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Revamping workspaces: The role of amenities in Texas office market recovery Savills' decision to relocate its Dallas office to the new 23Springs development underscores a significant trend in the Texas office market. This move is not merely about a change of scenery; it reflects broader market dynamics where top-tier office spaces equipped with cutting-edge amenities continue to attract businesses despite the lingering impacts of the COVID-19 pandemic.
Return-to-office trends: the Gen Z & AI influence The landscape of office spaces is undergoing a seismic shift, particularly with the rise of Gen Z entering the workforce. Carrie Szarzynski, senior managing director and head of management services for NAI Hiffman, emphasized the need to understand the generational differences driving these changes.
Revamping workspaces: The role of amenities in Texas office market recovery
BY BRANDI SMITH
Savills' decision to relocate its Dallas office to the new 23Springs development underscores a significant trend in the Texas office market. This move is not merely about a change of scenery; it reflects broader market dynamics where top-tier office spaces equipped with cutting-edge amenities continue to attract businesses despite the lingering impacts of the COVID-19 pandemic.
“We sought to be in a space that represents who we are and because of that, we wanted to be in the best building and in the best location that is at the center of the business community. 23Springs epitomizes this commitment,” said Clay Vaughn, vice chairman at Savills’ Dallas-Fort Worth office.
Vaughn highlighted that the new space on the 14th floor will serve as a hub for expanding Savills’ Texas operations, emphasizing the importance of a prime location and comprehensive amenities in attracting talent and fostering business growth.
“At our new office, we will expand our footprint to 10,000 square feet and will continue to put an emphasis on recruitment and growing our various service lines,” said Vaughn.
Granite Properties’ 23Springs, expected to open in 2025, will be the tallest building in Uptown, stretching 26 stories and adding 625,000-square-feet of Class AA office space to the neighborhood. It also features a long list of amenities that includes a coffee-and-wine bar, half-acre park, state-ofthe-art conference center, high-end fitness studio, wine lockers and a golf simulator.
“Office amenities have moved to the forefront of a client’s real estate requirement,” Vaughn said.
23Springs Main Entrance
“... in-office collaboration …”
Texas has emerged as a leader in the return to office movement, outpacing other states in employee re-engagement. The state's economic policies and low cost of living make it an attractive destination for companies looking to maintain a physical office presence.
“Texas is a very business friendly environment (and Florida is too far from the West Coast),” said Sam Hansen, principal at Colliers’ Houston office. “Texas (and Houston) are now viewed as a well located, central state where employers can have access to an educated workforce at a fair cost of living without all the legislative drama.”
“Various major business sectors including technology, energy, healthcare and finance see the benefit from in-office collaboration,” said Vaughn. “I personally believe that Texans put a greater emphasis on in-person interactions and relationship-building within the workplace. And, as we advise our clients, office buildings that offer attractive amenities and are in a ideally-situated location make returning to the office more appealing.”
That cultural predisposition, coupled with the practical advantages of faceto-face collaboration, has driven a steady increase in office attendance, said Tyler Garrett, executive vice president and managing director of the JLL Houston Agency Leasing team.
“The return-to-office trend has continued to steadily increase, and we are hearing that more tenants plan to tighten their in-office work policies, requiring employees to come in more days per week,” Garrett said, adding that the impact on landlords really depends on each tenant and their policies.
“We have seen plenty of larger tenants strike deals with significantly smaller footprints only to subsequently expand when they occupy the space, in order to accommodate more employees coming in.”
In Houston, the average office occupancy hovers around 50 percent, with Mondays and Fridays being the least attended days, according to Rich Pancioli, executive vice president at CBRE in Houston.
“The obvious effect is that lower occupancy means lower rents, which in turn means depressed rates. The double-punch impact to office leasing is the increasing finance rates, which have more than doubled over past 18 months, and with upcoming loan expirations and some landlords unable to meet their debt obligations, there is a true concern for the office market
23Springs The Lounge
< WORKSPACES Continued from Page 8
recovery,” Pancioli said. “Landlords are responding by continuing to increase amenity offerings, working with companies directly to coordinate employee engagement events and promotions and offer competitive concession packages to corporations to try and maintain or increase building occupancies.”
“... a trophy building …”
As developers and landlords in Texas employ various strategies to succeed in a market with fluctuating office space demand, one prominent approach is the flight to quality, where tenants prefer newer, well-amenitized buildings over older, less-equipped spaces.
“Tenants are upgrading,” Hansen said. “Whether from C to B, B to B+, or A to A++, tenants are looking for ways to cost effectively offer more to their employees.”
Pancioli noted that new office products, despite the overall slow development pace, have seen the greatest leasing success, reflecting a continued demand for high-quality spaces.
“Mixed-use developments are doing the best as they continue to provide a quality of life balance for employees with plentiful walkable amenities for before, during and after work,” Pancioli said.
