Commercial Real Estate Slows in Brevard

By now, most people are painfully familiar with the slowdown in the residential Florida real estate market.

Something not being addressed to any large extent is the effect a prolonged weak real estate market will have on commercial projects in Brevard County.

Those projects, which bring new retailers and shops to Brevard as well as creating new jobs, usually slow after a prolonged period in the market.

Developers, economists and property brokers aren’t seeing the slowdown on the commercial / retail side to any great extent in Brevard - yet.

But what they are seeing is lenders being much more careful about Florida mortgage strategies while national and regional retailers are being extremely cautious about committing to new projects.

The subject surely will be a key discussion topic at the International Council of Shopping Centers Florida conference in Kissimmee.

At the conference, a hodgepodge of property developers, economists, real estate agents, economic development officials and others will discuss the state of Florida’s retail industry as they try to swing deals and lure deep-pocketed stores to communities throughout the Sunshine State.

Economic development officials from Palm Bay, Rockledge and Titusville are attending the meeting in hopes of drawing new retailers to their cities.

While developers say they’re all too aware of the Florida housing market’s loss of steam, it doesn’t necessarily mean an ominous cloud is nearing for commercial real estate development.

In many parts of Brevard County, land still is being cleared, foundations are being poured and tenants are signing leases.

Continue reading this Florida Today article on the slowing market for commercial real estate …