HOUSTON-Two real estate veterans have combined their 19 years of experience to form Fritsche Anderson Realty Partners. The duo has hit the ground running with several sizable deals that they anticipate will be signed in the next few months.
David Anderson and Anthony Fritsche, both office and industrial tenant representatives, have launched their business at an interesting time. With metro vacancy rates for office product running at 12.8% and industrial at 5.7%, it's a building owner's market. "The pendulum has swung the other way with regard to basic market fundamentals," Fritsche acknowledges. He adds that new purchase price levels and capital markets also provide a challenge because they drive lease rates upward. As a result, he says "space has become high and scarce."
Anderson believes that in such a market, size will have its advantages. "The difference in our approach is that the team you see in front of you is the team that's out there on the street running the deals in the market and working on every aspect of the transaction," he tells GlobeSt.com.
Neither man is daunted, even with office space availability at 20.4 million sf in a 159.4-million-sf inventory and 22.5 million sf of industrial space vacant out in a 393.9-million-sf inventory. "We'll let client relationships drive where the business goes geographically," Fritsche says. "And we'll continue to leverage our national experience and relationships to ensure our clients get the best service, regardless of the market."
Fritsche previously was managing director at Transwestern and a principal with Trammell Crow Co. Anderson was a vice president of corporate services with CB Richard Ellis and TCC's vice president of its corporate advisory services.
"It's an exciting time for Anthony and David. I know it's been a dream of Anthony's to start his own company and we wish him all the best," says Chip Clarke, president of the Gulf Coast and Mountain regions for Transwestern. CBRE was unavailable for comment by deadline.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.