2021 has been a year full of recovery, but also unseen and unpredicted growth for many sectors of the world, especially real estate. Florida itself saw growth in residents and tourists compared to the previous year. This led to increased sale prices and leasing rates across all fronts. Here is what TCG representatives have to say:
1. How has this year impacted your commercial real estate business?
Dan O’Berski, Principal, says that “the global success and substantial relocation of business and capital to Florida may be the single largest of funds on a geo-economic basis I have seen in my life.” Dan has been in commercial real estate for over 17 years.
Tony Mangione, Principal, mentions that “I was fortunate enough to participate in the highest volume of deals this year than any year prior, which allowed me to work with more people than ever before. This year truly expanded my network reminding me what business is really about, relationships.
2. What have you learned this year?
“Work, show up, serve, and never think a deal is done till you hear a hard no!” is one thing that Dan O’Berski has learned this year.
Russ McCone, Advisor, notes that “this has been my first year in CRE I have learned a lot when it comes to negotiating and the magic of working a deal. Another lesson I learned is that don’t count your chickens until they hatch, but also to not give up on a deal when it appears dead in the water.”
3. What is your outlook on 2022?
“Our outlook is always cautiously optimistic. Yes, it sounds like a “cop-out” because maybe it is, but that is how we approach the outlook every year. We are optimistic by nature, but cautious as we underwrite deals maintaining a conservative approach that always contemplates worst-case scenarios. We believe the momentum gained in 2021 will carry over into 2022 (especially in the early part of the year), but we suspect as interest rates begin to rise so will cap rates and we hope to witness somewhat of stabilization from the crazy,” Tony Mangione explains.
4. Any additional comments or thoughts?
Russ McCone mentions that “having the ability to seek leadership from the office staff has been very beneficial for a newbie like me. The others have been very helpful and straightforward. It is refreshing to be able to work with a team that has all player’s best interests in mind.”
When asked for additional comments, Tony Mangione adds that he is excited to be executing commercial real estate deals in Florida, where it is pro-growth and pro-business. Both of which are essential ingredients in a recipe for success.
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