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Issue link: http://digital.canadawide.com/i/740454
P R O M O T E D C O N T E N T evens out fluctuating market conditions. "If the market slows down and we slow down some of our projects, we still have cash coming in from our portfolio," says Wesik. "And that's been a very deliberate approach from the beginning. In this city, it is quite important to have that breadth, given the scarcity of opportunities." This stability of cash flow has proven to be another key component of Wesgroup's success. By managing such a large collection of differing projects, they have outlasted the market downturns and achieved industry-wide success. The Right People In order to manage such wide-ranging projects, the right personnel is needed. Wesgroup approaches its employees the same way as they approach their business model: with diversity. The company employs a balance of professionals who specialize in certain kinds of construction development, or in sales and marketing, while also hiring those with very broad backgrounds. They make sure that their staff can adapt to multiple situations. "My dad's a big believer in giving people opportunities to try new things and figure them out on their own," Wesik says. "He's a learn-by-doing kind of guy." Looking Ahead The Wesgroup portfolio currently has about 40 per cent industrial holdings; 30 per cent office; 20 per cent retail and 10 per cent apartment and multi-family complexes. Historically, they were more of an industrial and office developer, but they are now shifting their focus to continuing to grow those pieces, while also expanding their multi-family apartment and retail assets. "We are extremely land-constrained here in Vancouver," says Wesik. "Our ability to look at so many different kinds of asset types and market segments really serves us well, particularly in this city." The goal for the future is smart growth, embracing sustainability and social responsibility. Diversity is still the main theme for where they want to go, so expect to see them expanding in a variety of projects heading into the future. Wesik says that they will grow their multi-family portfolio by developing and constructing, rather than buying existing apartment buildings. "Our growth and portfolio will come through development. We do have quite a bit of residential land so a good portion of that land will be earmarked for condo projects, but as the years go on, we will retain more of those buildings. The strategy is to grow and continue to search for new opportunities. It's hard to say exactly where we'll be, but based on what we currently have and our outlook for the next several years, multi-family apartments and condo developments will be a significant part of our future." While it's impossible to tell what the future will bring for this innovative company, one thing is for sure: they will continue to deviate from the conventional path as they forge their own way forward. At the end of the day, Wesgroup is always looking for the next opportunity. (Clockwise from far left) Plaza at River District Vancouver; aerial view of the River District development; David Wesik, Vice President, Operations and Corporate Develop- ment; Brewery District in New Westminster