REDnews January / February 2023 Issue

Page 24


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‘Quite sluggish’: Texas office market off to slow 2023 start In the battle between quality and quantity, quality is winning in the Texas office market. We'll look at how developers and investors are responding to economic uncertainty that's slowing office leasing.

‘So much competition’: North Texas retailers go head-to-head over available space

It's like the Dallas retail market got a shot of espresso! Coffee chains are duking it out for locations as developers struggle to keep up with demand.

Industrial development will continue to grow in 2023, despite market uncertainty During the past 10 years, Texas has seen the greatest development cycle in a generation, driven by an unprecedented growth story that has seen the state’s population grow by more than 4 million people. Texas joins California as the only state with a population of more than 30 million.

Texas Commercial Real Estate Icons We are thrilled to welcome the 2022 REDNews Texas Commercial Real Estate Icons! These esteemed individuals have achieved remarkable success in the commercial real estate industry and we are proud to honor their accomplishments with this special recognition

Commercial Real Estate Icons past winners Check out the list of past inductees into our Texas Commercial Real Estate Icons. It’s a who’s who of heavy hitters.

‘What our platform is built for’: Texas-based company offers firstof-its-kind centralized leasing software The multifamily industry is in the middle of a technological overhaul, expedited by the COVID-19 pandemic. Learn more about the Texas company ready to usher property managers into a new era.

REDnews events

4th Annual REDnews Houston Industrial Summit.

36: Event Profile: 2022 Houston Industrial Summit A recap of the event.


It’s always sunny in…Dallas-Fort Worth? Office market still one of the brightest in the U.S. Regarding the office sector, Dallas-Fort Worth maintains its position as one of the brightest real estate markets in the U.S., despite global economic headwinds. But though the two metros are often discussed as one, it’s important to note that their metrics, however slightly, do vary. The new Q4 2022 Office Insight Reports by JLL break them down.

CRE Marketplace January/February Edition 6 8 10 13 33 32
41 42 46 THE
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‘Quite sluggish’: Texas office market off to slow 2023 start

Economic uncertainty has companies pumping the brakes on new office leases, which is boosting vacancy rates in Texas metro areas, including Dallas-Fort Worth.

“The office market remains in the doldrums right now. We had seen a slight increase in leasing activity toward the end of 2021 and the earlier part of 2022, but since the third quarter, we’ve seen activity slow down and leasing being quite sluggish over the past few months,” said Laila Assanie, Senior Business Economist for the Federal Reserve Bank of Dallas. “Overall, demand for office space remains quite sluggish in the DFW market and we have not seen the pace of recovery we expected this past year.”

There is an exception: new Class-A space is leasing up almost as soon as it’s delivered to market, inspiring investors and developers to rework existing buildings. For example, Stream Realty Partners recently announced it's providing leasing services for 104 and 106 Decker Court in Irving, which was recently purchased by New York and Miami-based privately controlled real estate development firm Sason. Rebranding the buildings as Cascade (I and II), the 97,855-square-foot complex is currently getting a $2.5 million makeover.

“At Cascade, we’re focused on creating an unparalleled boutique work environment that provides an engaging and sensory experience for tenants,” said Joshua Sason, Principal at Sason. “Cascade will look and feel more like a boutique hotel than an office property of old once our repositioning is complete.”

Plans include an outdoor pavilion “to encourage productivity and collaboration” between the two buildings, as well as a completely reimagined lobby and state-of-the-art athletic club.

“The vision that the Sason Organization has created will transform the market perception of not only the complex but the entire neighborhood,” said Stream Vice President Chase Lopez. “The cosmetic enhancements

and on-site experience will be second to none. Stream is thrilled to partner with Sason on this redevelopment.”

The goal, no doubt, will be to lure tenants from their current spaces when the renovation is complete. That will leave space behind.

“The space that gets vacated, that’s much harder to fill,” noted Assanie. “There’s quite a bit of square footage in older buildings, such as class-B buildings. Those buildings and those spaces are much more difficult to fill up, which is why we have such a high vacancy rate in DFW.”

REDnews has also reported on a different kind of makeover: the switch from office to residential space. That’s currently happening on a relatively small scale.

“Typically those conversions are quite expensive and they come at a substantial cost,” she said. “Yes, we’re seeing some of that, but I don’t think it’s enough to meaningfully bring down the vacancy rate in DFW.”

Assanie is also watching the amount of sublease space available in DFW.

“It keeps on inching up every time we see a new set of quarterly numbers,” she said. “That does remain a concern going into 2023.”

Looking ahead, Assanie described the outlook as cautious.

“When economic uncertainty is high, companies tend to stay put and take a wait-and-see approach versus making any large commitments,” she explained. “The expectation is that companies will be hesitant to lease up space and that will likely keep activity weak to sluggish in 2023.”

Cascade - Courtesy L7 Studio Architects Laila Assanie - Dallas Fed

‘So much competition’: North Texas retailers go head-to-head over available space

When Black Sheep Coffee opens its first location outside of the United Kingdom later this spring, it will be in Texas. The company, founded by college roommates Eirik Holth and Gabriel Shohet in 2013, currently boasts more than 70 UK locations.

“They have decided to come to the United States with Dallas and Austin being their first markets here,” shared Steve Zimmerman, Partner and Managing Director at Dallas-based The Retail Connection.

Black Sheep Coffee set itself apart in the UK by being the first to use specialty grade Robusta coffee beans, which pack twice the caffeine punch. The company also adheres to a strong sense of social responsibility when it comes to sourcing those beans, packaging its products and connecting with its local communities.

While traditional coffee shops open and close early, Zimmerman said Black Sheep Coffee will be open almost 24 hours a day. In addition to its morning coffee service, it offers cocktails and a diverse menu for the late-night crowd.

Work is already underway to transform the former BBVA bank at 6240 E Mockingbird Lane in Dallas into the US’s first Black Sheep Coffee. It should be open by May. The plan is to announce additional locations soon, but Zimmerman acknowledged that is a challenge now as a number of coffee concepts compete for space through North Texas.

“Lots of coffee users,” Zimmerman laughed.

Black Sheep Coffee is up against La La Land Kind Coffee, Black Rifle Coffee, Dutch Bros Coffee, Black Rock Coffee and more.

“There are probably eight to 10 of them and they’re all looking for basically the same space,” explained Zimmerman. “They all want pad sites and drivethrus. Some have very limited indoor seating or no indoor seating.”

When you dig to find the root of the influx of new coffee shops, you also find the cause of the space scarcity: the COVID-19 pandemic. Fewer people are going into the office, opting instead for something casual, such as a coffee shop. Meanwhile, more than a year of supply chain issues that helped drive up construction and labor costs make it much more expensive to build even something as simple as a coffee kiosk.

“It’s just a matter of finding space,” Zimmerman said. “Not just finding space, but finding space they can afford.”

Steve Zimmerman Black Sheep Coffee - Courtesy Black Sheep Coffee

That obstacle is one many retailers face. Research from Weitzman reveals DFW wrapped up 2022 with a retail occupancy rate hovering around 93 percent, among the strongest rates ever for the market.

While North Texas offers more retail inventory than any other Texas metro area, the Texas Snapshot report added, “The market also benefited from the backfilling of anchor vacancies and an extremely conservative development climate that limited the overhang of vacant space.”

Demand, Zimmerman emphasized, is not a concern.

“We’re still getting a lot of opportunities,” he said. “The real trophy locations are really being bid up because there’s so much competition.”

Retailers, including Black Sheep Coffee, recognize the value of Texas, which now boasts a population of more than 30 million.

“We’ve always said we’re blessed to be in Texas and specifically to be in DFW,” said Zimmerman.

Even though home starts are down, they’re coming down from an all-time high and retailers are following the rooftops. The challenge ahead is finding rooftops of their own in a highly competitive market.

“It’s an interesting phenomenon,” Zimmerman said.


A successful project begins with a dedicated and passionate team. We are proud to work with a talented group of contractors, engineers, architects, brokers and consultants. Our services include acquisition, development, asset management, design and construction oversight.

BLACK SHEEP COFFEE - Courtesy Harrison

Industrial development will continue to grow in 2023, despite market uncertainty

During the past 10 years, Texas has seen the greatest development cycle in a generation, driven by an unprecedented growth story that has seen the state’s population grow by more than 4 million people. Texas joins California as the only state with a population of more than 30 million.

Certainly, the biggest winner during this cycle has been the industrial sector, as the COVID-19 pandemic accelerated e-commerce trends by at least five years into the future. Today, even as the market cools nationally and e-commerce giants like Amazon and Walmart begin layoffs, Texas is still poised for growth in both the short- and long-term.

This is especially true in the Dallas-Fort Worth region, which continues to be the top industrial market in the nation and a gateway market to the rest of the country due to its central location and global supply chain connectivity. According to a recent Yardi Systems report, the current construction pipeline is set to boost the statewide industrial footprint by 7.8 percent. Emerging Texas markets San Antonio and El Paso will benefit extensively from their border access.

However, as the slower flow of capital and higher interest rates begin to impact newer entrants into the sector, Texas will see new starts begin to drop initially, but not to the level of other markets nationally. A recent


Prologis Research report — the best barometer for the market’s future — says new U.S. warehouse development starts will drop to a seven-year low in 2023, even as rent growth exceeds 10%. Decreased development in 2023 will then only drive-up demand. The pipeline will drop from over 500 million square feet in Q3 2022 to 275 million square feet by year-end 2023.

Dramatic interest rate increases have changed the dynamics for most commercial property transactions. The interest rate, once at an all-time low of 3.5 percent, is now approaching 7 percent. Banks have paused lending and capitalization rates continue to climb, which impacts the investor

market. But this environment has its perks if you play the game right. Wellcapitalized buyers can build out their portfolios with many institutional buyers standing on the sidelines while interest rates level out.

With Texas experiencing significant growth, even in the wake of actions taken by the Fed to curb inflation, it is poised to continue its strong industrial run to meet the demands of a growing consumer base.

Continued on Page 12>


< Industrial Continued from Page 11

Here are four focus areas for 2023:

1. E-commerce remains the driving force for industrial growth

Consumer spending isn’t slowing. According to a Cushman & Wakefield report, the DFW industrial market reached a new record-high of 76.2 million square feet of space under construction, the most of any industrial market in the country. Dallas-Fort Worth remains well above the national average with an additional 50.6 million square feet of proposed space anticipated for development over the next three years.

According to Prologis, e-commerce leasing will bounce back to become the second-most-active year on record (after 2021). E-commerce sales are reaccelerating as the outsized desire for in-person experiences diminishes and the e-commerce value proposition for consumers remains intact.

Leasing activity is also re-accelerating. Prologis’s proportion of new leases signed by e-commerce customers rose to more than 17% in Q3 from a trough of 13% in Q1 2022.


Well-capitalized firms have a big advantage.

Well-capitalized firms have thrived in the similar market uncertainty we’re facing now, and this year won’t be any different.

