Blair Lee, President, Lighthouse Realty Services

In an interview with Invest:, Blair Lee, president of Lighthouse Realty Services, discussed how deep local knowledge and diversified industry experience are key to navigating South Florida’s competitive commercial real estate market. “Even though deals are harder right now due to interest rates, construction costs, and lending challenges, I’m still getting them done. And I’m very bullish on what’s to come in the next few years,” Lee said.

In such a competitive market like South Florida, specifically Palm Beach County, how do you differentiate your firm from others?
I’d say there are a couple of key factors that set me apart. First, I’m a local, with deep local roots with market knowledge of Palm Beach County and surrounding areas. I grew up in Jupiter and currently live in Palm Beach Gardens. That local insight is invaluable. Second, I bring a strong background to the table. I started my career as a commercial real estate appraiser and earned the MAI designation, which is the highest in the field. I was Vice President of acquisitions for a private real estate firm, purchasing real estate both in Florida and other markets. During that time, we acquired over 3,000 apartment units and 1 million square feet of commercial assets. That experience has given me a solid foundation. I launched my own firm in 2009, just after the 2008 crash, bringing with me expertise in valuation, acquisitions, and market analysis. Clients really value that I can both assess and identify real estate opportunities from multiple perspectives.

What are some of the most common challenges that clients face when navigating commercial property transactions in South Florida?
When people hear “South Florida,” they often think of Miami-Dade, Broward, and Palm Beach County. My primary focus is Palm Beach County, with projects and opportunities in Broward and the Treasure Coast. At Lighthouse, I help clients navigate this by identifying viable opportunities — whether they’re buyers, sellers, investors or tenants — through a strong understanding of the market and long-standing relationships with other brokers. Those open lines of communication help a lot. I also leverage my network to recommend other trusted professionals — whether it’s a bank, contractor, a land use attorney, or a planner. Ultimately, my role is to guide clients toward opportunities that align with their business goals.

How do you stay ahead of emerging trends in the commercial real estate space?
Since COVID in 2020, there has been a dramatic change. We’ve seen an influx of out-of-area investors and business owners looking for opportunities here. Staying relevant in today’s market means investing in marketing, having a strong social media presence, and being visible in the community. I also stay involved in the industry through leadership roles. I serve as President-Elect of the CCIM Florida East Coast District and sit on the Florida Chapter state board. These leadership roles keep me at the forefront of industry trends, capital flows, and legislation that directly benefit my clients.

How do you help guide your clients through market uncertainties, especially when it comes to timing and strategy?
We work across the full spectrum of commercial transactions—from smaller owner-user properties to mid-market investment deals and select larger assignments where we can add strategic value. While the sub-$10 million range represents a large share of regional activity, our work is not limited to that.
Overall, activity in Palm Beach County is down. That’s mostly due to higher interest rates, increased construction and labor costs, and tighter lending standards. Banks are still lending, but they’re much more selective now. As a result, it’s harder to get deals done, especially for older or smaller properties.
The way we help clients navigate this is by finding the right opportunities for their goals and ensuring that the deals fit their financial targets. That includes analyzing how much work is needed for improvements, evaluating financing options, and making sure the numbers make sense. Our goal is to help them succeed by making well-informed, strategic decisions.

Do you specialize in a specific type of commercial property or service, or do you work across the full spectrum?
I’m a generalist, meaning I work across all property types. However, I do focus a lot on retail, multifamily and office properties, especially smaller offices, both medical and professional. Even though activity in those markets has slowed, they’re still relatively active because they’re more accessible for business owners. Retail is very strong right now, especially in the smaller segments, but it’s tough to find good opportunities because inventory is limited. Leasing has also been difficult due to low vacancy rates.

Which markets are performing the strongest?
The Treasure Coast is definitely growing. We’re seeing a lot of activity in Port St. Lucie, Stuart, and Indian River County. As a company, we are also performing site selection work for developers, and we’re actively looking for land in these markets. In Palm Beach and Broward, demand remains strong, but the cost factors—construction, land, and bureaucracy—are more challenging. Zoning and planning approvals can take years.

With the rise in demand for mixed-use developments and urban revitalization, how has this trend impacted your business?
Mixed-use development has definitely become more prevalent. I’m currently leasing a mixed-use project with another proposed, and municipalities often require a commercial component in multifamily developments. If the layout is done well, I think it enhances the project — it becomes an amenity to residents and the surrounding community. Location matters and these projects work best in urban corridors like on or near US-1and I-95, or in other dense areas where mixed-use zoning helps create balance and accessibility.

In commercial real estate transactions, what are the most influential factors in determining the success of a deal, especially in retail and office?
For retail, location is the most critical factor. Tenants usually have specific requirements — traffic counts, population density, access points — but a prime location often meets most of those needs. If you have the right location, the other variables can usually be figured out. For office space, quality matters. Tenants are increasingly choosing better buildings, even if that means leasing smaller spaces. Many are still working in hybrid models, so square footage demands have shifted, but premium space is still in demand.

What is your outlook for the future of commercial real estate in Palm Beach County, especially considering current trends?
I’m optimistic. Class-A office space is performing well, both here and in Miami-Dade. Older properties are struggling more, but tenants are willing to pay a premium for newer, higher-quality buildings. That said, many are taking smaller spaces to reduce costs while still upgrading. Palm Beach County continues to attract people and businesses. Our biggest challenges are affordability and high construction costs. I do think interest rates will come down, and that will help. Mixed-use developments will continue to grow, especially with the implementation of the Live Local Act, which allows for more density. I expect more development west of I-95 — because there’s still room for growth. I’m very bullish on the long-term potential of this market.

Looking ahead, what are some of the key strategic initiatives Lighthouse Realty has for the next two to three years?
We are expanding in two primary ways. Lighthouse Realty Services continues advising clients on investments, leasing, acquisitions, dispositions, and development—including select larger and more complex assignments—while our new entity, Lighthouse Realty Management Group, focuses on multifamily property management in the 25–150+ unit range. This new venture will help us better serve clients and adapt to the evolving market. On the brokerage side, our goal is to continue helping clients lease, acquire, and develop properties that support their long-term success. We’re also looking to expand the team with key hires in the near future.
Most of our work—probably around 70%—is in Palm Beach County, with additional activity in Broward and the Treasure Coast. We focus on Palm Beach because it’s where I’m from, and it’s where we do the majority of our business. It’s a fantastic place to live and work, and I see it continuing to grow. With more private equity and business development coming into the region, the long-term outlook is strong. Even though deals are harder right now due to interest rates, construction costs, and lending challenges, we are still getting them done. And I’m very bullish on what’s to come in the next few years.