THE DOLLAR'S REBOUNDING
Last week's national GlobeSt.com Quick Poll asked readers if the value of the dollar is in fact starting to rebound. A little more than half of respondents said there is a lot more pain ahead for American currency. Michael Stein, managing director for Aztec Group Inc. in Miami, spoke with GlobeSt.com about the way the changing value of the dollar effects commercial real estate in South Florida:
"I think it's a temporary blip, and I don't think it's indicative of the overall commercial market in South Florida. The strengthening of the dollar is not indicative of a rebound in the commercial real estate market. We will see further declines in the market that are driven by the global capital markets and the lack of liquidity in the market.
"There's really no indication in the commercial market that we can point to here that there is a rebound. Vacancies are going up. Same store sales are down. The housing crisis continues. There's a lack of debt financing available and unfavorable terms in the market right now.
"Psychologically it's helpful to know that the dollar is strengthening and that oil prices are falling, but I think it's more psychological in the short term rather than indicative of a long-term recovery."
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