A packed room of Commercial Real Estate executives and professionals filled downtown Orlando’s Grand Bohemian ballroom May 9, 2019 to glean insights and market analysis during the Florida CCIM Chapter’s Central District 2019 Mid-Year Commercial Real Estate Update.
After a warm welcome by Central District President Elect Chuck Hollis, CCIM, the event quickly got going. Roman Petra, CCIM and attorney at Nelson Mullins Broad and Cassel, served as Moderator to a five-person panel that included three CCIMs – including Brian Bailey of the Atlanta Federal Reserve.
Joining Bailey on the panel was Mark Ogier of ContraVest; Brendon Dedekind, CCIM, with ProLogis; Amy McCook with Equinox Development; and Paul Reynolds, CCIM, with Foundry Commercial.
During the three-hour event, the panel dove into a host of questions, including their take on government regulation; the health of the office, industrial, retail and apartment markets in both downtown and area submarkets; what Opportunity Zones might do for the market; how over-capacity roads and Central Floridian’s love of cars create challenges; how housing and construction costs are affecting growth; and if Central Florida is truly capitalizing on Florida’s population growth.
Brian Bailey, CCIM, CRE, chose his words carefully when pushed by Petra for details on how the Federal Reserve may react to certain market conditions, and while he stopped short of detailing how and when interest rates might shift, Bailey shared that investors may expect a “little bit of slowing (of the economy) later this year.” Banks holding a larger amount of capital than a decade ago has resulted in a healthier dynamic, Bailey argued, so slight changes to cap rates will not result in changes in day-to-day business operations.
Bailey also detailed how the workforce is running close to or at full employment currently, contrasting that to much higher unemployment at the height of the recession a decade ago.
Hundreds attended the Breakfast and Update event from around the state, including CCIM Chapter President Tina Marie Eloian, CCIM, of Florida Commercial Group in Tampa; several past Florida CCIM chapter presidents; and more.
Closing remarks were shared by Central District President Kent Cooper, CCIM, who also thanked sponsors, including Presenting Sponsor Stewart; and Diamond Sponsor Asset Preservation and seven others.