ORLANDO, Fla. --- The volume of distressed commercial properties---offices, retail buildings and industrial properties in danger of foreclosure---will likely increase substantially in 2010, says Jeffrey Sweeney, SIOR, president or Grubb & EllisCommercial Florida, one of the state’s largest commercial property companies with offices in Orlando, Tampa and Melbourne and associated with 130 Grubb & Ellis offices worldwide.
“Lenders have developed the internal processes to deal with distressed properties and are now ready to deal with them,” Sweeney said.
“Regulators have put significant pressure on banks to shed underperforming loans, and the real estate downturn has depressed the loan value of many commercial property assets,” Sweeney said. “Property sales volume will increase in 2010 but prices will be depressed,” he said.
The situation is a mixed blessing for commercial property companies, Sweeney said. Grubb & EllisCommercial Florida projects its brokerage business will grow by 10 percent or more next year due primarily to distressed property sales.
About Grubb & EllisCommercial Florida:
Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 40 brokers divided among its Orlando, Melbourne and Tampa offices to serve the entire mid-Florida marketplace.
About Grubb & Ellis:
Named to The Global Outsourcing 100™ in 2009 by the International Association of Outsourcing Professionals™, Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 130 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm’s transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through Grubb & Ellis Realty Investors, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), tenant-in-common (TIC) investments suitable for tax-deferred 1031 exchanges and other real estate investment funds. For more information, visit http://www.grubb-ellis.com/.
Contacts:
Jeff Sweeney, SIOR 407-481-5387 315 E. Robinson St. Suite 555 Orlando, FL 32801
Larry Vershel Communications 407-644-4142
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