The Real Deal Miami

Franklin Street RE Services makes retail push

The firm has brought on 10 new specialists in the sector
Greg Matus, Franklin Street Real Estate Services’ regional managing partner

Gregory Matus

Franklin Street Real Estate Services has hired 10 new employees for a new office in Fort Lauderdale since May to expand its retail efforts. The brokerage firm is adding a director of leasing, junior investment broker and tenant representatives, according to the Daily Business Review.

“Retail’s strong. We’re seeing just a tremendous amount of activity,” Gregory Matus, Franklin Street’s South Florida regional managing partner, said in a statement.

“If tenants are going to invest in their stores, it’s going to be in a market like we have right now. People are spending money, they’re eating out, and generally the commercial business starts to rise after the residential business. It’s a natural cycle. The housing business was dead in 2007. Now it’s on fire. You can’t buy a house without 20 people competing for it, and that’s what the commercial business is following.”

Despite taking a hit from online sales, food-related businesses and nontraditional tenants have buoyed the sector, according to the newspaper.

“The dominant retailers, the ones who are paying the highest rents, are food or restaurant-related,” Matus said. “The fast-food business is on fire.” [Daily Business Review]Christopher Cameron