Local Community will Support Two New D.C. Suburb Eateries, Joshua Kurstin says
From property hunt to opening day, it takes quite a bit of time for a business to officially conduct business from a new building. The due diligence that’s required along the way can prove to be too much for some. That’s one of the reasons why working with experienced commercial real estate experts can make…
Speed of Bell Project in Crystal City a Sign of Real Estate Know-How, says Joshua Kurstin
Bell set the bar high. The aerospace company that is best known for both military and civilian helicopters needed a new space. This was due, in part, to its work on the new V-280 “Valor” aircraft that officials at both the Pentagon and Capitol would want to be up-to-speed on. Thus, when Bell approached commercial…
‘Historic’ Demand for Commercial Real Estate in D.C. Metro Encourages Joshua Kurstin
With levels of demand for commercial real estate reaching “historic” levels in the Washington, D.C. having the right team of agents on your side can make all the difference. Demand can dictate how long a property is on the market, what negotiations leave the final sale price at and how soon the names can be inked on the agreement. Few know the ins and outs of closing commercial real estate deals as well as Joshua Kurstin, who is a senior vice president with West, Lane & Schlager Realty Advisors, LLC. Formerly a corporate real estate consultant with JLL, he also specializes in evaluation and execution of strategic acquisition and disposition requirements. Below, Joshua Kurstin will weigh in on a recent report that found “sustained demand” in and around D.C. is “outpacing limited availability.”
REBusiness, which documents global commercial real estate news, reported on Dec. 23, 2019 that the geographic needs of online shopping/shipping companies as well as the rise of new technologies is driving real estate sales. In fact, the article states that the number of properties that could be converted into industrial uses is dwindling, as this is a trend that has long gone on in D.C. and nearby areas in Maryland and Virginia. “While industrial space has historically been dominated by retail and manufacturing tenants, the market shift toward e-commerce has opened competing demand,” the article states.
This interests Josh Kurstin because a deal he helped close for aerospace company Bell saw them move into a massive 22,000-square-foot facility in Arlington County, Virginia. The cost of constructing a building of such size in an already built-out commercial real estate market would have probably deterred Bell. Instead, Kurstin and company worked tirelessly to meet the structural and interior design needs that Bell specifically sought. Moreover, he worked alongside a half-dozen other companies as two take-out eateries moved into the Ballston neighborhood just outside D.C. The thousands of square feet they bought up indicated a strong trust in the local economy. The companies likely believed both nearby residents and workers on a lunch break would hit significant enough amounts to justify the expansion.
Joshua Kurstin is not discouraged by news that the D.C.-Virginia-Maryland markets are nearing a maximum occupancy total. Rather, this commercial real estate industry veteran who boasts a deep knowledge of the local market looks forward to working with additional tech, government, legal, trade and non-profit groups as they move into the “Beltway” region.
Joshua Kurstin 