A Discussion With Cushman & Wakefield | Pacific Commercial Realty Advisors
What trends are there in the Retail Market?
“[At Cushman & Wakefield] We have two new grocery projects under construction which have received a lot of attention from tenants. In some cases, project developers are going from a model of selling pads, straight to ground leases due to the demand. We have rarely seen ground leases in our market so this is a strong indicator of market change.”
How is the Boise Office Market unique?
“You hear about every other market where people aren’t coming back or they’re closing their offices, but we are not seeing that here. There have been a lot more big, brand new tenants moving in this year. The majority of those are new growth, and they aren’t pulling from any of the buildings downtown or leaving holes.”
What has changed in the Industrial Market?
“Industrial, like most of the food groups, is seeing significantly more demand than supply. It wasn’t that long ago where a 50,000sf industrial deal was considered huge. Now we are regularly seeing 100-500,000sf users chasing the limited supply and making commitments well before completion of the projects that
are under construction”.
Tell us about supply in the Multifamily & Investment Markets
“Multifamily is at a fever pitch for the last 18-24 months. The word on the street nowadays is if you want a multifamily opportunity in Boise, you have to create one. Our vacancy rates are below 2% and we have about 18% of our total inventory under construction. That would usually mean an oversupply problem but nobody is talking about oversupply. We can’t build them fast enough.”
What Is The Culture Like At Cushman & Wakefield?
“We have a culture of work hard play hard. To maintain that and be productive there has to be really strong commitment to that philosophy and a mutual respect amongst coworkers. We have that! We emphasize teams and collaboration; each agent’s role is important to the overall success of our company. Being Independent Sales Contractors in Commercial Real Estate involves a willingness to take risk, a lot of determination and self discipline.”
“I have been here for six years and I couldn’t ask for a better group of people, whether that’s office, retail, investment, or industrial. My team has phenomenal mentors including the people who run the company and support staff. I just love coming to work. I think a lot of people don’t get to experience that. They kind of dread waking up and having to go to work, but I get to and I really like that.”