The disruption in the capital markets has led to one Texas advisory firm's expansion in the Lone Star state with a new hire focused on would-be investment deals in the southwest United States.
Former CBRE broker Jason Presley recently joined Dallas-based Goodwin Advisors as a senior partner focused on the southwest United States. The long-time real estate broker is based in Houston.
"With the dislocation in the capital markets, I saw an opportunity to join Goodwin Advisors to provide a high-touch, low-volume bespoke capital markets service with national visibility," Presley told CoStar News, adding there's a lack of investment sales executives based in Houston, with the city's strong real estate cycles tied heavily to the energy industry seeming to scare off the competition.
"At the time, I saw investors in Houston have very limited options for investment sales and few capital markets professionals sitting in the city," he added. "The Houston office market always goes through cycles, but the oversupply [of office space] is generally related to an oversupply rather than a lack of demand. If you choose assets that are in supply-constrained locations or at a point in the cycle where you are not seeing a lot of development activity, you can see great returns in Houston."
In joining Goodwin Advisors, Presley brings 25 years of commercial real estate experience to the seasoned boutique capital markets team. Prior to joining Goodwin Advisors, Presley spent about 15 years at CBRE and Lionstone Investments. In his career, he has brokered nearly $2 billion of deals and oversaw a $1.5 billion portfolio spanning properties throughout the United States.
He earned an MBA from the University of Pennsylvania's Wharton School and has a business degree from the McCombs School of Business at The University of Texas.
By adding Presley as a senior partner at Goodwin Advisors, Managing Partner Evan Stone said he will add to the strength of the boutique capital markets firm, with him and other senior partners offering a hands-on experience in all phases of executing deals.
"Today's clients are seeking deep product knowledge, a national capital markets perspective and local-market expertise," Stone said, adding this is why Presley's background makes for a good fit with the firm, given his long-tenured experience in Houston and his knowledge of the rapidly changing office sector of the market.
Goodwin Advisors has its headquarters in Dallas, with offices in Houston and Tampa, Florida.
Presley said he expects investor demand to remain cautious this year with a potential recessionary environment to come, but with limited new construction in the United States, he said there will be opportunities. The trend of residential conversions of outdated office buildings, highlighted in a recent brokerage firm report, will also take supply out of the market, he said.
"For 2023 and 2024 forward, the Fed has indicated a slowing of increasing interest rates," Presley said. "Once the interest rate environment is more stable, we'll see a greater transaction volume."
With Texas still touting a growth story, especially in Dallas-Fort Worth and Austin, Presley said he believes the Lone Star state is poised to do well as investors jump on opportunities in these markets. For Houston, he said he believes the city will continue to work on its oversupply of office space.
When the real estate executive, who is also a father of two teenagers and a stepfather to a four-year-old daughter, isn't helping his clients find opportunities in the frothy capital markets environment, he's putting together plans for his personal future. Presley is readying for his own spring wedding, scheduled for April 1.