Jon Schultz, Co-founder and Managing Principal of Onyx Equities, shares his extensive experience in transforming office, industrial, and retail spaces. He discusses the growing demand for life sciences facilities and the rising significance of AI-driven data centers. Schultz emphasizes the importance of a customer-centric approach in real estate, adapting to shifts in tenant preferences and office dynamics. He also explores the market differences between the tri-state area and the Sun Belt, revealing opportunities amidst evolving economic landscapes.
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question_answer ANECDOTE
Humble Start To Onyx's Platform
Jon Schultz started Onyx by leaving a bigger firm and partnering with his father to fix two distressed office buildings.
They leased and repositioned the assets themselves over 15 months and built experience from hands-on operation.
insights INSIGHT
Class A+ Is The New Standard
Class distinctions shifted: class A-plus is now the product tenants expect, not mere class A.
The key differentiator is capital invested to amenitize buildings for tenant attraction, especially around energy and F&B.
volunteer_activism ADVICE
Upgrade Amenities To Drive Return-to-Office
Do upgrade building food, lobby and shared spaces to restaurant-quality standards to drive traffic.
Provide conference, fitness, and communal zones so tenants have reasons to return and stay.
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Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market.
From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed.
TOPICS
00:00 – Introduction
02:10 – Early Career and Founding Onyx Equities
06:15 – Navigating Market Cycles and Value Creation
09:30 – Office Market Shifts and Tenant Demand
12:45 – Life Sciences and Medical Office Expansion
17:40 – Inside the Data Center Gold Rush
22:15 – Rates, Debt, and Opportunities Ahead
27:48 – Tri-State vs. Sun Belt Market Dynamics
34:05 – Leadership, Adaptability, and Lessons Learned
42:30 – Building a Brand Tenants Trust
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Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
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