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The office real estate sector shows strong fundamentals as it appears to be near a peak, shares Yardi client Adam Rath, founder & owner of Rath Equity. The company started operating in the Cincinnati area since last year and is now focused on growing its base of industrial and office clients. In a wide-ranging conversation, he touched on the trends, challenges and opportunities in the metro’s commercial real estate market.
What is your general view of the office sector? What are the main trends?
Rath: The major factor contributing to a strong office and industrial market in Cincinnati is a strong local economy and revitalized downtown that has aided in the ability to retain educated workers and have accelerated a strong economic growth. The unemployment rate has compressed to under 4 percent.
The Cincinnati office sector is currently strong and healthy. In the last few years, we have seen rising rents and vacancies going down. Also, sales are strong but appear to be reaching a peak at both cap rates and price per square foot.
Tell us about the challenges you see in today’s market.
Rath: The major challenge we are faced with today is economic uncertainty in the next one to three years. We have seen record growth/investment over the last few years and debt limits starting to reach pre-recession levels. Most people in the industry are starting to feel a pullback. The majority of the investors I speak to feel a pullback is needed to bring pricing within limits to deploy capital. This economic uncertainty should provide an opportunity for investment.
What are the trickiest aspects of being a medium-sized company?
Rath: Rath Equity was created to be a boutique investor-friendly brokerage and built to be able to adapt and pivot as the market dictates. The trickiest aspects are identifying and using the best processes/technology we can to provide the best services to our clients. Silicon Valley has been trying to disrupt the real estate industry over the last decade, so every day there is a new shiny program that is the savior for brokerages. I’ve spent time chasing these programs. However, the only way to guarantee success is to pull up your sleeves and put in the time/effort over the long term.
Editor’s note: This interview originally appeared in Yardi publication Commercial Property Executive. Read the rest of the interview here.
