"We are seen as very strong in office--but not in industrial." C&CP's experience in the asset class was limited to marketing or leasing one-story flex/office products for existing clients. Now, the brokerage firm is building a practice that deals with all warehouse-related product types, from distribution to flex, he says.
Currently, the company has about 500,000 sf of existing agency assignments in the DC metro area and is working on 150,00 sf to 200,000 sf in tenant related assignments. The majority of these are in Northern Virgina, Harrell adds. As the company expands this practice, he anticipates building out the firm's DC and Maryland focus. Any new hires, he says, would likely be based in this Downtown office, in order to better concentrate on those markets.
This is a good time to be entering industrial sale and leasing in the DC market, Harrell says. "It is performing far better than office right now, by virtue of the high barriers to entry. Land is very expensive here."
Harrell joined the firm last fall from CB Richard Ellis. Prior to that, he was a principal at Connecticut-based Cambridge Hanover.
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