A tenant rep broker is a person who advocates for the tenant. The representative is an expert in the current market and helps find locations and negotiate based on the tenants’ specific needs. This service is often a complimentary service for the tenant throughout the entire process. The expertise of the representative in each specific market proves to be highly beneficial to the clients.
Values of choosing a tenant rep:
Insight into current market trends
Saves the tenant time and money
Awareness of local municipal rules and regulations
Provides guidance regarding lease negotiations and executions
Support is available even after the transaction
Consultant on development strategy for a region
To learn more about tenant representation, click here.
Commercial real estate traditionally has provided a barrier against inflation. Investors who would normally invest in stocks are now investing in real estate to diversify their money. Here are seven trends driving commercial real estate this year:
Significant capital and available debt will contribute to another year of growth.
Secondary markets will outgrow the country’s major cities.
The housing hot streak will (most likely) continue.
Offices will change, but they won’t shutter.
Real estate will welcome more quants (quantitative firms) to the mix.
Proptechs (property technology) got popular. Time to consolidate.
Construction costs will rise, benefiting existing assets.
For more information regarding these trends, click here.
Florida is at the top of the commercial real estate market. According to the NAR Commercial Real Estate Market Conditions, Florida has 9 of the top 15 metro areas. This means Florida is the hottest market as of 2021 Q4 results. NAR’s CRE Market Conditions Index is calculated by the number of variables where a metro area’s conditions are stronger compared to a national total number of indicators. An index above 50 means market conditions are stronger nationally, and index below 50 means local market conditions are weaker nationally.
For more information regarding the top CRE markets of Q4 2021, click here.
Great news for commercial real estate investors! Even though interest rates are rising the commercial real estate market is expected to perform well. Rent prices are going up in all sectors, but specifically the industrial sector is thriving. Industrial rents are expected to continuously rise over the next two years resulting in a higher return on investments.
For more information regarding the growth of the commercial real estate market, click here.
Florida’s warm weather, low taxes, affordable space and quick, easy flights back to the Northeast have many Wall Street companies abandoning cities like New York for the Sunshine State. Companies like Elliott Management, Citadel and Goldman Sachs Group Inc are just a few to say they will open satellite offices for a location close to the beach. For commercial real agents, this is dream come true. Find out more about this positive pandemic trend by clicking here:
Cinco de Mayo is a holiday that celebrates the Mexican army’s victory over France at the Battle of Puebla in 1862 during the Franco-Mexican War. In America, we tend to celebrate Mexican-American culture on this wonderful day.
For Cinco de Mayo, Cohen Commercial hosted an extravagant team-bonding event at Rocco’s Tacos in Palm Beach Gardens. Throughout the day, the clock was ticking, and the keyboards were clicking. Cohen Commercial team members were working hard throughout the day to ensure a timely arrival to Rocco’s Tacos. The day went by as fast as lightning and before we knew it, it was time to celebrate.
The team anxiously piled into their at cars at 4:45, excited to chat, laugh, and enjoy each other’s presence. With only fifteen minutes to spare, the Cohen Commercial team flooded into the parking lot. As we walked into the restaurant, the music was booming, customers were smiling ear to ear, and the crisp breeze was gently flowing past our faces. We arrived at our table which was topped with nachos, quesadillas, burritos, and fresh pitchers of margaritas. The chatters of coworkers, the shuffling of feet and the tune of The Macarena filled our ears. Everyone wore a smile on their face. We love that we can kick back and relax with our team at these types of events.
We are thankful that Cinco de Mayo gave us an excuse to support, grow, and get to know one another better. There is nothing more heartwarming than seeing everyone get together and have a great time.
As a new year at Cohen Commercial begins, new opportunities also present themselves to our team in many forms. For one beloved team member in particular – Office Assistant Blake Prolow – an out-of-state journey has taken shape as he leaves us to attend the University of Wisconsin Madison.