VanTrust, whose portfolio also includes office, multifamily, retail and hospitality, will remain focused on the DFW, San Antonio and El Paso markets. We broke ground on Phase II of a 59-acre speculative logistics park in El Paso, which boasts a 2 percent industrial vacancy rate. This final phase will add two additional buildings totaling 483,698 square feet to the area and comes on the heels of Phase I's 100% occupancy. As an early entrant into the El Paso/Juarez region, we know the area is ideally positioned to serve as a strategic international distribution point, which will drive manufacturing demand for years to come. In fact, since more companies are looking to protect their supply chains and reduce taxes by reshoring their operations to North America, the El Paso/Juarez market will stand out for its last-mile distribution centers and strategic amenities dedicated to speed-to-market delivery.

This trend, along with growing consumer reliance on e-commerce retailers, will attract developers to the region and drive the El Paso/Juarez market’s success well into the future.

3. Industrial demand isn’t dropping. Buyers will forever be drawn to Texas’ centralized location and friendly

business practices, and markets like DFW, San Antonio and El Paso will continue to benefit.

DFW, and its 5 percent vacancy rate, is a vital U.S. logistics hub with its extensive transportation and distribution network. San Antonio has become a destination for large industrial tenants, pushing its vacancy rates to a record-low 3.9% last year. According to CBRE, most industrial users in El Paso aren’t new and are poised to expand their footprint in the versatile market. Users are seeking spaces that range from 25,000-450,000 square feet with an average size of 100,000 square feet.

4. Sustainability matters more than ever.

Sustainability has become an important differentiator in the market, so look for installed warehouse rooftop solar capacity to double and EV truck charging capacity to exceed 10 megawatts.

VanTrust will extend our focus on sustainable development in 2023 as we grow in Texas. Green Globes is a comprehensive, science-based building rating system from the Green Building Initiative, Inc. (GBI) that supports a wide range of new construction. Environmental objectives pursued through Green Globes lead to lower energy and water bills, reduced emissions, optimized health and wellness benefits and minimized waste. VanTrust has a few Green Globes certified buildings under our belt, and we’ll push to have more certified developments in Texas in 2023.

When thinking about 2023’s outlook through a historic lens and set against the growth backdrop in Texas, I believe we’re poised to see some minor turbulence in the near future, but we’re certainly better positioned than ever before to expand over the long-term.

Executive Vice President Bill Baumgardner leads the Texas office of VanTrust, a full-service real estate development company. Bill brings to VanTrust more than 30 years of experience and works with the team in identifying high-quality real estate projects. His responsibilities include site selection, feasibility, acquisition, and development of new, build-to-suit and speculative opportunities for office, industrial, mixed-use and multifamily product types.

“Sustainability has become an important differentiator in the market, so look for installed warehouse rooftop solar capacity to double and EV truck charging capacity to exceed 10 megawatts.”

REDnews would like to congratulate the latest inductees into our Texas Commercial Real Estate ICONS

John Atcheson, ARCO Design/Build

Nikelle S. Meade, Husch Blackwell LLP

Dougal Cameron, Cameron Management

Nathaliah Naipaul CCIM, XAG Group

Bill Cawley, Cawley Partners

Rebecca Olaguibel, City of McAllen

David Craig, Craig International

Jennifer Pierson, STRIVE

Lynn Davis, Fidelis

Alfred (Tom) Rohde, Rohde Ottmers & Siegel Realty

Patrick Duffy, Colliers

Michael G. Scheurich, Arch-Con® Corporation

Andy Flack, HomeLand Properties, Inc.

Philip Schneidau, Woodbranch Management, Inc.

Pam Goodwin, Goodwin Commercial

Timothy Veler, SVN | Veler Commercial

Abe S. Goren, Wilson Cribbs + Goren

Christen Vestal, Provident Realty Advisors

Lispah Hogan, Newmark

Michele Wheeler, JacksonShaw

Patton Jones, Newmark


President ARCO Design/Build Houston, Texas


Integrity. Hard work. And having fun. Those are the principles that John Atcheson has followed in building a thriving commercial real estate career of more than two decades.

These same guidelines have helped lead Atcheson to his current position, president of the Houston and Salt Lake City divisions of ARCO Design/Build. This is no simple job: In this position, Atcheson is responsible for leading company operations and sourcing and executing new opportunities within Texas and other key markets across the United States.

By all accounts, Atcheson has excelled in these duties. ARCO Design/Build has been named the largest domestic builder of distribution and warehouse facilities by Engineer News-Record. Atcheson's leadership has helped the company reach this milestone.

Atcheson's success isn't a surprise. During his career, this industry veteran has been involved in the design, development and construction of more than $1 billion in real estate transactions.

What has kept Atcheson in this industry for so long? He points to the people he's met.

"The best part about the commercial real estate business is, hands-down, the people," he said. "I get to work with some of the best and brightest individuals. Working together on complex projects and developments and figuring out the details from concept to completion is a very rewarding process. Helping grow and expand their business is always a gratifying and exciting experience."

Like all commercial real estate professionals, though, Atcheson has faced challenges throughout his career. Today, that includes dealing with the lingering impact of the COVID-19 pandemic, supply chain shortages, rising interest rates and a shortage of labor.

"In starting and growing a business, I think anyone will agree that challenges can arise on a daily basis," Atcheson said. "It is all about recognizing those challenges early on and coming up with quick and well-informed solutions. Starting our business, finding the right people, growing our team and recently dealing with a pandemic and supply chain shortages all come to mind. We were able to execute through those challenges and will continue to perform through future ones."

When explaining the reasons for his success, Atcheson points to the importance of following his core business principles.

"Integrity, hard work and having fun," he said. "It really comes down to the basic principles of treating people fairly and doing the right thing. If you want to be successful at anything, you must be energetic and passionate about it. That and surrounding yourself with the right people whether it's your associates, colleagues or clients is a key to success in any business."

Despite his busy career, Atcheson has found time, too, to support his industry and community. He is an active committee member of the National Association of Office and Industrial Properties and a supporting sponsor of the Society of Industrial and Office Realtors.

Atcheson has also provided support for charitable organizations such as the Houston Food Bank and Houston Rodeo. He serves as ambassador for Sky High for Kids, a charitable organization supporting the efforts to find a cure for childhood cancer.

When not working, Atcheson enjoys spending time with his wife, Amanda, and son, Carter. "Spending time with my family and watching my son grow up is one of the greatest joys of my life," Atcheson said.


Though he has built one of the most successful commercial real estate companies in the Houston area -- Cameron Management, which owns, manages and leases office buildings -- Dougal Cameron did not always plan for a career in real estate.

Instead, Cameron began his career as an accountant with the company that is now Ernst & Young. It wasn't until 1985, when he took a position as an asset and project manager with Gerald D. Hines, that Cameron entered the field of commercial real estate. At Hines, Cameron was responsible for managing CBD Class-A assets such as Bank of America Center, JP Morgan Chase Tower, Pennzoil Place and One and Two Shell Plazas.

Cameron enjoyed this taste of real estate, but returned to the world of finance in 1991, serving as an owner and principal of a local money management firm. Cameron, though, understood just how strong of an investment commercial real estate was, and in 1995 he purchased his first building, 3000 Richmond Avenue in Houston. At the same time, he formed Cameron Management.

Ever since, Cameron Management has owned and managed buildings in Houston and San Antonio in both single ownerships and joint-venture partnerships.

Cameron's goal? He strives to operate a firm that provides the best possible service to its tenants. As Cameron Management's website says, the company is dedicated to integrity and teamwork. It's also a good place to work: Cameron Management is 100% owned by its employees.

"Entrepreneurship is the central characteristic of all of my business successes," Cameron said. "Being proactive and intentional, the central characteristics of entrepreneurial living, is required and rewarded in the United States, especially in real estate."

Cameron also pointed to the help and guidance provided by Ted Dom, his partner in Cameron Management for more than 25 years.

"Ted and I together make one whole human being," Cameron said. "I guess I was smart enough to know that I could not do it on my own."

One of the most important secrets to Cameron's success? Resiliency. Throughout his long career, Cameron has worked through the 1983-1996 Houston depression, the 2001-2003 Enron challenges and the financial crisis of 2009 through 2011.

"By God's grace, we have customers, tenants and partners who stuck with us in the bad times," Cameron said. "You have to hold on in the tough times to make it to the good times."

Another reason for his thriving career? Cameron cites the influence of his mother, whom he said gave him the fortitude to survive even the toughest business challenges.

"She imbued in me a spirit of tenacity, hard work and joy," Cameron said.

When not serving his clients, Cameron finds time to give back to his community. He is a board member of Central Houston, Inc., is a governing board member of the Prison Entrepreneurship Program and a member of the board of Hines Global Income Trust. Cameron has also supported organizations such as the Houston Symphony, Devil's River Association, New Beginnings Pregnancy Center and Texans First.

Cameron says that his calling in life to model three habits to others: love Jesus, live entrepreneurially and work hard. His goal is to model these habits to his eight children, 12 grandchildren and 47 interns and mentees whom he was worked with over the years. He shares these habits, too, with the men of the Prison Entrepreneurship Program, and has spent more than 147 days in prison with the members of this group during the last 14 years.

President Cameron Management Houston, Texas

Chairman and CEO

Cawley Partners Dallas, Texas


Named the 2022 Developer of the Year and continually recognized as one of the most influential business leaders in Dallas-Fort Worth, Cawley Partners Chairman and CEO Bill Cawley has left his mark on the industry in many ways.

Throughout his nearly 40-year career, Cawley’s industry expertise and ability to envision future trends has led him to acquire and develop more than 12 million square feet of commercial office product. His company is the premier office developer along the Dallas North Tollway, developing more than $500 million of Class-A office space totaling more than 1.5 million square feet within the last five years.

As a testament to his commitment and dedication, while many developers slowed their pace during the recent pandemic, Cawley led his team full steam ahead with an understanding of the evolving market demand. He focused on meeting client needs to create walkable sites and amenity-driven office space aimed at enticing returning workers.

“Having discipline is key,” Cawley said. “You have to trust your gut to be patient and only make deals that should be made.”

Along these lines, Cawley most recently launched plans for two new projects: a 600,000-square-foot office campus in Frisco and a 1.5-million-square-foot multi-phase project with three new office towers at Grandscape in The Colony. His company has also announced Phase II plans for The Parkwood and Fourteen5 office developments.

Above all, Cawley’s goal is for the growth and success of the commercial real estate industry. He’s an active member of The Real Estate Council (TREC) and was instrumental in navigating TREC in its efforts to virtually sustain connections with members throughout COVID-19. He’s also the host of TREC’s podcast, Legends of CRE, on which he’s interviewed some of the most successful leaders in North Texas CRE, including Crescent Real Estate Founder John Goff, Ray Hunt of Hunt Consolidated, Inc., Hillwood’s Ross Perot, Jr. and Lucy Billingsley of Billingsley Company.

And his list of achievements keeps growing. He is a past board member of the North Texas Commercial Association of Realtors and Real Estate Professionals (NTCAR) and was inducted into the NTCAR 2022 Hall of Fame; a member of Urban Land Institute (ULI); and serves on the SMU COX Folsom Institute for Real Estate Advisory Board.

