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NAIOP South Florida Unveils Mid-Year Update for Commercial Real Estate Industry

NAIOP offers advocacy, education and business opportunities for commercial real estate professionals and connects members through a solid North American network. 

During NAIOP South Florida’s annual mid-year update, some of the industry’s top brokers and commercial development experts offered valuable insight into the current state of the retail, office, mixed-use, multifamily and industrial sectors. The panelists expressed continued optimism about South Florida’s resilience and long-term potential for growth in various commercial sectors. They discussed many vital topics, including leasing activity, issues with returning to office work occupancy, construction costs, material and labor shortages, skyrocketing insurance prices, predicted land shortages, and multi-story industrial options. They also highlighted the development of urban environments in suburban locations to attract tenants, affordable housing, job and population growth and the cost of living.

“There’s a lot going on in the market, and as a leading organization for the commercial real estate industry, our mission is to support our members’ success by delivering programming to keep them well-informed and connected,” NAIOP South Florida Executive Director Jules R. Morgan says.

The discussion was split into two parts, with the first panel being led by Christian Lee, vice chairman of CBRE, and featuring Jonathan Kingsley, vice chairman of Colliers, Jaime Sturgis, chief executive officer of Native Realty, and Tom O’Loughlin, executive vice president of CBRE. They discussed various topics about the industry and shared their insights and experiences. Christopher Thomson, a top land broker and executive director for Cushman & Wakefield, moderated a developer panel, which was comprised of Jordan Bargas, senior vice president of development for Related, Malcolm Butters, president and Co-Founder of Butters Construction & Development, James Bry, Executive Vice President of Sunbeam Properties & Development who developed the Miramar Park of Commerce, and Robert Given, vice chairman of CBRE. The group provided valuable insights and expertise on the real estate industry.

The group also noted that the current interest rates could result in a slower economic recovery in 2024. Industrial demand is healthy and normal, with no signs of oversupply. Retail leasing is active, particularly for restaurants and service-based retailers. The office market has experienced declining transaction volume and size, but hope remains for future growth. However, construction costs remain high due to pricing fluctuations in materials and labor availability. The panel also discussed the impact of the return-to-office on real estate occupancy rates.

Jonathan Kingsley, vice chairman of Colliers, said that suburbs are still a safe choice for businesses in today’s environment. 

“Corporate office parks tend to be less expensive, particularly in the flex-office market, where tenants can access their own single-story space, control their airflow, avoid busy parking garages and common elevators,” he says. “They offer all the fundamentals, particularly when surrounded by some type of retail amenity base.”

Photo cutline: Julie Dunn, Ralph Pena, Denise Morales, Jake Stauber, Mark Rubin and Derek Baker of Colliers

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.