Big-Name Broker Turnover
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Why are so many marquee commercial real estate names getting fired and hired right now? Part of it is the tougher property market. But there’s more to the trend. Also for today: The latest statistics for Brooklyn retail real estate show what’s likely a correlation between demand and pricing.
— Tom Acitelli, Deputy Editor
It’s Commercial Real Estate's Busiest Era of Big-Name Turnover in 20 Years
Commercial real estate has always been made up of movers and shakers. But these days the industry’s biggest names in brokering (leasing and sales), management (including top executives) and lending (up and down the capital stack) have been doing a lot of moving in large part due to a shaky market. Just in the past two months, Darcy Stacom left CBRE to start her own firm. JLL abruptly ousted Bob Knakal. Marty Burger, the former CEO of Silverstein Properties, is launching a new real estate company with Andrew Farkas. Paul Darrah parted ways with Google to head up Citadel’s real estate operations. Jonathan Pollack walked away from Blackstone Real Estate Credit to join Starwood Capital Group as president. And there’s more.
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Brooklyn’s Retail Market Sees Strong Leasing But Lagging Asking Rents: Report
Kings County’s retail market had an uneven recovery in the second half of 2023, according to a new report. The borough saw strong leasing numbers, but asking rents in most areas still lag pre-pandemic levels and storefronts are staying vacant longer, according to the latest Brooklyn retail report from the Real Estate Board of New York. The report blames staff shortages, a lack of high-quality space, long waits for liquor license approvals, and a pullback from big retailers like banks, pharmacies and medical clinics for Brooklyn’s mixed retail recovery in 2023. It also points out that a surge in retail leasing in 2021 and 2022 now means that those shorter leases are ending, often leaving storefronts vacant.
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CEO @ Virtly - "Collaborate on Virtually Anything!"
8 个月Of course, the current market is in turmoil for starters. But in addition, new technologies could be enabling some to gain market share. More major shifts coming every few months now.