Even as South Florida works its way through the worst commercial real estate downturn in 30 years, the market still remains attractive to businesses looking to relocate or grow within the region, says Ed Kearney, managing director of Kearney Commercial Realty/Sperry Van Ness.
Unlike towns in the Northeast and Midwest that are shrinking in population, each city in Palm Beach County has something unique about it that makes it attractive to existing and potential residents.
“West Palm Beach, with its waterfront, cultural and entertainment offerings make it a draw for both individuals and businesses,” says Kearney of Kearney Commercial Realty. “In choosing the city as a place to invest in commercial real estate, potential buyers should know that the political climate in the Palm Beach area still favors growth and business leaders expect an economic recovery.”
In the past few years, the commercial real estate market has undergone a downturn that has threatened the future of some cities. Those changes have ranged from a loss of an industrial base to declines in the sales of residential properties that have weakened the retail market.
Losses in the Palm Beach market have been restricted largely to projects that came too late in the real estate cycle, such as condominium construction and conversion, says Kearney of Sperry Van Ness. With an investor-driven surge in residential construction, there was also an accompanying overbuilding of retail and industrial space. The resulting glut of homes, shopping centers and warehouses presents a challenge, but also creates opportunities for real estate investors.
Ed Kearney of Kearney Commercial Realty Inc. says the following key points should be considered when assessing the best a city has to offer in terms of real estate investment opportunities:
• What are the expectations for future population growth? South Florida is expected to grow more slowly than in previous decades, Kearney says, but a population decline is not forecast.
• Are there major building or community development projects planned for the area? Palm Beach County had looked built-out, but with land speculation gone bust, there are new opportunities to buy and build.
• Is the transportation infrastructure solid? I-95 continues to be widened, and major east-west thoroughfares are being improved throughout Palm Beach County.
• What is local government’s commitment to attracting businesses? The downturn has reduced the ability of Palm Beach County to offer incentives, but leaders remain committed to luring companies that offer quality, good-paying jobs.
About Ed Kearney
Edward Kearney is a managing director for Kearney Commercial Realty Inc./Sperry Van Ness. He has extensive experience as a licensed broker in the state of Florida. Kearney specializes in the purchase, sale, and lease of office, retail and industrial properties in Palm Beach County, and other services for buyers, sellers, landlords, and tenants. Kearney invites those with Florida commercial realty needs to contact him by visiting http://www.svnpalmbeach.com, or call 561-616-6262.
For more information about investing in commercial real estate properties in West Palm Beach, please visit http://www.svnpalmbeach.com, or call 561-616-6262.
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