CEO Sounding Board - Real Estate
What is your outlook for 2011?
Stiles Corp. (developer)
Terry Stiles [Photo: Eileen Escarda]
Rental apartments are "the hottest product" as people unable to make down payments or who have lost homes decide to lease. "Offices are going to be real slow until we start to see some more job growth. We'll be hiring. The next year is not going to be an easy year. It's getting better."
St. Joe Co.
"The oil spill created uncertainty in the marketplace, and more at the resort side of it, and I think that's going to continue to be slow," Greene told analysts. "On primary (homes), we're seeing interesting little ticks in the submarkets like Panama City Beach. Macro, the region itself I think residentially, both primary and resort, is going to continue to be a slow-paced growth."
Blanca Commercial Real Estate
"Most of the companies we're working with are building expansion into their space requirements. They're planning to have new employees."
Haskell Co. (design-build firm)
“We expect to be up 15% in 2011 over 2010. We’re seeing the return of U.S. manufacturing. We’re seeing some strength in the healthcare market. We’re not seeing strength in general commercial — office buildings, parking structures and retail. Federal work remains quite strong. We’ve added jobs, not dramatically. We’re back on a growth curve. We’re happy to see an uptick in business — it’s been a long time.”
Continental Real Estate Cos.
Distressed asset sales will lead all categories in 2011, but the good news is that the gap between what sellers and buyers want is narrowing, says Weiser, head of the company's distressed assets and receivership practice. "We see a solid flow of (distressed) assets hitting the market, whether it's notes or REO (foreclosed real estate). There aren't too many stable assets you'll see trade in 2011."
Senior managing director/Florida region
CB Richard Ellis (commercial real estate firm)
"We're seeing improving leasing activity — office and industrial both. There's certainly not a lack of liquidity, and I think that's a positive. Until (unemployment) really improves, that's going to continue to be a drag on things."