John L. Gay, one of Strictly Commercial's founders, concedes he is seeing "a slowdown in both construction and leasing activity" but still calls the Orlando market "very healthy." He tells GlobeSt.com, "As a tenant representative, I term 'healthy' as a market where robust leasing activity meets ample product supply."
Gay looks for rents to level off this year as class A buildings compete for more creditworthy tenants. "I expect the class B office market to be hurt the most by the national economic slowdown," the broker says.
His own lean team is generating half of its business from repeat clients and the other half from referrals and the market. "Our recent affiliation with CRESA and our relationships with other out-of-town brokers like Julian Studley (of New York) have helped us garner a good share of the relocations and expansions from national companies," Gay tells GlobeSt.com.
CRESA is the largest alliance of independent real estate service providers in North America focusing on tenant advisory services.
Among Strictly Commercial's most recent leasing deals, the largest was Huntington Bank's 36,000-sf, 10-year transaction at Capital Plaza II in Downtown Orlando. Sarah M. Castor, a Strictly Commercial co-founder, negotiated for Huntington. Catherine Reeves of Highwoods Properties represented the owner, Highwoods Properties Inc.
In other transactions, Castor and Gay negotiated the VOA Associates Inc. sublease of 10,112 sf for 3 ½ years at the Point Ivanhoe building Downtown. URS/O'Brien Krietzburg is the sublandlord.
Castor represented MedWare in the five-year, 7,800-sf lease at Lucien Green in Maitland Center. Al Clark of Southeastern Realty negotiated for the owner.
Castor negotiated for Hancock Information Group in the three-year, 5,800-sf lease at 2180 Sanlando Center in suburban Longwood, FL. Patrick Connell and Karen Padgett of RREEF Management represented the owner.
Gay represented DLR Group in the subleasing of 3,647 sf for two years in the Maitland 200 building in Maitland Center. Greg Morrison of NAI Welsh Cos. negotiated for ADP, the sublandlord.
Castor negotiated for Muscular Dystrophy Association in the five-year, 3,100-sf lease at University Park in Winter Park, FL. Rick Solik of Cushman & Wakefield of Florida Inc. represented the owner, Colonial Properties.
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