‘Trees Don’t Grow To The Sky’: Bill Passo At Bisnow’s Orange County State Of The Market
The most pressing questions in Southern California real estate will be on the docket at Bisnow’s Orange County State Of The Market June 12. Speakers will weigh in on the decline in office leasing, the absorption of new multifamily assets and how climate change impacts developers and investors across SoCal. Register here for the event.
Bill Passo made his first real estate purchase in 1976, for a multifamily investment project in Anaheim. Passo, who was still practicing law at the time, could never have known that it would be the first of more than 250 properties he would direct over the course of his career.
Passco, the group of companies that Passo would go on to found, has now acquired, developed or managed over $3B in real estate investments across 21 states, and has become one of the most respected names in investment not just in Southern California, but across America.
Passo gave Bisnow a sneak peek of what he will be talking about on his upcoming panel at our Orange County State of the Market event June 12.
Name: Passco Cos. CEO and founder Bill Passo
City: Irvine
Years in the industry: 41
Bisnow: In your opinion, what is the most pressing issue affecting real estate today?
Passo: The biggest challenge, in my opinion, is uncertainty as it applies to the direction of the market. It has been a long time since the last downturn, and this market can’t go on forever. As they say: Trees don’t grow to the sky!
Bisnow: How would you describe what you do for Passco?
Passo: I make strategic decisions regarding changing market conditions, changing legislation affecting our business and changing investor attitudes and needs. I also try to be a mentor to all of the special people who make Passco the company that it is.
Bisnow: What trends are you seeing in Southern California’s CRE market?
Passo: In retail, the impact of the internet is causing developers and owners to redefine design, tenant mix and location. In office, users are seeking more efficient space that attracts today’s workers and provides recreation and other lifestyle amenities.
For industrial, building design tends to be more “big-box” focused now, and smaller multi-tenant projects seem to be creatively mixing office use with industrial in the same location.
Bisnow: Outside of your work, what are you most passionate about?
Passo: I have 10 grandchildren and four daughters who mean so much to me, so I am passionate about them and their futures. I am an avid golfer, I love to travel with my wife and friends, and I spend many hours in the gym.
Bisnow: If someone reading this wants to do business with you or your company, what's the best way they can reach you?
Passo: Fortunately and unfortunately, I am now receiving too many emails a day. I would say, go to our website and find the person who is responsible for the area in which the inquirer is interested and try to contact that person by email or phone. Or best of all, send a personal letter. We still get mail!