Office amenities have evolved significantly in recent years, becoming a crucial factor in tenant demands.
“For a trophy building, it must provide the following amenities to be competitive: fitness center; conference center or tenant lounge; on-site restaurants; outdoor green space that is tech enabled (rooftop, terrace, etc.); and structured parking,” Vaughn said.
The focus, he added, has shifted from basic offerings to more comprehensive, employee-focused services that enhance the overall work environment.
“Tenants are seeking a combination of open seating and private spaces for employees that allows for both head’s down work and collaboration,” said Vaughn. ”Design strategies that offer a plethora of options for work styles including hot desking, bench seating, working cafes are also popular with tenants.”
In Houston, Pancioli observed that Class A buildings have led the way in expanding amenity offerings, including co-working spaces, concierge services, electric recharging stations and socializing areas. These enhancements aim to energize the office space and encourage employee collaboration and engagement.
“Even if it is office intensive, there is much more natural light throughout the space to promote more positivity in employees,” Pancioli said. “The employee-centric space designs are becoming the norm now, which focus on energizing the office space to bring employees back and to try and push collaboration while in the office, while work from home days are more for the isolated task-oriented work.”
23Springs Fitness Studio
While tenants used to use buzz words such as “LEED” and ‘focus on sustainability,” and green concepts, Hansen has noticed location and access to freeways are considered amenities as well.
“Employers are more aware of commute times and want to accommodate employees, so they are more apt to be in the office,” he said.
“... willing to take a risk …”
The viability of office-to-residential conversions in Texas varies significantly by region and building type. Vaughn and Garrett both noted that while there is potential for such conversions, particularly in areas with high demand for residential space, the challenges are substantial.
“Most office buildings cannot simply be refigured to provide modern residential conveniences,” said Vaughn. “Some owners may be willing to take a risk, but it would require substantial funding and the building would need to be in an area that would provide easy accessibility to commuting, parking or reside in a favorable neighborhood.”
“For a building to be a contender for conversion, smaller floor plates and shallower bay depths are a must, as developers will struggle to lease a lot of dead interior space that can come with an underutilized office property,” Garrett added. “Additionally, some sort of government subsidy is often needed to be successful in these endeavors. We’ve seen other cities in the United States and Canada implementing more aggressive subsidies for these conversions.”
Pancioli highlighted that some legacy Houston office buildings in desirable submarkets could successfully convert to residential units, catering to the increasing demand for high-rise living among millennials and baby boomers.
“The cost of converting office buildings to multifamily is expensive, and if the developer cannot get the building or land for a substantial discount, the Houston rents will not justify the conversion costs,” said Pancioli. “I don’t see many of these office conversions happening for that reason unless rents or sale prices increase to those of traditionally expensive markets like Chicago, Los Angeles, or New York as it will be hard for investors or developers to make a profit.”
Hansen weighed in on the conversion challenge: “Access to capital without proven, scalable examples is challenging. As long as the hub-and-spoke
concept continues to push west, the conversion of high-rise office to residential may be more of a one-off for the foreseeable future.”
The Texas office market is navigating a complex landscape shaped by evolving tenant demands, flexible work arrangements and a strong return-to-office culture. Success in this market hinges on offering highquality, well-amenitized spaces that cater to modern work styles and foster employee engagement. While challenges remain, particularly in adapting to decreased demand and exploring office-to-residential conversions, the state's business-friendly environment and robust economy provide a solid foundation for continued growth and innovation in the office sector.
Tyler Garrett Sam Hansen
Rich Pancioli
Clay Vaughn
Return-to-office trends: the Gen Z & AI influence
BY BRANDI SMITH
The landscape of office spaces is undergoing a seismic shift, particularly with the rise of Gen Z entering the workforce. Carrie Szarzynski, senior managing director and head of management services for NAI Hiffman, emphasized the need to understand the generational differences driving these changes.
"Gen Z wants flexibility of both their time and their space," she explained.
This generation, accustomed to a variety of study and living environments during their college years, expects similar flexibility in their professional settings. This presents a unique challenge for property managers as they strive to meet these expectations within the constraints of current real estate dynamics.
Continued on Page 12>
Image by Dennis Cortés from Unsplash.
understanding tenant demographics and personalizing engagement strategies accordingly.
“Now combine that with tenants who don't know how much square footage to take because people are not using it for eight hours a day, five days a week,” said Szarzynski. “They're trying to determine what their needs are, while also offering some level of flexibility that allows each person to sit based on a generational want.”
To address those evolving demands, Hiffman is adapting by reconfiguring common space that at one time may have served as a game room to appease older generations, which can now be converted into a work lounge.