The reason for his success? It’s tied to the relationships he’s maintained throughout the years.

“We always do what we say we will do,” Cawley said. “That is so important for our relationships. Real estate isn’t complicated. Say what you are going to do and do it!”

wcglaw com

Founder and Chief Executive Officer

Craig International McKinney, Texas


David Craig ranks as one of the most influential developers in the Dallas area. The only proof you need? Consider Craig Ranch, the master-planned community that Craig and his partners began developing in McKinney more than two decades ago.

Craig transformed 1,125 acres of farmland into a thriving 2,200-acre community boasting commercial, residential and mixed-use retail. The jewel of this development? The TPC Craig Ranch, an award-winning private golf club that is the new home of the AT&T Byron Nelson Classic golf tournament.

Craig Ranch is also home to 500 acres of parks and green space and the McKinney Corporate Center, a 270-acre employment district that houses 1.2 million square feet of office. Plans call for an additional 1.5 million square feet of office space in this corporate center.

"What I enjoy most about real estate is the ability to have a vision and be creative with the bigger picture," Craig said. "It gives me an avenue for problem-solving and helping others. For me, it is not about the deal today as much as it is about the potential opportunities and relationships it provides for tomorrow."

While Craig Ranch would be enough to cement Craig's legacy, the developer is far from finished bringing new projects to the Dallas market. Craig is currently working on District 121, a retail, corporate, hospitality and restaurant development being built adjacent to Craig Ranch. This $250 million mixed-use development, located on the northeast corner of State Highway 121 and Alma Road in McKinney, is scheduled to open its first restaurants in the spring of 2023. Since Craig founded Craig International more than 40 years ago, the company has operated and developed more than 10,000 acres in Collin and Grayson counties.

One of the reasons behind Craig’s success? He’s not afraid of working hard. Craig credits much of his entrepreneurial spirit to his father, a retired Air Force colonel, whom Craig says taught him the value of hard work and dedication at a young age.

"I have been successful in this business because I had great mentors and leaders who guided me early on in my career," Craig said. "My father also instilled integrity in me and reminded me that quitting was never an option, no matter how hard you must work to accomplish something. Those life lessons set the foundation for my success in North Texas real estate."

Despite his many achievements, Craig has faced challenges during his career. He said that overcoming these challenges are some of his proudest accomplishments.

He points to two especially difficult ones, the 1987 savings-and-loan crisis and the Great Recession in 2008.

"No transactions were occurring, which means no cash flow and no return on investment for my capital partners," Craig said. "A lesson I learned from my father was that I could not walk away. I had to find a way to make revenue and honor my commitments. A testament of oneself is not how you react during good times, but how you conduct yourself with integrity and honesty during difficult times."

Given his impact on the area, it's no surprise that Craig has earned several honors from the commercial real estate and business communities. D CEO, for instance, has listed Craig as one of the 500 most influential leaders in the Dallas-Fort Worth area. Craig also received the Spirit of McKinney Moving Forward award in 2021.

Craig's impact hasn't been limited to real estate, either. He is also a busy supporter of his community. Craig International supports such charitable organizations as The Boys and Girls Clubs of America - Collin County, The Family Place, Habitat for Humanity Collin County, The Samaritan Inn, Smiles Charity, Love Life Foundation and the American Heart Association.

A commitment to her company and a steadfast resolve to help others achieve their dreams. This is how Fidelis Co-President and Chief Leasing & Development Officer Lynn Davis has changed the industry throughout her career.

After starting moe than three decades ago at Trammel Crow, Davis left in 2003 to co-found Fidelis. Since then, Fidelis has grown to approximately 20 million square feet and branched out to several sectors such as healthcare and residential, to name a few, making it one of the largest firms in Houston. Fidelis has been nominated for multiple awards at the REDnews Real Estate Awards and was awarded the Landmark Award by the Houston Business Journal in 2019 for Davis’s five-year quest to bring a local supermarket to the tight-knit community of Meyerland.

What makes her company so successful? It goes back to building relationships.

“Whether personal or professional, relationships take work,” Davis said. “I’ve worked hard to be the kind of person you want to do business with. Many of those professional relationships have crossed into my personal life, and I wouldn’t have it any other way.” Davis serves on the Executive Council of the McCombs School of Business Real Estate Finance and Investment Center and the Advisory Board for McCombs REIT Fund. She’s an active member of Innovating Commerce Serving Communities (ICSC) and a Life Member of both Texas Exes and the Legends Club.

Among her many esteemed awards, Davis was voted One of the Top 15 Women in Commercial Real Estate in 2012; One of the Top Houston Power Women by the Houston Business Journal in 2019; and named Woman of the Year at the REDnews Real Estate Awards in 2021.

But it’s not always smooth sailing, and building a business comes with its fair share of challenges—one of the greatest for many being maintaining a healthy work-life balance.

“While Fidelis is a very important part of my life, my family is most important,” Davis said. “Being a good wife, mother and friend have always been very important to me, and I strive every day to be as successful at home as I am at work. Whenever possible, I do what I can to extend this luxury to my team, as well.”

Community engagement is another one of her values. In addition to the many organizations she’s a part of, she’s been an organizer for and a benefactor of an array of funds supporting various students and universities. Davis also acts as a mentor for future professionals by sharing the tools of the trade and imparting the knowledge necessary to succeed in the business.

Co-President, Chief Leasing & Development Officer Fidelis Bellaire, Texas LYNN DAVIS

David Craig! 2022 REDnews Texas ICON

Putting the D in development: CRE companies focus on Dallas-area for new projects

“We are blessed and fortunate to be doing business in one of the most desirable counties in the nation for relocation, development, and acquisition!” says David Craig, Chairman and CEO of Craig International, which focuses its development in Collin County.

Perhaps the company’s most anticipated project is District 121, located along the 121 Corridor in McKinney

in the rear,” Craig says. “ We could not let that

happen to this special location and the city came aboard and shared our vision for a more urban mixed use project that was of the highest quality.”

When it’s complete, the 18-acre project next to Craig Ranch will include upscale restaurants, such as Bob’s Steak and Chop House, Mi Cocina, 400 and Zero Gradi, Common Table and more, an 8-story Class

Hotel Denizen and a .72-acre park.




During four decades, Patrick Duffy has thrived in the commercial real estate industry, building a career that has included big deals, loyal clients, quotes in major publications and a top position with one of the biggest CRE firms in the country.

What's behind this success? Duffy isn't afraid to log long hours. He studies the industry. He's built a history of providing top service to his clients. And he doesn't hesitate to serve as a mentor to other commercial real estate brokers.

It helps, too, that Duffy is passionate about commercial real estate. It's easier to work those long hours when you're working in a field that you love.

"In my primary role of sales manager and president, I have had the opportunity to build two great companies," Duffy said. "Watching our people grow, succeed and enjoy their work life has been my greatest joy. I have so many 'alumni' who I hear from regularly who say 'thank you' for my small part in their career success and who are my friends after decades of going in other directions. That is the best part of the career I chose."

Today, Duffy is managing director of brokerage services in Houston for Colliers. Duffy's career, though, took many twists before he arrived at Colliers. An example? Duffy started his career in the early 80’s as director of marketing for a real estate database company. In this position, Duffy spent three years interviewing the country's biggest brokerage houses to find out how he could help them meet their automation needs. This company created the first CRM for the PC platform as part of their broader suite.

Duffy has also spent time as a producing broker, educator, sales manager and managing broker. He even made a major move along the way, relocating to Houston from Florida, where he served as president of the Colliers offices in Tampa Bay, Orlando and Southwest Florida.

As president of Colliers' Houston office, Duffy is responsible for recruiting, training and managing the sales and leasing terms here; overseeing the property management efforts of the office; and drafting and coordinating the business plan for the office.

"I always tried to stay focused on the success of the people I worked with and for before my own," Duffy said. "I told someone once, 'Get paid for what you do. Don't do what you do to get paid.' Money never drove me. It was a natural outcome of putting my clients' and my team's needs before my own. I think that focus was recognized and helped me to build trust and create very long-term relationships."

This doesn't mean that Duffy hasn't faced challenges during his career. He points to the many economic downturns he's worked through during his 40 years in CRE. But he also cites the difficulty of accepting that not everyone can thrive in commercial real estate.

"It took me a long time to learn to balance my need to help everyone I could with the reality that not everyone is cut out for this business or was not a fit for our company culture and needed to find another path," Duffy said. "I don't like to accept defeat and took other people's lack of success personally."

Throughout his career, Duffy has made a positive impact on Colliers. He built and organized the retail service delivery capabilities for Colliers worldwide when he served as chairman of the Colliers Retail Specialty Group. He is also a founding member of Colliers' Oil and Gas practice group. He served as chairman of the Colliers Managers Steering Committee and as a member of the Board of Directors for Colliers USA prior to the company going public.

Duffy hasn't been shy about sharing his industry knowledge, either. He has served as an instructor for the intermediate finance course offered by CoreNet and earned the Top-Rated Faculty Certificate in 2000. He has also been quoted in such publications as the Wall Street Journal, Newsweek and Globe Street. When not working, Duffy prefers spending time with his family of three sons and his wife of 40 years, all of whom he refers to as his best friends.


“People come first.” That’s the philosophy that has helped Andy Flack succeed in the business, and the reputation he has built over the course of his career is widely acclaimed.

With 39 years of experience as a licensed real estate broker in the State of Texas, Flack specializes in the land, timberland and high-profile real estate business and has consulted and/or directed sales of more than one million acres since 2000. His responsibilities include market and property analysis and assisting clients with acquisition and disposition.

Passion breeds success, and for him, the most rewarding aspect of the business is helping others, whether it be clients, employees or up-and-coming agents that want real estate to be their full-time position.

Some of Flack’s recent accomplishments include: the 2022 CREXi Inaugural Platinum Broker Award; 2021 Realtors Land Institute’s APEX Wrangler Award; APEX Broker of the Year for Commercial Land Sales; APEX Top 20 National Producer; and 2021 REDNews Broker of the Year Top 7.

When he’s not working, he enjoys spending time with family and being outside with his dog, Fort.

Properties, Inc.
President Colliers Houston, Texas


Running a commercial real estate business is no easy task. But local CRE veteran Pam Goodwin is not only doing this, she is also thriving at the same time, building a steady stream of celebrity clients and closing a variety of big deals in her market.

Plano-based Goodwin Commercial specializes in developing property with national retailers and restaurants and is a boutique brokerage company. The company has earned a foothold in a busy commercial real estate market, thanks to going above and beyond and the top customer service and market knowledge that Goodwin provides.

Goodwin's success is not surprising to anyone who's followed her career. Goodwin has worked in commercial real estate for more than three decades. Before forming her own company in 2006, she worked as a Property Development Manager for Brinker International, Inc., where she was responsible for new restaurant developments for more than 50+ Chili's and On the Border locations across the country.

