News Article: South Florida Office Market Heats Up

Neil Merin was featured in the South Florida Business Journal…

“Preleasing has been slower in Palm Beach Gardens, where the speculative 63,500-square-foot Gardens Innovation Center was recently completed. Broker Neil Merin, chairman of NAI/Merin Hunter Codman, said the building has no leases, but now that companies can tour the finished space, he’s seen more interest.

“Unless people can see something, they won’t lease it,” Merin said. Merin’s client self-funded Gardens Innovation Center without waiting for preleases, but many developers aren’t willing to put so much of their money on the line, and prefer to combine equity with a construction loan. If a developer can’t obtain a solid percentage of preleases, obtaining construction financing is nearly
impossible.”

CLICK HERE to read the full article.

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