Nick Millican

Nick Millican is a UK-based real estate executive, serving as the CEO of Greycoat Real Estate LLP. Since joining the company in September 2012, he has leveraged his extensive background in investment management and asset development to elevate Greycoat as a leader in central London’s real estate market. His tenure at Greycoat has been marked by a focus on strategic asset management and successful commercial real estate projects that have delivered superior risk-adjusted returns.

Nick began his career in finance as an associate in the Investment Banking team at Citi, where he developed a solid foundation in financial analysis and market strategies. This experience provided him with the analytical skills necessary for a successful transition into real estate investment and management.

After his tenure at Citi, Nick further honed his expertise at Rockpoint Group LLC, a prominent real estate private equity firm. Serving as a director from 2006 to 2012, he played a key role in expanding the firm’s investment activities across the UK, managing various asset classes and capital structures. His strategic insights and leadership significantly enhanced Rockpoint’s presence and performance in the market.

Outside the corporate realm, Nick is committed to philanthropy. He has been a director and trustee at Chickenshed Theatre since June 2019, a charity dedicated to inclusive performing arts. Here, Nick applies his leadership skills to support and expand the organization’s reach and impact.

Nick Millican’s career is a testament to his passion for real estate and commitment to excellence. His strategic foresight and dedication have not only propelled Greycoat’s growth but also reinforced its position as a market leader. As CEO, Nick continues to push the boundaries, seeking innovative solutions and strategic partnerships to keep Greycoat at the forefront of the industry.

What is your typical day, and how do you make it productive?

I’m up at the crack of dawn, around 6 am, to tackle my inbox and skim through the latest news—gets me prepared for whatever the day might throw at me. Then, it’s time for a quick breakfast with the family, which is always a lovely bit of calm before the storm. Once I’m out the door and on my way to work, I like to keep things streamlined. I dodge the usual work lunches and dinners; I find that safeguarding downtime is essential for maintaining productivity.

I’ve also always noticed a significant boost in productivity from keeping my email inbox well-organized, far more than what I gained from using a datebook or any paper-based system. The digital approach allows me to flag, categorize, and prioritize emails wherever I am, making it the most efficient way to crunch through my tasks.

How do you bring ideas to life?

I usually start by discussing the initial concept with a few colleagues to refine any rough edges. After fine-tuning the concept, I move on to researching a test case to validate our approach, ensuring that the idea is practical before progressing further.

Among my team, there are several key players who are particularly effective at brainstorming. They provide deep insights and constructive feedback that are invaluable. Our discussions serve as an excellent platform for developing plans and strategies, making these collaborative sessions a crucial part of our workflow.

What’s one trend that excites you?

The increasing focus on specialization and expertise within the property industry. The movement toward greater specialization enhances our understanding and capability within specific sectors of the market and fosters a more knowledgeable community of professionals. As we each develop deeper expertise, it naturally leads to more opportunities for collaboration. Partnering with experts who have complementary skills or insights allows for innovative projects that might not be possible otherwise.

What is one habit that helps you be productive?

Changing my scenery throughout the day. Sitting at a desk continuously can be stifling; moving to different physical spaces not only breaks up the monotony but also rejuvenates my mental energy. We’ve recognized the benefits of this approach at our company as well, and have designed our office space to encourage movement and provide a variety of environments. This could be anything from informal lounge areas to quiet zones and outdoor spaces. Each setting caters to different tasks and moods, which helps everyone in our team stay refreshed and engaged. The flexibility enhances creativity and promotes a healthier workday, keeping us all more alert and productive.

What advice would you give your younger self?

I’d tell my younger self to make tough decisions swiftly. We often hesitate to make difficult choices because we fear conflict or discomfort, but delaying these decisions only complicates matters further. It’s important to confront challenges head-on rather than procrastinating. By addressing tough situations promptly, you can prevent many problems from escalating, saving yourself from additional stress and complications down the line.

Tell us something you believe almost nobody agrees with you on?

I really believe that if we put our minds to it, our business can achieve a lot of new and innovative things. The tricky part is convincing people who are used to doing things a certain way that change can be a good thing. It’s a challenge because many prefer sticking with what’s familiar rather than trying something different.