Goodwin also brings 15 years of experience in million-square-foot-plus mall developments, where she focused on everything from project and construction management to tenant coordination, city permit approval and grand-openings.

During her career, Goodwin has tackled several major projects. This includes serving on the team behind the $125 million renovation of Northridge Fashion Center following the Northridge, California, earthquake in 1994, and new tenant design and construction on the $150 million expansion and renovation of the upscale Towson Town Center retail center in Towson, Maryland. This major project involved the addition of 130 new stores and a food court.

What has kept Goodwin in this industry for so long? She points to the variety that each day brings. "Every deal is different, and the people you meet start as clients and become lifelong friends," Goodwin said. The amount of money you are able to make in this business is unlimited if you work hard and invest in your own properties to acquire."

These successes don't mean that Goodwin hasn't had to overcome hurdles in her career. "Time has to be one of the greatest challenges in the industry," she said. "You can work months or even years on a deal or project and it falls apart or never happens. I have learned not to dwell on it and to move on quickly. After being in the industry for so long, you have to be tough not to quit during economic downturns and find new opportunities."

Despite her busy career, Goodwin has found time to give back to her community. She serves as Chair for her city's Zoning Board of Adjustments and is a member of and contributor to Forbes Real Estate Council, an invitation-only organization for executives in the real estate industry. In addition, she is highly involved in a group of women in commercial real estate called Deals in Heels based in Dallas that meets monthly. Pam is a sought-out speaker on investing in commercial real estate courses throughout the US and hosts a national tv show interviewing celebrities, entrepreneurs, and hometown heroes.

When not working, Goodwin enjoys spending time with her husband Eric, two grown sons Grant and Garrett and friends. She also travels frequently, and recently took a family trip to Croatia to spend time with her cousins. After an annual 3D mammogram she was diagnosed with breast cancer in 2019, she wanted to give back and Goodwin co-founded the "Kiss Breast Cancer Goodbye" gala in 2021 with headliner Dolly Parton to raise funds for breast cancer research. To date, she has raised with her committee more than $237,000 to benefit the Susan G. Komen foundation.

Pam lives by two mantras which are 'Never, Never, Never Give Up' and 'Find a Way.’


Having been named “Top Rated Real Estate Attorney in Houston, TX” by Super Lawyers® (Thomson Reuters) since 2003, Abe Goren is a masterful negotiator and a decisive leader in his practice.

Goren, a Co-founder of Wilson Cribbs + Goren, was one of the first attorneys to become Board Certified in Commercial Real Estate Law by the Board of Legal Specialization of the State Bar of Texas. He applies his years of real estate experience to implementing effective and creative solutions to his clients’ business goals.

Goren’s primary areas of focus include the acquisition and disposition of commercial real estate across all asset types. His matters range from the routine to the complex, single locations to multiple sites. His practice extends even beyond Texas, and he’s relied on by clients of all sizes for his negotiation skills and deep familiarity of real estate contracts and the many issues that can arise throughout the deal-making process.

Wilson Cribbs + Goren’s unique egalitarian culture is an outgrowth of his vision, and his passion for the job resonates throughout the organization despite all challenges, like the firm’s recent decision to go paperless.

What makes him so successful? He is true to who he is, gaining him recognition as Connect CRE’s 2022 Texas Lawyers in Real Estate Award and “Lifetime Achiever” by Texas Magazine in 2018.

“People who meet, work with and get to know me never see a side of me that is any different than who I actually am,” he said.

Wilson Cribbs + Goren

Houston, Texas

Goren is also devoted to giving back to his community and has continually chaired the annual Evelyn Rubenstein JCC Charity Golf Tournament for the past few decades, raising more than $1 million to support early childhood, grade school, summer camp programs and scholarships for children at the Evelyn Rubenstein JCC.

When he’s not hard at work, Goren enjoys an array of hobbies.

“I watch classic and timeless films (“black and white movies”, as my wife, Dollie, calls them) and attend sporting events with my daughter, Haley. I also collect autographed memorabilia of celebrities, purchase unusual and curious art pieces at auctions and estate sales, and I especially enjoy spoiling my five-year-old granddaughter, Charlie.”

Goodwin Commercial Plano, Texas
UNIQUEMCKINNEY.COM Meet McKinney, Texas 5th Fastest Growing City in the US Top 100 Places to Live - Lorem psum

The numbers are impressive. Lispah Hogan, executive managing director of the Houston office of Newmark, has closed more than 24 million square feet of transactions during a commercial real estate career that has spanned nearly four decades.

What's behind this success? Hogan serves as a true advisor to her clients, helping them to develop the best strategies for managing their real estate holdings. As her peers say, Hogan's knowledge of the market and commitment to her clients have helped her build the long-term relationships that are so important to crafting a thriving CRE business.

"I enjoy my clients and helping them make meaningful commercial real estate decisions," Hogan said. "The results of these decisions directly affect their employees and businesses. It is a big responsibility to play a role in the future direction of a company, large or small, helping it with growth or reduction or overall problem-solving. It is always my aim to generate a positive experience for everyone involved."

Hogan grew up in a military family, and because of this learned quickly how to cultivate meaningful relationships, overcome unexpected challenges and adapt quickly to changing situations.

An example? The first 13 years of Hogan's career were spent in Houston during the mid-1980s through late 1990s. Houston hadn't recovered like the rest of the country following the savings-and-loan crisis, suffering from commercial overbuilding and a sluggish oil and gas industry. Like other successful CRE professionals during this time, Hogan had to rely on creative thinking to achieve the best results for her clients.

This included Hogan's efforts to lease up 80,000 square feet of office space in a Class-A CBD tower for $7 a square foot. To attract tenants, Hogan advertised the space as air-conditioned storage space.

"At the time, storage space wasn't the prominent asset class it is now," Hogan said. "From then on, I learned to live outside the box and only get back in when I needed to."

Given her knowledge and experience, it's not surprising that Hogan has closed several big deals during her career. For example, in 2019 she was involved in a sale/leaseback of more than $300 million of an office building for a long-time client.

Throughout her career, Hogan has closed several big deals for her clients, including a transaction of 350,000 square feet for Southwestern Energy, 315,000 square feet for Phillips 66 and 195,000 square feet for ConocoPhillips. Other major transactions include a deal of 134,000 square feet for American Exploration Co., 131,000 square feet for System one and 126,000 square feet for Hartford Insurance. Hogan has also closed the sale of 38 buildings and 1,606 acres of land during her career.

Hogan also boasts international experience. She has closed leases in Brisbane, Kuala Lumpur, Luanda, Warsaw and London, among other international destinations.

REDnews pointed to this impressive track record when naming Hogan the Woman of the Year in 2020.

"Being 'pleasantly persistent' is one of my mantras," Hogan said. "Somehow, persistence provides both sides with patience and the space to work through deal points. 'Knowledge is power' is another mantra I swear by, as I have continued to educate myself throughout my career and never quit."

Although work is a main focus of Hogan's, she also enjoys attending concerts and festivals with friends and family members. She also is a yearly volunteer for the Houston Livestock Show and Rodeo, which raises funds to support the education of young people throughout the Houston area.


Jones co-founded Newmark’s Central Texas office and is responsible for the Austin and San Antonio conventional multifamily capital markets business, including investment sales. He oversees business development, market research, and property disposition while leading a team of nine experts to serve clients’ needs through equity, debt, acquisition and disposition services. The team closed, contracted or financed over $4 billion in 2021.

The core of any business is its people, and that’s what he enjoys most.

“Over my fifteen-year career,” Jones said, “I have met countless interesting, intelligent, and kind people. These people, from all over the U.S. and the world, have become career clients and friends. Our business is unique because investors from around the world invest in our local Central Texas communities. They are genuinely interested in what is happening on every street corner in the neighborhoods they are investing in. As a result, we spend time touring, driving and breaking bread in Austin and San Antonio with many different types of people. Truly great business and personal relationships result from all the time spent together.”

This people-first philosophy has gained him recognition as the top-producing broker for the multifamily investment sales team company-wide, as well as countless awards industry-wide, including CRE Multifamily Transaction of the Year (2022), Connect Commercial Real Estate Top Broker (2021), and GlobeSt Multifamily Influencer of 2020.

Aside from commercial real estate, he serves the local community through his involvement with the Dell Children’s Hospital, Lymphoma and Leukemia Society, The Rise School of Austin, and Foundation Communities, to name a few. He also enjoys spending time with family, golfing and traveling.

He said: “My wife and I used to live in London and Hong Kong, and subsequently, we enjoy taking the kids to see different countries and cultures. One of my favorite quotes is, ‘The world is a book, and those who do not travel read only a page.’”

A 22-year commercial real estate veteran and multifamily investment sales specialist, Newmark Vice Chairman Patton K. Jones is a pillar of his Austin community.
Newmark Austin, Texas
Executive Managing Director Newmark Houston, Texas

Honoring Our Texas Icon Award Winners

Thank you for your tenacity, innovation and unmatched service. We are extremely proud and honored to have two Icon winners.
LISPAH HOGAN Executive Managing Director Houston, Texas PATTON JONES Vice Chairman Austin, Texas

XAG Group

Richmond, Texas

To be successful, one must truly enjoy what they’re doing – and that’s the case for Nikelle Meade.

An attorney and Partner at Husch Blackwell LLP, one of the country’s top 100 law firms, Meade‘s practice is focused on the representation of clients with all types of real estate needs, from zoning and permitting to purchases and sales, leases, and general contracts.

Meade had to learn the business from scratch. While some of her colleagues came from families that had been in the commercial real estate business for decades, Meade did not. So, she made it her mission to learn all she could. The ramp-up was a challenge. She learned early that the job didn’t come with a handbook and that success is largely based on solid, smart instincts.

“I have worked since the day I started to develop these instincts,” she said. Throughout my career, I watched others who are successful in the business and tried to repeat what they do and develop their good practices and habits. Commercial real estate is an industry in which having solid role models makes all the difference. Skill comes from experience, and watching others with experience has always helped with my work.”

Her accomplishments reflect this. Meade’s professional affiliations include the American Bar Association, the American Planning Association, the Urban Land Institute, the National Council for Public Private Partnerships, the Real Estate Council of Austin, and CREW. She has served as a director for many non-profit organizations, and she currently serves as one of three appointees of the Travis County Commissioners Court to the Central Texas Regional Mobility Authority Board, where she serves as Vice Chairman of the Board.

What she enjoys most about the business is that no two days are the same.

“It’s dynamic,” she said. “I’ve felt since getting into the business that there is adventure included in every day. The people are dynamic an entrepreneurial, and the work is exciting and fun. It’s inspiring to wake up each day excited about what I’ll be working on. Not everyone can say that about their job, and I’m lucky and blessed that I can.


Nathaliah Naipaul's family was very instrumental in instilling this commercial real estate leader with a passion for both real estate and entrepreneurship. Naipaul was raised in Trinidad and grew up watching her father build his own company from a single neighborhood shop into one of the largest supermarket chains in the country. While working in her family business as a young child, Naipaul came to a revelation: She, too, wanted to work for herself and run her own business.

