Marshall Saviers
President, Cushman & Wakefield | Sage Partners
How did you get involved in commercial real estate?
I grew up around the industry because of my father, so it’s inherently in me. That said, I didn’t know until interning at college in Dallas that this is what I wanted to do. I’m so thankful to have a job that I look forward to every day.
What businesses or industries seemed to lead the way as far as property needs in the past 12 months? From what sectors is the demand coming?
We have continued to see industrial and multifamily/housing lead the way from a demand perspective. In Northwest Arkansas, well-located office space with amenities continues to be absorbed at a level that is almost unparalleled when compared to the rest of the country.
Have you noticed any buying trends lately? Types of spaces, specific locations, etc.
With construction costs increasing 30-50% post-pandemic, buildings — really of any type — in good condition that are five to 10 years old are proving to be a great value play. If you are a user, you can pay close to half compared to if you build plus you don’t have to wait one to two years for the building to be built.
What amenities and needs have potential office space buyers been prioritizing in the past year?
We have seen with the success of the Ledger in Bentonville that tenants are willing to pay more to have built-in amenities. This includes coffee and eating options, some way to exercise, common areas where folks can collaborate, kitchen and conference room areas, etc. Additionally, if the building is located within an area with a lot of built-in amenities, such as the Pinnacle area of Rogers or Downtown Bentonville, that creates a competitive advantage.
As of now, what’s the outlook for commercial real estate this year? Anything that causes excitement/concern?
If you asked me this question mid-last year, my level of concern would have been a lot higher. When interest rates shot up, it essentially froze the commercial real estate market. Late last year, the fed indicated interest rates will come down in 2024, and we are already seeing increased activity on both the sales and leasing fronts.
What are some of Cushman & Wakefield | Sage Partners’ current projects? Anything big coming up?
There will continue to be new projects on the office and retail front in the Pinnacle area of Rogers. We are working on large industrial projects in Lowell and the Port of Little Rock for our clients. There are a couple of large medical projects on the horizon that we will be working on in 2024, as well.
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