“That then becomes extended square footage that the tenant is not paying for on a monthly basis, but is an amenity that their people can go and use whenever and however they like,” Szarzynski said. “We’re looking at the problem and telling our clients, ‘I understand your challenges. Let us be part of that solution by redeveloping space to create more spaces for you, your tenants and their your employees.’”
“... show genuine concern …”
Creating those kinds of strong, personal relationships with tenants is a cornerstone of effective property management. Janet Shipley, director of property management for CBRE, highlighted the importance of
"A white glove approach will build a strong rapport with the tenants,” Shipley noted. “Understanding the tenant needs, then personalizing the experience will create a memorable connection. We should anticipate the need, personalize the service, pay attention to detail, strive for seamlessness and show genuine concern to every tenant request.”
This approach not only enhances tenant satisfaction but also contributes to higher retention rates. Karthik Kirupakaran, CEO of Avita Property Management, underscored the value of direct interactions and responsive communication.
"Direct interactions foster trust and a sense of community, making residents feel heard and valued," he said. “We focus a lot on services provided to our residents. We prioritize not only the response times, but also the quality of delivery. First and foremost, residents are happy when they are heard and followed up within moments!”
By maintaining open lines of communication and proactively addressing tenant concerns, property managers can significantly improve tenant retention and overall property management efficiency.
< RETURN TO OFFICE Continued from Page 10
Image by Campaign Creators from Unsplash.
“While property management teams focus on maintaining the physical asset, reducing risk and providing optimal operational and financial performance, tenant engagement has become a priority with an end goal of strengthening the sense of community,” Shipley said. “Fostering a mutually beneficial relationship with a tenant is essential. We must be mindful of the ability to achieve tenant satisfaction through routine communication and delivering quality services. Understanding the tenant’s use of space and expanded
needs within a building will allow for a greater accommodation to their requests.”
“... bring value to their day …”
Some of the benefits of effective tenant engagement include cost savings and improved property management outcomes.
“This helps us from spending more on new lease acquisition (advertising, marketing, promotions etc.), not to mention making the unit ready and associated costs,” Kirupakaran said, adding that it prevented lost revenue due to vacancy.
"We source low-cost and no-cost solutions toward operating expenses while strategically developing and utilizing a work-life balance solution
September 12, 2024
Maggiano’s Little Italy Willow Bend 6001 W. Park Blvd. Plano, TX 75093
1:30pm to 4:30pm 1:00pm Registration & Networking
5th Annual
Carrie Szarzynski
Karthik Kirupakaran Janet Shipley Continued
“AI-enabled concierge services, virtual staging and furnishing supported by a marketplace are some of the emerging technologies that will shape the future of tenant engagement.”
for tenants to return to the workplace,” Shipley said. “Servicing the tenants with amenities and expanding services that can bring value to their day contributes to tenant satisfaction and higher retention rates."
Kirupakaran shared some of the most effective tenant engagement strategies implemented by Avita Property Management. These include proactive communication, responsive maintenance and community events.
"Keeping tenants informed about property updates, maintenance schedules and events through regular newsletters, emails or community boards can foster a sense of community and trust," Kirupakaran stressed.
Additionally, offering lease renewal and referral incentives can motivate tenants to stay longer, while actively seeking and implementing tenant feedback demonstrates that their opinions are valued.
“... we’ve done our research …”
The integration of technology in property management has revolutionized tenant engagement and communication.
"The promotion and adoption of new processes, technology tools and enhanced tenant engagement will impact the property management business through efficiency gains and valuable data insights,” Shipley said.
Mobile apps and online platforms streamline communication, allowing for real-time work order requests, optimizing online scheduling, and supporting sustainability efforts.
Szarzynski elaborated on the development of the Hiffman app, which is designed to enhance tenant engagement and incentivize employees to return to the office.
"In this app, our three pillars are education, wellness and engagement," she said.
The app provides information about community events, wellness resources and educational content, making it a one-stop shop for everything tenants need. This holistic approach not only improves tenant satisfaction but also fosters a sense of community within the building.
“We've done our research. We've attended panels. We've talked to furniture companies. We've talked to Gen Z,” Szarzynski said. “Tenants typically don't look to their property managers for that type of guidance, but we can provide it. We just needed to find a way to get it to everyone.”
Szarzynski noted that the app is expected to evolve significantly following its July 1 launch with the goal of eventually providing shared amenities across Hiffman-managed properties.
“So if you're an industrial tenant in Houston who needs a conference room and your building doesn't have a conference room, you'll be able to look on the app and identify another Hiffman-managed asset that has a conference room you can rent,” Szarzynski explained.
Kirupakaran broke down how Avita Property Management utilizes AI-enabled concierge services and virtual staging to enhance tenant engagement.
"Residents can now engage with our AI-enabled concierge service regarding any issues, questions, concerns and escalations," he said.
