South Florida Office Brokers Association

Tag: paul marko

  • Paul Marko Discusses State Of South Florida CRE

    Paul Marko Discusses State Of South Florida CRE

    Today, you hear everywhere that “data is key.”

    Amenity offerings are evolving rapidly, and new challenges are reshaping the real estate market. A real estate expert that can navigate this data-driven and tenant-oriented environment is essential. Paul Marko was recently appointed as principal of the South Florida Avison Young team, and he applied his 30 years of experience in office tenant representation, buyer broker services and portfolio administration to answer some of our questions about the South Florida and national commercial real estate markets.

    Q: What are your thoughts on the national CRE market, in terms of trends and challenges during the current pandemic?

    The multifamily, retail, and office commercial real estate sectors have been most affected by the pandemic and have had to pause and closely examine and re-evaluate the “what ifs” and “if, thens.” Industrial remains a market leader and has grown exponentially due to e-commerce and cold storage demand.

    From an office standpoint, the unknown future impact of the pandemic has created an inflection point for the needs of tenants and end-users. Due to the pandemic, most companies and industries are uniquely facing impacts on workforce, workspace, culture, office schedules, and technology, all while navigating racial equality and political concerns in an election year. Therefore, commercial real estate professionals and landlords will have to place an emphasis on tenants shifting needs and respond with a customized approach.

    It is important to note that remote working and full return to the office are not mutually exclusive. The current environment is affecting various businesses in vastly different ways. A partial return to the workplace with modified schedules, shift working, or agile workspaces is also being implemented. The safety and comfort of employees is paramount while allowing proximity for idea sharing and innovation to flourish.

    Q: What would you say stands out about the South Florida office market?

    South Florida is attractive to businesses for many reasons, including no state income tax and a low barrier to entry. Large developable tracts of land for new office development are scarce, but the region is ripe for redevelopment. This market is appealing to businesses looking to relocate and/or expand from out of state.

    With the exception of Miami, which is a global city, the balance of South Florida is considered a secondary market. Our office market has been impacted, but not in the same way as primary markets like New York, Chicago, or Los Angeles. South Florida has shown resiliency.

    With regards to the office market, I am seeing few new leases, and most office tenants, upon receiving notice of lease expiration, are requesting 12 to 18 month extensions. The landlord does not want the vacancy, and the tenant is not sure about a longer-term renewal. As long as the landlord can get lender approval, this extension seems like a good compromise and collaborative solution to the unknowns of the pandemic impacts currently on our South Florida business climate. As it relates to the office tenants, leases expire every day, leaving a tenant with three choices: renew, move, or buy.

    Q: Where do you see it going in the future? Are there any safety measures and policies that you think might or should be adopted into best practices for commercial real estate going forward, beyond this pandemic?

    Ongoing safety measures will include touchless entry points, more thorough sanitization processes, cleaner air filtration, and continued social distancing. The pandemic has forced us to be mindful of germ transfer, which is a positive. The question is whether our vigilance will lessen once there is a vaccine or with the simple passage of time.

    I have represented a national law firm for 25 years. Like most firms, the objective was to have the attorneys in individual offices. Once the pandemic hit, and everyone was forced to work from home, the firm realized that the attorneys could in fact be productive.  There was now a good argument for flexible schedules and shared offices. Further, with appropriate surface sanitization service, and collaborative scheduling, they could have multiple attorneys share one office. For this firm, this has reduced the overall required office space by 50-60%.

    Currently, we are seeing a reduction in office densities, but we believe it is temporary. A trend that may last for the long-term is tenants adopting agile and flexible workspaces and technology enhanced furniture that can be moved and used in different ways.

    Q: In your experience, how has the evolution of online marketing affected the commercial real estate industry?

    The printed format for marketing purposes is obsolete. Dynamic, real-time, interactive materials with data-driven insights to help clients achieve better outcomes are what the future holds.

    Q: Could you provide us some background on what attracted you to a career in commercial real estate?

