{"id":27817,"date":"2020-05-14T11:45:15","date_gmt":"2020-05-14T08:45:15","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=27817"},"modified":"2025-03-25T16:09:28","modified_gmt":"2025-03-25T13:09:28","slug":"expert-insights-fernando-arencibia-jr-challenges-and-future-of-cre-2020","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/expert-insights-fernando-arencibia-jr-challenges-and-future-of-cre-2020\/","title":{"rendered":"Expert Insights: Fernando Arencibia Jr on the Challenges and Future of CRE in 2020"},"content":{"rendered":"
\"Miami<\/a>

Fernando Arencibia Jr – Arenci Properties Realty<\/p><\/div>\n

For our latest interview in the Expert Insights series, we had the pleasure of speaking with Fernando Arencibia Jr, P.A., Broker-CEO at Arenci Properties Realty<\/a>, a full-service real estate brokerage specializing in Commercial and Residential real estate in South Florida. Although he didn\u2019t start his career as a realtor, Mr. Arencibia feels that this profession fits him like a glove and has been a commercial real estate broker for over 15 years. He previously worked at RE\/MAX for a decade, then he decided to open Arenci Properties Realty.<\/p>\n

Mr. Arencibia is currently the 2020 MIAMI Realtors Commercial President. He values collaboration and relationships and believes in continually refining his craft and industry knowledge. Here\u2019s what he has to say about the challenges of the commercial market during these challenging times, what we might expect from the future of CRE after the pandemic and more.<\/p>\n

Q: Could you start by telling us a little bit about your background and why you chose a career in commercial real estate?<\/h4>\n

This is a second career for me.\u202fI was a history, government,\u202fand economics teacher for the better part of a decade when I started investing in single-family homes in South Florida.\u202fQuickly I learned that financial leverage was the key to help me achieve my investment goals. Not wanting to be in the dark about the mortgage loan approval process,\u202fI became a licensed mortgage broker and that was my introduction\u202fto\u202fthe real estate industry as I began to help others secure financing for themselves.\u202fBecoming a Realtor felt like a natural progression for me. For the first couple of years,\u202fI focused on residential real estate,\u202funtil I met an investor looking to achieve economies of scale by acquiring multifamily buildings.\u202fThe acquisition process on that first commercial transaction focused squarely on the numbers and the financial viability of the investment;\u202fall aesthetic or personal preference considerations where put\u202faside.\u202fI was totally hooked, and I\u2019ve been primarily a commercial real estate broker for the better part of 17 years.\u202fAfter 10 years at REMAX, I opened ARENCI PROPERTIES REALTY in February of 2019, we specialize in commercial and investment residential sales in the urban core of Miami<\/a>.<\/p>\n

Q: Considering the current COVID-19 pandemic, what are your thoughts on the CRE market in the US today in terms of trends and challenges?<\/h4>\n

Every industry and sector in America\u202fhave\u202fbeen forced to pivot and adjust to this \u201cBlack Swan\u201d event that hopefully we won\u2019t see for another 100 years.\u202fIn the near term,\u202fthe commercial real estate properties with owner occupied businesses or tenants that are most affected by the economic shutdown are seeing an impact to their fundamentals.\u202fNot every asset class will be affected the same,\u202fhowever,\u202fand a good rule of thumb is to look at the period of guaranteed tenancy that is customary for each asset class.\u202fHotels, entertainment venues,\u202fand parking lots,\u202ffor example,\u202frent by night or by the hour\u202fand are most affected, followed by Multifamily, Retail, Office and lastly Industrial,\u202fwhich may be the least affected of\u202fall.\u202fLandlords have mobilized to address their tenants\u2019\u202frequest for rent relief while\u202flooking to their lenders for mortgage\u202fforbearance themselves. They\u2019re finding that the local community banks have been most receptive and helpful while those that are carrying CMBS debt have been unable to find any relief.<\/p>\n

On the transactional side of the coin,\u202fwe have not seen significant price reductions, instead we have seen listings getting pulled off the market out of safety concerns or because owners have been unwilling to negotiate during this time of uncertainty.\u202fHowever,\u202fmany pending properties have dealt with contract cancellations only to receive new contract offers shortly after re-entering the market.\u202fIn essence,\u202fthose\u202fwho\u202fhave stayed the course have seen an uptick\u202fin\u202finterest in their properties and are the beneficiaries of a temporary lack of inventory.\u202fMoving forward everyone in the CRE ecosystem will have to adjust to the challenges posed by the current\u202fCOVID-19 pandemic, particularly related to how we curate our retail, office and industrial spaces to allow for the responsible reopening of our economy.<\/p>\n

Q: What differentiates the commercial real estate market in Florida from other major markets in the United States?<\/h4>\n

We are a global\u202fcity;\u202fwe garner attention not only as the gateway to the Americas but across the pond and all around the world.\u202fMiami offers less expensive properties than most other major metropolitan areas in the U.S. and\u202fthe world – and will continue to attract buyers, investors and businesses from the U.S. and worldwide.\u202fSouth Florida, while having a strong tourism industry, also has a diversified economy, offering no state income tax and one of the best environments\u202fto start a business.\u202fOur market is strong and resilient and will continue to attract\u202fbusiness entities\u202fand\u202fbuyers from other states and countries.<\/p>\n

