Grubb & Ellis|Commercial Florida Executive Jeff Sweeney projects 2009 will mirror image of 2008 in Central Florida: Slow but broad recovery

ORLANDO --- Next year Florida’s commercial real estate market will look much like it did this year, only in reverse. That’s the word from longtime area commercial real estate analyst Jeff Sweeney, (top right photo) SIOR, principal and managing partner of Grubb & EllisCommercial Florida.

Sweeney, who presents his annual market overview for the Central Florida Council of Bankruptcy Attorneys in Orlando, said 2008 began slow and is ending stagnant.

“Central Florida’s commercial real estate market in 2009 will be just the reverse,” Sweeney explained. “We expect it to start out stagnant and end with a pulse.”

The good news is the recovery should span all sectors, Sweeney said.

We think we’re going to see a broad-based return of the office, industrial and retail markets in Florida. Currently we have a broad-based downturn in all of those markets,” Sweeney said.

Job growth---a leading indicator in the commercial real estate markets---is likely to be anemic for the first half of the year and improve in the second half, Sweeney added.

“In an aggregate comparison, job growth in 2009 will be similar to 2008,” Sweeney said.

“It was slow and getting worse this year, next year it will be slow and getting better. I expect to see a lot more optimism in 12 months,” he said.
Contacts:

Jeff Sweeney, SIOR, Independently Owned & Operated, Grubb & EllisCommercial Florida, 407-481-5387, jmailto:jsweeney@commercialfl.com

Larry Vershel Communications Inc., 407-644-4142, lvershelco@aol.com