    I started my commercial real estate career as an appraiser in the late 1980s. I was a MAI candidate and Florida State Certified General Licensed Appraiser. I loved interpreting the data and formulating an opinion of market value. It was advisory and consultative, which fits my personality well. My appraisal experience is a unique credential in the commercial real estate industry which contributes to my value proposition. After about five years in appraisal, I had an opportunity to move into office leasing and brokerage. I was the broker for an existing 500,000 SF office development that IBM vacated in Boca Raton, Florida. I interacted with South Florida’s top tenant representative brokers and realized office tenant representation was what I wanted to do. Over the years, I have been fortunate to be one of South Florida’s most successful office tenant representatives, office buyer broker representatives, and small-mid cap corporate portfolio account representatives. My career took me from Miami-based Codina Realty ONCOR International, CBRE, Stiles Corporation, and now Avison Young.

    Avison Young is a great match for my skill set; its recent expansion of consulting across the Americas and investment in technology and innovation will enhance my ability to use data and analytics to fuel insights for the companies and industries I serve. The firm’s culture of collaboration, integrated services, and a client-centric approach are consistent with my business approach.

    Q: Do you have any personal experience advice that you would impart as an absolute must for those looking to get into the CRE industry?

    The absolute “must haves” for this industry are passion and patience. Commercial real estate is fluid and the ever-changing needs of the participants keeps me engaged. Years of experience helped me realize my passion is based in curiosity. I feel blessed to have found that. Many people never find their career passion. Curiosity made me a good appraiser and it is critical for my role as an office tenant representative and buyer broker. I am always looking for a value-add solution for my clients.

    Q: Any other insights that you would like to share?

    While I see technology and digitization of services shaping the future of commercial real estate, I also see a real need to return to community and customized strategy. We must intentionally seek ways for both to meet.

     

    Source:  Commercial Cafe

  • Office Leasing Veterans Join New Firms

    Office Leasing Veterans Join New Firms

    Pike Rowley, Avison Young Principal and Managing Director of the firm’s operations in Florida, announced the appointment of Paul Marko as Avison Young Principal.

    Marko will be focused on serving and advising office occupiers in South Florida.

    “Office occupiers are facing major decisions about their office needs and workforce,” said Rowley. “With exceptional industry expertise and market knowledge, Paul is positioned to provide clients with data-driven insights and solutions that meet their business needs.”

    This year, the South Florida office market has seen overall rent growth begin to decelerate due to an increasing supply pipeline, and a record amount of office space under construction with significant deliveries expected by year end. At the same time, companies are taking an active holistic and strategic view of office footprints in a post-pandemic world to meet the expectations of their workforce and business needs.

    “Avison Young is a great match for my skill set; its recent expansion of consulting across the Americas and investment in technology and innovation will help drive my ability to use data and analytics to fuel insights for the companies and industries I serve,” said Marko. “The firm’s culture of collaboration, integrated services and client-centric approach are consistent with my own business approach, helping to provide solutions to clients for the issues of today and tomorrow.”

    Marko has more than 30 years of experience in commercial real estate across office tenant representation, buyer broker services, lease/portfolio administration, project management and consulting. He joins Avison Young after eight years at Stiles Realty, where he served as President overseeing the leasing and sales division. Prior to Stiles, Marko served as First Vice President at CBRE in Ft. Lauderdale in the firm’s global corporate services and office tenant advisory services groups. He is a graduate of Florida Atlantic University.

    CBRE announced that industry veteran Madelayne Garcia has joined the firm as senior vice president of Advisory and Transaction Services, specializing in office landlord representation across South Florida. Ms. Garcia joins CBRE with more than 25 years of commercial real estate experience.

    “We are thrilled to welcome Madelayne to our South Florida team,” said David Bateman, Managing Director at CBRE. “She brings a wealth of experience, and we are confident that her contributions will continue strengthening and expanding our capabilities in landlord representation in our region.”

    Ms. Garcia joins CBRE from Stiles Realty, where she was since 2001. Prior to Stiles, Ms. Garcia was the Director of Leasing at The Hogan Group. During her tenure at The Hogan Group, she represented Royal Palm at SouthPointe, a joint venture between The Hogan Group and Credit Suisse First Boston.

