Local governments are increasingly partnering with the private sector to capitalize on new real estate opportunities. Ken Krasnow, vice chairman of institutional investor services for the Florida market at Colliers, has worked closely with city governments for years and says that city governments are increasingly turning to brokers for guidance on real estate projects.

Population growth, job growth and corporate relocations in emerging markets, like Florida, are fueling the trend. "These trends have been like rocket fuel to these municipalities. Now, they have opportunities to capitalize on some of the macro trends, and they are able to look at new projects," Krasnow tells GlobeSt.com.

More than two decades ago, corporate America similarly started to partner with industry experts, and today it is commonplace. Krasnow anticipates the same trajectory with cities. "While corporations were in the real estate business, they weren't really effective in the real estate business," he says. "They started the process of outsourcing and finding strategic partners to effectively manage their real estate portfolio. This is a function of leveraging the private sector to effectuate change in their communities."