Joshua Volen is one of the top office and industrial investment specialists in the San Diego office of Marcus & Millichap.
He joined the firm in 2004 and earned associate status in 2005. During the same year, Volen earned the firm's prestigious Pace Setter Award and a Sales Achievement Award for excelling as a broker. In 2006, he was promoted to an associate director of the firm's National Office and Industrial Properties Group. Joshua was promoted to senior associate status in 2007. He is one of Marcus & Millichap's top five agents in San Diego and a top 20 agent with the firm's National Office and Industrial Group.
Volen provides a wide range of advisory and consulting services to developers, syndication firms, high net-worth individuals and private investors. He is dedicated to meeting his clients' needs and long-term investment objectives. Through extensive marketing and thorough transaction management, he creates a significant impact on the sales result achieving optimal value for each investor.
Volen's clients benefit from Marcus & Millichap's national marketing platform that can access capital from across the United States, his local market knowledge, specialized office and industrial market expertise, and an unrivaled access to investors.
Volen has closed a number of recent sales transactions, including a 12,600-square-foot multitenant office building in Loomis for $2.1 million, a 12,701-square-foot office building in Sacramento and a 9,908-square-foot office or retail building in Chula Vista for $2.9 million.
Despite Volen's success as an office investment broker, sales velocity in the San Diego market has slowed due to softening market fundamentals and tightening lending practices. Cap rates are currently in the high-5 percent to low-6 percent range, nearly unchanged over the past year.
With the national tightening of the credit market forcing some lenders to become more cautious with underwriting practices, subtle upward pressure on cap rates is expected over the next 12 months. Investors may want to consider opportunities downtown or in La Jolla. Both submarkets are expected to receive minimal new stock through year's end, while tenant demand will likely remain healthy for the foreseeable future.
Looking ahead to 2008, owners can expect assets in these areas to achieve above-average revenue growth through the end of the year, leading to prospects for capital appreciation.
Submitted by Marcus & Millichap