The industry’s leading commercial real estate professionals believe it is safe to say that as we head into 2012, the worst of the economic turmoil is behind us and Florida’s commercial markets are positioned well to move toward true recovery throughout this year and the years ahead, according to the 2011–2012 Florida Market Perspective, a comprehensive assessment and outlook on commercial real estate throughout the state, released by CBRE.
- Immense progress has been made to shore up Florida’s commercial real estate markets and as a result, the anticipated flood of distressed properties did not dramatically affect the Florida markets in 2011.
- Industrial and multifamily properties in Florida are anticipated to continue to lead the path through recovery, as they did in 2011.
- As consumer confidence grows, retail properties will see further stability and growth followed by office properties.
- Development of commercial properties is another positive sign for Florida’s short-term future, as it will spur job growth.
- Additionally, development of speculative industrial and multifamily properties is anticipated to begin in many Florida markets.
In summary, Florida saw signs of stabilization and recovery in 2011. We anticipate 2012 to bring, at a minimum, consistent levels of leasing and sales activity as was experienced in 2011.
CBRE’s Florida Market Perspective reports on seven major markets in Florida, covering office, industrial, retail, and multifamily properties, and land. For the complete look at commercial real estate in Florida, go to www.cbre.com/fmp.
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