ERES is proud to provide our clients with the market intel that will help them to maximize their commercial real estate portfolios. Our regular market updates educate our clients on the health of various asset classes in relevant regions throughout the United States. Check back frequently to learn more about what’s happening in your market or reach out today to learn more.
The Sarasota industrial market's vacancy rate has hovered around 4%. Absorption has been positive, with 1.3M SF over the past year, boosted by United National Foods' upcoming occupancy of a 1M SF cold storage facility. However, future absorption prospects remain limited, with leasing activity stalling and larger deals becoming rarer. Asking rents have increased by 4.8% year-over-year to $12.90 PSF, but growth is slowing. Investment activity saw a notable increase, with $270M in sales over the trailing 12 months, highlighted by AEW Capital Management's $45M purchase of Palmetto Industrial Park. Fort Myers' industrial market, the second-largest in SW Florida after Sarasota, has seen a rise in its vacancy rate to 5.7%, an eight-year high, due to a surge in.....
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities
Sarasota’s industrial market has seen its vacancy rate rise to 4.0% as Q2 comes to a close. This is due to the delivery of 1.2MM SF of new industrial space over the past year. An additional 1.8MM SF is currently under construction, including a significant build-to-suit project for United National Foods, located within the SRQ Logistics Center. As a result, the market is poised for record-breaking absorption and deliveries in 2024. Rent growth has decelerated to 5.7% as new supply has increased the vacancy rate from historical lows. With inconsistent net absorption, the market is expected to see a further rise in vacancy rates as more speculative developments are completed....
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities
There’s a notable gap between supply and demand in Sarasota’s industrial real estate market. With 1.6 million square feet delivered in the past year and only 470,000 SF absorbed, the vacancy rate in the region sits at 3.7%, its highest in 8 years (Q1 2023 sat at 1.8%). While leasing activity has slowed there has still been a 6.5% year-over year increase in average asking rents. This is, however, significantly lower than the peak of 12% the market experienced at this time last year.
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities
Commercial real estate remained strong across industrial, office and land in SW Florida throughout 2023. Multifamily experienced more significant fluctuations as the construction pipeline reached historical highs and renter demand slowed simultaneously. That said, 2024 appears promising across the board...
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities
The Southwest Florida Industrial Market has experienced a boom since 2021. As indicated in the chart below, industrial vacancy rates in the region are at an all-time
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities
Q4 2022 showed promise for the multifamily sector on the Gulf Coast of Florida, but the outlook is beginning to shift. While new residents proceed to pour into the market, the substantial delivery of new construction in recent months has created a sizable imbalance between supply and demand.
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities.
The Gulf Coast of Florida is experiencing a huge surge in land sales across the region. In Q1 2023, sale prices have rocketed past the national average of
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities.
The post-pandemic world created a multitude of question marks surrounding the future of traditional office space. However, new studies report that 66% of
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities.
Even with the threat of an economic downturn looming, the West Coast of Florida still proves to be full of lucrative investment opportunities across the multifamily sector.
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities.
The influx of residents flocking to South Florida has been the number one factor fueling the huge demand for industrial property in the market.
Read MoreChris DiBitetto | Managing Broker
Chris DiBitetto has over a decade of experience in the real estate industry. As Vice President and Managing Broker of Florida, Chris specializes in tenant/buyer representation, leasing advisory, investment sales, portfolio advisory & management, and strategic planning. Chris is responsible for growing the full suite of ERES services with a focus on brokerage. He is licensed in Virginia, the District of Columbia and Florida. Prior to joining ERES in 2023, Chris served as an associate director for over 7 years with NEWMARK in their Tysons, VA office serving the Washington DC Metro Region. He has previously worked as an associate broker at Colliers International and, before beginning his career in commercial real estate, gained valuable experience in Washington as a litigation legal assistant for both a reputable Manhattan-based law firm and for the US Navy Judge Advocate General’s (JAG) Corps. Chris holds a bachelor’s degree from the George Washington University and received his master’s degree in real estate finance from Georgetown University in 2013. He earned national recognition within the real estate industry with his capstone thesis, Sovereign Wealth Funds: Encouraging Foreign Investment in U.S. Real Estate, when it was published by The Association of Foreign Investors in Real Estate (AFIRE). Chris has previously served as a co-chair with the BUILD Metro DC organization, a program offering entrepreneurship-based, experiential learning opportunities to youth in under-resourced communities.