    Ms. Garcia has won several awards throughout her career, including CoStar Power Broker Award from 2006 to 2019, the Florida Real Estate Journal’s Top Woman in Commercial Real Estate Award, Daily Business Review’s “Top Dealmaker of the Year – Leasing”, among others.

     

  • Stiles Realty Expands Again With Two More Key Hires

    Stiles Realty Expands Again With Two More Key Hires

    As part of its continued strategic expansion in South Florida,Stiles Realty today announced two key hires to its industrial and office brokerage teams.

    Mike Crissy joined the company as Industrial Sales and Leasing Associate and Brian Batchelder joined as Office Leasing and Sales Associate.

    Both of these professionals carry more than a combined 30 years of commercial real estate experience.  With the addition of Crissy and Batchelder, the company has welcomed four new agents in the last six months alone.

    “We are very excited to welcome Mike and Brian to our team,” said Paul Marko, president of Stiles Realty. “As the market continues to recover, Stiles Realty is keeping pace, growing quickly in Miami and Fort Lauderdale to meet the needs of our clients. These two new additions bring to Stiles a depth of real estate experience and industry knowledge that adds dimension to our team and directly benefits our clients in South Florida.”

    Mike CrissyCrissy, pictured right, is charged with growing Stiles’ third party industrial and flex property sales and leasing business in South Florida. With more than 17 years of commercial real estate experience in markets across the nation, Crissy comes to Stiles from Pointe Group Advisors, where he led the Broward and Palm Beach County tenant representation and investment sales division. Prior to that, Crissy served with Jones Lang LaSalle in Miami-Dade as the exclusive tenant representative focused on corporate users throughout the Tri-County area. His most notable clients include GEICO, Janney Montgomery Scott, ESRI, Bank of America and United States Postal System. Crissy holds a bachelor’s degree from the University of Miami.

    Brian BatchelderBatchelder’s primary focus is growing third-party business in the Fort Lauderdale and Palm Beach office markets. A Fort Lauderdale native, Batchelder brings more than 14 years of commercial real estate experience and local market knowledge to Stiles. Most recently, he served as a landlord representative for CBRE where he was responsible for more than 750,000 square feet of office, retail and land product. Batchelder’s track record includes about 150 leasing and sales transactions valued at more than $200 million. In addition, within the past five years he represented the State of Florida and Gilman & Ciocia in more than 50 transactions. Bachelder holds a bachelor’s degree in International Economics from Florida Atlantic University and is fluent in English and Spanish.

    “It is all about timing,” commented Marko on what is driving Stiles’ expansion efforts. “We see a quick and steady recovery of the office and industrial markets in Broward with leasing and sales activity picking up over the past twelve months. We also continue to see positive absorption and increasing rental rates in key submarkets. Mike and Brian, in addition to all of our newest team members, will help service our clients and their expanding needs in South Florida.”

    Crissy and Batchelder join Stiles Realty’s extensive sales and leasing team consisting of 15 professionals whose range of specialties also includes retail, land and marina properties. Stiles Realty has deep roots in the South Florida market and provides a full range of services including landlord representation, tenant representation and investment sales.  

  • Stiles Grows Team With Addition Of Lee Wheeler

    Stiles Grows Team With Addition Of Lee Wheeler

    Local commercial real estate veteran Lee Wheeler has joined Stiles Realty.

    Wheeler, a 34-year real estate professional, joined the company on February 3rd as senior advisor, reporting to Stiles Realty President Paul Marko. He will be based out of Stiles’ headquarters in Fort Lauderdale. This strategic hire comes at a time when Stiles Realty looks to build on the momentum it is creating in core markets throughout Florida, where it has recently expanded its team.

    Wheeler specializes in investment sales, land brokerage and build-to-suit commercial properties. Over the course of his career, he has completed more than $2.5 billion in sales transactions ranging from urban office sites to large planned development communities. In this new role, Wheeler will focus on growing the firm’s footprint across Florida while leveraging Stiles’ diverse range of services.

