Newmark Adds Carolyn Bates as Senior Research Director for Mid-Atlantic
By Keith Loria September 11, 2023 4:39 pm
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Newmark (NMRK) has named Carolyn Bates as its new regional research director for the mid-Atlantic region.
Based in Washington, D.C., Bates will lead a team of researchers covering the D.C., Baltimore and Greater Philadelphia markets and provide insights into economic and real estate trends.
“There is a lot of fresh and energizing new leadership here,” Bates told Commercial Observer. “In an industry not historically known for its diversity, we have two women at the helm of the mid-Atlantic region, including Allison DiGiovanni, who is leading and growing the DMV markets.”
Bates joins Newmark after serving as an advisory consultant at Avison Young. Before that, she was vice president of research at Bridge Investment Group in Salt Lake City, focused on office, industrial, net lease and affordable housing funds. She also spent six years at JLL (JLL), eventually co-leading the Midwest market research division.
Any good research program needs to start with best-in-class data, including tracking the data while trying to understand why and how deals happened, she said.
“We’re in an exceptional role in research, seeing CRE activity from every angle,” Bates said. “We’re working with landlord and tenant reps across every asset type and are often the first to identify a new trend or theme as we talk with many players in our sector. Investors care about their occupiers, and occupiers care about their employees. The more data we have on those needs and activities, the wiser we’ll all be.”
One of the things that excites her about the position is how broad and diverse the mid-Atlantic region is, as it consists of a gateway market, an international port, the nation’s capital, critical logistics corridors, plus high-growth secondary markets.
“Right now, we’re carefully observing the office sector,” Bates said. “This is an unprecedented moment due to the hybrid workplace stemming from 2020 and a wave of maturing debt. There is a lot of discussion around conversions and opportunities to repurpose our built environment. The idea of ‘live-work-play’ has transcended the central business district, and it’s exciting to see some suburban submarkets thrive as they embrace mixed-use development.”
Keith Loria can be reached at Kloria@commercialobserver.com.
