Providence commercial real estate brokerage Hayes & Sherry recently entered into a new partnership with national firm Cushman & Wakefield, a move the firm says will give its clients better access to Cushman’s global platform. Hayes & Sherry partner Karl Sherry recently spoke to PBN about the partnership and the state of the commercial real estate market.
PBN: Tell me about the partnership Hayes & Sherry just formed with Cushman & Wakefield.
SHERRY: Hayes & Sherry has just formed an alliance partnership with Cushman & Wakefield, the world’s largest privately held commercial real estate services firm. Hayes & Sherry joins Cushman & Wakefield’s association of 33 independently owned and operated regional commercial real estate firms with leadership positions in 71 strategic markets in the Americas and the Cushman & Wakefield network of branch offices providing services in 61 countries.
PBN: How will this partnership help you and your clients in Rhode Island?
SHERRY: This alliance gives our clients full access to our globally integrated service platform in major markets around the world. The alliance platform will provide Hayes & Sherry and its clients a broader array of service offerings while still retaining an important single point of contact locally.
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PBN: There has been a fair amount of pessimism surrounding the commercial real estate market in Rhode Island recently. Is it overblown?
SHERRY: The local real estate market has stalled recently due to a number of circumstances. The local and national economy, falling real estate values and rental rates and federal and state budget deficits have all contributed to pessimism in our market. I am not sure it’s overblown because it is scary. Jobs are being lost and peoples’ lives are very much affected.
PBN: Are there positives people are not hearing about?
SHERRY: There definitely are positives. I cannot remember a time in recent years in Rhode Island when we’ve had so many major announcements. 38 Studios, Hasbro’s entry into the Providence market, Atrion, Johnson & Wales expansion, the opening of the Warren Alpert Medical School at Brown along with our airport runway extension and our health care expansion all have contributed to an optimism that we are working our way out of this economic funk.
PBN: Where do you see growth happening in Rhode Island in the next five years?
SHERRY: The growth over the next five years will definitely come from redevelopment in and around the Knowledge District and the opportunity made available from 25 acres of developable land as a result of the Interstate 195 relocation. Brown University has already begun its expansion around the Knowledge District, the new medical school has opened and there is already talk of expansion for a nursing school, residential development and parking structures. As this area grows, hopefully so will our economy.