    “Lee is highly trusted in our industry with a tremendous track record of completing large transactions and establishing lasting client relationships,” said Marko. “His strength and experience in the build-to-suit and land arena is synergistic with Stiles’ multi-faceted business platform, which includes development, construction management, architecture, and property management.”

    Throughout his career, Wheeler has represented major institutional owners and developers including Equitable Life, General Electric, The St. Joe Company, Teachers Insurance and Annuity Association, Duke REIT, Codina/Flagler Development and the MacArthur Foundation.

    Stiles Realty offers a full-service real estate brokerage platform focused on industrial, office and retail properties. Additionally, Stiles Realty launched its Investment Sales division in late 2012, with a focus on high-profile quality office and retail opportunities below $12 million.

    “Stiles is a very strong company that has established a stellar reputation over its decades of success in Florida,” Wheeler said. “I am excited as I see the potential for significant growth in Stiles Realty on top of that foundation. I feel confident that my broad and varied outlook gives me the insight into how we can meet the evolving needs of our diverse clients while achieving the goals of Stiles Realty,” Wheelersaid.

    Prior to joining Stiles, Mr. Wheeler served as a principal and broker for Miami Land Company, where he focused on land acquisitions for development companies, site entitlements, zoning and government approvals. He spent ten years with the Codina Group where he focused on land and investment sales. Mr. Wheeler held an eight-year assignment with the MacArthur Foundation, where he was responsible for the disposition of more than 60,000 acres of commercial land, 10,000 apartment units, and over one million square feet of office, industrial and retail properties.

    “Lee brings to our company a valuable skillset that adds depth and versatility to our growing team,” commented Marko. “I have known him for many years and am grateful to have him aboard as we continue to grow our business and look toward the future.”

     

  • Stiles Realty Appoints New President

    Stiles Realty Appoints New President

    Stiles Realty, the brokerage and leasing division of Stiles, today announced the appointment of industry veteran Paul Marko as president.

    In this role, Mr. Marko will assume leadership of the division, directing its market expansion throughout Florida as well as its strategic effort to grow third-party business. Mr. Marko will take over for Stiles’ current president of Realty, Tom Kates, who is retiring after 27 years with the Company.

    As president, Mr. Marko will play an integral role in helping Stiles to execute on its strategy to increase Stiles’ footprint across the state while further penetrating its core South Florida markets. In addition to increasing third-party leasing business, he will be responsible for enhancing operations, broker retention, recruiting and professional development. Mr. Marko will also focus on driving growth by leveraging client relationships across the Stiles’ various service divisions, including Property Management, Construction, Architecture, Tenant Improvement and Development.

    “Paul’s tremendous expertise combined with the unique structure of Stiles will enable Stiles Realty to achieve the growth we expect in the short-and long-term,” said Stiles Chief Executive Officer, Terry Stiles.  “Paul has a deep knowledge of the local market, proven ability to build long-term relationships with clients and track record of success in the leasing and brokerage arena. With him on the team we will be better positioned to take advantage of new market opportunities while also maintaining our reputation as the leading provider of commercial real estate spaces throughout Florida.”

    Prior to joining Stiles, Mr. Marko served for 12 years as First Vice President at CBRE (NYSE: CBG), the world’s largest commercial real estate services firm, according to the company. He also served for six years with Codina Group/Codina Realty Services in a similar capacity.

    Mr. Marko will be based in Fort Lauderdale, FL. He is active in the community, and has served on the Board of Directors of the Broward Alliance, the local chapter of CoreNet Global, and Junior Achievement of South Florida. He is a native of Fort Lauderdale and holds a bachelor’s degree in Business Administration from Florida Atlantic University, Boca Raton, FL.

    About Stiles

    Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include leasing and brokerage, property management, development, construction, architecture, acquisitions and financing.  Headquartered in Fort Lauderdale, Stiles also has regional offices in Miami, Fort Myers, Tampa and Orlando, Florida. Stiles is responsible for more than 37 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.