John Dolan
Managing Director, New England market, Avison Young
Age: 44
Industry experience: 16 years
John Dolan takes over leadership of brokerage Avison Young’s New England region at a critical moment in the region’s commercial real estate industry. Development is decreasing and major investment sales activity has been sluggish in the wake of interest rate increases and slowing economic growth. Office vacancy rates in Fairfield County and Greater Hartford linger in the mid-20-percent range. Brokerages such as Avison Young are diversifying their business lines to find growth opportunities. In his new role since April, Dolan oversees Toronto-based Avison Young’s New England territory, comprising offices in Hartford and Boston. Dolan held roles in brokerage at Colliers and McCall & Almy before joining Avison Young in 2021 as a partner. Outside the commercial real estate industry, Dolan is known for the high-profile side gig he’s held since 2006 as public address announcer for the Boston Bruins.
Q: Have most companies figured out their long-term in-office workplace policies or is there still a degree of uncertainty that’s dragging down leasing activity?
A: If you’re going to order people back to the office, you need to offer people something. What can we do to enhance the current offerings? Employees are saying, “I’ve got more here in the suburbs around my house.” Boston Properties, Oxford Property Group and Rockpoint have all been doing a great job looking at what the tenant experience is.
Q: What’s your outlook for the Greater Hartford office market?
A: Hartford, like most tertiary markets, is seeing historic levels of available space. The market’s large employers continue to give back space and downsize with very little leasing activity to backfill these large blocks of space leading to a general malaise in the market.
Q: What does the recent big increase in interest rates mean for owners of apartment buildings with mortgages expiring in the near future?
A: With rates where they are right now, and institutional capital needing to be deployed, I think that there will be a very active multifamily sale market coming forth this fall. Given current inventory and opportunities in the region, multifamily will continue to be a strong asset class attracting best-in-class investors.
Q: How long do you expect the lack of investment sales in office properties to continue?
A: Buildings are hitting the market, but they’re just not selling. It’s a matter of what the future looks like for commercial real estate. Some people say there may be a Category 5 hurricane coming for the investment sales market, and it starts with the basics. Are we getting people back to the office? Are we leasing space? Maybe rents did get too high and a correction is good. It resets the values in some ways. But you always want to keep getting [prices] up. Hopefully it turns the corner in the next two to three quarters, combined with a return-to-work effort this fall, which I think might be coming. Three or four days a week [of office work] will help the fundamentals.
Q: Where are the growth opportunities in brokerage?
A: Property management specifically is something we’re looking at to expand our offerings. The mid-level player like Avison Young has a lot to offer in that realm. We’ve been growing that around the country. For our brokerage like ourselves, it’s adding veteran teams that might complement the client experience, but also to bring in new brokers who are looking to be opportunistic. The tech community might not be back in the office full-time, but it’s still a burgeoning sector, and life sciences are not going to be as quiet as they are right now. Everything runs in a cycle, and you’re going to see things pick up in six to nine months in that regard.
Q: What’s Avison Young’s local recruitment strategy?
A: We are looking to be fanatical about the client experience and we’re mostly tenant representation, with a few select landlord listings. We are looking for brokers who want an opportunity to be in an entrepreneurial shop, but also to add complementary veteran teams to our existing group.
Q: Beyond your Bruins announcing duties, what does your schedule look like outside the office?
A: My schedule is limited to 10 Bruins games, plus the Beanpot Tournament and Hockey East championships. I’m technically the back-up for the Boston Celtics, but [PA announcer] Eddie Palladino has missed about one game in the last 20 years. It’s convenient to get to the games, but I’m not spending as much time at arenas. I’d rather hang out with friends and my family.
Dolan’s Five Favorite Weekday Lunch Spots in and Around Boston:
- O’Hara’s Food & Spirits – Newton Highlands
- The Fours – Quincy Center
- Warehouse Bar & Grill – Financial District, Boston
- Dave’s Fresh Pasta – Davis Square, Somerville
