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| 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.
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| 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!
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| 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).
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| 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.
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| 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
Email: crystal.proenza@colliers.com
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