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Why Now Might Be The Best Time To Sell Your South Florida Office

December 15, 2020/in News/by SFOBA STAFF

Conventional wisdom says “don’t sell an office building during a pandemic, unless you’re desperate”, but I’d like to offer a contrarian view to owners who are strategically evaluating how best to capitalize on current investment market conditions. CLICK ON THE HEADLINE FOR MORE

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

December 7, 2020/in News/by SFOBA STAFF

Immediately upon joining Lee & Associates, Joseph has already hit the ground running gaining the confidence of Landlord’s with over 100,000 SF of new Office Leasing assignments in Fort Lauderdale Beach, Las Olas, and Pompano Beach neighborhoods. CLICK ON THE HEADLINE FOR MORE

Why Now Might Be The Best Time To Sell Your South Florida Office

December 15, 2020/in News/by SFOBA STAFF

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

December 7, 2020/in News/by SFOBA STAFF

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Why Now Might Be The Best Time To Sell Your South Florida Office

December 15, 2020/in News/by SFOBA STAFF

By Mark Rubin

Do you own an office building that is located in a desirable South Florida submarket?

Is your building well-leased to strong, rent paying tenants, with limited near-term lease expirations?

Does the tenant mix include medical, life science or other essential or mission critical users?

If you answered yes to any of the above questions, you may need to consider selling, and here’s why:

Pent-Up Investor Demand. While the stock market continues to whipsaw to record highs, billions of dollars have been raised by institutional and private real estate investment vehicles in 2020 as an investment alternative. This abundance of capital needs to be deployed in order for sponsors to achieve their investment objectives. And large multi-asset class owners will soon be over allocated to the equity markets (because of the run up), necessitating a rotation into other investments, including real estate.

Limited Acquisition Opportunities. Since many owners are sitting on the sidelines waiting for post pandemic price discovery, despite strong buyer interest, there are very few acquisition opportunities for investors to buy.

Favorable Market Conditions, Demographics. There has certainly been a significant recent increase in space availabilities – both direct and sublease. Space users have been reluctant to make medium or long term commitments and there will definitely be changes in the way occupiers utilize office space in the future. In the short term, vacancy rates will increase, absorption will be negative and rent growth will be flat or decline. Having said that, the SALT effect (lack of state and local taxes), an educated workforce, business friendly state policies, and a high quality of lifestyle will continue to fuel corporate relocations and growth in South Florida.

This Too Shall Pass…Soon. With at least three effective vaccines about to be deployed, political uncertainty resolved and the federal government standing by to buoy the economy as necessary, a new normal will quickly return. Pent-up demand for South Florida office space should fast track absorption of excess space and with limited new supply, rental rate rents will start to spike as early as 2022.

Premium Pricing Attainable. ”Smart money” market making owners with favored assets are taking advantage of the supply/demand imbalance, historically low interest rates, enhanced by favorable long-term market characteristics, to create competitive bidding for these coveted South Florida assets and are achieving premium pricing.

Mark M. Rubin is executive managing director of Investment Sales for Colliers International based in South Florida.

Source: GlobeSt.

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

December 7, 2020/in News/by SFOBA STAFF

Lee & Associates announced the addition of Joseph Jarkesy, CCIM, as Senior Vice President specializing in Office landlord agency and tenant representation throughout South Florida with a keen discipline in the growing Broward Office market.

Mr. Jarkesy has over 16 years industry experience in commercial real estate in South Florida, and in the past 5 years alone has brokered over $40 million in commercial real estate transactions. He is adept at guiding real estate owners through the leasing of their properties, as well as acquisition, holding, and disposition of their real estate assets, and ensuring their buildings perform. As a South Florida native, Mr. Jarkesy has developed the in-depth, local market knowledge to strategically advise his clients on commercial real estate trends and forecasts. His expertise, experience and hard work ethic makes him a key partner toward maximizing the performance of his client’s real estate assets.

With the effects of COVID rippling through the south Florida office market, Joseph has been quick to come to the aide of his clients. “COVID-19 has changed the office leasing landscape over the past 9 months. The same old status quo that some of my competitors got away with during a hotter economy is now showing its flaws; our clients recognize my market knowledge, experience, and direct approach has been highly successful at absorbing their vacancy and shielding them from the negative effects other buildings are experiencing in this market. Every building in this market has different qualities, advantages, and disadvantages. Understanding these differences allows me to guide tenants to the right buildings and identify the right tenants to fill vacancies quickly and smoothly.”

“There will be winners and losers going forward over the next 12 months as the search for a vaccine continues,” Joseph also notes, as we barrel through Q4 and enter an unprecedented market in 2021. “Landlord’s that recognize the value I bring to the table as a true office specialist will find their buildings performing better with higher occupancies and greater rents.”

“I liked that Lee is a pure brokerage company,” says Joseph when asked about joining the growing South Florida Lee & Associates office. “We have a local team of experienced and veteran brokers many of whom are CCIM and SIOR’s, and we are backed by a unified national platform that consistently delivers strong tenants into our marketplace from areas like New York, New Jersey and other high tax states. The fact I can earn higher splits from the office while still receiving the full resources and support I need to service my clients, means I am more incentivized than my competition to work that much harder for each and every deal.”

Prior to joining Lee & Associates South Florida, Joseph served as Vice President with Stiles where he focused on tenant and landlord representation for office and retail space in Broward County. Prior to that, he spent over a decade handling acquisition, holding and disposition with the Fitzgerald Group. Joseph Jarkesy is a graduate from Florida State University with a Bachelor’s degree in Real Estate and Finance, and actively participates in the South Florida Office Brokers Association (SFOBA). Joseph has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM institute in 2019. The CCIM designation is awarded to commercial real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying experience.

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Why Now Might Be The Best Time To Sell Your South Florida Office

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

Why Now Might Be The Best Time To Sell Your South Florida Office

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

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Why Now Might Be The Best Time To Sell Your South Florida Office

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

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