The Real Deal Miami

Flagler posts best first quarter in three years

May 12, 2011 04:16PM

Flager has had its best first quarter since the downturn, with more than 1.3 million square feet of leases and 650,262 square feet of property sales during the first three months of the year, according to GlobeSt.com. Wayne Schuchts, senior vice president at Flagler, attributed the strong showing largely to a recovery in Miami’s industrial market. Industrial leases accounted for 1.07 million square feet of Flagler’s activity in the first quarter. However, some of the success was due to a confluence of lease expirations that aren’t likely to repeat in the second quarter. “We did five deals over 100,000 feet in the first quarter,” Schuchts says. “Two to three deals of that size in a quarter is probably more typical. Most brokers and owners expect the second quarter to be pretty flat.” [GlobeSt]