AN INSIGHT INTO STEPHEN BITTEL’S REAL ESTATE CRYSTAL BALL
According to Stephen Bittel, CEO of TerranovaCorp, the company has been a tremendous net seller over the past few years, while making few purchases. The retail sector is claimed to be the black eye with numerous department stores undergoing hardships together with other branches that they support. Supermarkets are not left out, too, as they continue to receive attacks from all sides. Well, it seems like retail stores are the only ones which are thriving at the moment.
Office supply has been significantly constant for years, even though many workers take smaller office spaces with an open floor plan to enhance efficiency. Work patterns have also changed, and people are now working from home or perhaps co-work in creative offices leading to lower demand in rental units. Over the last few years, industrial real estate has been the focal point of Terranova’s real estate space, and the e-commerce platform has led to the proliferation in rental rates. No one had any slight idea that a decade ago, industrial parks would trade at low cap rates, sometimes below 4%. Terranova’s development, including the Pepsi distribution facility in Miami, is one example of this trend.
About Stephen Bittel
Being the CEO of TerranovaCorp, Stephen Bittel, is charged with the responsibility of overseeing all the operations of the company, including managing commercial properties. With a broad portfolio, TerranovaCorp has grown to become one of South Florida’s market leader in commercial real estate. The company offers a wide array of services that suits every one of their clients’ needs, including renowned clients like Bank of America, Morgan Stanley, and Lincoln National Life.
Typically, the overall commercial real estate sector has been anchored by the trillion-dollar funds that were raised in an attempt to find real estate opportunities. The markets have stabilized and only experience political instability as the dominant risk.