2012 Economic Outlook
A replay of last year's slow economic growth looks likely this year according to DBR panelists who recently gathered to discuss the economic outlook for 2012, as well as their expectations for the region's key business sectors.
A replay of last year's slow economic growth looks likely this year according to DBR panelists who recently gathered to discuss the economic outlook for 2012, as well as their expectations for the region's key business sectors.
Nothing exemplifies the uncertainty and potential transformation South Florida faces than the debate over so-called destination resorts and the casinos their backers are campaigning to legalize. The casino issue was one of many topics up for discussion at the Daily Business Review's quarterly Business Advisory Board economic forecast roundtable.
It's good to be king. That, in a nutshell, describes the last year in South Florida's commercial real estate market as high-profile and desirable properties went for prices that were reminiscent of the boom days of a few years back.
Like dedicated surfers surfacing after a bad wipe out, commercial real estate buyers, sellers and developers are climbing back on their boards - and looking to catch the next wave.
The industrial market shows some signs of recovery as two high-profile transactions are early signs the South Florida's industrial market is reviving, but the region's landlords are still being pressed to hand out concessions to lure tenants.
As landlords get dose of reality and absorption numbers improve, phones begin to ring and brokers are revitalized. Compared with last year, interest in South Florida 'night and day.'
Several large retailers, including Navarro, Subway and Bealls, have enough confidence in South Florida's retail recovery to launch searches for more store locations. Also, While South Florida attracts attention from plenty of domestic retailers, foreign companies also are interested in establishing footholds in the area.
As landlords get dose of reality and absorption numbers improve, phones begin to ring and brokers are revitalized. Compared with last year, interest in South Florida 'night and day.'
Despite an excess of space, Port of Miami director Bill Johnson recently challenged real estate developers to build more warehouse and distribution space. But with landlords struggling to keep tenants and attract new ones, now's not the time to expand South Florida's inventory, some brokers say.
Leases, sales and development projects by federal and local government agencies could pump new life into the industrial sector, but closing a transaction with the government can be a lengthy, bureaucratic process.
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