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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!
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.
Mr. Utay teams up with Jeremy Brubaker to bolster Office Tenant Representation services in Dallas
Dallas, TX – 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 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.
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 region, enhancing its service offerings and presence in key markets.
For more information, please contact Ash Harley-Majic, Marketing & Communications Manager, at 713.275.9641.
Seasoned professional brings extensive experience to Central Texas operations
Austin, TX – 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. Mr. Kasten was consistently among the top brokers in the market.
Mr. Kasten graduated from the University of Texas at Austin with a Bachelor of Science in Corporate Communications.
For more information, please contact Ash Harley-Majic, Marketing & Communications Manager, at 713.275.9641.
The U.S. industrial vacancy rate increased by 40 basis points in the second quarter, reaching 6.1%, the highest level in nine years, according to the latest research from Cushman & Wakefield.
Despite this rise in vacancy, though, industrial absorption doubled in the second quarter, with 46.3 million square feet of space taken off the market, a sign that even with a higher vacancy rate, the U.S. industrial sector still boasts strong market fundamentals.
Jason Price, Americas Head of Logistics & Industrial Research at Cushman & Wakefield, said that while no one likes to see higher vacancy rates, the vacancy rate in the industrial sector remains well below the 10-year pre-pandemic average of 7%.
“Despite the rise in vacancy, industrial markets are showing increasing levels of demand after a sluggish first quarter,” Price said. “New supply is leveling off as developers wait for the market to catch up. We expect that vacancy will peak early next year at 6.7% as the markets stabilize.”
Asking rent growth continued to cool, with nationwide rents rising 3.7% year-over-year, driven by the Northeast (+5.3%) and South (+2.9%) regions.
Quarterly leasing activity was 137.2 million square feet, down 2.8% from the 141.1 million square feet reported in the first quarter. However, the second quarter total was 11.2% higher than the 10-year pre-pandemic quarterly average of 126.9 million square feet.
The U.S. registered 278.4 million square feet of new deal activity through midyear, putting the market on pace to surpass the 500-million-square-foot mark for the 10th straight year. These normalized levels of deal volume are partially due to moderating consumer demand, longer transaction times and, in some cases, decreasing average deal sizes.
Seven markets recorded more than 10 million square feet of leasing activity through midyear, led by the Inland Empire (22.1 million square feet), Dallas/Ft. Worth (19.2 million square feet) and Houston (16.7 million square feet).
New construction deliveries remained robust, with 121.1 million square feet of new product completed in the second quarter, on par with the previous quarter. This pushed the year-to-date total to 239.6 million square feet, the second-highest midyear total on record, 84% of which was speculative. The South region continues to account for the highest share of new deliveries (48.3%), with markets such as Atlanta, Dallas/Ft. Worth, Savannah, and Houston delivering large amounts of new industrial space.
Construction starts remained relatively muted in Q2, although up slightly compared to the first quarter. The under-construction pipeline fell to its lowest level (343.3 million square feet) since mid-2020 (334.8 million square feet). The pipeline has declined by 14.4% since Q1 and is down 46% from a year ago. The South (-118%) and Midwest (-99%) regions posted the sharpest pipeline declines during the same period.
Of the national under-construction pipeline total, speculative product makes up 67.7%, down from 71.4% in the first quarter. This share is likely to decrease further in the second half of 2024 as speculative warehouse facilities continue to deliver at a healthy rate and build-to-suit manufacturing facilities remain under development due to their longer construction timelines.
“Industrial markets continue to show strength and resilience, even as they adjust and level-set following the pandemic boom,” said Price. “As development slows to meet demand and absorption catches up to supply, we will see the markets find balance.”
Cushman & Wakefield arranged a 211,087-square-foot office lease renewal for Santander Consumer USA at 1601 Elm St., also known as Santander Tower, in Dallas.
This marks the largest office lease renewal in Dallas this year and largest in downtown Dallas in the past five years.
As part of the lease renewal, Santander will retain their current naming rights to the building and continue to utilize the space as their headquarters and executive offices.
Robbie Baty and Travis Boothe of Cushman & Wakefield represented Santander Consumer USA in the lease renewal negotiations. Landlord, Pacific Elm Properties, was represented by Sara Terry and Reegan Busby of the Pacific Elm Properties in-house leasing team.
Santander Tower is 50-story office building spanning 1,402,623 square feet in the heart of Downtown Dallas, boasting one of the most diverse set of amenities of any office building in Dallas. The building, which underwent a transformative renovation in 2017 and 2023, includes two ground-floor restaurants (Fond and Parterre), the Tower Club (a private dining club on the 48th floor), Mint House Hotel (a 60 room boutique hotel on the 49th and 50th floors), a high-end fitness facility, and the Peridot Residences (290 unit luxury apartments on 14 floors).