CRE Chats: Todd Hubbard, SIOR
Welcome to CRE Chats! Here we sit down with leaders in the commercial real estate industry to discuss industry trends, technologies, and how we continue to move our cities forward. Recently, we talked with Todd Hubbard. Todd is the President of Fort Worth for NAI Robert Lynn. He is responsible for the management and growth of the Fort Worth office.
Do you see lasting economic impact in the DFW market from COVID 19? Slow or rapid recovery?
We have seen a tremendous uptick in activity in the last 30 days. Based upon the population growth of our region; I feel like we will be the first market to fully recover. There are a lot of companies that have suffered, but I generally feel the recovery will be more rapid than what was initially anticipated.
Are you seeing tenants/users bringing up health, wellness, and other related issues when discussing the search for new space?
Yes, this will be a new criteria going forward as it relates to office space and retail space. This was a growing trend for employee retention before COVID 19. Now it is a necessity for employee health and safety.
What bright spots will come because of COVID- 19?
The resiliency of the DFW economy will be a bright spot. The momentum of the previous decade will be a major factor in our recovery. Industrial will be a bright spot as more onshoring of manufacturing and a growth in company inventories and E-Commerce become more prominent. There are also a number of companies that are looking to relocate from other parts of the country to DFW as a result of our business friendly environment.
Is the e-commerce boom to industrial here to stay or another bubble?
It is definitely here to stay. It was here before COVID 19. However, COVID 19 forced consumers to order online that were not previously doing it. That ease of shopping and quick delivery of goods by a click of a button will only increase over time. Pre COVID 19, E-commerce represented 14% of national retail sales. An increase to 20% which is what is very conservatively expected to happen will result in the need for an additional 500 million SF of industrial space nationwide.
[E-grocery and cold storage development will continue to rise post COVID – – Click for the report]
How are you and your company uniquely positioning yourself to help clients through this?
Our main job has been to help educate our clients through the options and trends that exist and listen to their needs as they evolve. We are on the battle front so as a result of that; we get the opportunity to hear of a lot of ideas and thoughts from various companies and landlords. Sharing those best practices of how to move forward has been our most valuable resource.
What advice would you offer to your colleagues in the CRE and AEC industry?
Keep your head down and be a resource to your clients. It’s times like these that you can solidify or build relationships by simply offering to assist even if there isn’t a reward for doing so.
More About Todd
Todd began his career in 2003 as Market Director with NAI Robert Lynn after working as an accountant for a large fiber optics manufacturing company. Todd was promoted to Vice President in 2005 and Executive Vice President, Director of Brokerage Services in 2007. In 2011, NAI Global chose NAI Robert Lynn to become it’s Fort Worth partner, and Todd was promoted to President of the office and became a Principal.
Todd’s hard work, honesty and dedication to using his market knowledge to help his clients achieve the best results for their real estate needs have allowed him to become one of the top brokers in Fort Worth. He has closed well over 700 transactions with a value over $625 million and over 45 million square feet.
To learn more about NAI Robert Lynn, click here.