CORFAC International’s second-half 2024 survey of members from 75 independent commercial real estate firms shows that transaction activity remained stable across the global network in the latter part of this year. 

Members’ deal activity maintained an upward trajectory for 35% of respondents and held steady for 30% of respondents in the third and fourth quarters. Transaction activity declined for the remaining 35% of respondents. 

CORFAC members overwhelmingly agreed, at 61%, that stabilizing interest rates are having the most positive impact on their transaction activity. Members noted that they expect to see investment sales and multifamily activity increase over the next few months because of this.

“In variable market conditions, CORFAC members can offer experienced, market-savvy counsel and tap into our expanded network to get deals done,” said 2024 President David Boyd, CCIM, SIOR, Principal of Boyd Commercial/CORFAC International in Houston. “We are pleased to note that 29% of our members received a referral from another CORFAC firm in the last six months.”

The survey of firms from 40 markets around the world also revealed that the warehouse/distribution and industrial/manufacturing segments were the major drivers of business over the past six months. Looking ahead, 50% of respondents project that industrial will be their biggest driver of business in 2025.

Other positive influences on transaction activity include population migration to their markets (47%), employer return to office mandates (29%) and positive employment trends (24%). Meanwhile, higher prices for materials (73%) and inflation (82%) continue to have the most negative effects on CRE decision making and activity, according to respondents.

At a time of increased socio economic uncertainty, CORFAC member firms can offer clients trusted counsel and localized market intelligence, with the backing of a global network.

Cresset Real Estate Partners announced a joint venture with Fidelis Residential Partners to develop a nine-building, 252-unit multifamily community in Willis, Texas, in the greater Houston area.

The project, named Fidelis Willis, is the latest development funded by Cresset’s third Qualified Opportunity Zone (QOZ) fund, Cresset Diversified QOZ Fund III. The fund provides private investment capital in some of the fastest-growing economies across the country with the goal of maximizing long-term capital gains for investors. Its predecessor, Cresset Diversified Qualified Opportunity Zone Fund II closed with more than $650 million in equity commitments.

The Fidelis Willis development is part of a larger community known as Moran Ranch, located along the I-45 corridor and within driving distance of major employment centers in north Houston such as The Woodlands. It is also within a recently completed HEB-anchored power center, developed in partnership between Fidelis and CALSTRS.

The 252 units will be situated within nine, three-story apartment buildings, featuring 120 one-bedroom units, 114 two-bedroom units and 18 three-bedroom units, with nearly 250,000 square feet of rentable space. The project is shovel ready and expected to break ground in late 2024, with construction to be completed by Q3 of 2026.

In addition to state-of-the-art apartment design, Fidelis Willis’ amenities will include a 24-hour fitness center, clubhouse, pool, dog park, game room and more.

JLL Capital Markets closed the sale of Shops at Cross Creek, a fully leased 24,188-square-foot retail center located in Fulshear, Texas.

JLL worked on behalf of the seller, Rycore Capital LP. The buyer was Phillips Edison & Company.

Shops at Cross Creek, strategically located at 6630 FM 1463, is situated in one of the fastest-growing submarkets in the Houston metro area across the street from the nation’s leading discount grocery giant-anchored center including Chick-Fil-A, Ulta, Raising Cane’s, Whataburger, TJ Maxx, Ross and several other key national retailers. The center benefits from its position on FM-1463, a key north-south corridor connecting I-10 to FM-1093, in an area experiencing rapid residential growth.

Fulshear, located within the dynamic Katy submarket of West Houston, has undergone rapid expansion in recent years, establishing itself as one of the Houston metropolitan area’s fastest developing regions. The area ranks #1 in annual new home starts in the Houston region, with 6,537 starts in 2023 – an 11.2% increase from the previous year. This rapid expansion is driven by the development of numerous master-planned communities, attracting affluent residents with average household incomes of $183,560 within a three-mile radius.

Shops at Cross Creek, a fully leased retail center built in 2015, boasts a diverse mix of both local favorites and nationally recognized tenants. The property is anchored by Yen Fulshear, Rightway Dental, Marvelous Clinic, Firehouse Subs and Avis Budget Car, creating a well-rounded tenant roster that caters to various customer needs.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Gianna New.

This issue of REDnews proudly celebrates the achievements insights, and leadership of women in commercial real estate. From trailblazing mentors and dynamic advisors to those driving industry innovation, these women bring diverse perspectives and vital expertise to the field. Their stories serve as a testament to the growing influence of women in commercial real estate, inspiring the next generation to build their paths in this challenging yet rewarding industry.

Cathy Nabours: Innovating in capital markets and fostering industry inclusivity
With more than two decades in commercial real estate, Cathy Nabours, Managing Principal at SRS Real Estate Partners, has carved a respected niche in the Central Texas market. Her expertise in multi-tenant investment properties has positioned her as a trusted advisor to top clients, including Crow Holdings and Kimco. “Ten years ago, I was with a company in which only 5% of the Capital Markets brokers were women,” Nabours recalled, explaining the efforts she led to recruit young women and encourage their advancement in brokerage. “The women working in commercial real estate today are supportive, collaborative and willing to help.” Her initiatives have paid off, as she has witnessed many of these women transition to significant roles within the industry. Nabours’ forward-thinking approach is also evident in her embrace of new technology.
“We all need to be up to speed with improvements in technology and especially AI,” she said, describing her team’s recent work on incorporating AI into marketing strategies. The pandemic was another pivotal moment, allowing Nabours’ team to stay connected with clients across markets.
“Ultimately, these conversations were a terrific reminder of the importance of sharing information—especially when the market is down, and times are tough,” said Nabours.
ADVICE FROM NABOURS: “Seek opportunities to be part of a team where you can add value by being resourceful, hardworking and detailed.”

