LOS ANGELES—The automotive retail properties sector is primed for strong growth potential, according to Jodi Meade, an automotive properties expert. In an earlier story, GlobeSt.com reported that Meade has joined Avison Young as principal and director of the firm’s newly formed automotive properties group. At the helm, Meade will bring her 29 years of expertise to launch and develop the group. We sat down with Meade to find out about the latest trends in this sector and how she hopes to build this new group.
GlobeSt.com: The automotive property sector is not widely discussed. Can you give us some background on this market?
Meade: The automotive market is a very specific, niche market that involves real estate that is designed, constructed and designated as special purpose real estate. It requires full understanding of the needs and requirements that are implemented by, manufactures, dealers and cities and how best to find the solutions to the challenges that arise with this specific, specialized product type. I have spend the last 10 years of my career focused strictly in the automotive properties arena and am considered the industry expert and key resource when it comes to automotive real estate.
GlobeSt.com: What are the trends in the automotive properties sector that inspired Avison Young to develop this new group?
Meade: There is great growth potential within this market space. As the market continues to gain strength, health and sales volumes, there will be continued demand for expansion of auto dealers within the markets that were vacated during the economic downturn. Having an industry expert in automotive properties behind the wheel puts Avison Young in the pole position for market share and penetration.
GlobeSt.com: What are your initial goals coming into this position?
Meade: I am reaching out to all of my new colleagues to identify our strength markets and where we already have professionals in place. We will get to work on identifying opportunities with existing and new clients in each market and expand into the markets that we may not yet serve. This gives Avison Young a specialized niche/service to add to their already well-established and developed real estate services platform.
GlobeSt.com: What geographical regions will you cover? What geographical areas are the most active in the automotive properties sector?
Meade: My focus will be on a national basis. I have deep, existing client relationships that span the US. California continues to be a very active, key market with more dealerships in the state than any other state in the US. Many major automotive clients and manufacturers are headquartered in the Los Angeles region.