Tricia Foster answered a blind box help wanted ad in 1993 that changed her life. Hired as the property management accountant by CB Richard Ellis/Martin (CBRE) in East Lansing, Foster eagerly embarked on a career path in commercial real estate.

Foster, who graduated from Michigan Sate University with an accounting degree, has received regular promotions and added new duties and responsibilities at CB Richard Ellis/Martin, the local affiliate office for CB Richard Ellis, Inc. She is now director of asset services and operations and currently supervises approximately 70 employees between the Lansing office and the CB Richard Ellis Martin affiliate in Grand Rapids.

CRBE/Martin is a multi-faceted firm with divisions that include brokerage, corporate, investment, asset and development services. It sells and manages commercial property. Foster’s focus is on asset services and the more than 8,000,000 square feet of management product the firm oversees between the Lansing and Grand Rapids offices.

Foster’s expertise is in project management, lease administration, facilities management and sustainability initiatives.      

Foster says that despite working in a field historically dominated by men, she has never encountered anyone trying to block her advancement. She specifically mentions Van Martin, president of CBRE/Martin, and Eric Rosekrans, the company’s senior vice president, for their support.

“I can honestly say they have been tremendous. But being a woman, and to reach a leadership position in this business, is something I’m very proud of,” Foster says. “There have been some challenges. Certainly there are a limited number of women mentors available. However, there are many, many opportunities.”

Distinctive green and white CBRE/Martin signs touting commercial space for sale or lease are abundant across mid-Michigan. Foster says the current economic recession has presented growth opportunities for the company.

“A current focus is on our restructuring services group, which helps lenders work through distressed assets on all fronts—valuation and advisory, asset services, leasing and eventually disposition—we assist them in achieving optimum results,” Foster says.

CBRE/Martin was hired by the Federal Deposit Insurance Corp. (FDIC) in 2008 to advise them on valuation, management and disposition of failed bank real estate owned (REO) assets nationally, Foster adds.

“We are acting as receiver or in an asset management position to help clients. We guide these property owners, whether it’s the bank or distressed owner, by shoring up leases and limiting expenses,” Foster says.

She believes this sort of activity will be a key source of business activity for CBRE/Martin through 2010 at least.

“A lot depends on when the lending institutions can lend again. It will be some time yet. The commercial real estate part of the equation is typically a year behind the rest of the market,” Foster says.

Foster’s position at CBRE/Martin gives her a unique perspective of the differences in the commercial real estate markets of Lansing and Grand Rapids. Certainly both still have their challenges, Foster says, but Grand Rapids is economically healthier thanks to new development downtown.

“West Michigan has done a great job of diversifying its key industries but really has focused on the medical profession. That puts them in the unique position for more success than Lansing and the surrounding mid-Michigan area. Commercial real estate here in Lansing is tied more directly to the auto industry and the State of Michigan, both of which continue to struggle,” Foster says.

CBRE/Martin’s semi-annual survey of the Lansing commercial real estate market shows vacancy rates in industrial, retail and office sectors are up while lease rates are down across the board.

“Unemployment rates, contraction of capital markets and reduced consumer confidence are affecting tertiary markets in the same manner they are affecting larger markets,” Foster says.

Retail has been hit especially hard. According to the company’s survey, retail vacancy rates are up 22 percent from year-ago levels with minimal plans for new construction in the area.

Foster’s professional growth at CBRE/Martin has hinged on several simple personal philosophies, including fostering good professional relationships and being true to one’s word.

“I have found that whether you are dealing with the corporate world, the government sector or the retail world, you must be impeccable with your word. If you do your best to put your client’s needs first, you will find success,” Foster said. “No matter what role you play within an organization, that philosophy will help you be successful.”

Foster is very proud of her work with CRBE Inc.’s philanthropic arm, called CRBE Cares. She launched the local effort five years ago.

“The two programs we started and that are still going are Birthday Cake for Homeless Kids, where we deliver cakes to kids at Angel House,” Foster explained, and “we also partnered with Starlight Starbright and Sparrow Hospital to deliver Celebrations in a Box for the pediatric ward at the hospital on a regular basis.”

In addition, Foster and her coworkers participate in the American Cancer Society’s Relay For Life each year.
“I have the most incredible coworkers. I’m so fortunate to be working with so many incredibly professional people,” Foster adds.

Foster lives with her husband, Michael, and their two children, Evan and Ava, in East Lansing. She says striking a balance between family and professional obligations is a challenge for her as it is for many mid-Michigan families.

“My husband and I tag team to make it all work. We take turns picking the kids up from daycare. We both take turns working 10- to 14-hour days. I typically work on weekends, too. But it’s OK; if you love what you do, it just becomes part of your life,” Foster says.