NGKF Grows Tenant Rep Platform

LOS ANGELES—NGKF is expanding its tenant rep platform, citing the expansion of creative industries like entertainment and tech as a good time for the growth. Alex Bergeson has joined the firm from CBRE as managing director, and will help build a larger landlord/agency and tenant representation practice in the Los Angeles market. With so much happening in the office sector in Los Angeles, we sat down with Bergeson to find out why this was a good time for the firm to expand the platform, where the office market is headed and what advice he had for tenants in this market.

GlobeSt.com: Why is this a good time for NGKF to grow its tenant rep platform in L.A.?

Alex Bergeson: The thriving media, entertainment and technology industries coming to Los Angeles present a significant opportunity for NKF to gain market share by leveraging its global platform and cross-market relationships. Newmark Cornish & Carey is a powerhouse in Silicon Valley and NKF is equally strong in Chicago and New York. Leveraging those relationships is key for the growth of the NKF Los Angeles tenant-rep platform.

GlobeSt.com: What are your goals for the expanded platform?

Bergeson: To be recognized as a thought leader that provides its clients with innovative solutions to the ever-changing challenges faced by real estate occupiers in the market today. In-depth market knowledge, experience and internal collaboration are key ingredients to success.

GlobeSt.com: How has tenant representation changed this cycle, especially as product in many markets is limited? How has this changed your approach?

Bergeson: The challenges occupier's face today to attract and retain talent, especially in the technology, media and entertainment industries, has never been greater. The insatiable tenant demand for authentic, “creative” product in work/live/play environments is ever increasing and supply is limited. Solutions to these challenges are at the forefront of tenant's decision-making on where and how they chose to occupy space, and as such must be at the forefront of our focus as well. Our team's approach is to understand the underlying currents of each specific requirement and assist our client's in staying one step ahead of their competition.

GlobeSt.com: What is your biggest advice to office tenants today?

Bergeson: To engage with sophisticated, full-service real estate service providers that understand their industry, their company's specific needs, and that bring thoughtfully-crafted solutions to the table.

GlobeSt.com: Where is the office market heading in the next year? Can tenants continue to expect tight supply and rising rents?

Bergeson: Market conditions remain generally healthy via low unemployment, net absorption gains, rent growth and expanding technology platforms. Although the outlook is favorable through year-end, vacancy will likely increase as more than 1.6 million square feet in new ground-up, speculative construction delivers and large national tenants continue to “right-size.” The overall average asking rent, which is already exceeding last cycle's high, will see moderate growth this year.

LOS ANGELES—NGKF is expanding its tenant rep platform, citing the expansion of creative industries like entertainment and tech as a good time for the growth. Alex Bergeson has joined the firm from CBRE as managing director, and will help build a larger landlord/agency and tenant representation practice in the Los Angeles market. With so much happening in the office sector in Los Angeles, we sat down with Bergeson to find out why this was a good time for the firm to expand the platform, where the office market is headed and what advice he had for tenants in this market.

GlobeSt.com: Why is this a good time for NGKF to grow its tenant rep platform in L.A.?

Alex Bergeson: The thriving media, entertainment and technology industries coming to Los Angeles present a significant opportunity for NKF to gain market share by leveraging its global platform and cross-market relationships. Newmark Cornish & Carey is a powerhouse in Silicon Valley and NKF is equally strong in Chicago and New York. Leveraging those relationships is key for the growth of the NKF Los Angeles tenant-rep platform.

GlobeSt.com: What are your goals for the expanded platform?

Bergeson: To be recognized as a thought leader that provides its clients with innovative solutions to the ever-changing challenges faced by real estate occupiers in the market today. In-depth market knowledge, experience and internal collaboration are key ingredients to success.

GlobeSt.com: How has tenant representation changed this cycle, especially as product in many markets is limited? How has this changed your approach?

Bergeson: The challenges occupier's face today to attract and retain talent, especially in the technology, media and entertainment industries, has never been greater. The insatiable tenant demand for authentic, “creative” product in work/live/play environments is ever increasing and supply is limited. Solutions to these challenges are at the forefront of tenant's decision-making on where and how they chose to occupy space, and as such must be at the forefront of our focus as well. Our team's approach is to understand the underlying currents of each specific requirement and assist our client's in staying one step ahead of their competition.

GlobeSt.com: What is your biggest advice to office tenants today?

Bergeson: To engage with sophisticated, full-service real estate service providers that understand their industry, their company's specific needs, and that bring thoughtfully-crafted solutions to the table.

GlobeSt.com: Where is the office market heading in the next year? Can tenants continue to expect tight supply and rising rents?

Bergeson: Market conditions remain generally healthy via low unemployment, net absorption gains, rent growth and expanding technology platforms. Although the outlook is favorable through year-end, vacancy will likely increase as more than 1.6 million square feet in new ground-up, speculative construction delivers and large national tenants continue to “right-size.” The overall average asking rent, which is already exceeding last cycle's high, will see moderate growth this year.