The New Industrial: Distribution + Office
Tuesday 5th January 2016
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IRVINE, CA—Tenants are seeking multi-functional space that has both a distribution and an office component, and as such, amenities will be even more important for industrial users, Unire Real Estate Group’s director of client services Griffin Cogorno tells GlobeSt.com. As industrial vacancy becomes ever tighter in the Southern California market, we spoke exclusively with Cogorno about industrial leasing trends and the creative-industrial craze that is growing in this sector.
GlobeSt.com: Which regions of Southern California saw the greatest amount of industrial leasing in 2015?
Cogorno: This is a tough question, since all of Southern California was hyper-competitive in 2015. The Inland Empire and port cities saw vacancy go to record lows as demand continued to outpace supply.
GlobeSt.com: What types of amenities are tenants seeking in creative-industrial space?
Cogorno: Tenants are seeking space that can act as a distribution as well as office. We recently completed a redevelopment in Torrance and pre-leased the entire 200,000-square-foot space to two tenants prior to completion. Both tenants were drawn to the asset’s location, amenities, new collaborative-office layout and its increase in dock doors, which will assist with the movement of goods. We see redevelopment of existing assets into more functional space as a trend that will continue in 2016.
GlobeSt.com: What else should our readers know about the industrial sector?
Cogorno: Industrial remains a very steady asset class in Southern California. The ports of Long Beach and Los Angeles make up one of the busiest port regions in the world, which feed the largest industrial base in the world at almost two billion square feet. Clients and tenants want and need to be in Southern California. These property owners and tenants need to make sure to acquire a management group that has their best interests’ at mind, with local knowledge and ingrained expertise to aid in getting the best return on investment they can.
Attention to detail is also important when looking for someone to manage a property, as well as an opportunity to work with the vendors, brokers and providers that ultimately satisfy the clients’ needs, regardless of the business affiliation.
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LATEST NEWS
Globe St. - Unire Receives Recognition for Best Bosses in CRE
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Written by Griffin Cogorno
Guiding a company in the commercial real estate space is never easy even in the best of times. In times of disruption and upheaval, as the last two years have been, it can be downright difficult. And we can expect another year of choppy waters as inflation grips our economy, to say nothing of the uncertainty brought on by the Russian-Ukrainian war. It is these years where identifying and acknowledging the top leaders in our industry matter the most.
MARK HARRYMAN & GRIFFIN COGORNO Unire Real Estate Group was founded in 2000 to provide property, transaction, construction and asset management services to owners and tenants of institutional-quality commercial real estate. Mark Harryman founded the company and now serves as CEO and principal. With more than 30 years of experience in commercial real estate, Harryman effectively serves as an executive-level point of contact for clients. As president, Griffin Cogorno directs the entrepreneurial growth strategy for the firm and he is responsible for growing the platform throughout the West Coast. Cogorno has more than 15 years of industry experience and has held positions with JP Morgan, Chase Bank and the O’Donnell Group. Unire Real Estate Group currently manages more than 50 million square feet of industrial and office assets throughout Northern California, Southern California and Las Vegas. Harryman is described as a leader and mentor who provides feedback, guidance and support. Cogorno, who joined the firm in 2014, provides fresh ideas and new perspectives and has the ability to see the big picture while understanding the small details. As a strong team, the two professionals continue to articulate the firm’s mission and cultivate a company culture that supports long-term growth. The growth of the company during the past 21 years speaks to their leadership abilities, having increased assets under management from roughly one million square feet with one client at inception, to more than 50 million square feet with 18 clients today. The firm has been recognized as a top workplace in Orange County on multiple occasions.
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