South Florida operations for Colliers International Group just got some heavy help with the addition of Ken Krasnow, former leader of the highest-volume commercial real estate brokerage in South Florida. Since being a part of Colliers, Krasnow states that he is striving to make Colliers’ brokerage “one of the region’s heavyweights.”
Krasnow also shared his thoughts on the commercial real estate market. He suggests, “cap rates are going to trend slightly higher” although, he also states that “operating performance continues to improve across most product types, so that offsets a little of the interest rate calculation.” He goes on to point out that the interest rate impact will not be too meaningful. There have been a lot of new large retail projects being developed in South Florida, and Krasnow sees this is a good “blend of projects. Certain projects are focusing on the luxury or high-end market, and others are more mid-tier.” Because the demand for both of these types of projects is still high, new developments are popping up all across South Florida. Krasnow also goes on to state that the market is beginning to stabilize a bit when it comes to the multifamily construction boom.
A number of projects are currently being considered or worked on down in the South Florida area. Some of these large projects include the UM Life Science & Tech Park with a $112.1 million expansion, a 345 unit Dania Beach apartment tower, a Jockey Club condo/hotel, an apartment tower across from Gulfstream Park in Hallandale Beach, and a 43,882 square foot Rail Car repair facility.