Fueled by an entrepreneurial spirit, Naipaul began working in the commercial development industry at just 21 years of age. She played a key role in building the property development division in her family's business, landing both regional and national tenants such as Courts, Starbucks, KFC and Ashley Furniture.

After she moved to Texas, Naipaul continued to serve as an advisor to her family while managing her two fitness centers in Trinidad, operating a UPS franchise in Houston, and raising her young children. This was a tricky balancing act, but Naipaul never lost focus on providing top service to her clients.

Eventually, Naipaul made the move to real estate, becoming a Certified Commercial Investment Member. She spent several years with Blue Diamond Realty, gaining experience in commercial development, brokering land deals, and dabbling a little in selling luxury homes.

This confirmed what Naipaul already suspected: She wanted a career in commercial real estate. She has achieved that goal, today serving as the chief executive officer and partner of XAG group, a property management, brokerage, development, and private equity firm serving the Houston market. Naipaul and her partner created XAG Group in 2017. She currently manages a portfolio of more than $200 million and has closed more than $85 million in assets.

"I enjoy all aspects of this industry," Naipaul said. "Creating long-lasting relationships, attending networking events, mentoring CRE professionals, seeing new businesses open and prosper and being actively involved in projects from start to finish."

Under Naipaul's leadership, XAG Group has consistently grown, with the company's staff count increasing by half-a-dozen members. It has also seen the addition of 12 major commercial projects to the firm's portfolio, one of which will expand XAG Group's reach into the Youngsville, Louisiana, area.

"I attribute my success to my honesty, integrity and a genuine passion for my work," Naipaul said. "I wholeheartedly enjoy my job, and that has made it feel more like a fulfilling hobby rather than work. Every day, I maintain a positive attitude and work hard, putting in the necessary effort and hustle to succeed."

In addition to her work at XAG Group, Naipaul also takes time to mentor both the new additions to her company's staff and students at the University of Houston who are qualified real estate agents and working to earn their CCIM designations. Naipaul says that her goal is to give guidance and help the younger generation build their own successful careers and grow their personal wealth in commercial real estate.

When not working or mentoring, Naipaul says that she looks for joy in the smaller moments of life, such as enjoying a nice meal, physical fitness, and spending time with loves ones.

Attorney Husch Blackwell LLP Austin, Texas

City of McAllen Retail & Business Development Director Rebecca Olaguibel has served her community with a passion for service, economic development, public relations and marketing for over 15 years.

As the primary point of contact for retailers and developers considering McAllen, she’s worked closely with international, national, regional and local investors, community leaders, stakeholders and colleagues to build relationships and foster a strong economic environment by facilitating retail growth in McAllen.

After graduating from University of Texas at San Antonio with a Bachelor of Liberal Arts, Olaguibel’s career began in at Wells Fargo bank before transitioning to the Laredo Chamber of Commerce. In 2007, Rebecca began working for the City of McAllen where she has been able to successfully drive consumer traffic and position McAllen as destination for investment, opportunity, and prosperity.

Part of her success can be attributed to her decision to immerse herself in industry research and connecting with mentors who provide insight, positive feedback and advice, but the job has still come with its fair share of challenges, like recent economic downturn, changing consumer habits and negative media coverage of McAllen and the Rio Grande Valley region. Olaguibel said her motivation stems from those she works with.

“I’m surrounded by very smart, motivated and creative people who inspire and encourage me each day,” she said. “[Their] … momentum is my driving force and motivation.”

Olaguibel is a member of ICSC, TML, TCMA, TEDC and TxEDC.

Director, Retail & Business Development
Congratulations Pat Duffy for being recognized as a Commercial Real Estate Icon by REDNews. Colliers is Houston’s leader in commercial real estate solutions. - Your Colliers Houston Family
visit us online at
of McAllen McAllen, Texas REBECCA OLAGUIBEL
Patrick Duffy, MCR President | Houston

Managing Partner STRIVE Dallas, Texas


Jennifer Pierson wasn't afraid to take the jump. After thriving as a top producer for the bulk of her career at CBRE, Pierson started her own company, Dallas-based STRIVE, in 2017. And the results? STRIVE, too, has been a success, with Pierson's company now boasting a roster of more than 30 professionals.

Pierson and her team now advise owners in the disposition of office, industrial, retail and multifamily properties throughout the state of Texas. And they do this well. Just look at the honors that Pierson has received during her career. In 2021, she was a top-five finalist for the prestigious DCEO of the Year award. And in 2020, she was nominated for the same honor.

This success hasn't come easy. Pierson has had to log long hours and study her market continuously. She also works hard to provide top service to her clients. These are the same challenges that most CRE professionals face. But Pierson had to do this while working in an industry that has traditionally been dominated by men.

"Being a female has its challenges, though not from a 'getting business' standpoint. From that perspective, being a woman is an advantage because you don't look like all the guys," Pierson said. "Being a female, though, can be challenging from an isolation standpoint. I don't have many peers who do what I do. Camaraderie with the guys can only go so far."

This industry veteran has also become a sought-after speaker at real estate events. This isn't surprising: With more than three decades of experience, Pierson understands the commercial real estate market, and has become one of the most knowledgeable industry experts in her Dallas market.

Pierson has served as an expert panelist at events held by REjournals, REDnews and the Appraisal Institute.

How has Pierson navigated these challenges and built a successful business? She points to the old-fashioned formula of working hard.

"I think there is one common denominator in successful people in this business -- in any business, actually -- and that is hard work," Pierson said. "Hard work is the great equalizer. I show up every day and I stay focused. I work long hours. It is not for everyone, but I find it to be meaningful work. The good news is it is far from rocket science."

When she isn't serving her clients or studying her market, Pierson enjoys spending time with her family.

"I like sitting around talking about life, traveling, snow skiing, gardening, drinking good wine and painting," Pierson said.


Having developed over 100 shopping centers over the course of his 50-year career, Rohde Ottmers & Siegel Realty President Tom Rohde has been active in commercial real estate brokerage and development since 1970 after graduating from the University of Texas at Austin.

It all started at his dad’s real estate firm in 1963. Rohde worked as a bookkeeper and sign installer before rejoining the firm full-time postgrad as a commercial realtor, spending most of his time leasing warehouse and retail space and doing site selection for numerous fast food and retail clients like 7-Eleven Stores, Sambo’s Restaurants, Circle-K Stores, Kroger Food Stores and CiCi’s Pizza, to name a few.

During this time, he continued his studies with the National Association of Realtors, earning a CCIM designation in 1976. He served as Founding President of the San Antonio CCIM Chapter and Texas State Operations Chairman for the International Council of Shipping Centers (ICSC) from 1995 to 1998, of which he’s been a member since 1970.

Today, Rohde is the responsible broker for Rohde Siegel Realty, Ltd, a firm specializing in commercial real estate and the responsible broker for Rohde Realty, Inc., a major retail property management firm that currently operates over three million square feet of retail centers.

He is active in the sale of large development tracts, having recently sold tracts ranging from $14.5 million to $40 million, but his specialty is putting together local development groups with investments from local San Antonio families. Most recently, Rohde has worked on a self-owned portfolio of shopping centers, including two Wal-Mart anchored centers in San Antonio and Dallas, Helotes Town Walmart Centre in Helotes, Texas, and Madison’s Market in San Antonio. He’s now working on five new retail centers ranging from 15,000 to 50,000 square feet.

In his free time, Rohde likes to hunt in South Texas and fish in Rockport and spend time with his wife, three children and three grandkids. He has a home in Alamo Heights where he’s resided for the past 21 years.

President Rohde Ottmers & Siegel Realty San Antonio, Texas

An industry veteran, Arch-Con® Corporation Founder & CEO Michael G. Scheurich’s passion for construction originated with a love of architecture and how buildings are designed.

Scheurich entered the College of Architecture at Texas A&M University with his sights set on becoming an architect but soon realized he wanted to build. He went on to earn a degree in construction science before beginning his career in Dallas, then Houston, where he served for three of the nation’s top general contractors—yet this was just the incubation period for his vision to launch his own construction company.

However, Scheurich understood that to achieve his entrepreneurial dream, he needed more than a degree. He needed an understanding of how to operate a company. So, he went back to school and with an MBA in tow, he established Arch-Con Corporation in 2000 as a resource for the local community in the areas of office and industrial design-build construction.

Since its inception, the business has expanded its operations to include retail, healthcare, corporate interiors, community, hospitality and multifamily construction. With offices in Houston, Dallas, Austin and Denver, Scheurich leads more than 200 employees and an annual revenue of more than $500 million.

“The two things I enjoy most is partnering with clients to bring their vision to life, as well as helping people grow positively in their careers,” Scheurich said. “We must solve problems every day in construction, and I thoroughly enjoy the process of identifying what’s going on, completing the puzzle and showing people how to solve it. This really empowers others and helps them grow.”

Additionally, Scheurich utilizes his design and construction relationships to team with strategic partners to build high-quality assets. Arch-Con’s headquarters was developed by Scheurich himself and constructed by Arch-Con. He’s experienced in leveraging the latest, cost-efficient technologies and strives to stay on the cutting edge of the industry.

He serves on the board of the Greater Houston Partnership, the National NAIOP Forum, the University of St. Thomas Buildings and Grounds Committee and the Annunciation Orthodox School Building and Grounds Committee. He makes a point to donate his time and resources to organizations including Hermann Park Conservancy, SEARCH Homeless Services, Bo’s Place, and St. Anne Catholic Community, among others.

Of course, Scheurich also enjoys time outside of work, spending time with his family and traveling.

“I cherish spending time with my parents who are now in their 90s. My dad has been a mentor to me personally and in my business. We love to do projects together. For example, I acquired two antique crank telephones, just like you see in the classic movies, and we had a blast making them work between two areas of my house.”


Philip Schneidau knows the Houston commercial real estate market. After all, this CRE veteran is a native Houstonian and has lived and worked in the Houston area for most of his life. He also is passionate about serving the city and its surrounding areas. This combination of market knowledge and commitment to the betterment of the Houston area has helped Schneidau build a thriving career in the commercial real estate business.

No newcomer to the commercial real estate business, Schneidau has worked in the industry for more than 46 years. He’s also spent more than three decades at Woodbranch Management, a privately owned commercial real estate company that focuses on the development, asset management, property management and leasing of its own properties. The company's current portfolio consists of about 3 million square feet of commercial properties, including the high-rise multifamily building Market Square Tower.

What has kept Schneidau in the CRE business for so long? He points to the fact that no two days are ever the same.

"I enjoy the challenges," Schneidau said. "It is rare when any week is boring or repetitive. It's not always fun, but it definitely keeps me on my toes."

During his time at Woodbranch, Schneidau has showcased his versatility. His duties include asset management of Woodbranch's properties, coordinating the leasing efforts at these buildings and overseeing the acquisition of new properties. Schneidau also works on financing, accounting and construction and development issues. As his peers say, this industry veteran tackles anything that could ever come up during the day-to-day operations at Woodbranch.

