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5/28/26
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Newmark’s Oregon capital markets team will integrate with San Francisco capital markets, with Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik providing strategic oversight. As part of the realignment, Senior Managing Director James Childress and Director Kellen Kollmorgen will partner with Golubchik to lead the firm’s Oregon capital markets business.
Childress and Kollmorgen have together executed more than $2 bil of institutional commercial real estate transactions in the Pacific Northwest market over a combined 20 years, with a focus on office and industrial properties. The realignment extends the reach of Newmark's Capital Markets practice group, which Golubchik has helped build into one of the most active institutional capital platforms on the West Coast since joining the firm in 2016.
While much of Portland’s commercial real estate market is held by local owners and operators, Bay Area investors were among the most active buyers of Portland supply during the last cycle, driving record investment activity over the past decade . As capital formation accelerates in the Bay Area and competition intensifies in Northern California's gateway markets, institutional buyers migrate to secondary markets where they can potentially achieve increased yields at a more attractive cost basis. Portland, with its comparatively favorable entry pricing and a meaningful cap rate premium relative to the Bay Area, has consistently been among the first markets to benefit from this migration.
"Bay Area capital formation is the engine that drives institutional investment across the West Coast," said Golubchik. "When that engine reaches full velocity and yields compress below institutional thresholds, coupled with immense market competition, Oregon emerges as the natural alternative. Growth infrastructure is grounded in the Bay Area and the scale of focus on advanced manufacturing blends nicely into the Oregon market due to power, land availability and a knowledge-based workforce and demographic trends. By formally integrating our Oregon and Bay Area teams, we are giving clients a single, streamlined access point for both markets and ensuring that capital sources in California have seamless access to the deal flow coming out of the Oregon markets.”
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