Office Condominiums: Hot Trend In Commercial Real Estate
Several factors contribute to office condos growing from a niche market into a more prominent segment of the commercial real estate industry.
In South Florida, approximately 2,000,000 square feet are in various stages of planning and delivery – whether new construction or conversion. Regardless of how much ends up actually delivered, more projects dot the landscape of South Florida. Whether you’re an owner, broker, tenant, or tenant rep, the trend impacts you. Over the last 3 years, we saw an increase in these transactions, but they are by no means new. In fact, as you bring more overseas headquarters and divisions into South Florida, know that these companies are used to and often prefer to own their space rather than lease.
More brokers and developers are expanding into this segment each day. Many you’ve seen in our guide since we began. But few have been engaged as long as Kenneth A. Weston who began offering commercial condos in 1978. He made it his niche to serve, dedicated Kenneth Weston and Associates, Inc. to them, and endured full cycles of fluctuations in interest rates, supply and demand. With perhaps the most experience having been intimately involved in their evolution in South Florida, we bring you his review of where the segment is and where it’s likely to take us