Starboard Commercial Real Estate

Hans Hansson | October 25, 2005

TCN Worldwide, one of the largest commercial real estate organizations in the world, held its annual meeting in Miami this month. More than 50 companies representing 210-plus global markets were represented. Overall, the firms reported another prosperous year for the commercial real estate industry, with no signs of a downturn expected in the near future.

Retail and warehouse sectors across the United States remain hot, while office vacancies have decreased significantly in almost every major market. Buoyed by the conversation of commercial properties to residential condos, a trend growing across the country, vacancy factors have been reduced as much from inventory declines as by actual market demand. Representatives from firms worldwide spoke of surplus cash chasing very little product available to purchase, which continues to drive up prices.

Another hot topic at the convention was the devastation and reconstruction of Louisiana and Mississippi after Hurricane Katrina. Two TCN affiliates saw their operations severely damaged in the devastating catastrophe. The majority of those present at the meeting agreed that New Orleans should be rebuilt, but at a smaller size and on safer ground. Unfortunately, most also felt that the pressure to stabilize people's lives and the economy as quickly as possible will lead to little long-term planning and more of the same development instead of fixing problems to reduce the potential for similar destruction in the future.
Posted 14 years, 2 months ago on October 25, 2005
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