Carl V. Romano of Nelson Mullins. Courtesy photo Trends Contributing to a Lending Slowdown in Fla.'s Commercial Real Estate Market
While there is a continued need for commercial real estate lending in Florida, many institutional lenders have "hit the brakes" and are focused on increasing deposits. The increase in deposits (with the corresponding decrease in lending) makes perfect sense. Institutional lenders will be flush with capital when the interest rates come down and the lending market returns to normal.
August 28, 2023 at 11:15 AM
7 minute read
Board of Contributors
As discussed in the July 12 Daily Business Review article authored by my colleagues, Raul Valero and Michael Marcus titled "Exploring Lucrative Investment Opportunities in S. Fla.'s Strip Malls and Shopping Centers," the state of Florida "was the state with the highest net domestic migration in 2022 in both raw numbers and population percentage." This "great migration" in turn caused an increase in the development of single-family, multifamily, office and industrial projects and South Florida has been a beneficiary thereof. If one would take a look out of the windows from our West Palm Beach office, you will see a number of office and multifamily projects underway, with more slated to begin soon. As such, many commercial real estate attorneys in Florida were looking at 2023 to be a banner year.
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