Cushman & Wakefield's Leadership Surge Points to Undervalued Real Estate Opportunities in Texas and Northern California

Cushman & Wakefield (CSW) has made a series of high-profile executive appointments in Texas and Northern California in 2025, signaling confidence in these regions' real estate markets and creating compelling opportunities for institutional investors. The hires—led by seasoned professionals with deep local expertise—align with surging demand for office and multifamily assets, driven by supply constraints, population growth, and institutional capital flows. Here's why these moves suggest undervalued investment avenues and how investors can capitalize.

Texas: Office Market Revival, Led by Proven Talent

Cushman & Wakefield's aggressive hiring in Texas targets a rebound in its office investment market share, which dipped to 8% in 2024 from 15.4% in 2022. The firm has brought in executives like Russell Ingrum, a 30-year CBRE veteran now Executive Vice Chairman, to lead its Texas Capital Markets team and national Office Investment Advisors (OIA) platform. Ingrum's focus on Class AA/A+ office properties—currently experiencing rental rate spikes up to $87/sq ft in Dallas and mid-$50s in Austin—hints at a strategic bet on premium assets amid limited new construction.

The team also includes Jared Chua (25 years' experience in institutional office sales in Houston) and Kelsey Shebay (from JLL, bolstering Austin's coverage). These hires reflect a calculated push to dominate high-growth corridors in Texas, where rising construction costs and strong job markets are fueling demand for office space. Ingrum's assertion that “price will be the great equalizer” underscores a belief that supply constraints will sustain rental growth, creating a tailwind for investors in well-located office properties.

Northern California: Multifamily Boom and Office Resilience

In Northern California, Cushman & Wakefield's recruitment of the Keith Manson-led multifamily team (previously top producers at CBRE) signals confidence in the region's apartment market. The team's focus on high-value transactions—such as land for development and mixed-use assets—aligns with Northern California's severe housing shortage, where renter demand outpaces supply. Manson's group has executed billions in Bay Area deals, targeting a market where multifamily investment volumes hit $6 billion in the West region over two years.

Meanwhile, Tom McDonnell, a 20-year office leasing veteran returning to Cushman & Wakefield as Northwest Regional Director, is strengthening the firm's office agency leasing platform. His leadership reflects ongoing demand for Class A office spaces in cities like San Francisco and Seattle, where tech-driven tenant demand persists despite broader market volatility.

Why This Signals Investment Opportunity

The convergence of talent, capital demand, and C&W's platform scale creates a trifecta for institutional investors:

1. Texas Office Sector:
2. Undervalued Catalysts: Limited new construction, rising rents, and Ingrum's track record of closing $1.5 billion+ deals in Texas.

3. Investment Play: Focus on Class AA/A+ office REITs (e.g., SL Green (SLG) for NYC exposure, or regional players like Kimco Realty (Kimco Realty)) or direct investments in Texas office portfolios.

4. Northern California Multifamily:

5. Supply/Demand Imbalance: Housing shortages and high barriers to new development create a “renter's market,” favoring stabilized multifamily assets.

6. Investment Play: Target multifamily REITs like Equity Residential (EQR) or AvalonBay (AVB), or private funds with exposure to Northern California developments.

7. C&W's Execution Risk Mitigation:

8. The firm's ability to channel institutional capital into these markets—backed by its $9.5 billion 2023 revenue and global platform—lowers execution risk for investors.

Risks and Considerations

While the trends are bullish, risks persist. Texas's office market could face oversupply if developers respond to rising rents, while Northern California's housing crisis might ease if zoning reforms accelerate. Investors should also monitor macro factors like interest rates and tech sector employment.

Final Take: A Regional Play for Capital Appreciation

Cushman & Wakefield's leadership expansions are more than tactical hires—they're a vote of confidence in Texas's office renaissance and Northern California's multifamily dominance. For institutional investors, these moves highlight undervalued sectors where talent-driven execution and structural demand could drive outsized returns.

Investment Recommendation:
- Long-term investors: Allocate to regional office and multifamily REITs with Texas/Northern California exposure.
- Active investors: Consider direct investments in stabilized office or multifamily assets in these markets, leveraging C&W's advisory services for due diligence and deal flow.

The real estate cycle is regional, and C&W's moves suggest these two markets are positioned for growth. The question isn't whether to act—it's how fast you can move.