TAMPA BAY, FL (PRWEB) August 23, 2016
There’s a noticeable uptick in commercial real estate activity in Tampa Bay that is surprising for an election year, says Ryan Lolkus, President of The Krauss Organization, which for almost 65 years has provided relationship-based, value-added commercial real estate services in the Tampa Bay region.
“The Krauss Organization has weathered 16 presidential elections, and in our collective memory, usually around June things start to slow down as brokers, owners, investors and lenders begin to pull back and hold their cards until after election day,” commented Lolkus. “Not this year.”
While the outcome of the Clinton-Trump contest is anything but certain, Lolkus is seeing optimism throughout the commercial real estate sector here in Tampa Bay. In the summer before the 2004, 2008 and 2012 elections, activity for The Krauss Organization had dramatically slowed to near stand still as buyers, tenants, and property owners awaited pivotal election results. Uncertainty led to paralysis in the marketplace. By contrast, this summer’s pace has not slowed at all, and pending business is up nicely.
That’s doubly encouraging, Lolkus says, not just because of the volatility of the presidential election itself, but also because of the host of questions surrounding the potential for major down-ballot surprises that could change the makeup of our state legislature and Congress.
The property management guru at Krauss, Frank Cisneros Jr., said he is seeing a healthy appetite in the lending industry for good commercial deals. “The banks have to lend to make money, and they are,” commented Cisneros.
While some partisan pundits are trying to make political hay for their candidates by claiming the economy is weak, The Krauss Organization’s Joe Seidle, a veteran of more than 32 years in this market, including eight presidential elections, commented (in Yogi Berra fashion): “We are seeing the market continue to advance, and I don’t see the election making a difference either way. The downside is more of the same, and the same is getting better.”
And finally, Peter Linneman, Chief Economist for NAI Global, said in an interview this month in Commercial Property Executive that, “Despite its slow growth, the U.S. economy is steadily recovering. Thus, it is less likely to be heavily impacted by the political changes. The U.S. economy is a supercarrier economy. We are growing, building, but not overbuilding.”
So, in spite of the negative campaigning we are about to endure once again, there is good news for the Tampa Bay commercial real estate market,” Lolkus says. “We believe it will continue to be a powerful driver of the regional economy and a key contributor to the great quality of life we all enjoy here.”