Q: How have you seen the industry evolve in the past years?<\/h4>\n

We\u2019ve seen an evolution in almost every aspect of our industry.\u202fRetail has had to contend with changing consumer habits and the growth of e-commerce,\u202fwhich had led to the advent of \u201cexperiential retail\u201d.\u202fTechnological advancements in logistics have altered the height and dimensions of newly developed industrial spaces.\u202fThe office sector has faced the advent of the Coworking trend of shared desks and common areas.\u202fMultifamily has seen\u202fa tenancy base that\u2019s become more interested in living close to the urban core where there is more walkability and less reliance on the use of a car.\u202fConsumers and investors have become more data driven in their decision\u202fmaking and have more access to that data.<\/p>\n

Q: Where do you see it going in the future?<\/h4>\n

Most every trend in CRE will be accelerated by the current Coronavirus pandemic,\u202fbut new trends will also emerge.\u202fSocial distancing guidelines will only\u202fadd more fuel to the e-commerce revolution.\u202fRetail\u202flandlords will have to adjust in the short-term for sure, but the expectation is that there will be long-term changes to what has been a growing trend of \u201cexperiential retail\u201d.\u202f\u202fThe expectation is that we\u202fwill also see\u202fincreased\u202finterest\u202fin what is referred to as \u201clast-mile\u201d\u202findustrial\u202ffacilities in the\u202fsupply\u202fchain,\u202fas well as having multiple somewhat smaller distribution\u202fcenters\u202fto counteract\u202fthe\u202fpotential closure of any one facility due to a similar health crisis.\u202fAll of\u202fthe meetings being conducted through virtual platforms in the past few weeks have given employers the sense that\u202ftelecommuting is a viable option.\u202fAnd many have been surprised by the productivity of their employees\u202fwho\u202fare working from home.\u202fAs we re-evaluate\u202fthe office design,\u202fgreat emphasis will be placed in\u202freducing\u202fthe density of the\u202fworkspace along with increasing air quality and creating a healthy work environment.\u202fNo doubt touchless technologies will have a big impact on the latter.\u202fWe may see investors and end-users alike finding more value in suburban commercial real estate because of the proximity to their domiciles and the customers they service.\u202f\u202fThe \u201cadaptive re-use\u201d of commercial properties will be an important trend as investors find creative reconfigurations of economic obsolescent spaces.<\/p>\n

Q: Are there any lessons from the past few years that you would impart as an absolute must for those looking to get into the CRE industry?<\/h4>\n

Research and analytics are\u202fthe name of the game and data is king.\u202fThis is not an industry for hobbyists;\u202fit requires specialization\u202fand\u202fconstant education and training.\u202fThose\u202fwho\u202ffocus on the intricate dynamics of each asset class are better equipped to increase the value of their investment portfolio and are better suited to serve their clients.\u202fNow more than ever\u202fa practitioner\u2019s skills\u202fset\u202fand knowhow will make a significant difference.\u202fDon\u2019t be shy to ask questions. A\u202fsense of curiosity and earnest desire to learn can be your greatest attribute when embarking on a career in CRE. Also\u202fbe sure\u202fto\u202fpartner with experienced professionals;\u202fit will help you get the job done right and will accelerate your learning curve.<\/p>\n

Q: What is your general assessment for the commercial real estate market in 2020? Have you spotted some interesting market trends, especially considering the current pandemic?<\/h4>\n

Difficult to say\u202fshort-term,\u202fbut long-term there will be huge\u202fpotential for growth and significant pent-up demand.\u202f\u202fReal estate market fundamentals have been very strong and very different than what they were going into the last recession (no subprime mortgage issue, very low delinquencies, strong demand\/low supply, low interest rates, strong population growth and demand from foreign buyers).\u202f\u202fWe are not in a market that is saturated by too much supply.\u202fIn fact,\u202fthe argument can be made that we continue to have a lack of inventory, which is why it doesn\u2019t surprise me that CRE properties that have been properly introduced to the market are garnering a lot of attention, especially over the past two weeks.\u202fI\u2019m optimistic to see what happens from August on and into Q4, I think this market may surprise us all.<\/p>\n

Q: How has the evolution of online marketing impacted the commercial real estate industry?<\/h4>\n

It\u2019s been tremendously important because it has allowed our industry to extend our reach nationally and internationally.\u202fOur ability to convey the value of an\u202fasset by utilizing the different online marketing platforms allows us to give each investment vehicle maximum exposure to the marketplace.\u202fThose\u202fwho\u202fhave embraced high-quality photography, 3D Virtual Tours, Videos, etc., have seen an increase in competitive offers and have shortened\u202ftheir time on the market.<\/p>\n

Interested in being interviewed for our Expert Insights series? Feel free to reach out to us at contributors@commercialcafe.com<\/a> or check out other articles from our series here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

For our latest interview in the Expert Insights series, we had the pleasure of speaking with Fernando Arencibia Jr, P.A., Broker-CEO at Arenci Properties Realty, a full-service real estate brokerage specializing in Commercial and Residential real estate in South Florida. Although he didn\u2019t start his career as a realtor, Mr. Arencibia feels that this profession…<\/p>\n","protected":false},"author":63,"featured_media":27834,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[4014,39,1335,40],"tags":[],"class_list":["post-27817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-office","category-qa","category-retail","wpautop"],"acf":[],"yoast_head":"\nCEO of Arenci Property Realty on the Future of CRE Post-COVID<\/title>\n<meta name=\"description\" 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