Kidder Mathews Brings Out Big Guns
Seattle-based Kidder Mathews enters San Diego with a bang. The firm has a lineup of some of the city's most experienced commercial real estate vets, including former CBRE managing director Mark Read (second from right), and Cushman & Wakefield alums Bob Willingham, Ron King and Joe McDermott. This begs the question: Why trade off being with a national company to a more regional player in today's market? That's because San Diego's business climate is focused on small local companies and regional players. “There are a lot of brokers in San Diego who were in firms like Kidder Mathews who are now at the Big Four. That model works for some people,” Bob tells us. But he adds the group expects to leverage its tenant relationships to build up a pipeline of activity, while being part owners in the Kidder Mathews' office here.
Kidder Mathews expanded to the Bay Area three years ago with a handful of offices. But it recently secured a major property management contract with a division of Bristol-Myers Squibb, giving the firm control of 800k SF in San Diego. Suddenly, the firm needed local talent. And with rising activity, Mark says it will help the crew grab new business. “We're seeing vacancies shrinking and rents rising in virtually every product type and every submarket. Across the board, leasing is robust right now,” Mark says.