X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WHAT’S YOUR FUN FACTOR?

Last week’s Quick Poll attempted to gauge the response readers were having to the current real estate market by asking, “What’s Your Fun Factor?” Forty-nine percent of respondents indicated that it was business as usual, for better or worse. Twenty-eight percent claimed to thrive in times like these, while 25% said they hate down markets. Senior managing director of Florida for CB Richard Ellis, Bill Moss, shares his thoughts about the way Florida’s CRE market is dealing with the downturn.

“Down markets are predictable due to the cyclical nature of our business, so they shouldn’t come as a big surprise. Business is tougher now—you’ve got to work harder, deals take longer to get done, and there’s a higher fallout ratio. Deals that you think are going to happen don’t for a variety of reasons, mostly because of the state of capital markets.

“At the same time, I think there’s an opportunity to grow market share and position yourself for the market upturn that’s coming. I think this is an opportunity for people to thrive who are refusing to hang their heads based on the challenging environment which we’re dealing with right now. Those that take it as an opportunity to expand market share can end up being in a better position when things turn around than where they were a year ago.

“As for the ‘business as usual’ response to the poll question, at least to some degree that is true for the state of Florida. Businesses are getting back to fundamentals they may have strayed from in the past. Right now there is more of a focus on high levels of client service and working on and trying to identify high probability opportunity.

“The sales transactions activity is where the biggest slowdown has taken place, in all property lines. There is a significant amount of vacant land on the market that isn’t moving. Also, leasing activity has slowed, but on a percentage basis not as much as sales throughout the state.

“We’ll come out of this and be fine, but 2008 is going to be a bumpy year.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.