Cushman & Wakefield has recruited veteran Silicon Valley broker Conor Flannery to its executive team as the growth of artificial intelligence reinvigorates the office and manufacturing real estate sectors in one of the nation's top tech regions.
Flannery joins the firm as executive vice chair, a title reserved for top dealmakers. He comes from JLL, where he spent nearly 23 years.
Most recently, he held the title of vice chair in JLL's Palo Alto, California, office, where he established a reputation for being a prodigious producer, closing more than 1,200 leases with a total value of more than $2 billion and more than 50 acquisitions totaling $3 billion, according to Cushman & Wakefield.
Flannery “is the epitome of the industry-leading talent we’re recruiting,” said Tom McDonnell, an executive regional director for Cushman & Wakefield in the Northwest, in a statement. “This strategic hire reinforces our dedication to our clients in Silicon Valley."
The region still has a way to go before returning to its pre-pandemic levels of real estate activity and pricing, but a flurry of recent blockbuster sales and leases has delivered a boost of momentum for the Silicon Valley market as it regains its pre-COVID-19 dominance as the world's most concentrated tech hub. Over the past few months, companies such as Apple, LinkedIn, Walmart and Amazon have committed to larger blocks of space for longer periods as they appear willing to return to their pre-pandemic days of real estate expansion.
Meanwhile, there are signs of a broader nationwide slowdown within the industrial market, with occupants saying they are cautious about committing to new, long-term leases amidst economic uncertainties. But certain parts of Silicon Valley have defied that trend, as factories that make the hardware that underpins artificial intelligence and other rapidly expanding 21st-century technologies gobble up space.
Newer industrial buildings are highly sought after in the region, as nearly 70% of the available industrial space was built prior to 2000, according to CBRE research.
Before joining JLL in 2003, Flannery worked for the Staubach Co., the tenant representative brokerage founded by Pro Football Hall of Fame quarterback Roger Staubach and acquired by JLL in 2008.
Flannery, who has much experience in corporate real estate purchases and profit-and-loss navigation, has guided transactions involving headquarters, manufacturing sites and R&D facilities on behalf of tech clients such as Nova and Ichor Systems. He represented Intuitive Surgical Netgear, a provider of robotic assisted surgical equipment, in leasing an entire industrial building in Sunnyvale in 2022.
Flannery has a Bachelor of Science degree from the University of California, Berkeley Haas School of Business and has served as a high school baseball coach.
“With a strong foundation in Silicon Valley, I’m looking forward to contributing to the team’s continued growth," Flannery said in a statement. "We see immense potential in today’s market and we’re eager to deliver exceptional solutions for our occupier clients."