Saturday, September 21, 2013

Colliers International South Florida Issues Second-Quarter Review in Tri-County Area

  
Rendering of planned Brickell CityCentre condos in Downtown Miami, FL
MIAMI, FL – Colliers International South Florida has issued its second quarter real estate review for Miami-Dade, Broward and Palm Beach counties. The review highlights the office, industrial and retail markets in the tri-county area.

Donna Abood
The review was coordinated by co-founding partners and co-chairmen Donna Abood and Michael T. Fay and chief executive officer Stephen Nostrand, 

In a prologue to the review, the company’s executives note:

“It wasn’t too long ago when we all complained about how slow and bad things were in the market. Developers, bankers, investors and yes, even brokers were looking ahead with discomfort about how they were going to last another day. But look at us now!

Michael T. Fay
 “There are over 30 residential towers under construction of the 150 planned projects across tri-county South Florida. Investment sales volume is up
+25% from this time last year. Consumer confidence across the state is up
above 80 for the first time since the summer of 2007 (for those who are
counting that’s six years ago).

“New CMBS offerings are up a whopping +240% from this time last year and, if you couldn’t already tell, real estate remains the reigning champ for delivering long-term investment returns (2.5% better annually than the next asset class).

Stephen Nostrand
“The market went from chasing its tail, to chasing any deal to where we are
now, chasing the next deal. Aside from the “all is well” response from the
sales community, the leasing market is telling a similar story.

“The pendulum has swung for virtually every product type across every major submarket. Many landlords are no longer shoring up their assets like they’re trying to weather the next great storm. Rental rates are seeing year-over-year growth and concessions are getting less generous, if available at all. Developers are putting shovels in the ground again for speculative product.

Harbourside Place, Jupiter, FL
Case in point Jupiter’s Harbourside Place, the +780,000 SF mixed use waterfront project or Brickell CitiCentre, the $1.05B, 4.6 million square foot, seven tower project in the heart of Downtown Brickell.

What has some worried is that interest rates and capital markets in general still have a big question mark. 

The 10-year treasury has jumped more than
a full percentage point since the start of the year on inflation and capital supply fears. This has some players in the market predicting this will pump the breaks on our recent growth. Still, there continues to be more dollars chasing too few deals.

“We find ourselves in an interesting position at the close of the second quarter of 2013. We’ve survived one of the worst collapses of the real estate (and overall market) and have started to get a reminder of what the “good times” were like. We look ahead with optimism that the rest of 2013 will be recorded as a banner year, positioning to springboard into 2014 with equal success"

.For a complete copy of the company’s news release, please contact:

For further information please contact:    
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138


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