This proactive approach helps prioritize and address issues in a timely manner, improving tenant satisfaction and retention. The use of virtual staging and furnishing also aids in tour conversions and incentivizing renewals, further enhancing tenant engagement.
“... shape the future …”
As the property management landscape continues to evolve, emerging technologies such as AI are expected to play a significant role in shaping the future of tenant engagement and retention. Shipley envisioned AI being used to predict maintenance issues, assist with lease administration and automate routine tasks, allowing property management teams to focus on more strategic activities and tenant relations.
Kirupakaran echoed this sentiment, noting that AI will be a huge enabler for property management through the resident lifecycle.
"AI-enabled concierge services, virtual staging and furnishing supported by a marketplace are some of the emerging technologies that will shape the future of tenant engagement," Kirupakaran said.
These technologies not only improve tenant satisfaction but also enhance operational efficiency and reduce costs.
Effective property management hinges on building strong tenant relationships, using innovative engagement strategies and embracing emerging technologies. By understanding tenant demographics, proactively addressing their needs and leveraging technology to streamline communication and services, property managers can enhance tenant satisfaction, retention and overall outcomes.
Houston Apartment Summit events
Panel 1: Bruce McClenny, Industry Principal, MRI ApartmentData; Matthew Bronstein, Managing Director, BHW Capital; Shane Thomas, Managing Partner, Catalyst Equity Partners; Ryan Nunes, President, Life Changing Capital
Panel 2: Justin Boyar, President, JB2 Capital, LLC; Dillon Mills, Managing Director, Newmark; Garrett Nondorf, Associate Director, Investments, Flagship Capital Partners; Ben Suttles, Managing Partner, Disrupt Equity; Brandon Brown, Senior Managing Director Capital Markets, Marcus & Millichap
Panel 3: Tyler Johnson, Division President, Asset Living Ting Qiao, CEO & Founder, Wan Bridge; Karthik Kirupakaran, CEO, Avita.pm
Ashley Daniel – REDnews, Intern; April Daniel –REDnews, Texas Sales Director
REDnews Guests enjoying the Apartment Summit.
REDnews Texas Sales Director, April Daniel introduces the Capital Markets Update Panel.
Brooks Howell, AIA, Principal, Gensler, & Hachem Domloj, President, CIVE Shake Hands after the Panel 4 Discussion
Ascension's, Jim Wood, Riverway Title's John Hammond, & Mr. Kajani have a discussion during the Summit.
Panel 4: Jim Hill, Associate Vice President, Kirksey Architects; Brooks Howell, AIA, Principal, Gensler; Jim Wood, President, Ascension; Khalid Kajani, President, Kajani Capital Group; Hachem Domloj, President, CIVE; Brady Johnson, Senior Vice President, Houston Division, HOAR Construction
BY RAY HANKAMER
Bullets:
event profile
Houston Apartment Summit
Market Update and Investment Trends
Moderator: Bruce McClenny-MRI Apartment Data Panelists: Matthew Bronstein-BHW Capital; Ryan Nunes-Life Changing Capital; Shane Thomas-Catalyst Equity Partners
Takeaway: By 2025 the overbuilding will be absorbed. 2021 was an all-time high in our segment of commercial real estate. Houston is better and more in balance than Austin or Dallas, with regard to rates and occupancy, although the relationship of these two indicators varies whether Class A, B, or C.
• Deals are happening but sporadically
• Investment transactions are slow and difficult to bring buyer and sellerand lender-together; transaction volume is very low
• Capital is plentiful but on the sidelines, waiting for interest rates to stabilize; why invest with risk when treasurys are at 5%?
• Older deals are slow to move, as newer projects are attracting attention of buyers
• The best deals are getting lots of bids; cap rates are slowly rising
• Buyers are carefully analyzing all aspects, from supply and demand to exit strategies
• Potential for rent growth is a main factor
• Don’t lay on amenities tenants don’t want, need, or can’t afford; value add is good but only up to a reasonable point
• Value add is more cost-effective and better with new construction than on older projects
• Single family home rentals have high management expenses compared to traditional multi-unit multi-family, although there is vigorous demand for this property type; it is a growing asset class; these communities have to be carefully managed to that neighborhood remains fresh and appealing
• Many conservative developers are going with 50% LTV or just a little higher; leverage helps on the upside but ‘amplifies’ on the downside; 65%
LTV currently is ‘the top’
• Floating interest rates were appealing when rates were 3 or 4, but now they are not sought after
Capital Markets Update
Moderator: Justin Boyar-JB2 Capital, LLC Panelists: Ben Suttles-Disrupt Equity; Brandon Brown- Marcus & Millichap; Dillon Mills-Newmark; Garrett Nondorf-Flagship Capital Partners
Takeaway: The development cycle paused after Covid. Higher land and money costs have delayed new starts. Delivery will be down 75% in 2026. Good timing to start a project now if it will pencil out.
