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Post by cadman on Aug 7, 2024 8:12:41 GMT -5
They still building around here and people still buying.
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Post by olmucky on Aug 7, 2024 9:30:21 GMT -5
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Post by drivinmike on Aug 7, 2024 9:48:04 GMT -5
I think we all underestimate how bad the commercial real estate issue is going to be. How many thousands of square feet of Class A office space is sitting empty right now due to everyone still wanting to work from home? My wife works for a company that has two buildings in Orlando. Total s/f of 100,000 or so between the two buildings. They used to have 1500 employee's there daily. Now they have 150 +/- . And that is going on all over Orlando right now. That is not sustainable. My commercial real estate friends are taking early retirement and heading for the hills right now. I think that is going to be the root cause of our next big correction, and that will bleed over to the residential market. I hope I'm wrong, but my gut says otherwise.
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Post by tampaspicer on Aug 7, 2024 11:18:04 GMT -5
I think we all underestimate how bad the commercial real estate issue is going to be. How many thousands of square feet of Class A office space is sitting empty right now due to everyone still wanting to work from home? My wife works for a company that has two buildings in Orlando. Total s/f of 100,000 or so between the two buildings. They used to have 1500 employee's there daily. Now they have 150 +/- . And that is going on all over Orlando right now. That is not sustainable. My commercial real estate friends are taking early retirement and heading for the hills right now. I think that is going to be the root cause of our next big correction, and that will bleed over to the residential market. I hope I'm wrong, but my gut says otherwise. I believe they will remodel those office spaces to residential/retail or tear them down and build more residential/retail. |
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Post by luapnor on Aug 7, 2024 11:22:17 GMT -5
I think we all underestimate how bad the commercial real estate issue is going to be. How many thousands of square feet of Class A office space is sitting empty right now due to everyone still wanting to work from home? My wife works for a company that has two buildings in Orlando. Total s/f of 100,000 or so between the two buildings. They used to have 1500 employee's there daily. Now they have 150 +/- . And that is going on all over Orlando right now. That is not sustainable. My commercial real estate friends are taking early retirement and heading for the hills right now. I think that is going to be the root cause of our next big correction, and that will bleed over to the residential market. I hope I'm wrong, but my gut says otherwise. Plus the impact on the surrounding and supporting businesses... like restaurants. |
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Post by swampdog on Aug 7, 2024 18:46:11 GMT -5
I may be wrong, but even a slow down in sales here in Florida is only a slow down. People are still wanting to come here to live. As mentioned by others, the majority are well to do folks with plenty of cash. Even the high cost of insurance won’t deter them. There are a lot of homes in the Orlando area being purchased by corporations and by foreign investors. It’s definitely an interesting conundrum.
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Post by ferris1248 on Aug 7, 2024 19:00:13 GMT -5
They are already converting commercial space in Atlanta into apartments/condos. Also into distribution centers and cloud space.
Several restaurant owners have mentioned their looking forward to it. Gives them not only breakfast and lunch traffic like when they were office used but opens up the dinner traffic to them
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