When asked what it takes to succeed in commercial real estate for so long, Schneidau points to the importance of having a strong work ethic. "Perseverance matters," he said. "I generally keep fighting to solve a problem when others might give up. I have continually tried to keep up educationally, politically and in networking with others."

Before taking his position at Woodbranch, Schneidau worked as executive vice president for Ed Wulfe & Co. and regional vice president of property management for Grubb & Ellis/Houston.

Schneidau doesn't hesitate to serve his community, either. He is the past president and executive council member of IREM Houston, past board member with BOMA Houston and former Texas state director with the International Council of Shopping Centers. He's also served the Downtown Redevelopment Authority, both as a past board member and former co-chair of the redevelopment of Market Square Park in downtown Houston.

When the workday ends, Schneidau enjoys running. He is an accomplished long-distance runner, having completed 14 marathons, including the New York and Boston marathons. Schneidau also enjoys relaxing with a good book and volunteering for charitable organizations around the Houston area. He credits his parents with instilling in him this sense of civic duty.

Founder & CEO Arch-Con Corporation Houston, Texas MICHAEL G. SCHEURICH
2022 REDnews Texas Icon CHRISTEN VESTAL

Director, Development & Acquisitions

Provident Realty Advisors Houston, Texas

In the last 15 years, Timothy Veler has built one of the most successful commercial real estate brokerage businesses in the Dallas market and is now the owner of his own firm SVN | Veler Commercial. And while building a CRE business takes time and dedication,Veler has also found the time to serve his industry through his volunteer efforts with a wide range of commercial real estate associations.

What's behind this success? It's a combination of hard work, a willingness to study his local CRE market and a commitment to providing the highest level of service to his clients. That might sound old-fashioned, but this approach has paid dividends for this CRE Veleran, who originally began his Real Estate career in 1994 buying, renovating and leasing apartment buildings. Veler isn't stingy with sharing his industry knowledge, either. His peers say that Veler never hesitates to mentor younger CRE professionals or brainstorm with more experienced industry Velerans. Those who work with Veler say that this industry pro is always available to anyone who reaches out to him for support.

And when it comes to serving commercial real estate associations? Veler has never been shy about devoting his time. He has served on the National CCIM Board of Directors, the NTCAR Board of Directors, the Texas Realtors Association, while also volunteering on the board of the Stemmons Corridor Business Association. Veler has also been the past president of the North Texas CCIM Chapter.

How has Veler built his successful career while also giving so much time back to his industry? He points to the not-so-secret formula of working hard each day.

"Since I was 9 years old, with my first job delivering newspapers, which evolved into buying and selling cattle, hard work has been my go-to in business," Veler said. "I have always competed by working hard and understanding my market at a very high level." Veler also devotes the time needed to thrive in his career. He spends long hours studying the commercial real estate industry and analyzing new trends. He isn't afraid to master new technology, and constantly stays informed on the evolving needs of his clients.

This dedication to his industry, and his willingness to log extra hours to better provide for his clients, has served Veler well, and has led to a career that is still thriving even after the challenges of a global pandemic, rising interest rates and persistently high inflation.

When not building his business or serving his clients, Veler prefers to spend time with his family and hitting the trails on his bike. As he says, Dallas boasts some of the best paved bike trails in the country.


There’s only a handful of women industrial developers in Houston, and one of them is Christen Vestal.

The first women development partner at Provident Realty Advisors, Vestal joined the company in 2022 as the director of development & acquisitions and has developed over 700 acres and $1 billion of transaction value over the course of her decade-long career.

Her experience ranges from extremely specialized manufacturing facilities to speculative big box projects. Career highlights include a build-to-suit project for one of the largest e-commerce companies in the country.

She’s the 2022 RedNews Emerging Leader of the Year, RedNews Finalist for Woman of the Year and Bisnow Developing Leader for 2021.

Vestal’s secret to success? Consistency.

“Being consistent and committed to my word has helped me to succeed in the business,” she said. “When you are consistent, people know they can count on you.”

Aside from her career, her other full-time job is being a mother of two and a wife to a successful real estate entrepreneur. She’s also dedicated to giving to Sky High for Children, a special charity that raises money to fund cancer treatments for kids.

Managing Director
SVN | Veler Commercial Dallas, Texas


Named by D CEO Magazine as “Commercial Real Estate Executive of the Year” in 2020, JacksonShaw President & CEO

Michele Wheeler is the primary leader of the firm’s commercial real estate development and is a presence in each of the firm’s markets sourcing business opportunities.

With a degree in marketing and management from Stephen F. Austin, Wheeler’s career began at Rosewood Property Company in 1987 before joining Jackson-Shaw in 2005. Through her involvement in land acquisition, entitlements, negotiation of tenant leases, construction contracts and management/leasing agreements, Wheeler creates value across the firm’s product offerings in diverse markets throughout the United States.

Wheeler’s favorite part of the business? Wearing many hats.

“I lead every aspect of JacksonShaw’s commercial real estate business development and am a presence in each of the firm’s markets sourcing new business opportunities,” she said, “but what I love most about the business are the people and the relationship side of the business and seeing the new generation of leaders develop and succeed.”

Her leadership roles have included President of the National Association of Industrial and Office Professionals (NAIOP); National Product Council Chair for the Urban Land Institute; Chair of The Real Estate Council (TREC); and Director of the TREC Foundation. She is also a member of CREW and the Real Estate Financial Executives Association and currently serves on the board of the Jackson-Shaw Foundation.

Outside of work, Wheeler has many hobbies.

“Being outdoors on the water or at my family’s ranch was something that I enjoyed with my father,” Wheeler said. “We spent a lot of time on Sam Rayburn Reservoir, Lake Texoma and Possum Kingdom Lake. It wasn’t until I went fly fishing for the first time when Jackson-Shaw began developing its 2,100-acre Wilder on the Taylor ranch community near Crested Butte, Colorado, that I found true zeal while casting a line. Like real estate, fly fishing requires finesse. The sport has taught me to be more patient. You get rewarded for excellent presentations, preparations and practice, and all that translates to business.”

President & Chief Executive Officer JacksonShaw Dallas, Texas
Congratulations Dougal on being a Texas Real Estate Icon


ALUMNI Michael Ablon 2020 Susan Arledge 2020 Deborah Bauer 2021 Fred Baca 2020 J. Cary Barton 2020 Lucy Billingsley 2020 Stephanie Burritt 2021 R.L. “Burr” Buckalew 2021 Fred Caldwell 2020 Robert H. Clay 2020 David L. Cook 2020 Stan Creech 2021 Dr. Mark Dotzour 2021 Melanie Edmundson 2020 Gary S. Farmer 2020 Lilly Golden 2021 Charles Gordon 2021 Craig Hall 2020 Al Hartman 2021 Simmi Jaggi 2021 Jim Knight 2020 Eric Lestin 2021 Philip Levy 2020 Amy Madison 2020 Conrad Madsen, SIOR 2021 Terrence Maiden 2020 Edna Meyer-Nelson 2020 Ed Nwokedi 2021 Bob Parsley 2020 Jeff Read 2020 Carolyn Hinchey Shaw 2020 Mike Spears, SIOR, CCIM 2021 E.W. “Ned” Torian 2021 Jeffrey Swope 2020 Greg Weaver 2020 Reid Wilson 2020

‘What our platform is built for’: Texasbased company offers first-of-its-kind centralized leasing software

Just before 2022 wrapped up, Texas celebrated a huge milestone. Its population officially surpassed 30 million, bolstered by about 470,000 new residents since July 2021, according to the U.S. Census Bureau. Now only Texas and California can claim populations beyond 30 million.

“Growth in Texas last year was fueled by gains from all three components: net domestic migration (230,961), net international migration (118,614), and natural increase (118,159),” the Census Bureau explained in a statement announcing the threshold reached by the Lone Star State.

No matter where these new Texans came from, they need a place to call home and many are opting for apartments in the state’s metro areas. Dallas is leading the way with an occupancy rate of 92.4 percent, according to December 2022 numbers from Houston (90.6 percent), San Antonio (90.4 percent), and Austin (90.8 percent) aren’t far behind.

Though those numbers are predicted to hold due to economic uncertainty and rising interest rates, the multifamily industry is in the midst of an evolution, which was started before, but certainly accelerated by, the COVID-19 pandemic.

“The adoption of pandemic-era safety precautions has enabled property managers to move leasing operations from in-person to digital and for staff to operate remotely," said Ethan Lacey, founder and CEO of Union, a multifamily property technology company. “That's what our platform is built for.”

The company recently announced the first comprehensive centralized leasing software and support solution to enable sophisticated remote management of multifamily communities. Union transforms the traditional leasing operational model to solve for staffing shortages, a consumer shift to self-service, and a need for specialized operations.

“Property management companies and ownership groups are facing historic challenges with hiring and employee retention, and they are looking for software to support smaller, more efficient leasing operations via centralization,” Lacey said.

The Austin-based company allows partners to choose between adopting a fully remote model, where all lead management functions are offproperty, or a hybrid model, where an on-property presence is maintained. For all operational models, Union enables specialization at every step of the lead-to-lease journey, including applications, renewals, and move-in.

“In some instances, this can be a same-day turnaround, done incredibly fast and solely by the potential tenant,” said Lacey. “They can choose whether they engage with somebody else or handle the process on their own.”

That’s an important detail based on the changing demographics of tenants. As millennials and Gen-Xers seek out apartments, they want to do it the same way they’ve done everything else: entirely online.

“People in these generations arrive at every major buying decision educated. They value self-education and self-service,” Lacey added. “I think the big story for this industry – and probably the biggest opportunity for the next decade – is how it satisfies that need.”

Doing so doesn’t just help bring in new tenants; it also offers significant benefits to workers. With reduced costs, property managers can offer leasing agents higher pay and perks such as working from home.

“With Union, we are evolving traditional operations to meet shifting marketplace realities, to support our internal teams, and to serve our clients. Through innovation, we eliminate obstacles and create a seamless experience throughout the prospect and resident lifecycle,” said John Carlson, President of Mark-Taylor Companies, the leading luxury property management company and developer in Arizona and the first organization to implement Union’s software at owned and operated communities.

While companies offer professional services that cobble together point solutions to achieve some level of centralized leasing, only Union, which was founded by technologists from Amazon, can fully answer that demand.

