JLL Promotes Ciummei, Fabiano to Lead, Expand Region’s Industrial PracticeFebruary 13, 2018 — By Joe Clements
BOSTON—Barely a month after four key members of JLL’s Industrial Practice Group joined rival Newmark, their erstwhile employer has tabbed two seasoned brokers from within to run an operation already established throughout Greater Boston yet angling to become the undisputed regional leader. Joseph Fabiano and Michael Ciummei are matriculating from JLL’s suburban leasing team to spearhead continued efforts involving a spectrum of industrial realms, be it distribution, logistics and warehousing or flex, light manufacturing and research facilities.
As they oversee and grow JLL’s industrial brokerage, Ciummei and Fabiano will remain under the umbrella of its suburban leasing group led by Managing Director Matthew Daniels, In a statement, Daniels cites “competency” as a cornerstone of Ciummei’s and Fabiano’s respective strengths while predicting the duo’s “market insight, transaction skills, professionalism, high level of energy and their ability to leverage our industrial platform will ensure JLL has a strong presence in the industrial sector and across the suburbs.”
Daniels further conveys to Real Reporter the promoted pair “are true professionals we consider the right guys to fill this slot at just the right time,” noting industrial “is incredibly hot right now” and explaining clients are seeking experienced advisors schooled in the evolving industrial landscape. “We are not just space jockeys,” he says. “You need to be much more in today’s climate to succeed, and we think we have the talent necessary to provide that level of service.”
JLL’s global platform and local expertise combined with the resources to invest in new technology—to the tune of $500 million annually—had the industrial team transition first unveiled in December by Real Reporter attracting a number of well-regarded professionals aiming to take the helm, and while stressing his firm is not averse to recruiting skilled brokers for certain roles, Ciummei and Fabiano were deemed the best choices to run the IPG, Daniels explains, and was in keeping with JLL’s aims of retaining proven employees.
“We were approached by good people who were interested in (joining) our platform, but JLL made the decision to reward two excellent people who are top producers and very talented, dedicated in their craft and clearly eager to take on the challenge,” Daniels recounts. “In the end, we felt Mike and Joe were the ones best suited to grab the ball and take what is already a big business line for us to the next level, and we are confident they will prove us right.”
Led by the e-commerce revolution and a lack of speculative construction, the industrial arena posted record rent growth in 2017, according to JLL research that reports average per-sf rates for the first time crossed the $7 mark in 2017 after being mired over the past decade between $5.50 and $6.50. An 85-cent rise in average last year achieves the largest annual increase ever in the JLL survey that extends back decades.
Urban rents jumped 18 percent in the fourth quarter alone, from $11.23 per sf to $13.36 per sf, that metric against a backdrop of having only three industrial spaces available of 50,000 or more in Boston proper.
Real Reporter detailed in December that JLL Executive VPs Anthony Coskren, Edward Jarosz and Richard Schuhwerk, along with Assistant VP Brian Pinch, were heading to Newmark, a firm located next door to JLL’s Boston headquarters downtown at One Post Office Square. Coskren and Pinch had been at JLL since 2012 while Jarosz joined in 2014. Schuhwerk was a longtime figure running JLL’s IPG that is among the most complete of its ilk regionally.
Versatility appears another element of Ciummei and Fabiano’s acumen, their clientele including both landlords and tenants, with corporate and institutional customers of Ciummei featuring Ingersoll Rand, Samsonite, Smith & Newphew and Stryker. Fabiano has executed “a wide range of transactions” for such clients as Coca Cola Bottling Co. of New England, Emerson Ecologics, Harris Systems and Loomis Armored.
An Assumption College alum, Fabiano is Co-Chair of the Italian Home for Children’s Emerging Leaders Society and is a member of the Greater Boston Real Estate Board’s Commercial Brokers Association. Ciummei holds a B.A. from Bates College. “We are really excited about this,” Daniels says regarding the news.Michael Ciummei Matthew Daniels Joseph Fabiano