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| Donna Abood |
MIAMI, FL-- Colliers International South Florida is pleased
to release its Q4 2012 South Florida Commercial Real Estate Research Report. In
this edition, you will find valuable market overviews for office, industrial
and retail product in Miami-Dade, Broward and Palm Beach Counties.
Highlights of the report from Donna Abood, co-chairman and
founding partner; Michael T. Fay, co-chairman and founding partner; and Stephen
Nostrand, chief executive officer.
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| Michael T. Fay |
Throughout 2012 we looked ahead with caution understanding
that the market was changing and direction was positive but uncertain. Looking
back at 2012 we see that we’ve come a long way from this time last year.
Transaction activity
is up. Interest and inquiries are up. Confidence and outlook are up too.
Overall the South Florida market made improvements virtually across the board,
both at the macro and micro level.
This consistent increase in activity is fueled by several
factors, many of which we expect to see continue into the first half of 2013.
CMBS is coming back into the picture which will provide a solid foundation of
growth from which to springboard.
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| Stephen Nosrand |
Each of our primary lines of business benefits from the
resolution of distress across the local and national market. While the market
is improving, we still estimate that roughly one third of the market is still
distressed.
We are also seeing a pick up in the private sector with 1031
exchanges getting active. Net absorption has been positive across almost every
major property type in every major market, an obvious indication of leasing
strength and a narrower gap between bid and ask for commercial space.
Some of this has to do with negligible construction
activity, at least when compared to the first part of the 2000’s.
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| Miami skyline |
These observations are more than just commentary though.
We’ve seen a continued evolution in our book of business to include a greater
proportion of institutional and headline-worthy deals.
We closed nearly
$400 million in investment sales transaction value and leased approximately 1.5
million square feet of space across South Florida.
As we mark an end to 2012 we acknowledge that the recovery
is still well under way. This means the local market will still be subject to
short-term volatility as talk about the fiscal cliff and national level budget
concerns pump the breaks on what looks like a smoother road through 2013.
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| Fort Lauderdale skyline |
The residential is still roaring back fueled by foreign
demand and we expect this demand will begin to taper off gradually.
In short
the local market saw widespread improvement when compared to 2011 and we expect
to see more of the same during 2013. However, we remain cautiously optimistic.
For a complete copy of the report, please contact:
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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