MIAMI—Tim O'Connor, senior executive vice president and regional manager for NorthMarq Capital, will be sharing his insights at RealShare Central Florida in less than two weeks. But he's giving us a sneak peak at what's on his mind as it relates to the region's commercial real estate market.
GlobeSt.com caught up with O'Connor to get his thoughts on the state of investor interest in the area, what's driving that appetite and more in part one of this exclusive interview. Be sure to come back to this afternoon's Miami edition for part two, in which O'Connor will pinpoint the challenges head on.
GlobeSt.com: What's the state of investor interest in Central Florida commercial real estate? How big is the appetite?
O'Connor: There is strong interest in the Central Florida region, and we are seeing this play out in terms of deal volume. The appetite is strong across a diverse array of investor types, which is an indication of the area's strength.
GlobeSt.com: What is driving the appetite among lenders and investors in the region?
O'Connor: The region has been seeing relatively healthy job growth and population growth, which is a refreshing change of pace after the stagnation seen during the downtown. The performance of these market fundamentals is now at a pace where healthy investor returns are not only possible on paper but being realized in practice.
GlobeSt.com: What asset types are demanding the most attention from investors?
O'Connor: Multifamily continues to be the darling of the property types among the investor universe in general. There are more and more investors that are specializing in niches within specific multifamily and commercial property types, which is possible given the increased transaction volume.
The performance of multifamily in our region has certainly proven out with vacancy rates down and ever greater rents. This phenomenal performance combined with the cap rate compression seen in the past few years has yielded big profits and spurred many outside players to enter the fray.
Come back to this afternoon's Miami edition for part two of this exclusive interview.
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