Kate Jordan
Kate Jordan
Principal at Lee & Associates Chesapeake Region
Brokering industrial space was once Kate Jordan’s bread and butter, but since inventory hit a wall in that booming sector due to high demand, the Lee & Associates Chesapeake Region principal has sought her fortune further afield in office space.
The last year and a half have been stronger than initially expected in that sector, considering a sluggish return to office and flight to quality, with Jordan’s team closing the deal on 110 transactions with a total deal value of $56 million.
“One of the biggest challenges that we’ve had is that the industrial market is just so tight that we’ve been forced to look to leasing in the office world,” Jordan said. “Despite what people think, the office is not dead, people are just changing, which does present an opportunity for us.”
Vacancy rates for industrial space in the Chesapeake region stand at about 3 percent, according to Jordan, a figure consistent with coastal markets in the rest of the country, where demand for e-commerce has forced rents to record levels.
Navigating challenges in the real estate industry is nothing new to Jordan. She received her baptism by fire entering the business during the 2008 financial crisis and was able to rise above on a $36,000 salary. So when COVID-19 made its way to American shores, Jordan said she was prepared for difficulties.
Finding out that she would be expecting a child in February 2020 placed additional pressure on Jordan as the world took a turn for the worst, but the attitude of serving her clients again came back to her as a form of support.
“I have always operated under the blind faith that if I place my clients’ interests at the top of the list, that the money just follows. It’s all kind of worked out that way, and the people I work with are true partners,” Jordan said.
