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REAL ESTATE

Albuquerque’s CBRE office announces leadership shakeup

Office space expert Shóna Martinez will replace longtime leader Jim Chynoweth as managing director on July 1

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Albuquerque’s CBRE office is ushering in a new era of leadership.

After 22 years of leading the global real estate company’s Albuquerque operations, Managing Director Jim Chynoweth has decided to step away from the role. Filling his shoes is Senior Associate Broker and office expert Shóna Martinez, the company announced Tuesday. The change will officially take effect on July 1.

But Chynoweth isn’t going anywhere. He will stay with CBRE as an investment broker. His new title will be first vice president. He will partner with current CBRE investment broker Jim Dountas to sell retail, office and industrial investment properties.

“I came to the conclusion that no one should have the leadership job for more than 20 years,” Chynoweth said. “It was time for someone new to take the reins and get some new energy. And from a personal standpoint, it was time for me to do something different. I wasn’t enjoying it anymore.”

Chynoweth started his commercial real estate career with CBRE in 1988, specializing in industrial leasing and sales. He worked there for seven years and then NAI SunVista — NAI Maestas & Ward at the time — for a few years before he was asked to return to CBRE and enter the top role in 2004.

With the role came the responsibility of managing a team of up to 50 people — from brokers to property managers, appraisers and financiers. The role also came with challenges. From his point of view, every time Albuquerque’s market and economy started picking up steam, a national crisis would arise and trip the city up.

“Over the 22 years, I would have hoped that the market would have done better than it’s done,” Chynoweth said.

But the role also broadened and deepened Chynoweth’s connections with the local community.

“I think we’ve got a great community of business leaders, and so that’s been a lot of fun. Now, my goal is to make all those people money,” Chynoweth said with a laugh.

In his next chapter, Chynoweth said he looks forward to traveling more with his wife and continuing to work with what he described as an “all-star team” at CBRE — including Martinez.

Jim Chynoweth
Shóna Martinez

“She was my first choice for successor,” Chynoweth said of Martinez. “I saw in her a tremendous intellect and a great personality for this job. This job needs someone who is not easily flustered, can think clearly in a crisis and has a sense of humor. I feel very strongly that she's going to be a great successor.”

Martinez has been with CBRE for nearly three years and in commercial real estate for a little more than a decade. A native of Ireland, Martinez launched her career in London and continued it when she moved to Albuquerque with her husband — a born-and-raised New Mexican — roughly 10 years ago.

She previously worked at Colliers, another global real estate company with an Albuquerque office, before she and her business partner and fellow office expert Scott Whitefield made the move to CBRE.

“It’s just something that I love doing, and I couldn’t imagine doing anything else,” Martinez said. “It’s definitely a bit of a rollercoaster. You have to take the bad with the good, but when it’s good, it’s amazing, so it makes it all worth it.”

Martinez always knew she wanted to pursue a leadership position in some capacity. It wasn’t very long into her time at CBRE before she said Chynoweth approached her about taking his position. He’s been mentoring and preparing her for the role ever since.

“I’ll be forever grateful to him for recognizing that in me,” Martinez said.

Martinez said she is looking forward to officially stepping into the role, which she will do alongside continuing her brokering work. Deepening community ties, networking and organizational collaboration are Martinez’s goals in leading CBRE in Albuquerque.

“The culture here is really strong, and so I'm kind of lucky in that I'm being handed this team, which is already so amazing,” Martinez said. “It's really just about building on that and helping everyone in the office to grow. As individuals, we are all very good at what we do — but combined, we’re even better.”

As far as current Albuquerque commercial real estate goes, Martinez said she believes the market is strong and not as susceptible to national trends — such as higher vacancy rates and unaffordability — as other major U.S. cities are. Inventory and property tax hikes are challenges locally, but the market dips are when consistency is most important, Martinez said.

“Because when the market rises again, then you are that first person they’re going to call when they’re ready to sell or buy or whatever that looks like,” she said. “So you just kind of have to ride the wave.”

Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.