ORLANDO, Fla. --- The volume of distressed commercial properties---offices, retail buildings and industrial properties in danger of foreclosure---will likely increase substantially in 2010, says Jeffrey Sweeney (top right photo), SIOR, president or Grubb & Ellis Commercial Florida, one of the state’s largest commercial property companies with offices in Orlando, Tampa and Melbourne and associated with 130 Grubb & Ellis offices worldwide.
“Lenders have developed the internal processes to deal with distressed properties and are now ready to deal with them,” Sweeney said.
“Regulators have put significant pressure on banks to shed under-performing loans, and the real estate downturn has depressed the loan value of many commercial property assets,” Sweeney said. “Property sales volume will increase in 2010 but prices will be depressed,” he said.
The situation is a mixed blessing for commercial property companies, Sweeney said. Grubb & Ellis
Commercial Florida projects its brokerage business will grow by 10 percent or more next year due primarily to distressed property sales.
Contacts:
Jeff Sweeney, SIOR, 407-481-5387, http://www.commercialfl.com/
Larry Vershel Communications, 407-644-4142
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