Monday, October 27, 2008

ComReal Miami 3rd Quarter Industrial Market Report

ComReal Miami has released it's 3rd Quarter Industrial Market Report for Miami-Dade County. As expected, Vacancy Rates have risen from 6.7% to 7.5%. However, the average Lease Rate slightly increased to $8.53 psf Gross. The explanation for this is that Landlords are still holding on to high Miami warehouse lease rates as long as possible. But expect landlords of Miami warehosue spaces to make more concessions as the economy softens and there are fewer tenants seeking to lease space. ComReal also expects a slow retail, holiday season for the 4th Quarter of 2008. This will eventually effect the Miami warehouse occupancy rate as tenants reduce their inventories.

One of the largest for the 3rd Quarter was ComReal's lease of a Hialeah warehouse space of 103,000 sq. ft.

To download the entire report, please visit

Edward Redlich, SIOR, CCIM
Vice-President Industrial Sales and Leasing
ComReal Miami, Inc.

Thursday, October 23, 2008

Press Release… “CCIM’s 2008 Commercial Real Estate Convention”

I am pleased to announce “The CCIM Success Series” held in Chicago last week was indeed a true success! After 14 years in the commercial real estate (CRE) business, this was one of the most informative and educational conventions that I have ever attended. Some of the sessions included topics on the capital markets, national economy, international investors, corporate America, technological advances and much, much more. Over 1,000 professionals from all over the world participated. In addition, 382 professionals passed the comprehensive exam and have now obtained their CCIM designation. Congratulations to all of them! Special wishes to Miami’s very own Matthew Rotolante and Anthony Galluzo who obtained their CCIM pin.

The event captured the close attention of those concerned with both an uncertain economy and the future of the real estate industry. According to Lawrence Yun Ph. D., Chief Economist with the National Association of Realtors, the market is trending towards an official recession in the next two consecutive quarters. So, what else can be expected? Additional layoffs by corporate America; a slow holiday season for retailers; financial institutions and REIT’s will continue to hold and do nothing. However, there are some positive statistics and trends such as increases in exports, rent growth, select industries, and some local economies. If you want the best possible outcome and/or find available opportunities out there, then be sure to choose a CCIM professional to consult with and represent your best interests.

For consumers, choosing a CCIM designee, is more important now than ever. Only an experienced, trained expert who specializes in a CRE product such as office, industrial, retail and/or multi-family properties will truly be able to assist the consumer to advocate their needs. Residential firms and agents are, all too often, not qualified to assist the consumer with more sophisticated processes such as CRE property selection, marketing, negotiations, due diligence, financing and more. Yet, many consumers fail by choosing to work with an agent just because they purchased a home from them or they are mesmerized by a discount fee. These mistakes can lead to long delays, expensive errors, unqualified parties, a frustrating deal process and even harmful lawsuits. There’s never a better time to seek professional assistance when the times are rough.

We are pleased to announce our 3rd Annual Outlook Conference on January 21st. Nine commercial real estate specialists will deliver presentations and forecast for Miami’s CRE market and economy in 2009. We expect a capacity crowd of 300 professionals to attend. We hope to see you there!

I encourage everyone to always consider a CCIM designee when handling their CRE needs. In Miami, you can visit us at to learn more. Also, please feel free to contact me anytime for further discussion.

Thank you very much.

Edward J. Redlich, CCIM, SIOR
President of CCIM’s Miami-Dade/Monroe District

Saturday, October 4, 2008

Homestead Economic Roundtable in Miami Commercial Real Estate

The Vision Council, ComReal Miami, and Homestead Hospital hosted a Southeast Homestead Developers Forum at the Homestead Hospital Board Room Friday, 26 September. The purpose of the forum was to draw together investors and stakeholders in that area to discuss marketing, access to credit, and timing for the explosive growth taking place in that area of the county.

Of the four million feet of commercial space becoming available in 2009-2010 in the Homestead area, nearly 50% of that space will be in the Park of Commerce and Foreign Trade Zone area, located east of the Turnpike and near Homestead Motorsports Complex. Specifically, Park South and East Gate will bring a combined total of approximately 1.6 million feet of commercial space into the marketplace beginning early next year. This phased-growth complents the upcoming expansion of NWD Exports in the Foreign Trade Zone (FTZ), which is planning to have 22,000 feet available for lease within the FTZ in 2009.

The forum also included a review of the local Economic Indicators provided by Vision Council President, Dennis Daley. This presentation provided area stakeholders with specific facts about economic sector growth and outlook for the area.

Of particular note, manufacturing is very under-represented in the Homestead area, comprising only 2% of area business and employment. With recent increases in median income for the Homestead area, and steady gains in MDC enrollment, it is apparent that Homestead possesses a more skilled workforce than in past history. With the combination of skilled workforce, ample affordable commercial space, and FTZ opportunities - attracting additional manufacturing to the area may be a solid possibility in the upcoming years.

At conclusion of the discussion portion of the forum, stakeholders clearly indicated that a dedicated marketing initiative for this area was needed, as well as continued access to construction capital.
With this support and the efforts taking place at present, this area can clearly be a key economic driver for not only the Homestead area, but south Dade County as well.
For more info, please visit

Edward Redlich
ComReal Miami