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|Articles - December 2010|
|Wednesday, November 17, 2010|
Never mind that real estate remains in the throes of its worst downturn since the 1930s, with economists forecasting continuing difficulty even as the overall economy modestly recovers. National net worth, of which real estate counts for nearly a third, has fallen by $12 trillion since its peak in 2007. Just blocks from the NBS offices beside the Morrison Bridge, the Park Avenue West office tower has remained a giant hole in the ground for over a year, its stalled construction a symbol of the market looking to climb back to the surface.
“We’ve come through it before and we’ll do it again,” says Hering, a Portland-area native nearing his 70th birthday. “Good companies prepare themselves for the upside. You tighten your belt, you get efficient, and you make moves when the economy turns. Also, there is opportunity that comes about in down markets. When things are going well, people don’t look under the hood of the car much.”
Key to Hering’s success is how his personal values play out in his business decisions. There is no separating Hering the intractable Vietnam veteran from Hering the thoughtful Ivy League-educated businessman, or Hering the arts supporter from Hering the salesman. “The reason I’ve been here 29 years is very much Clayton,” says Jan Robertson, NBS’ chief financial officer. “He reminds all us managers that we’re here to make the community better and to make the workplace better for our employees. He always says, ‘Don’t stifle people.’ It’s not what you think of when you think of an ex-Marine.”
With measures from executive pay cuts to furloughs, Hering has laid off only two employees.Many of his staff have been with him at NBS for decades. “They all have families, responsibilities, hopes, aspirations,” says Hering, who has been with NBS since 1972. “You’ve got to deal with lowering your overhead, which we’ve done. But to me as a leader you must lead the pain and share the gain.” Hering also knows when the market tics upward, NBS will have people ready to capitalize. “We’ve got to encourage people to stay on the street, and we’ve got to stay optimistic.”
NBS also remains proactive in tough times. In the recessionary early ’80s, the company established brokerage, property management and finance wings in each of its offices. In the ’90s, Hering led a separation of NBS’ Northwest offices from those in California. In 2003 as the Dow Jones skyrocketed, the company established a private equity fund. In 2010, NBS Multifamily Management was launched to address the emerging middle-class apartment market and the wave of unsold condos turning to rentals. Each move and era had its own circumstances, but collectively it shows the company becoming more diverse and autonomous, constantly seeking new avenues to do business.
“I’ve been through a lot of economic cycles in 38 years,” Hering says. “I grossly misjudged this. I didn’t think we were overbuilt like in the last recession, but I didn’t anticipate how the capital markets would dry up. We were in the bottom. So we said, ‘Where can we build revenue?’”
In liberal Portland, Hering succeeds by tempering strong views about taxes (he wants them cut) and jobs (he thinks elected officials don’t focus enough on them) with diplomacy and humility. “He’s the best kind of salesman,” says Elaine Calder, president of the Oregon Symphony. “He doesn’t try to sell you what you don’t want. He listens to what you want.”
As Calder knows, these same principles apply to Hering’s arts support, even when it’s not to his personal taste. The symphony has counted him as a board member for more than 12 years, including two as president, even as he admits to preferring the Grand Ole Opry to Bach and Beethoven. “I’m a country and western fan, but I believe very strongly that arts and culture is critical to quality of life,” says Hering, who in 2009 won both the Portland Business Alliance William S. Naito Outstanding Service Award and the Commercial Association of Realtors Humanitarian of the Year. “It gives you the opportunity to step off whatever platform you’re working on all day, maybe getting your brains beat in. I believe it’s what feeds the soul.”
Perhaps it takes a leader with an Ivy League brain and a Marine’s courage to lead a real estate company to prosperity in the early 2010s. But like the country songs he loves, Hering is eager to turn anguish into aw-shucks poetry.
Thursday, August 13, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
Portland-based startup ImpactFlow recently announced a $5.7 million funding round. CEO and co-founder Tyler Foreman talks about matching businesses with nonprofits, his time at Intel and the changing face of philanthropy.
Thursday, September 24, 2015
BY KIM MOORE | RESEARCH EDITOR
The traditional model of sports teams using paid media to get their message across is disappearing as teams look instead to social media to interact with fans.
Wednesday, August 19, 2015
BY CHRIS NOBLE
Oregon is home to an abundance of gritty warehouses reborn as trendy office spaces, as well as crafty hipsters turned entrepreneurs. Does the combination yield an equally bounteous office products sector? Not so much. Occupying the limited desk jockey space are Field Notes, a spinoff of Portland’s Draplin Design Company, and Schuttenworks, known for whittling Apple device stands. For a full complement of keyboard trays, docking stations and mouse pads, check out the GroveMade line, guaranteed to boost the cachet of even the lowliest cubicle drone.
Wednesday, September 30, 2015
The refugee crisis has put immigration and border issues on the front burner, in Europe and at home. In Oregon, attitudes toward illegal immigration haven’t changed dramatically since 2006.
Tuesday, September 22, 2015
BY JASON NORRIS | CFA
On September 17, the much anticipated Fed decision was delivered and the equity markets haven't liked it.
Wednesday, August 19, 2015
BY KIM MOORE
A conversation with Chris Maples, president of the Oregon Institute of Technology.
Wednesday, August 19, 2015
BY GINA BINOLE
Screening for “culture fit” has become an essential part of the hiring process. But do like-minded employees actually build strong companies — or merely breed consensus culture?
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