Miami Developers On The Opportunity Zone Program So Far

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

Drive past almost any major industrial property in South Florida and Larry Genet's name jumps off CBRE's green signs. Co-leader of an eight-person team, he knows how to work both sides of a deal. He's led negotiations for institutional owners including Morgan Stanley, Prologis and the federal government and represented tenants like American Express and Office Depot.

Beyond his deal-making ability, Genet stands out in South Florida as one of commercial real estate's greatest hype men. On his LinkedIn page, or in his columns for Forbes, he acts like an inspirational coach — constantly sharing details about his own struggles in the industry, dispensing advice for everyone coming up behind him and celebrating big wins (not just his, but other people's, too). Genet told Bisnow how he broke into the business he said he's been passionate about since he was 5 years old.

Bisnow: How did you get introduced to CRE? Genet: My great-grandparents, grandparents and parents were all involved in CRE in South Florida and Pennsylvania. I grew up with it and it’s in my blood. Throughout my childhood, I would go with my father on site tours of houses he bought…

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In Case You Missed It...

While major stock indices show the market has largely recovered from its coronavirus-induced plunge, REIT stocks are still well below their pre-crisis levels, showing a lack of investor confidence in the future of commercial real estate.

The Nareit index of all equity REITs was down 16.38% year-to-date as of Monday's market close. The REIT sector is far underperforming the broader stock market, with the S&P 500 closing Monday up 0.78% on the year.

"It's a little bit puzzling because, in terms of operating performance, most sectors of commercial real estate have not been really hard-hit," said Calvin Schnure, Nareit senior vice president of research and economic analysis. "What I suspect is going on is investors are concerned there may be longer-term structural changes in real estate markets."

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A new startup that wants to connect landlords with gig workers to help with evictions is garnering the outrage and concern of tenants' rights advocates.

Dubbed Civvl, the company touts itself as the “fastest growing money making gig due to COVID-19” and offers users work as process servers, eviction crews and foreclosure clean-out crews via a website that says “too many people stopped paying rent and mortgages thinking they would not be evicted."

Read the full story here.