Synergy is a Key Factor in President Coming on Board

HOUSTON—Citing a unique synergy between the commercial services, development and investment management arms of Transwestern Commercial Services, its new president, Thomas G. Lawyer, says that collaboration was a significant factor in joining the firm. As its leader, Lawyer will ensure continued service excellence through 35 US offices, guide the implementation of real estate solutions, lead expansion opportunities and direct strategic business development.

“Tom is one of the most effective leaders I have encountered during my career and his global perspective on commercial real estate will be of immense value to our firm as we carry out our growth plans and expand client solutions,” said Larry P. Heard, CEO of Transwestern. “His breadth of knowledge and relationships will be a tremendous resource for our institutional owners and occupier clients as well as our team members. An ideal cultural fit for Transwestern, he is committed to furthering organizational strategy through precise execution–and doing so with a refreshingly entrepreneurial spirit.”

Lawyer comes to Transwestern from JPMorgan Chase & Co., where he most recently served in commercial banking as vice chairman of the company’s real estate banking group. During his tenure as head of the group, he was responsible for US real estate banking to top-tier real estate developers, investors, real estate operating companies, investment funds and REITs. His contributions helped JPMorgan Chase build a top-tier lending business and become a dominant player in the space. He co-chaired the real estate banking investment committee and also served on the global real estate council for the firm. Prior to JPMorgan Chase, Lawyer spent nearly a decade with Citibank.

Lawyer said he has known Transwestern’s leadership for many years and has been impressed by its commitment to service excellence and integrity.

“I admire their shared purpose and steadfast commitment to providing every client sound advice and best-in-class service,” Lawyer tells GlobeSt.com. “Transwestern has developed a unique synergy between the commercial services, development and investment management arms of the organization. This integrated platform supports comprehensive solutions and optimizes opportunities across all phases of real estate ownership and all product types.”

Lawyer goes on to say that he shares the firm’s entrepreneurial spirit as that type of philosophy was the impetus for his start in commercial real estate.

“Retaining a strong, consistent corporate culture is no easy task as a company expands in breadth and depth, but Transwestern has succeeded in doing so,” Lawyer said. “I look forward to capitalizing on the company’s strengths to elevate performance outcomes for team members and clients.”

Transwestern reports that the US office market continued to display improvements through mid-year 2018 as absorption totaled 18.8 million square feet, vacancy remained stable and asking rents increased by 3.4% annually. A strong jobs market with remarkably low unemployment has helped to spur the improvements in the broad market. As more individuals return to the workforce citing real wage growth, further tightening in the core metrics is anticipated through the balance of the year.

Average asking rental rates continued an ascent through mid-year, marking the 21st consecutive quarterly increase. As trade disputes escalate, existing tariffs on steel and aluminum could begin to result in increasing construction costs, thereby pushing asking rates higher during the near term.

Quarterly absorption remained positive, totaling 18.8 million square feet, however, the pace of absorption is slowing as quarterly totals are approximately 20% below three- and five-year quarterly averages. Overall, 34 of the 49 Transwestern reporting markets registered positive absorption.