Take a look at the trends that have shaped the retail, multifamily, hospitality, industrial and office sectors throughout the first quarter of 2024 in the Greater Bozeman Market!
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Take a look at the trends that have shaped the retail, multifamily, hospitality, industrial and office sectors throughout the first quarter of 2024 in the Greater Bozeman Market!
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Take a look at the trends that have shaped the retail, multifamily, hospitality, industrial and office sectors throughout the first quarter of 2024 in the Greater Bozeman Market!
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Retail is ending the year strong in Bozeman and the surrounding areas. With a vacancy rate of just 1.0% and 12-month net absorption of 123K square feet, it makes sense that asking rental rates have continued to rise. Following a 3-year upward trend of a cumulative 9% increase...
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
It’s no surprise that the Bozeman region experienced a huge spike in tourism following the Covid-19 pandemic. It seems as if everybody wanted to get outdoors
Read MoreMike Elliott | Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
The lack of housing in the Greater Bozeman area over the past few years has not gone unnoticed. New multifamily construction has taken the region by storm,
Read MoreMike Elliott | Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
The Bozeman/Gallatin Valley industrial market remains in expansion mode, with demand far outweighing supply. Though many are eager to find suitable space in
Read MoreMike Elliott | Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
During Q3 2024, Midland’s land market displayed steady activity, with 21 transactions contributing to a total sales volume of $2.2 million. The total land area sold amounted to 9.2 million SF, with an average of 437,000 SF per transaction. The average sale price PSF was $1, with average sale price standing at $748,000. Compared to asking prices, sales in Midland were, on average, 11.6% lower, reflecting some negotiation or softening in the market. Properties also took longer to sell, with an average of 11.9 months to close. Meanwhile, Odessa’s land market was much quieter in Q3 2024, with...
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
As Q2 comes to a close, Midland's land market stands out with higher prices and larger parcels. The average price for properties for sale is around $3.26 PSF, with sold properties averaging just over $2.44 PSF. The typical parcel size for properties on market is 14.37 +/- AC, and for sale transactions, 11.87 +/- AC. However, transactions in Midland take longer to finalize, with properties averaging 485 days on the market and sold transactions often exceeding two years. This market suits investors looking for substantial.....
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
Despite the historical volatility of the Midland industrial market, the past year has seen a robust surge in demand. Over the past year, industrial tenants have snapped up an estimated 280,000 square feet of space, underscoring a buoyant market sentiment. Even with a notable influx of new constructions (among them, the $7B Nacero Penwell facility slated for production to bein in 2025), Midland has managed to keep vacancies in check, boasting a market-wide vacancy rate of 6% as of early March 2024. This is just below the national.....
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
Industrial in West Texas began 2023 with high rental rates that were nearly double the national average. There were also few reported projects in the pipeline, average PSF sale prices and higher than average cap rates of 7.45%. As we edge towards 2024, nearly 130,000 SF of industrial has been delivered in Odessa (mostly warehouse and distribution space) and 180,000 SF...
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
While land sales have steadily slowed across the national market, the Midland & Odessa markets remain steady. Thirteen commercial (industrial) land transactions
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
Rental rates are on the rise in the Midland and Odessa industrial markets as inventory dwindles and development slows. Average lease rates sit at $14.92 PSF,
Read MoreDavid Pearson | Managing Broker
David Pearson joined ERES’ Midland office in 2018 to support the company’s Texas brokerage division, primarily focusing on business development and West Texas energy markets. Bringing over 15 years commercial brokerage experience, David specializes in the acquisition, disposition, development and maintenance of commercial and unimproved properties. A highly engaged partner providing personalized client services, David’s greatest strength lies in his ability to identify, analyze and value commercial property opportunities that hold long-term appreciation potential and income stream generation. David adds unique value to ERES brokerage clients due to his varied background and vast expertise in land acquisition evaluation, financial analysis, agriculture, and the oil and gas industry. Prior to joining ERES, David ran his own successful Lubbock-based brokerage firm, spent 15 years as a Principal Land Broker specializing in the acquisition, development and expansion of unimproved properties, and was Vice President at one of Texas’ largest bank holding companies servicing clients with credit needs from $10 to $100 million. He currently and previously has served on many corporate boards including Vice Chairman of the Pension Committee for Cotton Incorporated, and Vice Chairman of the Board for Plains Cotton Cooperative Association for over 17 years where he was responsible for overseeing domestic and Central American operations David attended Texas Tech University where he earned a Bachelor’s Degree in Agricultural Economics and a Master of Business Administration with a focus on Corporate and Real Estate Finance. He is currently a member of the North Texas Commercial Association of Realtors and has been a licensed real estate broker in Texas since 2005. He also has held broker licenses in Arkansas, New Mexico and Oklahoma.
