Northwest Florida

On the rebound: Northwest Florida's retail market is coming back slowly but steadily, much of it generated by tourists returning to the area, says John Griffing, director and president of NAI Halford, a commercial real estate firm serving five counties in northwest Florida. The area's office market also is seeing some rebound, particularly in its urban centers. "We have had branches of large firms from outside the area signing leases for class A space," Griffing says.

Still struggling: Undeveloped land, inland and beachfront, in northwest Florida has dropped in value, mostly because of lack of demand and available financing, Griffing says: "That market is dead." The industrial sector also is considered weak. "We're sitting with old warehouse buildings that need work, and we don't have the job creators coming in to occupy those spaces," he says. Values of industrial buildings, regardless of size, have dropped as much as 50%. With lack of demand, the market to sell industrial properties is difficult, too, he says.