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Florida CRE Market Heading Toward Recovery?

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As of mid-year 2011, the Florida commercial real estate market reveals a marked turning point that began late 2010, according to the Florida Market Perspective Mid-Year 2011, a comprehensive assessment and outlook on commercial real estate throughout the state, released by CB Richard Ellis (CBRE).

“Our outlook for Florida is a slow and steady recovery over the next five years,” says Mary Jo Eaton, Senior Managing Director for CBRE in Florida. “During the remainder of 2011 we anticipate seeing more leasing and sales activity—largely in prime submarkets.”

Key Findings:

  • Select industries are beginning to re-establish their confidence in the market through expansions and long-term lease commitments.
  • Multihousing properties are highly targeted by investors in Florida. In core markets, international investors continue to show strong interest in commercial real estate assets.
  • Distressed assets continue to be a concern, but Florida’s lengthy foreclosure process slows the delivery of distressed assets available for acquisition.

Comparatively, Miami is leading the state in new activity. While lease renewals dominate markets outside the core regions, such as Jacksonville and Southwest Florida, market indicators including rental rates and occupancy are showing signs of stabilization. North and Central Florida markets have yet to experience a surge in activity, but CBRE Florida leadership agree that stabilized market indicators and strengthened fundamentals put Florida in a good position for recovery.

What’s your take?  Share your perspective by leaving a comment below.

 

 

CBRE’s Florida Market Perspective reports on seven major markets in Florida, covering office, industrial, retail, and multifamily properties. For the complete look at commercial real estate in Florida, go to www.cbre.com/fmp.

Warren Sears, Others Part Ways With CBRE

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Warren Sears is no longer with CB Richard Ellis, along with a number of brokers in their Miami, Ft. Lauderdale and Palm Beach offices.

Included in the tri-county-wide departures is veteran Elizabeth Santos from the Miami-Dade office.  Elizabeth started her 9 year tenure with CBRE in October, 2002, most recently serving as an Office Tenant Representative for the firm.

It wasn’t clear as to the total number of brokers no longer employed with CBRE.  Representatives from CB Richard Ellis declined to comment.

Deborah Fink Joins CBRE

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Deborah Fink joins CBRE to partner with the South Florida “Private Capital Agency Leasing” team – Scott O’Donnell, Dominic Montazemi, Marty Busekrus, and Miguel Alcivar – with a focus on Palm Beach & Broward counties.

She joins CBRE from NAI Rauch Weaver where she specialized in office leasing. Her history of work experience with commercial real estate includes agency representation for office and medical properties, tenant representation, and representing both buyers and sellers in property trades.

“Deborah is joining us to provide leasing representation to our private capital clients at the level our institutional clients are accustomed to,” said Ken Krasnow, CBRE Managing Director.

While with NAI, Deborah received top recognition as a sales producer on multiple occasions. Her professional affiliations include CREW, South Florida Office Brokers Association, NAIOP, CCIM, and Commercial Investment Real Estate Brokers Association (CIREBA) where she served on the Board of Directors.