Industrial vacancy rates in Williston have stabilized around 5% over the past year and are expected to remain at that level due to the limited availability of suitable properties. The negligible vacancy that exists is largely driven by tenant turnover. Strong demand and a lack of new construction are pushing rental rates upward, with current rents averaging $15.48 per square foot, a 1.8% increase from last year. Low vacancy has perpetuated across the Bakken into smaller surrounding markets. In Watford City, vacancy dropped below........
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Vacancy rates in the Williston industrial market are bottoming out around 5% as Q2 comes to a close. Vacant inventory is comprised mostly of larger industrial leading to inflating vacancy metrics due to buildings too large, expensive, and/or specialized for the average user in this market. A handful of smaller shops (<10,000 SF) are available for lease or purchase and with no new inventory in the pipeline thus, inventory will remain scarce. Industrial rents average $15.80/SF, a.....
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Take a look at the trends that have shaped the industrial & multifamily sectors throughout the first quarter of 2024 in the Williston market!
Read MoreMike Elliott | CEO & Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Vacancy rates kicked off 2023 at around 10%. As we close out the year, that number has been cut in half to 5%. As vacancy rates have dropped, rental rates have steadily increased, rising from around $12 PSF at the start of the year to a current asking rate of over $13 PSF...
Mike Elliott | Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
Favorable energy market conditions have led to steady increases in occupancy and rental rates across the Bakken. Both Watford City & Williston emerged from...
Read MoreMike Elliott | Managing Broker
Mike Elliott has over 25 years of experience in the real estate industry serving both domestic and international clients. He specializes in the energy industry with an emphasis on key shale plays. As Chief Executive Officer of Energy Real Estate Solutions (ERES), Mike provides brokerage, development, investment, joint venture and other real estate advisory services to organizations seeking specialized, knowledgeable support in and around the world’s most active energy sites. Prior to the launch of ERES, Mike was a Senior Vice President at CBRE where he founded and led their National Energy Facilities Group, offering services in brokerage, project management, capital markets, development and other related services to both national and global energy firms. Among other extensive industry and brokerage experience, Mike was the CEO and Founding Principal of Catalyst Real Estate Solutions and Grubb & Ellis|Catalyst, where he oversaw all operations of development, investments, real estate brokerage, management and consulting. Mike received his Masters in Real Estate and Construction Management and his BS in Business Administration from the University of Denver. Mike is a licensed real estate broker in Colorado, Montana, Nebraska, North Dakota, and South Dakota. Mike served as an Adjunct Professor in the University of Denver’s Real Estate and Construction Management program where he taught Real Estate Finance in the Undergraduate, Graduate and Executive Graduate programs. He previously served as Co-Chair of the Advisory Board of University of Denver’s Burns School of Real Estate and Construction Management, NAIOP Membership committee, and Denver Metro Commercial Association of Realtors®.
The US News and World Report lists Colorado Springs as one of the top places to live and work in Colorado. A cost-of-living far lower than that of Denver, the recent
Read MoreJoe Pierce | Vice President
Joe Pierce joined ERES as a Vice President and key member of its Brokerage team. His credentials include over 22 years of commercial real estate experience, first-hand knowledge of the energy industry and hands-on insight into key operational issues for businesses both large and small. Joe has extensive expertise with both public and private developers and owners, and a deep understanding of a wide spectrum of property types including office, industrial, medical and land. To date, he has led leasing efforts for nearly 60 properties totaling close to 7 million square feet and $300 million in gross revenue. His experience includes landlord and tenant representation, build to suit projects, dispositions, contract negotiations and market analysis. Over the last two decades, Joe has served in leadership positions for a variety of real estate firms and organizations geared toward oilfield and energy services. His professional experience has given him on-the-ground exposure to some of the most active energy markets in the U.S. including Colorado, Wyoming and North Dakota. Joe lives in Colorado with his wife and two sons. He enjoys golf and coaching youth basketball and football.