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November 30, 2016

Larger Office Tenants Have Some Competition

GlobeSt.com

Carrie Rossenfeld

SAN DIEGO - The larger the office user, the more important it is to get out to the marketplace early, Kidder Mathews' David Crabb tells GlobeSt.com. Crabb has joined the San Diego office of Kidder Mathews as a SVP, where he will continue to specialize exclusively on tenant advisory and corporate services in the San Diego and Southern California region.

Crabb has been in the commercial real estate industry for more than 30 years. Prior to joining Kidder Mathews, he was with CRESA in San Diego, as well as CBRE and the Trammell Crow Co. Clients he has represented include AECOM, American Express, Boeing Corp., Comerica Bank and Sprint.

We chatted exclusively with Crabb about his new role and the issues office tenants face today.

GlobeSt.com: What are your goals in your new position with Kidder Mathews?

Crabb: My goal is to provide my clients an unbiased view of the marketplace, helping them understand what's going on as it relates specifically to their needs from a tenant perspective.

GlobeSt.com: What are the most pressing issues facing the tenants you represent today?

Crabb: Competition in the marketplace for space they are looking at. Supply and demand has changed in that the demand for office space has become greater than the supply. There's more competition for available space. The larger the user, the more important it is to get out to the marketplace early. Market to market, it depends on what they're looking for, but it's not unusual to see multiple users looking at the same space or users that thought they had a deal missing out on that transaction because a bigger tenant came along. Corporate tenants should utilize a representative who understands this market and has a fiduciary duty to look out for their best interests only in the transaction.

GlobeSt.com: What other trends are you noticing in the office arena?

Crabb: There's a trend toward more contemporary collaborative space, especially amongst newer companies that have a stronger Millennial base of employees. But that sort of configuration doesn't work for everybody.

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