This belief often sparks debates because not everyone is keen on embracing change or exploring new ideas. Despite the resistance, I’m a strong advocate for innovation. I think it’s essential for staying ahead in our industry and seizing opportunities that come with new approaches.

What is the one thing you repeatedly do and recommend everyone else do?

Carve out dedicated time for thinking. Back-to-back meetings are the norm for many people, but it’s crucial to schedule moments for quiet reflection. More than taking a break from the hustle, it’s about giving yourself the space to process information and generate ideas.

I find that these periods of solitude are when I do my best thinking and problem-solving. It allows me to step back and view challenges from different perspectives, consider new solutions, and plan my next steps with clarity. Additionally, this practice helps in managing stress and maintaining mental health, as it prevents the feeling of being constantly overwhelmed by tasks and decisions.

When you feel overwhelmed or unfocused, what do you do?

While it’s not a frequent occurrence, on those days when I do feel overwhelmed or unfocused, my first step is to sit down and create a list of all the tasks I need to address. This simple act of writing things down helps to clear my mind and prioritize my actions. I carefully evaluate each item to determine its urgency and importance, which helps me focus on what truly needs my immediate attention and what can potentially be delegated or postponed. Recognizing when to ask for help is crucial, especially when facing moments of overwhelm. It’s natural to want to tackle challenges independently, but acknowledging your limits and seeking assistance when needed is a sign of strength, not weakness.

What is one strategy that has helped you grow your business or advance in your career?

One strategy that has significantly contributed to the growth of Greycoat is our focus on excelling in a single area rather than spreading our efforts too thinly across multiple disciplines. By concentrating on one core competency, we have been able to invest deeply in the necessary resources that drive excellence in this area. This depth of knowledge and skill gives us a competitive edge and allows us to innovate within our niche, continually improving and adapting our services to meet the evolving needs of our market.

What is one failure in your career,  how did you overcome it, and what lessons did you take away from it?

At one point, we explored expanding into residential apartment development. We recruited some top-notch professionals and dedicated considerable time and resources to it, but we concluded that competing with major housebuilders wasn’t feasible for us. They had the scale to build more cost-effectively and could afford to outbid us for prime sites. This experience taught me the critical importance of thoroughly understanding the competitive landscape before entering a new market segment. It was a costly lesson in the necessity of conducting comprehensive market and competitive analysis to avoid misallocating resources.

Another challenging situation arose when we were highly passionate about a project and pushed hard to persuade a client to see the potential as we did. Despite our efforts, we learned that there’s a limit to how much you can sway someone’s perspective. While persistence and passion are valuable, they must be balanced with the recognition of when to recalibrate our approach or accept that we’ve reached the limit of influence in certain negotiations.

What is one business idea you’re willing to give away to our readers?

Successful ventures or products usually tap into a clear, existing demand in the market. There’s a definite desire or need among consumers or users for what’s being offered, which significantly increases the likelihood of the product or service being well-received and successful. On the other hand, ideas or innovations that are intellectually sound or innovative might not thrive if they don’t address a substantial market demand. Even if something is well-thought-out or theoretically sophisticated, it may not succeed if there isn’t a real, tangible desire or need for it among consumers or users.

Just because you find something compelling or useful doesn’t mean that others will feel the same way. You must conduct thorough market research and validation to understand the actual demand and ensure that there is a viable market for your offering.

What is one piece of software that helps you be productive? How do you use it?

I know it might sound a bit dull, but Microsoft Office really does the trick. I find myself using Excel quite a lot. It’s true that I’m getting a bit rustier as I use it less, but it’s still invaluable for organizing data and running the odd analysis when needed. And as I mentioned earlier, Outlook is a staple for managing my emails and calendar. It keeps everything aligned and helps me stay on top of my schedule and communications.

Do you have a favorite book or podcast you’ve gotten a ton of value from and why?

I really enjoy the novels of Ian M. Banks. His works are deeply layered, and often include moral commentary alongside the main plot.

What’s a movie or series you recently enjoyed and why?

I had a great time watching “Wednesday” with my 12-year-old daughter. It was wonderful to share something together and really enjoy it as a bonding experience.

Key learnings

● Successful businesses meet market demand rather than relying solely on innovation.
● Specializing in one area tends to be more effective than spreading efforts thin.
● Changing environments can boost personal productivity and creativity.
● Understanding market dynamics and competition is essential before entering new business areas.