Photo: Donna Victor
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Kurt Keaton
Jason Lipsey
Mike Kinsella
Richard Haines
Commercial Real Estate
The Big Picture
Florida's commercial real estate markets are emerging from the doldrums, but don't expect much construction until growth picks up.
What markets are attractive now in Florida?
Mary Jo Eaton
Executive managing director, Florida
CBRE, Miami
“Our clients who are looking to expand and continue to acquire are really focused on south Florida real estate across all product types. All of the Florida markets are seeing improvement in unemployment, which is very helpful. While the office market is showing signs of recovery, it is still a little slow.”
Where is Florida in the recovery?
Kurt Keaton
Market director, Florida
Jones Lang LaSalle, Orlando
“For all the Jones Lang LaSalle markets across the country, in 2011 Florida was our fastest-growing market year-over-year. So far, what we’ve seen through May of this year, we’re keeping up that pace. Office markets around the state are definitely starting to tighten up.”
What’s the market like?
Jayson Lipsey
COO
Parkway Properties, Orlando
“In Florida, we like Jacksonville, Orlando, Tampa and south Florida. All of our markets in Florida are in various stages of recovery. Generally in our markets we’ve recovered slightly from trough rates.”
Mike Kinsella
Senior market officer
Regency Centers, Tampa
“Southeast Florida is the market that has the most interest today. The Villages in central Florida is still a very popular market. Rental rates are starting to stabilize and even creep up. The average market went down 10% to 15%.”
Richard Haines
President, CEO
RL Haines General contractor, Oviedo
“We do a lot of automotive and specialty commercial construction. When a client is on the fence about ‘do I or don’t I,’ we tried to think outside the box and say, ‘Maybe you don’t need 50,000 square feet. Maybe you can do 30,000 and do 20,000 later.’ They have the money. You have to get them past the fear. Jacksonville’s a pretty weak market. Tampa and Orlando are pretty strong. Apartment work is coming back. South Florida can’t build fast enough.”
| Florida Trend Special Report: Commercial Real Estate  Downtown Miami office space is steadily getting tighter. [Photo: Daniel Portnoy] |
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