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South Florida Addresses Distress, Excess

MIAMI-Panelists are optimistic about commercial markets in spite of negative factors.

By Carl Cronan | Updated on September 30, 2009

MIAMI-Panelists at the fourth-annual RealShare South Florida conference expressed optimism about commercial markets, countering the bad press the region has received over distressed assets, excess inventory of residential condominiums and an impending abundance of office space. A crowd of 275 gathered at the Hyatt Regency Miami hotel for the half-day event.

Despite a recession that has taken a devastating toll on every commercial sector, participants in a Town Hall Meeting said they believe the state will recover in the next upward cycle. When that happens, however, is anyone’s guess.

“The quality of life and the job growth will return to Florida. It may not happen as quickly as we hope,” said Jay Caplin, managing principal of Steelbridge Capital. Other Town Hall panelists included Michael Fay, president of Colliers Abood Wood-Fay; Jack Lowell, vice president of Flagler Real Estate Services; Pike Rowley, president and CEO of Rowley Group LLC; and Orlando Sharpe, president of Sharpe Project Development.

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