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January 2, 2024

Slow Start, Momentum And Hope: Houston Brokers Predict What 2024 Will Bring

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After a slow start to the year, brokers across Houston saw deal volume pick up in the latter half. Despite elevated interest rates, difficulty securing capital and a large drop-off in new development, many brokers told Bisnow they expect the end-of-year momentum to carry into 2024.

Slow Start, Momentum And Hope: Houston Brokers Predict What 2024 Will Bring

“I think it’s going to continue into next year,” said Gus Lagos, a senior vice president of investments for Marcus & Millichap who specializes in the sale of retail centers. “Then, if the optimists are correct, if by the summertime the Fed starts dropping the…

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Weekend Interview: CBRE's Thomas Nguyen On Being A Reality TV Contestant And The Future Of Restaurant Retail

Weekend Interview: CBRE's Thomas Nguyen On Being A Reality TV Contestant And The Future Of Restaurant Retail  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities that keep CRE interesting.

Looking at Thomas Nguyen’s résumé, it might appear that commercial real estate is just another stop along his journey to becoming exorbitantly rich, famous or both. 

After all, he had a legitimate shot at winning over $4M when he was cast on Netflix’s Squid Game: The Challenge, was a co-founder of beloved Houston-based South African restaurant chain Peli Peli and briefly worked as a commercial litigator.

But that’s not the case at all, and not just because he didn’t win the reality show, Nguyen told Bisnow. Restaurant practice leader of CBRE’s Houston office is the most enjoyable job Nguyen has ever had, he said. 

“Now looking back at everything, I feel like I was always meant to be in this role,” Nguyen said. 

Nguyen joined CBRE in 2021 following the closure of the two remaining Peli Peli restaurants, the first of which opened in The Galleria more than a decade earlier. The well-known chain was featured on CNBC’s Restaurant Startup, and Eater Houston named Peli Peli Kitchen the best fast-casual restaurant of the year in 2017. 

“I wouldn't be in this role at CBRE without my experience as a restaurateur in Houston,” Nguyen said. 

In Nguyen’s time with CBRE, he has represented tenants with diverse and eccentric concepts, including Ojo de Agua, a Mexican health-focused fast-casual chain in Houston’s upscale River Oaks District; Drop Shots, an indoor pickleball court with plans to add a bar at Houston’s Farmers Market; and Chi’Lantro BBQ, an Austin-based Korean concept known for its kimchi fries in the Houston Heights. 

This interview has been edited for length and clarity.

Bisnow: You have a diverse résumé with experience including restaurant ownership and commercial litigation. How did you end up in commercial real estate?  Nguyen: After Covid, I wanted to figure out where I was going to finish my career. One of my mentors is a developer in…

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40 CRE Execs Tell Us How 2024 Will Play Out — And What They're Doing To Prepare

40 CRE Execs Tell Us How 2024 Will Play Out — And What They're Doing To Prepare  

Historians will not look back at 2023 as a happy year for commercial real estate. But that was then and this is now. As the Bisnow newsroom learned in the waning hours of 2023, the industry is more than ready for 2024 — for the challenge of willing it to become…

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This Week's Houston Deal Sheet: Tilman Fertitta Acquires Prime Memorial Drive Property

This Week's Houston Deal Sheet: Tilman Fertitta Acquires Prime Memorial Drive Property  

Billionaire Tilman Fertitta acquired a commercial property at 5757 Memorial Drive, adjacent to his White House venue and Brenner’s on the Bayou restaurant. 

The 18K SF, two-story building on the property is occupied by Comerica Bank until the summer of 2024. Fertitta hasn't specified plans for the building and 1.6-acre property. “We are constantly evaluating real estate opportunities and I am thrilled to add this premium location to our expanding portfolio,” Fertitta said…

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