As part of our commitment to build a leading Brokerage team, Joe Fabiano and Michael Ciummei were named to lead our New England Industrial Practice Group earlier this year, and Caroline Collett recently joined the team as an Associate. We sat down with Joe, Mike and Caroline over a two-part interview series to hear their insights on Boston’s industrial market and what they look to achieve in their new roles.
Get to know Joe and Mike in Part One of our interview series below. Both Joe and Mike are veterans of our Suburban Leasing team, and in their new leadership they will spearhead our efforts concerning industrial, light manufacturing, R&D, logistics, and distribution space throughout New England.
You’ve both been given a unique opportunity at a young age to head up a critical area of the business. How exciting has it been to take on this impressive challenge?
Mike: It’s really great to be able to grow a team with a close friend and colleague, and I recognize that’s a rare opportunity. Joe and I spent the last five years at JLL growing our client base and now we have the ability to strategize and work together on the best ways to bring in new business. We are both extremely appreciative of the faith bestowed upon us from our senior leadership. They have all been extremely supportive in getting us the resources we need to grow this team.
Joe: It’s not lost on us how unique of an opportunity this is. It speaks a lot to JLL as a company, and as a culture, to give us this incredible chance to progress ourselves at this point in our careers. To have the ability to grow something we love with the platform we have is about as exciting an opportunity you can ask for.
Would you have thought this is where you would have been a year ago?
Mike: All my energy was directed to growing our presence in New Hampshire, so the thought of running Industrial never crossed my mind. I was naturally working on a lot of industrial deals given the market and a few industrial clients I already had, so it was a natural transition for me. JLL also has the strongest industrial platform nationally, so to know we were going into this with that behind us was invaluable.
Joe: At the end of the day, Mike and I just both enjoy real estate, whether it’s industrial or office or even my mom’s house. Whereas before we were specialists siloed to a particular market, we’re now just servicing a particular asset class with a wider geography. So although, yes, we wouldn’t have predicted this situation a year ago, both our markets had industrial facets to them making our crossover seamless. We also recognize that our success will be a collective effort, and know we have the support of all the individual submarkets we’ll be working closely with.
How would you characterize the Boston industrial market, and what are some of the biggest opportunities you see within this market?
Joe: The reality is we’re running out of developable land, not just in Boston but in tertiary markets in Massachusetts. We are looking to build stronger relationships with local and national investors who are trying to purchase more industrial product. It is one of the hottest asset classes in the city and we don’t see that slowing down any time soon given the changing landscape with e-commerce.
Mike: We’re dealing with a rapidly expanding and changing industrial market. Most of the demand for this market lies in high bay warehouse space. We are seeing the direct to consumer model push national companies to open large distribution warehouses. We are seeing a lot of demand for warehouse space close to the city and given then lack of availability companies are being forced to consider more tertiary markets.
What do you hope to achieve as the Industrial leads, and what is your larger vision for this market?
Joe: We’re looking to build a brand that makes us the most reputable industrial team in the market. As the market is continuing to evolve in Massachusetts, we’re aiming to be at the forefront of its development. The market is so hot right now and the future of industrial is ripe. We’re extremely excited to further extend JLL’s national industrial platform into the Boston market, and to see how we can grow this team together.
Mike: Joe and I want to have a unified and well organized team where everyone is motivated to bring in new business. We just hired Caroline Collett and are very excited to have her as a part of the industrial team. She is exactly what we were looking for in a third partner as she is a great teammate with a desire to grow our presence in New England.