptional outcomes and making a lasting impact on the built environment.

What is your advice for your peers in the industry?

It is imperative for the real estate industry to persevere and maintain its momentum in the face of current challenges. We must collectively recognize the importance of driving construction projects forward and propel our industry to new heights. Now, more than ever, it is essential for us to unite, adapt, and forge a path towards a brighter future for our industry.