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May 3, 2013 by  
Filed under Blog, South Florida Commercial Real Estate

South Florida Commercial Real Estate Top Professionals

Sources and information are contributed by CRE•Sources South Florida. The original article can be read here. For more information on CRE•Sources South Florida please email  admin@cre-sources.com or call 954.880.1150.

Interested in knowing how South Florida’s commercial real estate market is turning?

Are you wondering if the market is changing for the better or for the worse?

Listed below are market insights from leaders in the commercial real estate industry throughout South Florida to include: Broward County, Palm Beach County and Miami-Dade County.  

Broward County Commercial Real Estate Professionals

Tom O’Loughlin, SIOR, CCIM
Vice President
CBRE | Brokerage Services  

“Quality product that is for sale remains difficult to source and the low inventory is starting to impact sales prices in a positive manner.  Plus, with the amount of foreclosure and/or REO property significantly down, the days of incredible discounts are coming to an end. We are also witnessing positive momentum on the leasing side, especially in south and central Broward, It is only a matter of time before that trend moves north.”

 Specialty: Industrial 

  

 

 

Kimberly Barbar
Broker Associate
Stiles Realty

  

“The office market is very active.  With that said, some corporate clients remain reluctant to make long term commitments in the market given the lack of government financial certainty.  We have been fortunate that there are corporate clients who are more concerned about getting what may be one of the last “deals” in the market as opposed to being paralyzed by government inaction.”

 Specialty: Office  

 

 

 

Richard F. Etner, Jr., SIOR 
Exec. Director, S. Florida Industrial Team
Cushman & Wakefield

  

“Clearly our South Florida market is on the upswing.  While we still see vacancy in SE Broward, we also see speculative industrial development for the first time in many years, so absorption is on the way. 

The rabid appetite for anything industrial we have seen in Miami has flowed uphill into Broward, repeating the cycle we have seen repeated over the years.  South Florida remains one of the stronger industrial markets from a National perspective and, as our offshore business continues to grow and people continue to move in the state, I am certain our Industrial market will continue to flourish.”

Specialty:  Industrial   

 

Palm Beach County Commercial Real Estate Professionals

Russell Bornstein 
Senior Vice President
CBRE-Retail Brokerage Services 

  

  “Retail Activity in Palm Beach County is picking up rapidly as we head into the 2nd quarter of 2013.  Retail typically follows residential….and with residential on the move (upward) so goes retail. Note that no real retail has been built in Palm Beach County since 2008 so the supply has remained stagnant.  The only new inventory has come from store closings such as Winn Dixie, Circuit City, Albertson’s, etc.  and these too have been absorbed. Retail demand is increasing and as a result, one will likely see inventories dropping and rental rates increasing.  One only has to look to Miami-Dade County at a 94.7% occupancy rate to see where Palm Beach County is headed.”

Specialty: Retail Tenant Representation

C. Todd Everett, SIOR
Director-National Office & Ind. Prop. Group
Marcus & Millichap

  

“The market is primed for buyers and sellers alike due to pent up demand and limited alternative investment options on the “buyer” side and improving fundamentals in both the broader economy and the industry as a whole, buoyed by compressed yield expectations on the “seller” side.  The result of these market dynamics has been increased pipeline activity and transaction velocity.  The market outlook is looking very promising for at least the next several quarters.” 

 Specialty: Office & Industrial Investment Sales 

 

 

 

Anthony Librizzi
Vice President
CBRE-Office Brokerage 

 

 “Market fundamentals continue to
improve, 
but at the same time, the office sector is clearly going through a transformation.  Many businesses are reassessing space needs and recognizing they can function perfectly well with a smaller, more efficient footprint.  As a result, job growth is not giving us the same pop in demand that we have grown accustomed to.  Leasing velocity in the class A office market is definitely improving, and is headed that way in Class B properties as well, albeit more slowly.  Confidence is returning to the overall market, driven particularly by the return of job growth in South Florida.”

Specialty: Office 

  

 

Miami-Dade County Commercial Real Estate Professionals

Alexander Bernaldo, P.A., SIOR
President
Americas Industrial Realty Corp.

“Leasing and sales activity continue to accelerate. More proposals are being issued and this is translating to more leases ultimately being signed. Tenants no longer have the upper hand in negotiations. It is now a level playing field. As a result, leases are getting signed at higher rental rates. Landlord’s focus is for the most part on rental rate rather than occupancy levels.” 

Specialty: Industrial 

Elizabeth Santos
Vice President
Sime Realty Corp.

 

“Tenants continue a flight to quality by preferring Class A space.  Companies are providing more collaborative areas for employees but reducing actual workspace when possible.  Landlords are beginning to reduce concessions and hold rental rates more firmly than before.  2013 will see the momentum swing towards the landlords.”

 Specialty: Office Leasing 

 

Marty Busekrus
Director
HFF

 

“Capital is really chasing industrial deals  hard throughout FL due to the low vacancy rates, little development and the potential increases in rental rates.  Very few investment deals over $10M are being marketed so when one pops up, a multitude of buyers are bidding up prices.  Cap rates for core and core plus industrial in South FL are about 5.75% to 6.25% on average.”

 Specialty: Industrial Investment Sales   

 

We’d like to hear your thoughts!  

What is your opinion of South Florida’s commercial real estate market?  

 

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