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A look back at Colliers market leader's pandemic real estate predictions and what's next

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A look back at Colliers market leader's pandemic real estate predictions and what's next

 A lot has changed in the past year as the pandemic's impact has lessened its grip on Central Florida.

However, issues linger in real estate in sectors that faced challenges last April. So, Orlando Business Journal looked back with Colliers International Central Florida Managing Director Danny Rice on his April 2020 predictions on the future of real estate and what the next year may look like.

Many of Rice's predictions were dead on. He successfully called a pent-up demand for dining out, evidenced now by a shortage of people to keep up with the work. In addition, the clairvoyant Rice saw that decisions around office real estate would depend on each individual industry. You can read of Rice's 2020 predictions here.

Rice once again spoke with OBJ about what's next for office, restaurants and industrial real estate. This time, though, the future looks a bit brighter. Here's what he had to say:

This time last year, Colliers' Orlando office was working from home. Have things changed? Roughly half the staff is back on a frequent or daily basis. Some still have kids in virtual schools, and they have to juggle work and personal. We haven't set a formal date to return, and there are still a lot of unknowns. We've talked about potentially creating incentives to bring people back to the office, but we haven't implemented anything. We hope our culture will bring people back to the office.

What's next with office real estate? It's still very industry-centric. There was a belief that this could have a drastic impact on office space, and there were plans to reconfigure and downsize across the industry. However, as time went on, many employers saw the challenges and inefficiencies with working from home — and the need for fewer distractions that an office setting provides. The belief that there might be a lot of changes has morphed more into a desire to keep what we used to do in place with some adjustments.

What's next for restaurants? The retail and restaurant industry is one of the most fascinating to track. Government orders forced them to close their doors briefly, so that allowed them to step back and look at their business strategy. Now, it's busier than ever, on top of to-go orders. Many restaurants had one kitchen, but now they're realizing they may need two for to-go. Restaurants probably are our most active clients looking for space.

How will industrial real estate fare? There continues to be a crossover with industrial and retail. For example, some retail locations are becoming small fulfillment centers with pickup ordering. Still, there's a lot of supply coming to the market and that will put pressure around some of the activity to get absorbed.

 


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Danny Rice

Executive Managing Director, Market Leader - Central/West Florida

Orlando

Danny joined Colliers in early 2018 as Managing Director/Market Leader for the Central Florida markets, which encompass the major metropolitan areas of Orlando, Tampa, Clearwater, Sarasota, Ft Myers and Naples. 

As the Managing Director and Market Leader, Danny manages the company’s Central Florida operations and business strategy. With a team of over 80+ brokers and client service brokerage coordinators as well as GIS, Research, Digital Marketing and Core Marketing personnel.  The team focuses on the leasing and sales of all property types, including Office, Medical, Industrial, Retail, Multifamily, Land, and Debt/Equity Mortgage Banking throughout the Central Florida market and specialty practice areas such as Student Housing, Seniors Housing, Marinas, Golf Courses, and Hotels/Hospitality, which are practiced nationally

With over 13 years of experience, Danny brings to Colliers a depth of knowledge with commercial real estate brokerage & technology, having started, worked for and/or coordinated with various tech companies across the country that are helping to accelerate the success of brokers and their clients.  His hands-on approach and knowledge of the brokerage business and intersection with technology ultimately allows Danny to share and deliver new ideas that benefits our clients.

In his role, Danny works directly with the other leaders on the executive team to develop and execute the overall corporate strategy for Colliers International in the Central Florida markets As Colliers and the Central Florida markets continue to expand, his focus is to develop, recruit and assist the top brokers in the markets and provide our clients with a high-level of service.

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