Newmark has expanded its Texas office leasing team with the addition of two brokers who joined the real estate services firm from rival Cushman & Wakefield to focus on a market where demand is rising for newer buildings.
Newmark said it hired landlord representatives Clint Madison and John Fancher. Based in Dallas, Madison and Fancher bring more than four decades of combined experience leasing more than 14 million square feet of office space. In their new roles, the executives will work with Duane Henley, Nathan Durham and Natalie Serio to expand Newmark's landlord representation business in the Dallas-Fort Worth region and across the Lone Star State, the company said.
Madison, an executive managing director at the firm told CoStar News that he and Fancher, a senior managing director, expect to continue to see a flight to quality among office tenants, as supply of high-end office space remains constrained in certain sought-after pockets of the Dallas-Fort Worth region. That will lead to occupancy rising in newer buildings in North Texas, he added.
That market activity has been underscored with deals such as Invesco's sublease at The Union and Thompson Reuters' commitment to move one of its largest U.S. offices to The Offices One at Frisco Station after selling its former office building in Carrollton.
Madison and Fancher were drawn to New York-based Newmark because of its strong growth trajectory and opportunities for cross-collaboration, Madison told CoStar News.
"Over the last few years, the firm has brought on an impressive roster of leading industry professionals across each major Texas market, making it an exciting time to join," Madison said. "The firm boasts valuable synergies between its service lines, especially capital markets and leasing, enabling our team to apply an office investment lens to our local market insights, delivering optimal solutions to our clients."
Newmark's Texas operations have "a competitive advantage," with connectivity across the firm's service lines, particularly to capital markets, Ran Holman, executive vice president and Texas market leader, said in a statement. Madison and Fancher report to Holman.
“The addition of Clint and John will further synergize the flow of insight and expertise between our capital markets and agency professionals, providing our clients with valuable insights into both office investment and local market dynamics," Holman said. He led Cushman & Wakefield in Texas before taking the state leadership role at Newmark in December 2020.
"The market's agency leasing outlook is positive, as Dallas continues to be a leading U.S. city for workers returning to office," Madison said. "We anticipate an ongoing increase in office-using employment as tenants align with this shift."
Newmark's addition of Madison and Fancher comes after the recent hiring of Elliott Hirshfeld as a managing director in Houston. He joined the Newmark team from CBRE.