Bubble? What Bubble?

The vibe at a recent commercial real estate conference on the condition of markets from Tampa to Naples was upbeat and energetic, with dozens of slides to back it up.

“These were the most active six months we've had in the last seven years,” says Adam Palmer, managing director of the office division at Fort Myers-based LandQwest Commercial. Palmer's general area is Lee County, but he could have been talking about nearly every county on the Gulf Coast to a large extent. “It's been a very positive six months. Every submarket is better than it was in the previous six months or even 12 months.”

Yet while market rebounds and specific projects are seen in pockets from downtown Naples to central Pasco County, some unease looms. Palmer didn't specifically bring up the B-word in his presentation — bubble — but it's not far from the conversation, either. Palmer, instead, talked about the threat of a correction. If that happens, he predicts, it won't be like it was before, when the credit crunch prolonged the downturn.