Prolow details his experience at Cohen Commercial beginning with his internship during Summer 2021. He says, “I came in with an open mind and not knowing what to expect. I quickly began forming relationships with the agents and other interns. I learned about the commercial real estate market, and my focus was mainly on investment sales considering my finance background.”
Following his summer internship, Prolow quickly realized he wanted to take more classes in real estate and focus on integrating it into his career. “When I returned as an Office Assistant, I was able to continue to grow my knowledge and passion for the real estate industry,” he says. He felt especially thankful to have the opportunity to continue to grow relationships with the team of agents as they began to trust him with larger projects along the way. Longtime Associate Remington Philips says, “I was always impressed by the level of detail in his work and how fast he would complete a project.”
“Now having completed both my internship along with my experience as an Office Assistant, I am excited to go to school at the University of Wisconsin to study finance and real estate.” — Prolow
From the entire Cohen Commercial team, we wish Blake the best of luck on his new journey. We will miss you!
The beginning of 2022 will bring a fresh set of new goals for the Commercial Real Estate industry. According to iofficecorp.com we could be seeing “the rise of smaller spaces, increased leasing flexibility, an increase in suburban leases, rising demand for warehouses and distribution centers.” Our Cohen Commercial associates are specifically interested and excited for what is to come in the New Year.
Senior Vice President Christopher Haass explains “Hope is on the horizon; the Tenant Rep team at Cohen Commercial Realty has been in the trenches for 18 months, but we are starting to see the light ahead of us in the distance. We never gave up, we never stopped pursuing the best possible outcomes, we never discounted our values and we never cut any corners. With us, no matter the circumstance the client always comes first. We are positioned to not only provide a service, but also the best possible result. We are excited for 2022!”
Longtime Associate Remington Phillips says “We will see a healthy volume of transactions continue to take place as tenants, landlords, and investors look to take advantage of opportunities to position themselves in attractive growing markets.”
Cohen Commercial Office Assistant Blake Prolow thinks in 2022 we will see the market continue to grow on the same path it is on now especially for office spaces. “I also think we will see rent prices go up in certain areas depending on where the influx of national tenants and companies decide to move in Florida due to taxes.”
As the 2021 year ends, current goals are also coming to a close as many people are starting to ponder what 2022 will bring in. This also means the holiday season is quickly ending, I asked a few members of the Cohen team what their work and personal goals were to complete this year and being able to connect with the team to finding out their next steps turned out to be a fantastic learning experience.
Samantha Burckhard, Marketing Coordinator, says, “One of my goals was to push myself out of my comfort zone and try something different as far as my career. This led me to Cohen Commercial starting as Reception/Marketing Assistant and now Marketing Coordinator.”
Caroline Keating, Operations Assistant, replied, “Work related – Continue working on procedure binders for every department in order to make the learning process smoother for new employees and gain a better understanding for myself of how each department works.” Keating’s personal goal is to practice her recipe development skills by taking more time to carefully measure and write out recipes she makes up so others can recreate them.
Longtime Associate, Remington Phillips, has fitness and health goals he plans on closing out the year with the goal “to practice better habits and gain 5-10 pounds!”
Cohen Commercial Office Assistant, Blake Prolow, could not pick just two. He expressed interest in “picking a college where I will be happy; finding ways to better my communication skills through writing; and consistently break 90 in golf.”
However you choose to round out the year, our team at Cohen Commercial wishes you a happy holiday season and a Happy New Year!
In the spirit of the Holidays, Cohen Commercial is teaming up with Place of Hope again for their annual Holiday Toy Drive. There will be a box set up in the office for anyone wanting to donate unwrapped toys or clothing items by Friday, December 17. In addition, the annual Cohen Holiday Party will also be accepting gifts for foster kids. Marketing Coordinator, Samantha Burckhard, has been working fiercely on thinking of ways to give back to the community this season. This isn’t Ms. Burckhard’s first time working with Place of Hope. Back in November, she spearheaded a food drive in which members of the Cohen team placed canned goods in a box for delivery to Place of Hope.
For more information on how to donate or become involved this holiday season, please visit here.