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Business Expansion & New Markets 2009
CEO Survey results - construction Plans
| Do you plan any construction or building projects in Florida in 2009 related to expanding or relocating some or all of your operations? | |||
| 2008 | 2007 | Change from 2007 (% pts.) |
|
| Yes | 38% | 47% | -9.4 |
| No | 59 | 45 | +13.9 |
| Don’t know/not sure | 3 | 8 | -4.5 |
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Jose M. Hevia
Flagler Development Group
President and CEO
Coral Gables
The Orlando market and niche markets, including Miami’s Airport West sector, continue to be active, with vacancy levels that are relatively stable. Due to the slowing of the economy, however, we have scaled back our plans for the development of new Class A suburban office buildings in 2009 from four to one, down from about 600,000 square feet to about 150,000. One of the things that separates us from many of our competitors is that we don’t rely on a single revenue source. We have approximately 12 million square feet of income-producing assets in Florida. We also have continued revenue from development, which grows assets, plus right-of-way income and services. Overall, Flagler is well-positioned for future growth. While we are taking a cautiously optimistic approach for 2009, we have already begun planning for development opportunities in 2010 and beyond.
CEO Survey results - New Markets
| Are you planning to expand your business into new geographic markets in 2009? | |||
| 2008 | 2007 | Change from 2007 (% pts.) |
|
| Yes | 50% | 51% | -0.6 |
| No | 50 | 49 | +0.6 |
Business Beat - Week of May 3rd
