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January 4, 2011 
A Happier New Year

Hello, South Florida! Allow us to introduce ourselves. We are the original commercial real estate e-blast that started in DC six years ago and has since expanded to NYC, Chicago, Boston, Houston, Dallas, Atlanta, LA and now South Florida. We try to be fun, informative, picture-heavy, upbeat, and mercifully short. Please give us your feedback and suggestions: Editorial@Bisnow.com.


With more competition in the marketplace than a year ago, Grubb & Ellis’ Tim Rivers is predicting more confidence and a continued recovery in South Florida CRE markets. The company released 2011 forecast reports Monday.

Tim Rivers

Tim says some of the macroeconomic factors driving the upward trend are the extension of Bush-era tax cuts, strong stock market performance in 2010, and corporations having more cash to spend. Although the office sector has been sluggish due to high vacancy rates, the industrial sector has been strong, with hopes that manufacturing job growth will spur office leasing. Although investor activity increased in 2010, it was hampered by economic uncertainty and lack of liquidity. For 2011, he predicts more institutional investors seeking core assets.

Bob Bach

Grubb & Ellis chief economist Bob Bach says nationwide he doesn’t expect fundamentals to return to pre-recessionary levels for another few years, but that activity will slowly and steadily increase over 2011.


Helping Haiti

Michael Capponi
While others were trimming trees and opening gifts, Capponi Group president Michael Capponi was handing out gifts to people in Haiti. In fact, since Jan. 12, 2010 earthquake, Michael has been donating his time and money to help the citizens of this Caribbean nation. With the support of United Way and Project Medishare, he set up a tent community in Belvil, a section of Port-au-Prince. Now, he has his sights set on a beachfront parcel in Jacmel, Haiti’s fifth largest city and home to about 40,000 residents.

With the help of labor from individuals displaced by the earthquake (who will be paid), Michael plans to renovate the historical buildings on the site, with the goal of creating a tourist area. He intends to seek the assistance of Miami colleagues to foster a burgeoning tourist industry in Haiti, in a manner similar to the Dominican Republic.


Leasing Flurry


Florida Atlantic University Research Park saw flurries recently, but not of the meteorological anomaly kind. It was of leasing activity, with eight leases totaling 61k SF. Flagler Real Estate Services Dyana Kenney and Keith O’Donnell repped the landlord, HDG Mansur. Dyana says this brings the 400k SF FAU Research Park to 70% occupancy. The multi-building property was developed by the Florida Atlantic Research & Development Authority to encourage research and employment collaboration between high-tech and business tenants with university faculty and students. The leases included Sandow Media for 22k, Florida Atlantic Research & Development Authority for 11k SF, Radiation Oncology Associated of Palm Beach County for 8k SF, FAU Trauma for 6k SF, Palm Institute of Sports Medicine for 5k SF, Exam Soft for 3k SF, Boca Raton Airport Authority for 2k SF, and ZBest Pizza for 2k SF.

Tell us your sunny news. Contact Natalie.keith@bisnow.com.
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