Major Leasing and Management Company President Sees Good Signs Ahead for Central Florida Economy

Scott  Crossman (left) and John Crossman (above) recently celebrated the 20th anniversary of Crossman & Company, one of the Southeast’s largest third-party retail leasing and management firms.

ORLANDO, FL. --- John Crossman sees some light shining through the challenges with the Central Florida economy.

 Crossman, who heads Crossman & Company, now celebrating its 20th year in business in Orlando and one of the largest and most active retail property specialists in the Southeast, said the biggest economic indicator---employment---may be weak but other signs are pointing in the right direction.

“Retail sales are a huge factor in the economy in Central Florida,” Crossman said. “Some retailers are sensing that the worst of the recession is behind us. The retailers who remain are in a better position now than before the recession began,” he explained.

 Those retailers who are left standing made the changes necessary for their survival. Retailers who are still operating today have a good chance of staying around. And, Crossman said, some retailers are looking to expand.

 “We will probably see some retailers fail next year but they will create opportunities for the ones that are growing,” he said.

Crossman said his associates report a big decrease in the number of tenants asking for rent relief. 

 “This is a great sign,” Crossman said. “It’s a clear indicator we have reached the bottom of the curve and we’re starting to see some upward progress.”

 Crossman said some retailers---Publix and Darden are two of the most prominent Central Florida companies---are expanding.

 “They are doing deals and gaining market share,” Crossman said.

 And as sad as it may be to see retail centers close, the aftermath will bring good news for families hoping for a paycheck.

“When the lenders get control of a property, they usually hire local companies like us to bring centers up to marketable standards,” Crossman said. “That means increased demand for landscapers, painters, cleaning companies and the like who are bearing the downturn in new construction,” Crossman said.

Lenders know what they are doing. Crossman said he knows of many REITs---Real Estate Investment Trusts---and private capital groups that are seeking commercial property investments.

 “The brokerage and acquisitions business will see a significant increase in 2011,” Crossman said.

 As the national economy begins to recover, Crossman said he expects Central Florida will be one of the biggest beneficiaries.

 “People who have been economizing through three years of recession are going to loosen the purse strings and that means family vacations,” Crossman said.

“We are very fortunate that our tourism industry here will help lead us out of the recession first,” he said. “We all owe a vote of thanks to Harry Potter and Mickey Mouse,” he added.

Contacts:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com