The future of commercial real estate was the topic of a Commercial Symposium held recently at the Founders Club in Sarasota, Florida. Hosted by the RE/MAX Alliance Group Commercial Division, the event was attended by an invited audience of more than 100 top commercial agents.
Former national President of the Certified Commercial Investment Group Richard Juge was a panelist along with recognized local leaders Stan Rutsein and Erick Shumway of RE/MAX Alliance Group’s Commercial Division. Rutstein was recognized as the #1 Single Commercial Agent in Florida by RE/MAX and Shumway was the #2 Commercial Team Leader in Florida.
The panel was moderated by past Manatee Association of Realtors President and District 13 VP Barry Grooms.
Juge gave an overall analysis of the national markets and emerging trends. Rutstein and Shumway shared the local trends in land, professional and commercial sales. All three panelists agreed that while the commercial markets are improving, they still lag behind the quickly improving residential market.
Shumway noted that Sarasota commercial and professional parcel sales have increased. "There has been a dramatic increase in the absorption of flex space in our market by investors but more importantly by small business owners,” he said. “That tells me that our business economy is definitely improving." However, he noted that pricing still lags behind 2005 levels.
Rutstein said he has seen a dramatic increase in developers purchasing vacant strip centers and outparcels. “I spend a considerable amount of time and effort planning and evaluating the trends, which I believe set the tone for the next five years. Therefore, I believe that the trend line now is only the very beginning of a five-year expansion and repositioning of this local market,” he said. “The advent of the new ‘business drivers’ that have not been here in the past will help build a more solid ongoing foundation for tourism and real estate.”
The symposium was part of an ongoing series of educational seminars developed by RE/MAX Alliance Group to educate not only its own agents but also its competitors as to new market concepts and trends. President and co-owner Peter Crowley stated that it is not only a good practice to share information but it is part of the Realtor creed.
RE/MAX Alliance Group (alliancegroupfl.com) is a full-service real estate company that has been serving the residential and commercial real estate needs of southwest Florida for more than 20 years. With more than 300 agents and staff, RE/MAX Alliance Group is the Number One RE/MAX in Florida based on transactions and volume, and the Number 10 RE/MAX in the nation based on transactions. RE/MAX Alliance Group offers real estate solutions in Sarasota, Manatee and Charlotte counties in Florida, with offices in Sarasota, Bradenton, Anna Maria, University Park, Venice, Siesta Key and Englewood.