Congratulations to Jason Cranston, Brisbane Chamber of Commerce Board Member and Brisbane’s commercial realtor, for moving to Jones Lang LaSalle Incorporated (JLL) as Managing Director. Jason is a commercial realtor with 20 years of experience serving Brisbane, San Francisco Peninsula, and the Greater Bay Area commercial industrial and logistics market. Jason provides personal customer service and in-depth knowledge of the commercial real-estate market. He has worked on some of the largest and most complex transactions in this fast-paced market, guiding clients through governmental processes, complicated legal issues, etc.
I asked Jason to speak about JLL and joining their team. He replied, “I am honored to have been invited to join the JLL Bay Area Industrial Team which is a talented group of highly-regarded professionals. I am committed to assisting clients and helping them achieve their goals.” JLL is a leading professional services firm that specializes in real estate and investment management. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries, and a global workforce of more than 93,000 as of September 30, 2019.
Bart Lammersen, Managing Director, said “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.
Cranston is the fifth new member to join JLL’s brokerage team in Silicon Valley this year. JLL’s commitment is to provide clients throughout Northern California with the best tools and deepest expertise in order to help them make informed decisions in an increasingly complex commercial real estate market. We continue to aggressively seek out and bring in the right talented professionals to help them achieve those goals.”
JLL team members Greg Matter and Jason Ovadia explained, “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.”
Jason further commented on today’s industrial real estate market as it relates to Brisbane, “With online sales soaring year over year, Industrial has become the new retail. One of the biggest challenges facing industrial tenants in the Bay Area over the next 12 months will be finding modern, functional space. Contracting inventory in some markets (ie. SF Peninsula), along with high demand from users such as e-commerce companies seeking last mile space, and the increased demand from food and beverage companies having the make timely deliveries to their local customers, is creating an ever-tightening market around the Bay. This is especially true on the SF Peninsula where there is no new construction underway and zero in the pipeline. Meanwhile, older industrial buildings are moving out of the 33 million square feet of industrial inventory to be redeveloped for non-industrial uses such as Life Science, Office and now Multi-family residential. So, despite declining absorption, demand is at an all-time high and space is increasingly tough to find, especially without advanced local knowledge. We should encourage Cities to examine their zoning districts and try to look for areas for new Industrial development that can support our modern needs as consumers.”
Not surprisingly, demand dynamics like these throughout the Bay Area in an economy that continues to grow, consumers are increasingly demanding next day, or even same day delivery. This is forcing users to be more creative in their supply chain real estate.
Jason continued, “We are starting to see developers plan for multi-story industrial in Urban areas where land is scarce and expensive. This is a new trend that we expect to be fulfilled in these infill locations.”
Contact Jason and congratulate him on his move to JLL’s Menlo Park/Silicon Valley office at 4085 Campbell Avenue, Suite 150, Menlo Park, CA 94025. His office number is (650) 815-2202 650-480-2100, cell 650-333-5173, and email is Jason.Cranston@am.jll.com. Jason can be found on social media.