Alexander Bernaldo, P.A., SIOR
Americas Industrial Realty Corp.
"Leasing and sales activity continue to accelerate. More proposals are being issued and this is translating to more leases ultimately being signed. Tenants no longer have the upper hand in negotiations.
It is now a level playing field.
As a result, leases are getting signed
at higher rental rates. Landlord's focus
is for the most part on rental rate
rather than occupancy levels."
Sime Realty Corp.
"Tenants continue a flight to quality by preferring Class A space. Companies are providing more collaborative areas for employees but reducing actual workspace when possible. Landlords are beginning to reduce concessions and hold rental rates more firmly than before. 2013 will see the momentum swing towards the landlords."
Specialty: Office Leasing
"Capital is really chasing industrial deals
hard throughout FL due to the low vacancy rates, little development and the potential increases in rental rates. Very few investment deals over $10M are being marketed
so when one pops up, a multitude of buyers are bidding up prices. Cap rates for core and core plus industrial in South FL are about 5.75% to 6.25% on average."
Specialty: Industrial Investment Sales
Tom O'Loughlin, SIOR, CCIM
CBRE | Brokerage Services
"Quality product that is for sale remains difficult to source and the low inventory is starting to impact sales prices in a positive manner. Plus, with the amount of foreclosure and/or REO property significantly down,
the days of incredible discounts
are coming to an end.
We are also witnessing positive momentum
on the leasing side, especially in south and central Broward, It is only a matter of time before that trend moves north."
"The office market is very active. With that said, some corporate clients remain reluctant to make long term commitments in the market given the lack of government financial certainty. We have been fortunate that there are corporate clients who are more concerned about getting what may be one of the last "deals" in the market as opposed to being paralyzed by government inaction."
Richard F. Etner, Jr., SIOR
Exec. Director, S. Florida Industrial Team
Cushman & Wakefield
"Clearly our South Florida market is on the upswing. While we still see vacancy in SE Broward, we also see speculative industrial development for the first time in many years, so absorption is on the way.
The rabid appetite for anything industrial we have seen in Miami has flowed uphill into Broward, repeating the cycle we have seen repeated over the years. South Florida remains one of the stronger industrial markets from a National perspective and, as our offshore business continues to grow and people continue to move in the state,
I am certain our Industrial market
will continue to flourish."