Should I move to a different market?
I currently work for the top commercial brokerage in my hometown which is tertiary city in the midwest (1,000,000 people in MSA). I currently focus on office leasing (landlord and tenant rep) and some sale transactions as well. My city is primarily manufacturing/industrial based so the vast majority of office tenants are businesses that are providing services to other businesses/residents within the state. The average lease value in our market is between $100,000 - $150,000. As such, you're dealing with a lot of 1,000 - 1,500 SF local tenants. The top office brokers in the office typically gross between $150,000 - $200,000 after company splits. Typically these guys will have one or two large transaction--oftentimes a sale to an owner-user--that makes up the bulk of their earnings. However, in our market there are virtually no more of fully vacant office buildings that can be purchased by an owner-user.
As far as the office group goes, there is one senior broker--one of the top office brokers--that I team up with. However, on average he only does 10-15 leases a year and most of them are small leases. While I enjoy the people in my group, I feel that I am not learning much. Because I'm in a smaller market, we don't have any institutional office buildings. The LL of the buildings I represent are not very sophisticated and as such, the senior broker I work with is not very sophisticated as well--relative to primary and secondary market office brokers. Given this situation, I feel like I am wasting time gaining few valuable skills that I can take with me to other endeavors within real estate.
As such, what advice do you all have? Does it make sense to pursue brokerage opportunities in larger markets? Is there any value in sticking with my current situation or should I begin looking for other opportunities? It should also be noted that due to office dynamics, I would not make the switch to the industrial team. @CRE" , you're advice is greatly appreciated. Thanks
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