Chuck Schreiber, CEO and co-founder of Newport Beach-based KBS Realty Advisors, struck an optimistic tone when discussing current commercial real estate market conditions at a recent industry conference.
Strong signals from global investors and tenant companies have given Schreiber confidence that there’s no downturn in sight, and the U.S. commercial real estate market is still the “best on earth,” he noted at the annual Connect Orange County conference late last month.
Schreiber delivered the keynote at the conference, hosted by Connect Media at the Resort at Pelican Hill.
Big Tenants Leases
Positive signs have come from continued investment from pension funds and foreign entities—each of which are a big source of business for KBS and the many large investment funds it oversees—and an increase in leasing activity for larger tenants using its buildings.
KBS has wrapped lease deals with nearly 60 companies totaling some 3.5 million square feet with an average term of 11 years since the start of last year.
“Those companies don’t think we’re going into a recession,” said Schreiber.
Honoring Bren
KBS and its affiliates own nearly 110 office properties in 35 markets.
Schreiber is the “S” in KBS; he co-founded the company in 1992 alongside Don Koll and Peter Bren. Koll died in 2011, while Bren passed away in April at age 85.
Schreiber lauded Bren during his address, noting he was responsible for driving early success at the firm through his creative ideas and strategies.
Peter Bren was the younger brother of Irvine Co. Chairman and owner Donald Bren; Schreiber has served on the board of Irvine Co.