Bullets:
• Land pricing determines today’s deal starts; land sellers are holding back; developers are asking for twelve months free look to try to pencil out their deal
• Deal flow is way down, although slowly picking up; money and investors are there…all waiting for ‘the right deal’ proposal from developers
• Insurance and other costs are up or hard to pin down
• Fixed interest rates are appealing in today’s market, and there is plenty of liquidity along with plenty of caution by investors
• People are scared about the current level of interest rates but in reality they are back to where they traditionally were twenty years ago, so get used to them; 3-4% rates were an anomaly
• Meanwhile single family builders are blowing and going
• MF developers traditionally could pay the most for land but now some single family developers with zero lot line projects can often compete pricewise with MF for the good infill sites
• Lots of MF loans are coming due, some under water, and lenders are responding in a variety of ways, depending on THEIR financial position; some lenders are upside down and it makes no sense for them to foreclose; overall lenders are more lenient today with problem MF loans
• 2025-26 should see rent and occupancy growth
Continued on Page 18>
Ray Hankamer
< SUMMIT Continued from Page 16
• If Treasury rates fall, MF investment transactions will pick up
Operational Trends to Managing Your Properties Effectively & Efficiently
Moderator: Tyler Johnson-Asset Living Panelists: Karthik KirupakaranAvita.pm; Ting Qiao-Wan Bridge
Takeaway: Satisfaction of renters must come first at all costs, since turnover is costly. Managers are using AI and automation more and more in day to day management. Many tenants are there since they cannot afford to buy, but what will happen when interest rates moderate? Rental rates are flat while operating costs are rising.
Bullets:
• Credit card debt at all-time high for renters
• There are renters who scam owners on their pre-qualification procedures and the quality of tenant is often not taken into account by locator services which still want a full commission
• ‘Bad actors’ must be prevented from leasing your properties; sketchy tenants surf ‘rental deals’ to get into your property without proper verification
• The cost of culling a bad tenant is high once leasing commissions are paid,
downtime is endured, and labor and materials are paid to freshen up vacated unit
• Be careful of tenants who can only come for a showing after dark
• Inspect a unit 45 days before scheduled move-out so you can plan and minimize down time
• Try to keep your ear better tuned to tenant dissatisfaction issues like barking dogs next door, etc., since tenants are expensive to replace
• Don’t just show floor plans on your project’s web site but stage the floor plans with furniture to help the tenant imagine what living with you would look like
• Project contractors should ensure sub-contractors honor their warranties on new builds
• Use AI as an owner/manager to rate shop for the maintenance and construction materials you buy
• Rent to quality tenants in the first place, then do all you can to retain them
Developing, Designing, and Building a Successful Apartment Project
Moderator: Jim Hill-Kirksey Panelists: Brady Johnson-HOAR Construction; Brooks Howell-Gensler; Hachem Domloj-CIVE; Jim Wood-Ascension; Khalid Kajani-Khajani Capital Group
Takeaway: Design build discussions and planning among the owner, the architect, the contractor, and the sub-contractors can have a big effect on building a quality project for less, and one which has fewer maintenance issues down the road. There are innovations appearing all the time in design and construction techniques and materials, and well-chosen team members are worth their professional fees.
Bullets:
• Historic building and TIRZ and other tax credits are worth seeking for your project
• MF projects are no longer two story garden style in the suburbs, but include many different kinds of infill locations, architectural styles, building heights, and amenities
• Amenities are expensive so make sure they are desired in your project’s market; value-engineer your amenities
• At the same time, differentiating your project from your competitors is important if it is done in a market-savvy way
• With work from home being standard now, high speed internet is essential,
and many projects are offering community co-work spaces, since many tenants want to get out of their living space during the day
• Some MF projects offer small ‘hotel rooms’ for visiting relatives and friends of tenants
• The value of the neighborhood is one of the top amenities, so choose your location well, so that it is walkable to transit, shops, restaurants, cleaners, etc.
• Your floor plan mix is of the highest importance so research it well
• Match your contractor and architect to your proposed building type…they specialize like everyone else and the right ones can make you money…or prevent you from losing it
• There is a cultural divide on the question going forward as to the mix of single family detached houses and MF living…many issues hinge on the direction we take, from energy to transit, to social connection and rational land use
• Senior living is sort of at a stall, with the market perhaps waiting for new thinking, and new design ideas; many people just stay in their single family home because there is no better place to go
Thank You to Our Sponsors!
2024 Houston, TX
summit MULTIFAMILY & APARTMENT
SCOOP/PEOPLE ON THE MOVE
Colliers hires new Director of Project Management & Development Services in Dallas Colliers Project Management & Development Services is pleased to welcome Frank Edwards as the new Director of Development Services supportingthe Dallas-Fort Worth and Austin markets. Edwards joins the team as Colliers continues to build its project management capabilities in Texas.
