There are many factors that influence the development of the commercial real estate sector: By definition, commercial real estate is closely connected to the economy and the performance of different sectors. There are various types of companies operating in the sector, such as real estate investors, developers, brokers, managers, and media portals, all facing different challenges and opportunities as industry trends evolve. During the coronavirus pandemic, the need for social distancing led to offices worldwide transitioning to a hybrid working model and demand for office space falling. The boost in e-commerce spending in many countries, on the other hand, resulted in the need for more warehouses, fulfillment centers, and the growth of the industry and logistics real estate sector which facilitates it. Some of the most important themes in the future of the industry are the increasing importance of technological innovation and environmental, social, and governance sustainability (ESG).
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The combination of the two Birmingham firms will create one of the largest commercial real estate firms in Alabama. Financial terms of the deal were not disclosed. Brookmont was founded by Charles Simpson and David Walker in 1997, with Bo Grisham and Eddie Nobinger eventually joining as principals. The firm focuses on Class A office management, development, leasing and brokerage.
Based in Melville, NY, NAI Long Island was founded in 1980 by Carmine Inserra. Its professionals represent both investors and occupiers in leasing and sales of office, industrial, retail and mixed-use properties.
Together, the firms have more than 58 years of market expertise and a combined leasing, sales, and property management inventory in excess of 4 million square feet plus some 240 acres for sale/ground lease commercial development land. The diversified inventory includes a variety of office, retail, industrial and investment properties spread throughout Alabama.