A combination of Greater Phoenix’s strong economic growth, improving fundamentals across virtually all product types, and historically low interest rates, have spurred Newmark Knight Frank (NKF) to expand its capital markets presence in Phoenix with the addition of CJ Osbrink as executive managing director, joining the West Coast Capital Markets team under the direction of NKF West Coast Capital Markets President Kevin Shannon.
Osbrink comes to NKF from HFF where he served as managing director in the firm’s Phoenix office. He brings more than 11 years of commercial real estate experience, specializing in office and retail investment sales throughout Arizona and Southern California.
“CJ is a strong addition to our Phoenix office,” said Greg May, executive vice president, regional managing director of NKF. “We continue to add to our West Coast team, bringing on market leaders who will further build our presence throughout the region.”
Shannon added, “We feel it’s important for our clients to have a capital markets team on the ground in a growing metro such as Phoenix. CJ will tremendously augment our capital markets capabilities and our team is already working closely with him on several immediate opportunities.”
Prior to his role at HFF, Osbrink worked as a director of acquisitions at a private Orange County-based firm. Before that, Osbrink was a senior associate of acquisitions at Grubb & Ellis Realty Investors.
“NKF continues to assemble a best-in-class capital markets presence nationally. I’m very excited to join a fast growing, high-caliber capital markets team and look forward to continuing to provide my clients with the same trusted advisory,” said Osbrink.
According to the NKF 3Q17 Phoenix Office Market Report, the Phoenix market continues to tighten in the third quarter of 2017, as the overall vacancy rate dropped to 19.2 percent, a 10-year low, with asking rents up 8.1-percent year-over-year.
“Given compressed yields in gateway/coastal markets, Phoenix is a market that continues to see a flight of both institutional and private capital. With the MSA’s strong economic growth, improving fundamentals across virtually all product types, and historically low interest rates, the current climate provides investors with attractive returns and will continue to recognize an influx of capital into the market,” added Osbrink.
