Today we set out with Mr. Raymond and Mr. Hodgson to look at some warehouses that were nearing the end of construction and finished ones that already had merchandise stored. After stopping at these warehouses, we also had a scheduled meeting with Knight Frank, a real estate brokerage company, who taught us about the industrial and office market in the Manchester area.
Today we saw both a warehouse under construction and a finished one that
contained Bentley parts and prototypes. Before Bentley, it was storage for a Japanese tobacco company that held hundreds of millions of dollars worth of cigarettes in the one warehouse. This is another example of a built to suit building that had to have enough fire protection and security to protect the merchandise. For example, the gutter drainage pipes could not run down the side of the building to prevent robbers from climbing onto the 50 foot high roof.
Back in March on Career Day, we met with Mark Winters from Newmark Knight Frank, a real estate brokerage company. We were able to expand on this prior connection we had made by meeting with the sister company of Newmark Knight Frank, Knight Frank. Today, we were able to meet with Rob Taylor from Knight Frank and talk about the industrial and office real estate markets in and around Manchester. He also told us how he got into the real estate industry and what the norm is for students in England who are going into real estate. Unlike in the United States where there is no specific bachelor's degrees in real estate, only masters degrees. However, people in England go to university and are able to obtain a bachelor’s degree in real estate. They also have what are called “A level classes” that are classes and exams you take in high school based on what you want to do in college and the rest of your life.
The meeting with Knight Frank was very informative. We spoke a lot about the developing economy in England and how e-commerce is playing a large role in raising the demand for warehouse space. With the number of packages arriving at St. Mark’s, we were surprised that there aren’t more warehouses in the Southborough area; especially with Amazon’s new two hour delivery service.
Because Knight Frank is not only an industrial real estate firm, we were able to speak with members of their residential and office property teams. Each told us the unique processes they went through to eventually find their niche in the real estate world. Although the English school system is different so their educational paths are very different, their insight on the importance of passion and internships will be very helpful as we soon begin to decide what we want to study in college.