You can learn more about Union by visiting or emailing

Ethan Lacey - Union

4th Annual REDnews Houston Industrial Summit

Paola Romero and Son Nguyen Patrick Ezzell, UP Community Development Corporation, Stephanie Wiggins, CecD, SR/ WA, Partnership Lake Houston, Brian Malone, CecD, Pearland Economic Development Corporation, Charles Martinez, Katy Area Economic Development Council, Kristie Young, Greater Beaumont Chamber of Commerce, Danny Nguyen, DN Commercial Angler Construction: (from left to right) – Devin Valenta, Fred Rose, Adam Hissong, Torrey Hawkins, Camber Urban, Marc Brereton, Marisol Bolanos, Jason Atherton, Brett Dishman

Maggiano’s Little Italy, December 2, 2022

Travis Land, SIOR, Partners, Tommy Erwin, Moody Rambin, Brandi McDonald Sikes, SVN/J. Beard Greater Houston, Ryan Byrd, Colliers, Christen Vestal, Provident Realty Partners, Mark Nicholas, JLL, Mike Spears SIOR, CCIM, Lee & Associates Son Nguyen and Danny Nguyen Robert Wheless, Logistics Property Company, Torrey Hawkins, Angler Construction, David Claros, Dosch Marshall Real Estate, Ryan Cordill, Newmark Title Services, Craig McKenna, Stream Realty Partners, Mike Diehl, Rycon Construction Inc. Troy Cook with Rycon Construction Inc

REDnews Houston Industrial Summit

Takeaway: Absorption continues to be strong, keeping supply in balance. New development is leveling off as are previously spiraling construction costs. Land is expensive and scarce. Capital markets are tighter for large projects, as lenders await investment transactions which result in their loans being paid off. The future looks strong and balanced, with demand continuing and rents slowly rising to reflect developer costs.

Panel: Industrial Real Estate Market Overview

Moderator: Mike Spears-Lee & Associates Speakers: Brandi Sykes-JBeard Greater Houston; Christen VestalProvident Realty Advisors; Mark Nicholas-JLL; Ryan Byrd-Colliers; Thomas Erwin-Moody Rambin; Travis Land- Partners

due to our attractive business climate

• Affecting NOI, insurance premiums are rising along with rising valuations of industrial buildings

• The Port/SE market continues to shine, with 20-30% growth

• Materials availability and permitting delays continue to hinder developers

• Venture capital investors are eyeing non-conventional start-ups in Houston such as life sciences

• Major drivers of demand in Houston are population growth, consumer demand, and increasing activity at our port, as the West Coast ports continue to experience bottlenecks


• The variety in industrial product is wide-ranging: flex space office, storage, manufacturing

• Houston has had a robust growth over past five years, adding over 20% to our warehouse base, and we already were a strong market

• Record construction, absorption, and growth have been our good fortune

• In the middle of this growth, land prices, interest rates, and inflation have soared

• Due to our business-friendly climate here, Houston will prosper while other markets suffer

• One of the ‘headwinds’ is educating equity investors that Houston is different

• There has been a 64% increase in large leases-over 100,000 SF-in recent years

• We currently have about 34 million SF under construction, and if this velocity continues, at the end of 2023 we may have up to 10% vacancy, but most do not expect that

• Will interest rates cause construction to slow?

• Rental rates are increasing sharply

• Average tenant size has increased, with tenants needing 30-50% more space

• All the ingredients in development are up: materials, land, interest rates, labor costs

• Lots of equity remains on the sidelines and available

• End user demand for industrial remains strong

• East and west coast industrial users are coming to Houston-diversifying to us-

• One of the most active sectors now in industrial demand is energy (not specifically oil & gas) but green energy-Houston’s City Fathers wisely wish us to continue to be the Energy Capital of the World, whatever the energy source

• The Port is entering its eleventh expansion phase, with dredging of the Ship Channel to accommodate even larger vessels-our container ship volume is up 26%

Panel: Game Changing Economic Tools Moderator: Danny Nguyen-DN Commercial Speakers: Kristie Young-Beaumont Chamber of Commerce; Stephanie Wiggins-Partnership Lake Houston; Patrick Ezzell-UP Community Development; Brian Malone-Pearland Economic Development Corporation (EDC); Chuck Martinez-Katy Area Economic Development Council


• Industrial tenants are expanding

• The job of economic development councils is to support economic growth by attracting new users and facilitating their opening businesses, to create jobs and tax revenue for the community

• Katy has 10 square miles of territory and 27 million SF of industrial space inventory

• Beaumont needs warehouse space and is seeking developers

• Out of town and out of country users are coming to greater Houston looking for industrial space

• There is an abundance of ‘special districts’ designed to facilitate development and anyone in industrial real estate needs to educate him/herself to the help and the programs that are available; these special districts were created years ago by the State legislature to facilitate residential and commercial development; often these districts can sell bonds and finance infrastructure for developers at no cost to them; special districts can offer great flexibility to developers; maps are available for the location of these special districts and the local EDCs can help-that is their role

36 JANUARY/FEBRUARY 2023 event profile
Ray Hankamer

• Local banks often compete for a chance to lend to developers in their trade areas

• Some ECD groups offer drone ‘visits’ to their areas so that potential businesses to not have to buy a plane ticket to check out the area; drone ‘scouting’ can be better than driving a market

• There is a wave of new industry looking to replace oil and gas in the Houston area, and these industries are looking for specialized space for biotech and biotech manufacturing, aerospace, and other industries connected to the fight to stop climate change

• Public-private partnerships to help new start-ups abound and the shrewd developer seeks them out; often financing and other breaks are available through these entities; this financing vehicle is just catching on in the Houston area but is used widely elsewhere in the US

• Start-ups need small spaces to begin, with minimum build out; they will customize open spaces to fit their needs

• Texas is very interesting now for investors in the industrial sector; bonds for infrastructure such as utilities and drainage here are easy to sell

• The primary role of EDCs is to provide “solutions” for the developer and for the business wanting to come in to a given area; most EDCs are non-profit

• Beaumont’s Chamber of Commerce is offering job fairs to match high school grads with good jobs

• If real estate is your business, then you should be involved in local politics, so as not to miss the various benefits offered by the various pro-business non-profit districts and other vehicles designed to facilitate economic growth; “Politics is there to help you”

Panel: The State of Economic Development & Investment Moderator: Mike Diehl-Rycon Construction Speakers: David Claros-Dosch Marshall Real Estate; Robert Wheless-Logistics Property Company; Ryan Cordill-Newmark Title Services; Torrey Hawkins- Angler Construction; Craig McKenna-Stream Realty Partners


• Vacancy down and some and 21 million SF have been absorbed out of total of 415 million in Greater Houston; 22.5 million SF are under construction; overall vacancy is 6.5%

• It is a good time to develop in the industrial sector IF you can find affordable land

• 1/3 of development in our area is in the SE, focused on the port

• Construction cost increases are starting to flatten, to level off, although there are still some items which are still rising is cost and/or unavailable within a reasonable time frame

• Permitting is a nightmare in the City of Houston which is working with a 50% manpower shortage; permitting takes so long that developers have trouble guaranteeing pricing long into the unpredictable future

• Developing industrial involves so many variables and surprises along the way, although contingency allowances on budgets are starting to trend downward a little now

• Site and shell costs have ballooned up to 30% in just one year

• Land costs are being bid up all over the area and it is hard to find a site that pencils out for a given project

• Due diligence, which once required only 30-60-90 days now takes 90-100 days

• Leasing rates are difficult to calculate in the future because there may be so many unknowns crop up during the development process; luckily demand drivers continue to be positive

• There is a scarcity of some tenant improvement components (TI); landlords are adding more life safety and other permittable components to the building shell to avoid long waits for approval of them in built out lease spaces, given the delays in getting inspections; with these elements in the shell, the tenant can move right into the finished space sooner; overall more investment is going into the shell that before did not go in until spaces were built out

• Developers continue to order early and warehouse building components which are in short supply, thus compounding the problem

• Some contractors are finding scarce materials offshore and importing them, in

Continued on Page 38 >

spite of additional ‘paperwork’

• Developers continually must be aware of changing tenants’ needs and adapt to meet them

• The cost of providing site ‘entitlements’ such as utility availability, detention, drainage, curb cuts, impact fees, etc., has gone up into the double digits from the single digit cost where it traditionally has been

• Debt / capital markets are in a strange period, with banks waiting for investment sales to take place so they can roll over their money and make it available for new deals; with unfavorable cap rates for sellers’ deal making has slowed down; local banks are available for smaller deals; it may be another year or so until capital markets shake out

• Today’s tenant/users want the latest and greatest state of the art amenities in their buildings, putting older industrial product in a secondary place

• Houston industrial rents remain more moderate than in other US markets

• There is more demand for buildings which can accommodate robotics and AI, and even the smaller established tenants are starting to demand hi-tech buildout

• Huge spec deals are slowing down

• In the immediate future there will be a slight slowdown due to restricted capital availability, although demand remains strong as online sales require warehousing to support it; recent Black Friday set record online sales

• Cautiously optimistic for future and for rents to continue to rise

• Developers should secure sites and begin entitlement on them, preparing for a resumption of industrial growth

• More and more users are wanting to own their buildings

• Buildings are becoming taller with more automation

• Since the market is tightening, landlords hold the upper hand in negotiations

• It is a good time to buy industrial buildings

• The industrial sector is taking baby steps toward more environmentally friendly buildings but the big advances will come from trucking switching over to electric



38 JANUARY/FEBRUARY 2023 Alamo EDC ..................................................................................................... 11 CCIM North Texas 7 Cameron Management ............................................................................... 31 City Development Corporation of El Campo 5 Colliers ............................................................................................................ 25 Craig International 17 Drake Commercial Group, LLC .................................................................... 15 Fidelis Realty Partners 19 Lane Property Tax Advisors 44 McKinney Economic Development Corporation 21 National Environmental Services, LLC 47 Newmark ...................................................................................................... 23 North Houston District 2 Phase Engineering ....................................................................................... 40 Provident Realty Advisors 29 SIOR Houston ............................................................................................... 3 The Real Estate Council- Fort Worth 38 VanTrust Real Estate, LLC ............................................................................ 9 Wilson Cribbs + Goren PC 15 XAG Properties ............................................................................................. 27 advertiser index L E A R N M O R E A T R E C O U N C I L G F W . C O M
< Summit Continued from Page 37



Phase Engineering couples its small company culture with its large organization's principles and experience to help clients manage and overcome environmental risks and obstacles. Our new website and rebranding reflect an invigorating and bold vision for the future while emphasizing our core values. This vision for the future supports our commitment to be the trusted name in the industry providing comprehensive consulting services that support environmentally responsible growth.



Stream Realty Partners Recruits Local

Commercial Real Estate Leader

To Bolster Industrial Leasing Team In Austin

Stream Realty Partners continues to expand its industrial leasing team in Austin by hiring a local leader from a premier real estate advisory and investment firm.

Nathan Thornhill joins Stream, a national real estate services, development, and investment firm, as a Vice President of Industrial Leasing. He will work alongside Managing Director and Partner Sam Owen to grow the firm’s service business in the Austin market. Thornhill will be responsible for representing investors, owners, and tenants in leasing, site selection, acquisitions, dispositions, and development services. He previously worked at OakPoint for nearly six years, ascending from a Development Associate to Director of Leasing.

“I was not looking to make a job jump, but after talking to the Stream Austin team over the course of a couple months, I felt like it was the right move,” Thornhill said. “The company has a first-class culture, pride in what they do, and high expectations–which was very appealing. I strongly believe in leasing with an owners’ mindset, a philosophy we share. I am excited for the opportunity to work with some of the best in our industry and look forward to adding value where I can.”

