Neil Rollnick Discusses Factors Contributing to a Drop in South Florida Real Estate Deals
Hinshaw partner Neil Rollnick was quoted extensively in a recent Daily Business Review article in which he discussed some of the factors contributing to a drop in South Florida real estate deals, along with signs of a potential resurgence.
Rollnick said the overall disruption in South Florida’s commercial real estate market was due to "inflation, interest rates, cap rates, vacancy levels, political turmoil." He noted the office sector was particularly affected due to many companies, including professional services companies such as law firms and accountants, downsizing.
While Rollnick did not expect to see much change in the new year, he remained optimistic. “I am always excited by the CRE market. I enjoy watching and participating in the trends. Design and architecture, particularly cutting edge, is always exciting,” he said. “As far as deals are concerned, there is excitement which is tempered by large amounts of vacant and unused space.”
“I am seeing many companies taking advantage of the overall CRE situation and moving, as leases expire, from their currently large office environment to newer buildings with improved amenities and smaller homogenized office environments,” Rollnick concluded.
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"South Florida Sees a Drop in Deals, but Population Growth Creates Optimism" was published by Daily Business Review on September 11, 2023.