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| Alex Morcate |
CORAL GABLES, FL -- Alex
Morcate, CCIM and Vice President of Investment Analysis, Colliers International
South Florida, reports "It feels like just yesterday we were cautioning the
potential problems associated with oversupply, lack of demand and
unavailability of financing.
"In the span of roughly two years the market's outlook has
come 180 degrees from one of caution and pessimism to one of enthusiasm and
optimism.
"Industrial landlords
are in the driver's seat enjoying +6% year-over-year rent growth across
virtually every submarket in South Florida.
"This is in addition to public investments that will surely
spark demand over the long-term. Cap rates continue to decline, signaling
confidence in the local market.
"Land prices remain
one of the most heady of headlines with "new" all-time highs being
recorded every few months.
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| Miami skyline |
"Multifamily has fallen into second place as the former
flavor of the month, now behind industrial product, due in part to the lack of
supply of sizable deals in core submarkets.
"Retail remains in vogue, especially for institutional
investors with the long-term vision and comparative advantage to say places
like Lincoln Road are inexpensive by global standards. Restaurants seem to be
leading the retail recovery.
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| Fort Lauderdale, FL beaches |
"Office product is now the diamond in the rough. The market
as a whole has stabilized but remains moderate in comparison to other product
types that are benefiting from external drivers like international investment
or municipal stimulus."
For a complete copy of the company’s news release, please
contact:
Crystal Proenza
VP of Marketing & Culture
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