Jamie Safier: Navigating success with purpose
Jamie Safier, Managing Director of Capital Markets at Marcus & Millichap, brings both financial insight and relational expertise to commercial real estate. Originally from a finance background, Safier pivoted from investment banking to debt and equity advisory, finding her calling in client centered, strategic advisement. “Being an advisor still allowed me to practice finance while also helping clients grow and achieve their goals,” she explained.

One early career highlight involved securing $32 million in acquisition financing for a client’s largest deal in Houston’s Spring Branch area. This experience emphasized Safier’s approach to advising not only as a broker but as a dedicated partner.
“My advisory time may not always translate into fees, but my patience and expertise have resulted in my clients seeing me as a partner and not just a broker,” she shares.
Safier’s role is more than transactional; she has cultivated long-term partnerships with clients, some of whom she has guided from their first multifamily acquisition to significant portfolio expansions. Underscoring the importance of perseverance in a male-dominated field, Safier now uses her journey to leverage her visibility to support other women entering the industry.
“It’s allowed me to be more memorable and stand out,” she said. A mom of three young children, Safier noted that she’s learned how to balance her work and personal lives while remaining centered. “Achieving my best professional year while pregnant and raising two children was a product of balance and having a strong support system both with my family and with my professional team,” Safier said.

ADVICE FROM SAFIER: “Prioritize balance and stick with it!”
Allyson Yost: Championing industrial real estate and women’s entry into the field Allyson Yost, Executive Vice President at Colliers, has built a career that bridges her legacy as the daughter of a broker and her vision for an inclusive commercial real estate field. “My comprehensive knowledge of the North Texas industrial market has allowed me to maximize my clients’ value,” Yost said, crediting her dedication to market insight as a key to her success. However, her impact extends beyond client work; in 2020, she co-founded IWIRE North Texas, a supportive network dedicated to integrating more women into the field. Yost’s mission with IWIRE goes beyond mentoring, creating a space for women to share their experiences and receive support as they navigate the industry.
“I have made it a point to find ways to educate and make it comfortable for women to enter the industry,” she stressed. “While today women are still underrepresented, it is not because they are not qualified or capable of succeeding. If women want to get into commercial real estate, there is
nothing that will stop them.”
Yost’s pride in her work is evident in a recent project, where she saw several women from IWIRE contribute to a large build-to-suit deal. “What makes me the proudest is realizing how many women new to the industry were involved in this project and proud to call it their ‘first project,’” Yost said.
ADVICE FROM YOST: “Don’t limit or hold yourself back. Do your research
and figure out what part of the industry you want to concentrate on, then get coffee or lunch with others in the industry. Find where you want to be and who will allow you to grow and go for it.”

Monthly apartment rents might be growing at a slower pace, but they are still too high for a large chunk of U.S. renters.

According to the Cost Burden Report released by Apartment List earlier this month, 51.8% of all renter households in the United States as of last year were spending more than 30% of their incomes on rent.

That’s an important figure: Many financial experts say that households should not spend more than 30% of their gross monthly income on housing costs. But according to the Apartment List study, 22 million renter households were spending more than this on their monthly apartment rent as of the end of 2023.

That is an increase of 226,000 since 2022 and represents an all-time high in the United States.

The situation is even worse for many renters. Apartment List found that 11.2 million, or 26.4% of all U.S. renter households, are severely cost-burdened, meaning that they are spending more than half of their gross monthly income on rent.

The numbers show, too, that just 48% of U.S. renter households are hitting the goal of spending less than 30% of their income on housing.

Why are so many renters facing this challenge? Apartment List pointed to the record-setting growth of apartment rents that took place in 2021 and 2022. Even though rent growth has since moderated, renters’ incomes have not caught up to the boom in rental prices.

The situation is not as bad in all parts of the country, though. Apartment List reported that all 10 of the 100 largest metropolitan areas with the greatest percentage of cost-burdened renters were in either Florida or California.

Des Moines, Iowa, has the nation’s lowest renter cost-burden rate among the United States’ 100 largest metropolitan areas. But, as Apartment List points out, even here 43% of renters were spending more than 30% of their gross monthly income on rent as of the end of 2023 and more than one in five were spending more than 50%.

Other Midwest cities ranking among the 10 with the lowest percentage of cost-burdened renters were Toledo, Ohio; Wichita, Kansas; and Omaha, Nebraska.

StreetLevel Investments, a Texas-based developer, broke ground on Village at Gateway, a 120-acre mixed-use development in Forney, Texas. 

Located at North Gateway Boulevard and U.S. Highway 80 in the 2,000-acre Gateway master planned development, Phase 1 will feature 500,000 square feet of premium retail and is expected to open summer 2026.

Designed by GFF with Ridgemont Commercial Construction serving as the general contractor, the much-anticipated Village at Gateway will be anchored by Target (144,000 square feet), Home Depot (135, 000 square feet) and H-E-B (130,000 square feet) and will feature an additional 120,000 square feet of retail, service, and restaurant concepts curated to meet the needs of Forney residents. 

It will also include nine outparcels, future multi-family residential, and is designed to provide connectivity to Texas Health Resources’ 50-acre medical campus planned immediately west of the project.  Phase 2 is planned to deliver an additional 200,000 square feet of retail with tenant announcements expected in the near future. 

David Copeland and Ryan Griffin of Edge Realty Partners are handling retail leasing and sales at the property.