“I am excited to be part of a reputable firm such as Colliers,” said Edwards. “I can’t wait to get started supporting our brokers, real estate managers, and clients throughout the region. I am confident we will develop a successful business due to the strong Colliers brand and depth of broker talent. Our team is here and ready to work alongside brokers from the pitch to the punch walk.”
With more than 16 years of commercial real estate experience, Edwards brings a wealth of knowledge and expertise, particularly in serving account-based clients to Colliers. He will oversee the growth of the Dallas and Austin Development Services team and target all market groups with a specific focus on Commercial Office, Retail, Multi-family, and Industrial Build-to-Suit developments.
“He has proven capability of managing large-scale commercial projects with excellent interpersonal skills and exceptional service. We are excited about what he will bring to the table for our firm,” said Executive Managing Director Daniel Taylor. “I’m positive he will be an incredible asset to us and our clients.”
Marcus & Millichap announces promotion of Sai Thakor to Senior Associate
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the promotion of Sai Thakor to the role of senior associate at Marcus & Millichap’s Houston office.
Thakor, who joined Marcus & Millichap in November 2020, has been serving as an associate in the firm’s Houston office, specializing in the acquisitions and dispositions of gas stations and convenience stores.
“Sai’s hard work, energy, and determination, paired with his clientfirst mindset, have significantly contributed to his early success,” said Ford Noe, vice president and Houston’s regional manager.
Thakor holds a bachelor’s degree in finance and marketing from Texas State University and received his mastery in negotiation certification from Harvard Business School.
“I am incredibly grateful for the support and guidance I’ve received from Marcus & Millichap and Ford Noe. Their commitment to my professional growth and success has been instrumental in achieving this milestone. The firm’s comprehensive training programs and the mentorship provided have equipped me with the tools and confidence to excel in my role,” Thakor said.
Michael Gutierrez hired at BDO USA
Michael Gutierrez has joined BDO USA as a Principal in the firm’s Tax practice. Michael brings over two decades of experience providing tax services to large and mid-capitalized public and private companies with a focus in real estate and private equity. His experience includes consulting on US tax issues related to US and foreign investments. Michael brings deep knowledge in partnership tax, state tax, international reporting of flow throughs, ASC 740, and other various specialty tax matters.
Ryan Kasten joins Partners Real Estate as Partner and Managing Director for Austin and San Antonio offices
Partners Real Estate (“Partners”), a full-service commercial real estate firm with an integrated investment and development platform, today announced that Ryan Kasten has joined the company as Partner and Managing Director for its Austin and San Antonio offices.
“We are excited to welcome Ryan to our leadership team. His extensive experience and impressive track record
in managing high-profile transactions and leading a multi-disciplinary platform will be invaluable as we continue to scale our business in CentralTexas,” said Scott Lunine, Partners’ Executive Vice President of Brokerage and Partner
“Ryan clearly sees that Partners is disrupting the commercial real estate industry with our unique platform—a privately held equity partnership structure and three-pillar operating model of Services, Investments, and Development. Ryan’s commitment to culture, competitive drive and entrepreneurial spirit makes him a perfect fit for leading our Austin and San Antonio business.”
Mr. Kasten previously served as the Managing Principal for Cushman & Wakefield’s Austin and San Antonio offices. In this role, he provided overall leadership, managed financial performance, fostered company culture, spearheaded recruiting efforts, and directedstrategic business planning.
Mr. Kasten’s extensive experience includes his tenure as Executive Director of Tenant Representation at Cushman & Wakefield. He is renowned for his strong expertise in strategy creation, financial forecasting, and execution. Over the past 15 years, Mr. Kastenhas managed over 5 million square feet of transactions for clients locally and worldwide, including securing some of the largest leases in Austin’s CBD/Domain markets, executing one of the largest sales in Palo Alto, CA history, and handling several significanttransactions in NYC.
Cindy Villarreal, AIA, RID, LEED AP promoted to Associate Principal at O’Connell Robertson
O’Connell Robertson promoted Cindy Villarreal to Associate Principal. As the Firm’s Houston Office Director, she leads local office operations focusing on growth and culture aligned with the Firm’s mission-driven values. Cindy brings more than 17 years of experience in commercial building design, with a strong focus in higher education, healthcare and laboratory design. She has deep expertise in sustainable and resilient design in addition to providing solutions for optimal occupant well-being.
Monica Rickey hired at RLG Consulting Engineers
RLG is proud to welcome Monica Rickey as our Business Development leader. Monica, an LSU Civil Engineering graduate, began her career in Geotechnical Engineering and environmental consulting. With over a decade in the AEC industry, she’s built strong relationships fostering strategic growth and success.
