(Crystal Proenza is associate editor of Real EstateFlorida.)

CORAL GABLES, FL-In the face of a commercial real estatedownturn, the biggest challenge in completing lease transactions isthat tenants and prospective tenants are uncertain about thefuture, says Eric Swanson, executive vice president and marketofficer for Flagler Development Group. Like many firms, Flagler hastaken on a back-to-basics strategy to weather the storm, workingwith its existing and possible new tenants. Through its efforts thecompany completed 1.4 million square feet of new and renewal leasetransactions in the fourth quarter of 2008.

Many of the largest deals, which were undertaken by Flagler RealEstate Services, the firm's brokerage arm, have been closed inproperties located in Miami. DSV Air & Sea Inc. signed a 57,733square feet industrial lease and Santillana USA Publishing Co.renewed 38,379 square feet lease at AMB Property's Beacon Centre at1701 NW 87th Ave. At Flagler Station, located at 10505 NW 112thAve., two industrial tenants, Kassatex Inc. and TY, TY & TY,renewed their 33,814-square-foot and 37,446-square-foot leases.