Coral Gables Office Space Blog: Does the ‘Teflon Bull’ Have Beach Sand Beneath Its Hooves?
From a Coral Gables office or a Coconut Grove commercial space, it’s hard to deny the four-year-old bull’s resilience. In fact, from Wall Street to Main Street, some are calling the current market run the “Teflon bull.” And with strong commercial and office real estate growth and new activity throughout Coral Gables, Miami, Miami Beach and all of South Florida, it’s no surprise.
We’ve seen rents stabilize and even rise. New business inquiries and leases are being signed throughout Coral Gables and across South Florida’s key business markets.
It’s no secret that residential real estate has rebounded with enthusiasm, attracting buyers from throughout the Americas – from the Northeast to Brazil, Argentina and the rest of the hemisphere.
Across the Atlantic, France remains one of our strongest prospect markets, though the Russians have been bullish in their own right – buying up prime property and launching business interests throughout South Florida.
Then, there’s the Teflon bull. The stock market this week has hit another new high; the S&P is up more than 150% since March 2009. Investors nationwide have looked beyond the debt crises, the “fiscal cliff,” a near-miss with U.S. default, a government shut down and reopening, wars and conflict, and general uncertainty. To put it mildly, those investors remain bullish.
If the South Florida market itself is any indicator, the running of the bull is taking the market from Miracle Mile and Alhambra up to Brickell Avenue and Flagler Street and over to Miami Beach. Office towers are filling with tenants, as new billion-dollar properties and mixed-use complexes are planned.
Where will this lead us? It’s hard to say. Four years ago, as condominiums along the downtown and Brickell corridors comprised ghost towns with frightening-high vacancy levels, who could have predicted that Miami would have a surge of new condo permit requests seeking approval?
It’s a resurgent, resilient and remarkable market. The bull is running strong in South Florida. Suffice it to say, Miami businesses are thrilled to be running with the bull again.