RLG, known for innovative solutions for complex projects, welcomes Monica’s expertise and vision to enhance our commitment to growth.
Katie Comer hired at Cushing Terrell
Katie Comer joins multidisciplinary design firm Cushing Terrell as the Regional Director of Business Development for the firm’s Austin office. Comer brings a deep knowledge of real estate development and the building industry. She is actively engaged in both community and industry organizations, serving on ULI’s Women’s Leadership Initiative (WLI) steering committee and Commercial Local Member Council and on the Real Estate Council of Austin.
Lyles Carter hired at Flynn Construction Inc.
We are delighted to welcome Lyles, a 6th generation Austinite, to the Flynn Construction team as our new Business Development Manager. With over 13 years of experience, Lyles brings invaluable expertise that will significantly enhance the Flynn Company. His leadership and commitment to excellence will undoubtedly propel us to new heights. Welcome aboard, Lyles!
as a Partner. Mr. Utay, a seasoned office tenant representation broker, will be based in Partners’ Dallas office.
“We are always looking to enhance our team with individuals who not only have top-tier talent but also align with our values and culture,” said Jon Silberman, Partners’ Chief Executive Officer. “Justin’s track record in tenant representation and his deep marketknowledge made it clear that he would be a perfect addition to our Dallas office. We are thrilled to have him on board as a Partner.”
Prior to joining Partners, Mr. Utay served as an Executive Vice President at NAI Robert Lynn, specializing in tenant representation. He has negotiated over 2.1 million sq. ft. of transactions and is a DFW leader in deals closed along the N. Central Expressway corridor since 2013. His in-depth knowledge of the local and national real estate markets consistently helps him achieve below-market rental rates and above-market incentive packages for his clients. Mr. Utay’s work is primarily focused on cultivating relationships with office tenants, offering invaluable insights into market shifts, forthcoming opportunities, and providing strategic guidance tailored to their unique business aspirations.
“Justin’s reputation in the Dallas-Fort Worth real estate community speaks for itself,” said Scott Lunine, Partner and Executive Vice President of Brokerage at Partners. “His expertise and strategic approach will undoubtedly enhance our ability to serve our clients effectively. Moreover, his values and approach make him a perfect fit for our culture. We look forward to seeing the impact he will make as part of our team.”
Mr. Utay, a Dallas native, attended St. Marks School of Texas and later the University of Texas at Austin, where he earned a BA in Government with a Minor in Business. His career in real estate was launched by an impactful internship at Cushman & Wakefield’s office division during his college years, piquing his interest in the complexities of the real estate office market.
region, enhancing its service offerings and presence in key markets.
Scot Kathmann promoted to Chief Client Relationship Officer at Primoris Services Corporation
Primoris Services Corporation is pleased to announce the appointment of Scot Kathmann as Chief Client Relationship Officer. In this role, Mr. Kathmann is leading initiatives to enhance client engagement and drive growth.
With nearly 30 years of sales and marketing expertise spanning the industrial and construction services markets – including the pipeline, power generation, chemical, and utility sectors – Mr. Kathmann’s deep understanding of client needs and commitment to delivering value supports the company’s growth objectives and maximizes its market reach.
Mr. Kathmann previously served as Primoris’ Senior Vice President of Sales & Marketing, a position he held since 2016. In this role, he leveraged his strategic acumen and customer-centric approach to align sales with client expectations.
Mr. Kathmann received his B.S. in Marketing and Business Administration from Wright State University and completed the Emerging Leaders Program at the University of Wisconsin – Milwaukee.
Ray Catlin hired at LGE Design Build
Justin Utay joins Partners Real Estate as a Partner in Firm’s Dallas office Partners Real Estate (“Partners”), a full-service commercial real estate firm with an integrated investment and development platform, today announced that Justin Utay has joined the company
Mr. Utay’s addition to Partners is a testament to the firm’s ongoing commitment to attracting top talent in the industry and enhancing its service offerings to clients across the nation. Notably, Mr. Utay’s previous partner at NAI Robert Lynn, Jeremy Brubaker, joined the firm as a Partner earlier this year. Mr. Utay’s addition also closely follows the joining of Atlanta Office Tenant Representation brokers Chad Koenig and Katelyn Fabian to the firm’s new Atlanta office, which opened in June. Leading the Southeast business is veteran commercial real estate executive John O’Neill, President and Managing Partner, Southeast, and Board member. This expansion is part of Partners’ strategic plan to grow throughout the Southeast
Southwest designbuild construction firm LGE Design Build (LGE) announced the appointment of Ray Catlin as its new regional vice president, overseeing its Texas headquarters and portfolio. Catlin will be responsible for expanding LGE’s business and impact in the region through strategic leadership and operational management of all construction, preconstruction and sales activities—ensuring projects are delivered on time, within budget and to the highest standards of quality and safety.
