WASHINGTON, DC-Brian Coakley, principal of Donohoe Real Estate Services/CORFAC International, and Kurt Walsh, principal of ProTen Realty/CORFAC International, are based in Washington DC and Chicago, respectively. Two distinct markets with very distinct office uses and users, to say nothing of the markets’ differing industrial and economic bases.
Yet both Coakley and Walsh are mostly positive about the office asset class. Coakley and Walsh made their case to GlobeSt.com in this third of a series of video interviews taken at the organization’s recent Fall Summit. Beyond their respective markets, they note that office is experiencing a resurgence throughout the country.
Walsh, for example, tells of a quarterly review of the sector presented to the CORFAC International attendees. “Twenty-two of the respondents say that the office market is increasing, 12 said it was stable, while only 3 said it was decreasing. Across the board, the consensus is that office markets are improving.”
This is a story that has legs, Coakley adds—at least in terms of other asset classes. “As office improves it gives impetus to other categories like multifamily. The more workers, especially young workers that want to live near their work, the better the fundamentals for other asset classes.”
In this video you will learn:
- Top performing office markets around the country;
- Concessions seen in the highly competitive Bay Area market;
- Which is worst for Washington DC—a lackluster economy or sequestration;
- Incentives and concessions in the Chicago market;
- The role specific industries play in the office markets.