Matt Cravey, SIOR, president of Cravey Real Estate Services in Corpus Christi, Texas, and a 50-year CRE veteran, has been working with GSA tenants since the 1970s. He says that while landlords have always been aware of the clause, it was rarely considered a significant risk, since government agencies were unlikely to lose funding. “Everybody would sort of wink and say, ‘Have you ever seen a government program not get approved for funding? When have you seen the government do that?” Cravey said.

That perception shifted earlier this year. In February, DOGE ordered the GSA to cancel multiple leases in a building where Cravey had represented the landlord. One of those leases was for the U.S. Attorney’s Office for the Southern District of Texas in downtown Corpus Christi. “DOGE comes along and boom! They just cancelled it,” he said. However, within a week of receiving the notice from GSA, the landlord received another memo instructing them to disregard the first notice. “It was a case of ‘ready, fire, aim’”, says Cravey.

Following the incident, Cravey said his client became hesitant to consider future GSA leases, citing concerns about unpredictability and potential financial losses. “The GSA could cancel the lease in a year, and the landlord would have to absorb the cost of the buildout,” he explained. Cravey noted that this sentiment is shared by other landlords in the region.

Read the full article here.

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Cravey Real Estate was recently published in the November issue of The Bend magazine in the 2022 Faces of the Coastal Bend.

The Face of Commercial Real Estate

Cravey Real Estate

Matthew and Cindy Cravey own Cravey Real Estate Services, Inc. Matt Cravey has specialized in commercial and industrial real estate for more than 47 years and holds two of the highest designations, CCIM and SIOR.
Cravey Real Estate Services is a full service commercial real estate company based in Corpus Christi, Texas. They sell, lease, and manage commercial, industrial, office, retail, land, and investment properties in Texas.
Established in 1975, Cravey Real Estate Services provides the most innovative and cost-effective real estate solutions for our clients on local, regional, national and international assignments. Its brokers have a reputation for reliability and prudence, providing clients with real estate leasing and sales, investment counseling, asset and property management and real estate marketing services.
The team members are not generalists and have specialists in specific disciplines of commercial and industrial real estate. This is uncommon for real estate companies in South Texas but has worked well for Cravey customers over the years.

Read the November 2022 issue here.

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See the page here.

Read the April 2021 Online Issue here.

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“Matt Cravey, SIOR, president of Corpus Christi, Texas-based brokerage and property management firm Cravey Real Estate Services, says while the temptation may have been to pull back and wait out the pandemic, he became more competitive. “You don’t score points on defense; you score points on offense,” he says. And he impressed upon his brokers that the company would not be slowing down; if there was an obstacle, they’d simply go around or through it, whatever it took to keep the momentum going.

The world didn’t cooperate—title companies, appraisers, and banks all had to begin to adapt to a post-COVID world reality as they awaited things to stabilize. “We’re not going back to normal. This is our normal, and it always has been,” Cravey says of his 46 years in business. “Things have not always gone smoothly since I’ve been in business, and you just adapt to whatever you know, whatever situation.”

Early on, as Cravey was forging ahead and working from his office, he caught the virus and gave it to his wife and youngest daughter. Contracting COVID-19 changed his perspective on working remotely and socially distancing in the office and the field with employees and clients. “When the customer sees how we’re acting in our office, they feel more comfortable interacting with us,” he says.”

Read the full article here.

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See the page here.

Read the July 2020 Online Issue here.

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Overcoming Adversity in Business

Having served the Corpus Christi and South Texas region for 45 years, Matt Cravey is one of the best in the business.

By: Jacqueline Gonzalez

Photos by: TWINS Media

PDF copy of the article.

Inspire Coastal Bend Magazine Business May/June 2020

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{For Cravey it’s all a matter of “turning that stuff off and realizing there are some good opportunities.” He offers the following example: “When Carter was in office, interest rates went up to at least 18%,” he recalls. “It took us a little while to adjust to the new norm, but the next thing you know I made all kinds of money—and so did my clients—once I learned the rules of the game. Just tell me the rules, and I’ll figure out how to do it.”

He did have one “caveat,” however. “Back in the ‘80s they changed the tax laws and made them retroactive; in Texas that affected the oil business, which affected real estate, which affected banking. Everything went down in Texas. So, the biggest fear when I operate is, ‘Are they talking about anything that’s retroactive?’”

……

From where he sits in Corpus Christi, Cravey says, “Everyone feels good about the future. When you get a vacant store in a building it does not sit very long.”

Of course, the city seems to have a lot going for it. “We have over $60 billion worth of plants and projects under construction,” says Cravey, noting that one is a $13 billion joint venture between Saudi Arabia and Exxon.

“We’re taking advantage of the cheap natural gas that comes down here,” he says. “Materials went up when Hurricane Harvey hit, and they haven’t gone down. We have a shortage of concrete because of all these new plants.”

But the city has prepared well for the future. A billion-dollar bridge was built, the port was widened, and the specs mirrored those of the Panama Canal. “Our port was smart enough to realize what specs to use, how high the bridge should be, and how wide and deep to make the port,” he says.

But he is not without caution. In fact, he shares, “When [customers are] selling now, I say instead of doing a 1031 exchange it may be better to pay the taxes and have cash.” Still, he insists, “Opportunities will come up when they start messing with things. Most everyone who’s been in this business any length of time believes politicians can’t leave things alone—but every time, it creates opportunities.”

And the tariffs? “The attitude here is this thing with the Chinese will work itself out,” says Cravey. “Things will work out—they just have to.”}

Read the full PDF article.

Read the digital SIOR Report Spring 2020 Issue.

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SIOR Report, Summer Edition 2018

Corpus Christi, 182 miles southwest of Houston, was also impacted by Hurricane Harvey, but given its path and landfall, was spared the damage other areas experienced.

“When a hurricane is noted, we watch it for three weeks out and decide whether we need to make arrangements for the storm,” said Cravey Real Estate Services president Matthew Cravey, SIOR, CCIM.

It is an attractive market for many outside investors, given Port Corpus Christi, a key facility for the petrochemical and windfarm industries, and its abundant natural gas, he noted.

Click here to read the full article.

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SIOR Report, Spring Edition 2018

Many, if not all such transformations offer a wide range of opportunities for SIORs. Matthew Cravey, SIOR, Cravey Real Estate Services, Corpus Christi, Tex., convinced an investor to put under contract a former HEB Grocery store building. “While under contract, we found a charter school to lease the main building,” he shares. “We then sold off pad sites to fast food restaurants.”
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