Friday, November 15, 2013
Change is good!
As the calendar year end approaches, the Commercial RE market heats up. Opportunities are represented from large to small scale as buyers and sellers position their balance sheets. Recently, Suddath and Liberty both announced plans to remove their presence from the Jacksonville market. Suddath has been in the area for 100 years and many of us speculate the reason, Liberty announced last week management was relocating to Dallas to concentrate on the industrial sector and had sold it's office space & industrial space holding for $702 million, buyer not disclosed. Although, industrial was their focus, Liberty's Jacksonville industrial holdings would not be a part of the portfolio. On a smaller scale, a similar pattern shadows the private enterprise sector as empty space, land, investment properties in all sectors are aggressively marketed buy brokers for buyers and sellers respectively seeking to position their balance sheets. Certainly, the large scale moves were long term planning and can offer tremendous opportunities for the investors. I would see this as great opportunity for Jacksonville to be exposed to possible new investors in our market with a new vision. Small market activity would also show expansion by our local and surrounding area business community contributing tax base and growth. Change is good!