Peninsula Industrial Space Demands Mean More Broker Hires
The latest recruit is Jason Cranston, a 20-year veteran with experience in the Peninsula industrial and logistics market, who has joined JLL as a managing director in the firm’s Menlo Park/Silicon Valley office.
MENLO PARK, CA—Industrial demand is still at an all-time high on the Peninsula due to the lack of quality space. Any large blocks of space that do become available are quickly snapped up by big-credit shipping carriers in the ever-growing clamor for last-mile delivery space, according to a third-quarter report by JLL.
In order to keep up with that tenant leasing demand, brokerages are following suit by hiring industrial sales and leasing experts to facilitate activity. The latest recruit is Jason Cranston, a 20-year veteran with experience in the Peninsula industrial and logistics market, who has joined JLL as a managing director in the firm’s Menlo Park/Silicon Valley office. Cranston joins a team covering the Greater Bay Area industrial and logistics/supply chain market which includes managing directors Greg Matter and Jason Ovadia.
“When it comes to the San Francisco Peninsula industrial sales and leasing market, Jason is not only the widely acknowledged expert, he is also a highly trusted and much-respected advisor and the perfect complement to our existing bench of industrial specialists,” says Bart Lammersen, managing director and Silicon Valley market leader.
With a wide range of industrial and logistics tenants increasingly seeking to be closer to the urban core, especially in growing markets such as the Bay Area, demand for in-fill sites and properties is at a fever pitch.
“As more companies look to complete first- and last-mile delivery infrastructure in the highly competitive Bay Area real estate market, there is a need for global capabilities and deep local knowledge. Jason’s addition to the team further deepens our specialist knowledge and reach throughout the Bay Area for the benefit of our clients,” said Matter.
Lammersen reinforced JLL’s commitment to providing Northern California clients with the best tools and expertise in order to help them make the best decisions in an increasingly complex commercial real estate market. The firm continues to seek out and bring in the right talent to help achieve these goals.
“Jason is a consummate professional and the fifth strategic hire we’ve made in Silicon Valley this year. We are always looking out for the most ambitious and knowledgeable people to work for us because we work with the most ambitious clients,” Lammersen tells GlobeSt.com.
Rents are being pushed even on antiquated and outdated buildings, especially near public transit. The average asking rent for Mid-Peninsula has increased 71.3% since 2015, says JLL.