July 31, 2009
By Carmen Carroquino
Guest Reporter
Packed into an elegant room like well-dressed sardines in a can, a panel of leading industry officials got together to discuss the present and future state of Florida's real estate market.
The July 28 panel discussion, titled "Central Florida: Where It Is, Where It Is Headed," was hosted by the International Council of Shopping Centers Orlando Local Program Committee and moderated by John Crossman of Crossman & Company.
With themes of building relationships to overcome real estate troubles and getting creative with vacant spaces to save money, Crossman said to invest in people in these trying economic times. He posed the question: "If you can't invest in relationships, what can you invest in?"
The event, held at the Village at Lake Lily in Maitland, featured panelists Randy Anderson, chairman of the UCF Real Estate Department; Chris Brockman, a partner at the Holland and Knight law firm in Maitland; Lonnie Peterson, chairman of Cuhaci & Peterson architects in Baldwin Park; and Declan Reiley, vice president of business development for the Metro Orlando Economic Development Commission.
In a general consensus among panelists that Central Florida is not among the hardest-hit areas for real estate woes, Reiley said that "although we aren't in our hay, the sky isn't falling; it may just be a little lower." He continued to say that numbers are good despite the circumstances.
Reiley and the Economic Development Commission have created more than 1,000 jobs in the Central Florida area and are still opening a few new projects, but are focusing on projects coming in the next couple of years.
In looking at what some would call the "death of the mall," Brockman said that we can't afford to have property just sitting around collecting dust.
With a combination of the words "mall" and "evolution," Crossman jokingly coined the word "mallution" to be used as the next phase for mall properties that want to survive extinction.
Brockman opted for alternative and more creative, non-traditional uses for empty spaces, like keeping the front of buildings in retail, but utilizing the back for other businesses like the Village at Lake Lily property, which features retail shops and restaurants on its exterior and apartment and condominium living on its interior.
Peterson agreed with Brockman's view of vacant spaces as multi-purpose and multi-functional opportunities, as it was one of the themes of the night. Peterson cited "remodel, renovate and reuse" as a mantra to follow.
When it came to strengthening relationships, Brockman used the example of a tenant and landlord to get his point across.
He said, "The tenant you have is the best type to have," explaining that keeping and building relationships with clients is easier than finding new ones. Brockman sent the message that servicing and working with one another will make things better in the coming years.
The panelists spoke hopefully about the future of the real estate market and said that consumers don't need to keep throwing away good money, but instead need to find creative ways to save.
Brockman said for right now, "It's save your way to survive, not save your way to prosperity."
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