Thornhill began his career as a Market Research Intern at Heritage Title Company in Austin before moving to Haverwood Management, which later became OakPoint, as an Associate. From July 2014 to October 2015, he was a right-handed pitcher in the Philadelphia Phillies organization. Thornhill graduated from The University of Texas at Austin with a Bachelor of Science in Communication Studies and a Master of Business Administration. He is a member of the Commercial Brokers Association.

“The industrial market in Austin and the surrounding areas is experiencing tremendous growth and leasing velocity,” Owen said. “Despite economic and geopolitical uncertainty, we believe the Austin industrial market will continue to expand. To best serve our clients, we identified an experienced and talented dealmaker with an owner’s mindset in Nathan. He embodies the traits we seek at Stream, and he will add value to our team and our clients on day 1. We are excited for the coming years and remain committed to providing first-class service in all that we do.”

Stream Austin will have 10 professionals dedicated to industrial leasing and transaction services with Thornhill’s hire. The team’s current leasing portfolio of existing or under-construction buildings is approximately 14 million square feet.

1 ICSC River Red Keynote Speaker: Johnny Quinn, U.S. Olympian, Bobsled 2 Colliers – Hannah Tosch, Adrianna Shaw, Wade Green 3 ACRP January luncheon crowd 4 BOMA Houston Awards: Property Manager of the Year: Derek Montz, Transwestern with 2022 Houston BOMA President Scott Becker with CBRE 5 BOMA Houston Awards: Executive Manager of the Year: Shane Cawood, Hartman Income REIT with 2022 Houston BOMA President Scott Becker with CBRE.
1 2 3 5 4 6
6 XAG Group – Team Photo (L to R), Daniel Martinez, Sebastian Garza, Emily Delgado, Nathaliah Naipaul, CCIM, Sebastian Rodriguez and Katherine Tyler,

It’s always sunny in…Dallas-Fort Worth? Office market still one of the brightest in the U.S.

Regarding the office sector, Dallas-Fort Worth maintains its position as one of the brightest real estate markets in the U.S., despite global economic headwinds. But though the two metros are often discussed as one, it’s important to note that their metrics, however slightly, do vary. The new Q4 2022 Office Insight Reports by JLL break them down.


This market continues to lead in population and job growth due to the metro’s diverse economy. While Dallas did see a decrease in corporate relocations in 2022, the market has experienced elevated occupancy rates of flexible space as small to mid-size tenants test the market.

Continued on Page 44 >
Texas Texas

Dallas also recorded negative net absorption of 1.9 million square feet during the year and a yearly increase in total vacancy by 3.5%, driven largely by office-to-residential conversions in the CBD, based on the report. One of these conversions is the 60-story, 1.5 million-square-foot Comerica Bank Tower, which is expected to create a short-term increase in vacancy as tenants move-out and reductions once completed. JLL said this is a national trend that will continue in 2023.

As for the construction pipeline, Dallas’ has remained strong for the past few months, but as is the case anywhere right now, activity is expected to slow due to capital constraints and increased construction costs. While 2022 was a record low for deliveries (two million square feet, nearly 62% of the current under construction pipeline is expected to deliver in Q1 2023 alone, based on the report. Future deliveries noted include Harwood No. 14 and The Star Phase IV.

Fort Worth

Following successful return-to-office incentives from large companies, Fort Worth experienced an 18.2% decrease in available sublet space after peaking at 1.4 million square feet in Q2 2022. That said, JLL found the sublease market to still be a small portion of the market, accounting for only 15.8% of available Class B and 13.6% of available Class A. Flight-to-quality moves continue to account for most of the new demand.

As for the biggest transactions in Q4 2022, a leading aerospace company

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signed for nearly 500,000 square feet in North Fort Worth and Dickies signed a lease for 70,000 square feet at The Tower Annex in Downtown Fort Worth. The City of Fort Worth also approved the sale of the Central Library branch in Downtown Fort Worth to Dart Interests for a future project.

JLL said vacancy remained flat during this period overall. Demand for Class B has diverged, with only one positive quarter over the same time span due to an increase in flight-to-quality relocations within the market. There are still several Class A projects currently under construction in suburban markets, causing rents to continue to increase but remain below construction costs, bringing a new, even higher-class category of assets to the market.


Last year concluded with 8.5 million square feet of sublease space on the market in Dallas, and though sublease space on the market only increased 0.1% from 2021, an increase in sublease space is expected by JLL as companies continue to rethink their office space needs. Of course, the flight-to-quality movement will also continue, as exemplified by the insatiable demand for Class A.

Vacancy in Fort Worth is expected to remain above market average until movement by those in large-block spaces experience an increase of activity, but the new assets still to be delivered will help solve the issue of lack of available space.

< Dallas Continued from Page 42



945 Bunker Hill, STE 625 Houston, TX 77024

P: 832.856.4779


Key Contacts: Nate Rexroth, Executive Vice President, Asset Management;; Danielle Radtke, Senior Vice President, Asset Management;

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on port-proximate distribution infrastructure assets near America's major population centers.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.



5311 Kirby Drive, Suite 104

Houston, TX 77005

P: 713.661.0440

Website: Under Construction

Key Contact: Bruce W. Frankel, President,

Services Provided: Frankel Development Group offers over 34 years of experience and expertise in the retail real estate business. Services include tenant representation, shopping center/project leasing, investment sales, land sales, and development services.

Company Profile: Headquartered in Houston, Frankel Development Group provides comprehensive brokerage services for its clients throughout Texas with an emphasis on the Houston MSA. The company represents over 25 "best-in-class" retailers and restaurants, 15 property owners, and possesses a skillset and depth of experience unmatched in the marketplace.

Notable Clients/Transactions: Notable retailers include Orangetheory Fitness, Burkes Outlet Stores, UBREAKIFIX, Escalante's Fine Tex-Mex & Tequila, Three Dog Bakery, BWW GO!,, The Joint, Modern Acupuncture, Fred Astaire Dance Studios, and WaveMax Laundry.


11015 Northpointe Blvd Ste. B Tomball, TX 77375

P1: 281.733.4077 | P2: 281.229.2148


Key Contacts: Dawn Brewer, CCIM, Principal,;

Terrionee Garrett-Solomon, Broker Associate,

Services Provided: Strongtower Commercial is a Full-Service Commercial Brokerage that provides multi-disciplinary expertise and the highest level of service that todays educated and sophisticated client’s demand. Whether representing Owners, Buyers, Tenants, Landlords, or Sellers, our services span to all facets of the Real Estate Industry – this includes Office, Industrial, Retail, Investment, Medical, Multi-Family and Land.

Company Profile: Strongtower Commercial is an ever-evolving Real Estate Brokerage operating in the Greater Houston & Dallas Area. Our goal is to maximize value for each of our clients by utilizing our expertise to guide them through any situation that may arise during a transaction. Our Professional Advisors come from all facets of the Real Estate Industry bringing with them the knowledge and experience required in today’s fast-moving market. Our decades of experience and proven dedication to success afford our clients the luxury of always knowing where to turn.

Notable Clients: Notable Clients include: State Farm, Amegy Bank, Cina Pharmaceuticals, Urban Social, Market Street, Trendy Looks, B's Girls Foundation, Gill Aviation, Mr. Shine Powerwash, R4 Specialties, 7 Bridges Capital LLC.



HOU: 1300 W. Sam Houston Pkwy S Suite 225, Houston, TX 77042

DAL: 10440 North Central Expressway

Suite 720, Dallas, TX 75231


Key Contact: HOU: Nick Dwyer, Director of Business Development,

DAL: Brittany Schneider, Director of Business Development,

Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago.

Notable/Recent Projects: Innovation Ridge Logistics Park, a 1.1 million SF 3 building industrial business park in Forney; 610 Business District, a 388,795 SF industrial park located in Houston; 1.2 million SF logistics facility located in Conroe.


98 San Jacinto Blvd, 4th Floor Austin, TX 78701

P: 512.872.6698


Key Contacts: Adam Miller, President,; Doug Hayes, Project Executive,; Amber Autumn, Business Development,

Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multifamily residential, office/tenant interiors, hospitality and institutional markets.

Company Profile: Located in downtown Austin and with offices in Tampa, FL, Chicago, IL and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history.

Notable/Recently Completed Projects: Congress Lofts at St. Elmo (Multifamily), UpCampus Student Housing Tallahassee (Multifamily), WeWork (Office TI), Eli’s Cheesecake (Industrial), Lockheed Martin (Industrial), Stadium Lofts North Carolina (Multifamily).



945 Bunker Hill, STE 625 Houston, TX 77024

P: 832.856.4779


Key Contacts: Michael Murphy, Chief Development Officer,; Brian McKiernan, Senior Vice President,

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on port-proximate distribution infrastructure assets near America's major population centers.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

CRE MARKETPLACE For advertising opportunities in this section, please contact Susan Mickey at or 773.575.9030


Houston, Texas • Redlands, California



National Environmental Services, with offices in Houston, Texas and Redlands, California, is an environmental consulting company, established in 1995, that conducts a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround.

• Phase I Environmental Site Assessments (ASTM E1527-21)

•Transaction Screens (ASTM E1528-22)

• Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency)

• RSRAs (Records Search with Risk Assessments)

• Phase II Subsurface Investigations*

• Remediation and Corrective Activities*

• Soil, Water, and Air Testing Ser vices

• Indoor Air Quality/Mold Sur veys (Licensed Mold Consulting Agency)

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National Environmental Services 5773 Woodway Dr, Suite 96, Houston, TX 77057: Phone (281) 888-5266

700 East Redlands Blvd, Suite U618, Redlands, CA 92373: Phone (951) 545-0250

Toll Free: (833) 4-Phase1 •

If this person is no longer with your company, please notify or call 713.661.6300

February 7, 2023


REDnews Austin

February 15, 2023

4th Annual REDnews North Texas Industrial Summit

March 28, 2023

4th Annual REDnews Houston Commercial Real Estate Forecast Summit

April 25, 2023

4th Annual REDnews Houston

Property Management Summit

April 2023

2nd Annual REDnews Fort Worth

Commercial Real Estate Forecast Summit

2537 S. Gessner, Suite 126 Houston, TX 77063 PRSRT STD U.S. POSTAGE PAID PERMIT NO. 2436 DALLAS, TX UPCOMING EVENTS April Daniel 713-661-6316 Abby Lestin 713-249-0242 Scan to find out more on our upcoming events and to register! UPCOMING Register 4 Hours of Real Estate CE APPROVED October 27, 2022 Senior Housing Summit - 16th Annual 4 Hours of Real Estate CE APPROVED November 10, 2022 Industrial & Economic Development Summit - 24th Annual December 2, 2022 18th Annual December 7, 2022 MREJ Holiday Party 3:30pm - 6:30pm January Apartment 18th December Summit 4 Hours November Downtown 9th Annual November Net L 18th December Suburban Development November Energy 9th Annual 4 Hours November 17, 2022 St. Paul Summit9th Annual 4 Hours of Real Estate CE Applied for
Industrial Real
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