JLL Ramps Up Miami Industrial

Chicago-based Jones Lang LaSalle is increasing its industrial expertise in the Miami market by hiring three leading industrial brokers. Steve Medwin and Harry Wardell are joining the firm as executive vice presidents, while Nick Wigoda joins as vice president.

“Adding these three high-caliber industrial experts to our current industrial team will make for a powerful combination to provide a full range of industrial services to clients throughout South Florida,” says Kurt Keaton, JLL market director for Florida. The new hires will join the existing industrial team to provide expert counsel to individuals and companies leasing, purchasing, developing and disposing of industrial properties throughout South Florida and across the US.

Top CRE Stories of 2009

As we close the book on 2009, let’s take a quick look at some of the top stories involving Florida commercial real estate, ranked in no particular order:

• Transaction volume remained minimal throughout the year, largely blamed on a continued hard freeze in capital markets. Banks were continually reluctant to lend on major projects or purchases. Other sources are available but terms are tight.

• The Seminole Tribe of Florida continued negotiating with the state government over exclusive rights to Vegas-style gaming. New development on its reservations was at stake, including a new hotel in Tampa that promised to be the city’s largest. The tribe won over Gov. Charlie Crist but is having a tougher time convincing the Legislature.

Downtown Jax Worth Reviving

Jacksonville has arguably one of the prettiest city skylines in Florida, including three of the state’s largest office towers. However, a street-level view of the urban core reveals trouble that can’t be seen as easily from a scenic distance.

The Florida Times-Union published a detailed analysis of the current state of Downtown Jacksonville that covers ways to bring it back to life, borrowing concepts from other cities across the country. While being located along an ocean coast offers some advantages, it doesn’t insulate it from economic woes that affect every sector of commercial real estate.

Industrial Isn’t That Bad … Yet

A veteran industrial broker has a few things to say about Susan Ruby’s recent column for GlobeSt.com observing whether the industrial sector has bottomed out in Florida. Ted Bywater, chairman of Orlando-based Bywater Co., has a deeper perspective on the sector dating back to the mid-1970s downturn.

“In those days, there was almost no business. No one was moving into town and no one was expanding,” Bywater recalls. Even after an Orlando economic development group placed ads in the Wall Street Journal offering warehouse space for sale as low as $7 per square foot, there were still no takers, he says.

Panama City Clear for Takeoff

It appears the $500-million investment in Panama City’s new international airport is already starting to pay dividends, with Southwest Airlines pledging to start jet service to and from the Panhandle vacation spot next spring. The popular Dallas-based low-fare carrier has a strategic alliance agreement with the airport’s developer, Jacksonville-based St. Joe Co., for eight daily nonstop flights.

Southwest’s arrival is expected to stimulate job growth and economic development within Northwest Florida, along with providing another option to bring travelers from around the country to its beaches, says Britt Greene, St. Joe president and CEO. The major state landowner is building the airport on 4,000 acres as part of its massive 75,000-acre Bay West development.

What To Do With Empty Space?

Ever wonder what else could become of all our vacant buildings and lots while landlords clamor for tenants? BusinessWeek magazine has some interesting ideas, some of which might work pretty well in Florida.

The magazine put out a call for various ideas and ran them unedited. Many of them came from architects, who are constantly striving to turn lemons into lemonade when it comes to empty shells and wide open spaces.

Magazine Seeks Women, and Other Notes

As we plow our way into an uncertain fourth quarter, here are some notes and news you can use:

• Real Estate Florida magazine is now accepting nominations for its Women of Influence feature, to be included in the November/December issue. Click here for the nomination form.

Women have come a long way in commercial real estate over the last few decades, and even though they are still in the minority they are often achieving more than their male peers in the industry. Many throughout the state are among the most knowledgeable, accomplished and respected professionals in the industry.

Getting Closer to the Bottom

Even as the Florida housing market is starting to improve, many are concerned that commercial real estate will drag behind for a while. Jeff Sweeney sees things differently.

The president of Orlando-based Grubb & Ellis|Commercial Florida believes the CRE market will fully improve in the second half of 2010, though there are already positive signs of a recovery. A lot depends on the willingness of banks to get back to lending on commercial projects, he says.

RealShare South Florida Highlights

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.

Ready for RealShare, And More

A few notes and thoughts after clearing out the inbox from a long Labor Day weekend:

• You can now register online for our fourth-annual RealShare South Florida conference, set for Sept. 30 at the Hyatt Regency Miami. We will cover a broad range of topics in a single afternoon, from distressed assets and excess condos to the new wave of office space coming soon to the market.

Featured speakers will include Gene Berman of Marcus & Millichap, Tere Blanca of Blanca Commercial Real Estate, Michael Fay of Colliers Abood Wood-Fay, Keith Jennings of Westmount Realty Capital, Jose Juncadella of Fairchild Partners, Jonathan Kingsley of Grubb & Ellis, David Lynd of the Lynd Co., Jay Massirman of Rivergate Residential, Jack McCabe of McCabe Research and Eric Swanson of Flagler.