Real Estate Investment Group Grover Corlew Weighs in on South Florida’s Office Market Landscape
Partner Mark Corlew joined NAIOP panel on office market trends and forecasts for 2019 and beyond
Fort Lauderdale, Fla. (May 22, 2019) – The state of the South Florida office market is strong, according to Mark Corlew, partner of the Florida-based real estate investment management group Grover Corlew. He shared his insights as a guest panelist during the recent NAIOP South Florida Office Update 2019: Time to Accelerate.
The event brought together distinguished commercial real estate experts to discuss the local investment sales environment, new occupier trends and what to expect during the rest of 2019 and beyond.
Corlew along with his partner Anuj Grover are well qualified to speak on the climate of the office market with a current portfolio of 13 office properties in Florida alone. Grover Corlew has a portfolio of more than $500 million in development, value add and core plus investments throughout the Southeastern U.S. The real estate duo has garnered a reputation for transforming outdated office properties into prominent, well-designed, state-of-the-art corporate buildings that are attractive to expanding businesses and headquarters.
“We are seeing strong leasing interest in all of our vacant office spaces,” said Corlew. “While we always keep a cautious eye on economic variables, we don’t see a lot of risk in the market currently. In fact, the first quarter of 2019 was the most active yet in my career.”
During the panel discussion, Corlew also pointed out that they have seen noteworthy companies from the Northeast and West Coast move their key decision makers to Boca Raton, where they are now opening smaller satellite offices. With limited office space in Palm Beach and Broward counties, Corlew added that he continues to see potential for rent growth and absorption.
“There is an influx of capital and talent relocating to Florida and they are demanding high quality amenities and sophisticated buildouts,” said Corlew. “We are able to meet this demand with some of our smaller 3,000-sq.-ft. spec spaces, which are often leased well before we complete construction.”
It has been a busy start to the year for Grover Corlew. Hair Club for Men just relocated its corporate headquarters to Palmetto Place @ Boca Raton and Gift of Life Marrow Registry relocated its headquarters to Sabre Centre I. Both are Grover Corlew properties in Boca Raton that have undergone multi-million-dollar renovations and a rebranding. Grover Corlew also just acquired the 216,101-sq.-ft. Hillsboro Center in Deerfield Beach for $32.5 million, bringing the management group’s total Florida commercial portfolio to two million sq. ft.
The South Florida Office Update was moderated by Avison Young Principal Greg Martin, and included, in addition to Corlew, Stiles Senior Managing Director Kyle Jones, CBRE Vice Chairman Christian Lee and JLL Executive Vice President Rod Loschiavo.
For more information on Grover Corlew, please visit www.grovercorlew.com.
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About Grover Corlew
Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeastern U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeastern U.S.