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SOUTHWEST FLORIDA

  • YEAR END
  • 2023

END OF YEAR MARKET RECAP & 2024 PROJECTIONS | INDUSTRIAL, OFFICE, MULTIFAMILY & LAND

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...

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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

  • Q1-Q2
  • 2023

BUY VS. BUILD VS. LEASE | INDUSTRIAL IN SW FLORIDA

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

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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

  • Q3
  • 2023

THE TIDES TURN FOR MULTIFAMILY ON THE GULF COAST

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.

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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.

  • Q1
  • 2023

LAND SALES ARE UP IN SOUTHWEST FLORIDA

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

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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.

  • Q1
  • 2023

OFFICE IN FLORIDA - A STABLE, LONG-TERM ASSET

The post-pandemic world created a multitude of question marks surrounding the future of traditional office space. However, new studies report that 66% of

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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

MULTIFAMILY REMAINS A GREAT INVESTMENT IN SW FLORIDA

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.

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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

INDUSTRIAL IS BOOMING IN FLORIDA

The influx of residents flocking to South Florida has been the number one factor fueling the huge demand for industrial property in the market.

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SARASOTA, FL

Chris DiBitetto | Managing Broker

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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.

BOZEMAN, MT

  • Q1
  • 2024

MARKET UPDATE - RETAIL, MULTIFAMILY, HOSPITALITY, INDUSTRIAL & OFFICE

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!

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Bozeman, MT

Mike Elliott | CEO & Managing Broker

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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®.

  • YEAR END
  • 2023

END OF YEAR MARKET RECAP & 2024 PROJECTIONS | RETAIL, MULTIFAMILY HOSPITALITY & INDUSTRIAL

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...

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Bozeman, MT

Mike Elliott | CEO & Managing Broker

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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®.

  • Q1
  • 2023

HOSPITALITY REMAINS STRONG IN GREATER BOZEMAN

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

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BOZEMAN, MT

Mike Elliott | Managing Broker

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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®.

  • Q1
  • 2023

MULTIFAMILY CONSTRUCTION IS BOOMING IN GREATER BOZEMAN

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,

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BOZEMAN, MT

Mike Elliott | Managing Broker

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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®.

  • Q1
  • 2023

INDUSTRIAL EXPANSION CONTINUES IN GALLATIN VALLEY

The Bozeman/Gallatin Valley industrial market remains in expansion mode, with demand far outweighing supply. Though many are eager to find suitable space in

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BOZEMAN, MT

Mike Elliott | Managing Broker

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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®.

WEST TEXAS

  • Q1
  • 2024

WEST TEXAS MARKET RECAP -INDUSTRIAL & LAND

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.....

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Midland, TX

David Pearson | Broker

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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.

  • YEAR END
  • 2023

END OF YEAR MARKET RECAP & 2024 PROJECTIONS | INDUSTRIAL & LAND

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...

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MIDLAND, TX

David Pearson | Broker

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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.

  • Q2
  • 2023

INDUSTRIAL LAND SALES IN MIDLAND & ODESSA, TX

While land sales have steadily slowed across the national market, the Midland & Odessa markets remain steady. Thirteen commercial (industrial) land transactions

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MIDLAND, TX

David Pearson | Broker

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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.

  • Q1
  • 2023

THE INDUSTRIAL MARKET IN MIDLAND & ODESSA, TX

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,

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MIDLAND, TX

David Pearson | Broker

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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.

WILLISTON, ND

  • YEAR END
  • 2023

END OF YEAR MARKET RECAP & 2024 PROJECTIONS | MULTIFAMILY & INDUSTRIAL

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...

WILLISTON, ND

Mike Elliott | Managing Broker

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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®.

  • Q1
  • 2023

THE MULTIFAMILY MARKET IN THE HEART OF THE BAKKEN

Favorable energy market conditions have led to steady increases in occupancy and rental rates across the Bakken. Both Watford City & Williston emerged from...

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WILLISTON, ND

Mike Elliott | Managing Broker

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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®.

DENVER, CO

  • Q1
  • 2023

THE INDUSTRIAL MARKET IN COLORADO SPRINGS, CO

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

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DENVER, CO

Joe Pierce | Vice President

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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.