CRE MARKETPLACE
ARCHITECTS/DESIGN-BUILD FIRMS
KDS de stijl interiors, LLC
2006 E Cesar Chavez St. Austin, TX 78702
P: 512.457.1332
Website: kdsaustin.com
Key Contacts: Jill Laverentz, Owner, jill@kdsaustin.com; Clark Kampfe, Principal, clark@kdsaustin.com
Services Provided: Programming & Client Process Analysis – Due Diligence & Building Analysis – Schematic Design – Test Fit & Pricing Notes – Project Scheduling Goals – Consultant Team Formation – Cost Analysis & Value Engineering – Design Development – Construction Documentation – Racking, Commodity, & Equipment Coordination – Permit Processing – Project Management – Construction Administration – Project Budgeting & Cost Tracking – As-Built Documents
Company Profile: KDS is a full-service commercial design firm with 30+ years of experience including 25,000,000+ SF of Industrial/Flex and 3,000,000+ SF of Office Projects. We are committed to responsiveness and to providing well designed and implemented solutions. Our extensive knowledge base and adept management of critical milestones creates consistently successful projects.
Notable/Recent Projects: American Canning – Austin, TX – 101,000 SF –Manufacturing & Distribution
FlightSafety International – TX & OK – 186,000 SF Combined – Manufacturing GT Distributors – Pflugerville, TX – 58,000 SF – Retail, Office, Fabrication, Storage & Distribution
LGE DESIGN BUILD
280 E. Levee Street
Dallas, TX 75207
P: 469.498.0998
Website: lgedesignbuild.com
Key Contact: Ray Catlin, Regional Vice President, rcatlin@lgedesignbuild.com
Service Provided: LGE Design Build provides comprehensive design and construction services, including architecture, engineering, and interior design. LGE specializes in commercial, industrial, retail, healthcare, and tenant improvement projects. Utilizing a client-centric, design-build model, LGE ensures streamlined processes, reduced costs, and sustainable building practices for customized, high-quality results.
Company Profile: LGE, with dual headquarters in Phoenix and Dallas, provides full-service architecture, design, engineering, budget control, permits, and construction. Renowned for integrity and craftsmanship, LGE has completed over 1,200 projects across industries like industrial, office, hospitality, medical, and more, delivering award-winning designs.
Notable/Recent Projects: LGE Dallas Headquarters, Mesquite 635, Fort West Commerce Center, Houston Point 290, Cypress Creek Distribution Center, McKinney Trade Center II, Sunridge Industrial Park, Park West Phase III, Bottled Blonde / Backyard Fort Worth.
BROKERAGE FIRMS
CMI BROKERAGE
820 Gessner, Suite 1525
Houston, TX 77024
P: 713.961.4666
Website: cmirealestate.com
Key Contacts: Trent Vacek, tvacek@cmirealestate.com; James Sinclair, jsinclair@cmirealestate.com
Services Provided: Central Management, Inc. is a full-service commercial real estate firm providing Brokerage Services; Property, Facility, Construction and Asset Management Services; Landlord and Tenant Representation; Land Sales; Receivership and Real Estate Recovery. Services are available for Industrial, Land, Multifamily, MOB, Office and Retail. Licensed in Oklahoma and Texas.
Company Profile: Central Management, Inc. (CMI) was founded by Houston real estate professional Vic Vacek in 1978. Our team understands the intricacies of the markets that offer investors an edge both from a leasing and an asset management perspective. Certified AMO® 1984, IREM, CPM, CCIM, NAR, HAR, NALP, ICSC, and TREC.
Notable Transactions/Clients: Armada Big Springs Ptnrs, Barbour Invts., Baytown ISD, Core Real Estate, Hoffpauir Estate, JLC Properties, KBR, Prudential, Rawson Blum & Leon, Subway, Texas Hearing Institute, Triple Crown Invts., US Oncology, Vigavi Realty, Walgreens.
HOU: 1300 W. Sam Houston Pkwy S Suite 225, Houston, TX 77042
DAL: 10440 North Central Expressway
Suite 720, Dallas, TX 75231
Website: alstonco.com
Key Contact: HOU: Nick Dwyer, Director of Business Development, ndwyer@alstonco.com
DAL: Brittany Schneider, Director of Business Development, bschneider@alstonco.com
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.
SUMMIT DESIGN + BUILD, LLC
98 San Jacinto Blvd, 4th Floor Austin, TX 78701
P: 512.872.6698
Website: summitdb.com
Key Contacts: Adam Miller, President, amiller@summitdb.com; Doug Hayes, Project Executive, dhayes@summitdb.com; Amber Autumn, Business Development, aautumn@summitdb.com
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: Montage – 2323 S. Lamar (Multifamily), 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).
