GlobeSt.com’s Florida Blog
The latest issue of Real Estate Florida is now available online. It is also the last, but there is good news behind the change.
Features in the magazine’s final issue include a profile of Orlando-based CNL Financial Group, a rundown of the state’s Women of Influence in commercial real estate and a market spotlight of Fort Lauderdale. There’s also a quick read on CRE news in the Sunshine State and some thoughts on the importance of reading more.
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.
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.
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.
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 few random thoughts to close out a busy week…
• The summer tourist season was a tough one for Orlando, the nation’s second-biggest hotel market. According to a report by the Orlando Sentinel, only 58% of the market’s 112,000 rooms were filled in August, marking the worst month since Smith Travel Research started keeping track in 1987.
Huge discounts and other special offers didn’t help, with room rates down 14% over the year to around $76 per night. Theme parks won’t disclose how many people came through their turnstiles, though they did seem less crowded and the wait times for rides and attractions were shorter.
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.
There’s a lot to talk about in Florida commercial real estate as summer winds down, so let’s take a few moments to get some of it out:
• Several former staffers of GVA Advantis appear to have landed softly at other firms after getting dumped by their former employer. Mark Cooney, Randy Mills and Michele Whalen have moved their Land Sharks operation over to the Duncan Cos. in Tampa, which you read about here. Meanwhile, Paula Buffa has joined Grubb & Ellis|Commercial Florida in Tampa as senior vice president of its office group, along with associate Maria Camarinos Hall. And Lisa Bailey, senior director of the Orlando office, has joined Morrison Commercial Real Estate as vice president.
As the deadline for another issue of Real Estate Florida approaches, allow me to declutter my mind and desk a little:
• The International Council of Shopping Centers is hosting its annual Florida Conference next week at Gaylord Palms in Kissimmee, with at least 5,000 expected in attendance. A slight amount of falloff is expected because of the recession and a perceived shutdown in retail development, but don’t expect empty corridors and booths.
“It’s not going to be a doom-and-gloom conference,” says Dale Scott, ICSC state director. “The retail developer is as creative a person as you’re going to find. They’ll figure out a way to adapt to what is out there. The attitudes are changing.”
Baseball has done it, and now Real Estate Florida is doing it, too. Now’s your chance to nominate the state’s Commercial Broker All-Stars.
In our August/September issue, we will spotlight some of the Sunshine State’s leading brokers. If you have someone in mind who has outperformed in sales or leasing over the past year, you can nominate that person through our simple and convenient online form. (You can even nominate yourself; it’s been done before.)
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