Here are a few more notes and quotes from last week’s RealShare South Florida conference in Miami, which was attended by 275 people and deemed a solid success. In case you missed it, or even if you were there, you can read more about it here and here, but here are some other highlights:
• The region’s current oversupply of residential condominium units could be absorbed over the next four years, according to panelists of a discussion on the multifamily sector. There is still plenty of interest in both individual and bulk unit acquisitions, particularly from private-capital investors and foreign buyers from Canada and Israel.
“A combination of foreclosure and financial issues will be the major headwinds that we will face to get back to a normal market,” observed Adam Cappel, president of CondoReports.com. Others on the panel, moderated by yours truly, included Rosendo Caviero, senior director with Cushman & Wakefield; Robert Given, executive vice president with CB Richard Ellis; and Jay Massirman, president and CEO of Rivergate Residential.
• During a discussion on retail opportunities, panelists agreed that demand by retail tenants remains strong, though some prospects are waiting for pricing to settle before committing to space. They mentioned that Miami-Dade and Broward Counties are still good markets for big-box stores, particularly wholesale clubs, discounters and home-improvement chains.
Retail developers lately have to go on faith more than demand or demographics, said Alan Ojeda, Rilea Group president and CEO: “You can talk to all the consultants you want and it’s irrelevant.” Beth Azor, president of Azor Advisory Services, moderated the retail panel, which also included Erick Collazo, managing member of MBA Development Partners; Paul Maxwell, vice president of investments with Regency Centers; and Lyle Stern, president of Konover Stern.
• Tenants with strong credit are no longer “sacred cows” when it comes to getting an advantage on leases, Tere Blanca said during a panel discussion of local office and industrial markets. “Due diligence works both ways. Don’t be afraid to ask questions,” remarked the president and CEO of Blanca Commercial Real Estate.
Malcolm Butters, president of Butters Construction & Development, added that green building requires a tremendous amount of paperwork and isn’t necessarily proven to attract tenants, “but it doesn’t hurt.” Other panelists included William Holly, chairman and CEO of Holly Real Estate; Jose Juncadella, principal of Fairchild Partners; and Eric Swanson, vice president and South Florida market officer with Flagler Development Group. Jonathan Kingsley, executive vice president and managing director with Grubb & Ellis, was moderator.
Mark your calendars now for RealShare Central Florida, set for Nov. 18 at Orlando’s Rosen Plaza. More details are forthcoming, but registration info can be found by clicking here.
Also in the way of marketing mentions, GlobeSt.com has introduced Distressed Assets Investor, a new newsletter offering field-level guidance on the acquisition and disposition of distressed assets in all regions, sectors and price ranges. View the inaugural issue free by clicking here.
Lastly, in the way of housekeeping, GlobeSt.com and Real Estate Florida have parted from British-based Incisive Media and now operate independently as ALM’s Real Estate Media Group. That doesn’t change much for us here in Florida, though it has simplified my e-mail address: ccronan@alm.com. (My other contact information remains the same, though I expect to get business cards with the new corporate logo sometime soon.)
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