Mark Shearer
Senior Managing Director, North Central Region
Rockefeller Group
How do you feel about the market?
Tenant activity for industrial has increased over the past few months and is closer to historic norms. We are seeing increased activity in the capital markets.
Did you learn anything new about your business (or the industry) in 2024?
The biggest thing I learned is that there is value in sticking to the fundamentals: location, design, quality construction and smart underwriting.
How quickly (or slowly) do you expect the lending environment to improve as expected rate cuts take hold?
The lending environment has already improved! The cost of debt isn’t as high as it was six months ago, and it should continue to improve.
Besides the capital markets, what is a major challenge that the industry still faces?
Tenant demand for industrial remains somewhat muted along with ongoing difficulties in getting permits and entitlements.
What can the state or federal government do to help?
We would love for the state to provide clear guidelines for municipalities when it comes to development and, again, the entitlement process.
Where do you see opportunity outside the Garden State?
Industrial development continues to be port-driven, so any population center near a port or along the Turnpike is an opportunity.
How is technology helping your business these days?
Databases linked by GIS (geographic information systems) have greatly helped our business, along with web-based cameras, and the ability to meet virtually.
Getting to know you
Favorite Jersey diner
Tick Tock Diner in Clifton
Your newest hobby or interest
Renovating a condo we recently purchased in Wisconsin
Favorite day trip or vacation spot
I’m an Outer Banks guy.
TV show, movie or book you’d recommend
It’s October and October means October baseball!
If I weren’t in commercial real estate, I’d be…
Renting umbrellas on the Outer Banks