The Best Ever CRE Show JF3397: Unlocking Downtown Office Space Opportunities ft. Matt Drouin
Dec 23, 2023
27:06
In this episode, we sit down with Matt Drouin, the managing partner at Oak Grove Companies. With 17 years of experience and a portfolio spanning 176 units and over 500,000 square feet of commercial real estate space, Matt's journey from residential sales to multifamily investments and ultimately, to thriving in the evolving office space sector, offers valuable lessons for both seasoned and aspiring real estate investors.
Key Takeaways:
- Redefining Office Space: Matt's success in downtown office spaces challenges conventional wisdom. He emphasizes that smaller, sub-3,000 square feet, well-located office units geared toward mom-and-pop businesses can be the secret to thriving in this sector. Understanding the specific needs of your market and potential conversion opportunities are crucial.
- Adaptability is Key: The discussion underscores the importance of adaptability in real estate investing. Matt's strategy revolves around finding deals that offer a plan B if the initial thesis doesn't pan out. Whether repositioning as an office building or converting to residential use, having multiple exit strategies can mitigate risks and enhance returns.
- Networking and Education: Matt's advice for investors centers on the significance of networking and continuous learning. He encourages real estate enthusiasts to surround themselves with experienced investors and become obsessed with their aspirations. Leveraging platforms like podcasts and actively participating in real estate investor associations can provide valuable insights and support.
- Managing Partner At OakGrove Companies
- Portfolio:
- 70% multifamily, 30% retail, industrial and office
- Based in: Rochester, NY
- Say hi to him at:
- Best Ever Book: The Snowball Warren Buffett Effect by Alice Schroeder
- Greatest Lesson: If you focus on long term stakeholder value, you'll generate higher returns for your investors.
Check out Matt’s previous episode: 2507 - Financial Freedom by Age 33
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