JLL Strengthens OC Industrial Expertise
- Jul 11, 2017
JLL has expanded its industrial expertise in Southern California with the hire of Wade Tift, Nick Carey and Byron Foss as executive vice presidents. Joining from Newmark Knight Frank, the trio will specialize in industrial landlord and tenant representation in Orange County. Collectively, the team has completed more than 8 million square feet of transactions valued at $600 million since 2009.
Tift brings 17 years of experience in industrial real estate. He holds a bachelor’s degree in sociology with a minor in business from University of California, Los Angeles.
Carey joins JLL with 13 years of experience in industrial real estate. He holds a bachelor’s degree in political science from UCLA and is LEED AP accredited.
Foss has 11 years of industrial real estate experience. He earned a bachelor’s degree in psychology from Southern Methodist University and holds the MCR designation from CoreNet Global.
“The Orange County industrial market is extremely tight with one of the lowest vacancy rates in the nation and very little new construction on the horizon,” said JLL Senior Managing Director Jeff Ingham in prepared remarks. “Wade, Nick and Byron are three of Orange County’s premier industrial brokers who will provide tremendous value for our clients.”
According to JLL’s Industrial Outlook 2017, the Orange County industrial market vacancy was at a 17-year low in the first quarter of 2017, at 1.5 percent. The tightest U.S. industrial markets are Los Angeles (0.9 percent) and East Bay (1.2 percent), followed by Orange County. Average asking rents set new historic highs at $9.24 per square foot, as existing tenants are signing early renewals and prospective tenants are trying to outbid one another by placing multiple offers on Class A and B products.
Image courtesy of JLL