Dan Young

South Florida's office market continues to outshine the national landscape, resisting the challenges seen across much of the country. According to Commercial Observer Miami-Dade County experienced a notable rise in overall asking rental rates, reaching an average of $63.49 per square foot annually in the second quarter, a 12.7 percent increase from the previous year. In Palm Beach County, while the overall rental rates have climbed to an average of $55.18 per square foot — up 4.1 percent from last year —there has been an equally noticeable increase in Class A space rates, reaching $126.47 per square foot in Palm Beach itself. While leasing activity in Broward remains stable at 500,000 square feet, year-to-date absorption has been negative. Despite these regional fluctuations, South Florida's office market remains relatively robust compared to the national scene, where high vacancy rates and distressed properties are prevalent. Read the full article below:

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Metro Orlando's hotel occupancy rate for the week ending April 13, 2024, came in at 65.7% which was down -13.3% from the same week last year. ADR for the week came in at $204.77, down -8.8% from the same week last year. Room night demand trailed prior year by -12.6%. Hotel performance for Orlando was heavily impacted by direct comparisons to last year’s Spring Break holiday as well as the influx of travel to the zone of totality of the eclipse at the start of the week. Orlando was not the only market affected by the Easter dates shifting the Spring Break period. Florida hotels as a whole trailed the prior year by 5.6%. HVS Visit Orlando

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Report: Overall asking rental rates in Miami-Dade County rose to an average of $63.49 per square foot per year in Q2, up 12.7 percent from 2023. (via JLL) Read more: https://lnkd.in/eQ_S8QRv #CommercialRealEstate #RealEstate

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Report: Overall asking rental rates in Miami-Dade County rose to an average of $63.49 per square foot per year in Q2, up 12.7 percent from 2023. (via JLL) Read more: https://lnkd.in/eQ_S8QRv #CommercialRealEstate #RealEstate

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The theme of innovation took center stage at the 37th Annual Florida Attainable Housing Conference, where the Florida Housing Coalition emphasized their mission to revolutionize affordable housing by addressing the state’s urgent needs for accessible, sustainable and affordable communities At Diaz Fritz Group General Contractors we stay ahead by staying connected with those driving change in this critical sector. This year, Robyn Huber our VP of Business Development, attended the conference and shares her top takeaways: 1. Housing is a national crisis. 2. The Live Local Act is Florida’s largest investment in housing opportunities. 3. As of this year’s conference, here’s the inventory of Florida’s affordable housing projects currently in progress and in the pipeline:  - 222,176 units actively under construction across the state  - 33,670 units in the pipeline  - 24 communities across 12 counties  - Approximately 15,000 units scheduled for renovation to keep them in service 4. Top challenges in building more workforce housing:  - Available financing  - Political optics  - Availability of affordable land  - Land-use regulations and zoning  - Rising construction and development costs  - Lack of dedicated government funds for affordable housing  Insurance costs 5. Community resilience and sustainability is a priority to deliver self-sustaining communities. Read the full takeaways here: https://lnkd.in/ebGDj7w4

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South Florida continues to outpace the nation in job and population growth, which is helping to fuel the commercial real estate markets. To explore, in detail, the latest factors driving each of South Florida’s market's commercial real estate landscape, click the link below: #CBRE #tenantadvisors Keith Edelman

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CRE Market: Puerto Rico The third-quarter data for Puerto Rico's commercial real estate (CRE) market reveals a mixed performance influenced by various economic factors. Here are the key insights and market overview: Office Space Vacancy: As of the end of Q3 2024, the overall office vacancy rate in San Juan was reported at 12.2%, a slight increase from 11.9% in Q4 2023. This figure reflects ongoing struggles in the office market, which had previously seen vacancy rates spike to 29% due to shifts towards hybrid work models and downsizing by companies. Sector Performance: Retail Sector: The retail segment shows signs of resilience, with occupancy rates reported at 96.5% in shopping centers managed by KIMCO REALTY. However, there is minimal new construction activity, indicating a cautious approach to expansion amidst economic uncertainties. Restaurant Growth: The restaurant sector is thriving, particularly for properties with drive-through capabilities. There is a notable surge in demand for new restaurant openings, reflecting a competitive market environment. Warehousing and Logistics: This sector has benefited significantly from the pandemic-driven growth in e-commerce. The demand for warehouse space is expected to continue rising, with annual rent growth projected at 5% to 6% over the next decade. AMAZON has broken ground on a new warehouse facility in Dorado. New Development: It was recently announced that the REUBEN BROTHERS from the UK are investing $2B towards a new development project on the western side of the island (Cabo Rojo) to be named ESENCIA. The project will include luxury hotel rooms and branded residences at a site on the islands west coast. The development will be anchored by world renowned hotel operators AMAN, MANDARIN ORIENTAL HOTEL GROUP and ROSEWOOD HOTEL GROUP. Meanwhile, the developers are working with JP MORGAN CHASE as the lead bank for financing. Financial Results: Service Properties Trust: In its Q3 2024 report, SERVICE PROPERTIES TRUST announced a portfolio valued at over $11 billion, which includes 214 hotels and 745 service-focused retail properties across Puerto Rico and beyond. This indicates a substantial investment in the region's hospitality and retail sectors despite broader market challenges. Future Projections: The commercial real estate market in Puerto Rico is projected to experience a slight decline of -0.32% from 2024 to 2029, with an expected market volume of approximately $79.14 billion by 2029. This forecast suggests ongoing challenges but also highlights potential stabilization as the market adapts to new economic realities. In summary, while Puerto Rico's commercial real estate market faces significant challenges, certain sectors like retail, tourism/hospitality and warehousing show promise for growth amidst broader economic pressures. #remaxcommercial #puertoricorealestate #tourism #hospitality #caribbeanbusiness #investmentsales #investmentproperties #ccim #ccimpuertorico

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Orlando's new apartments outpaced absorption by 2,000 units, but deliveries will soon slow, likely reducing vacancy and concessions by 2025. Follow for more updates. #OrlandoRealEstate #MultifamilyProperties #Vacancies #MultifamilyHousing #RealEstateMarket #VacancyRates #RealEstateTrends

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Wood Partners announces the start of construction of Altera Union City near Atlanta and Altera Land O’ Lakes near Tampa, Florida. The multifamily communities are part of the firm’s Altera brand, a new attainable housing initiative offering upscale living at cost-effective rates. Altera communities are built with upscale finishes such as granite countertops and stainless steel appliances and top-of-the line amenities. The developer saves on costs by selecting well-located suburban sites rather than more expensive urban locations, executing an efficient and consistent design and embracing minimal, yet well-done, landscaping. These savings allow for a lower price point for the renter. “There continues to be a shortage of reasonably priced rental options in this country,” said Joe Keough, Chairman and CEO at Wood Partners. “As a responsible member of the housing industry, we believe it is our obligation to offer a solution to this problem by creating a product that falls within our high standards of excellence at an attainable price. We look forward to expanding our Altera product offering across the country.” Read more: https://lnkd.in/ezGZeuiV

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According to Costar, the Tampa Bay office market ended the third quarter of 2024 with the least amount of available sublease space in over two years. Roughly 2.8 million square feet was listed for sublease in the office market at the end of September, the first time the region had been below three million since the first quarter of 2022. While there is still much more space available to sublease than prior to the Pandemic, sublease availability has been steadily declining over the past several quarters, and the sublet share of total available space has been ticking downward. While there are still plenty of large blocks of space available for sublease, it has become increasingly difficult to find sublease space smaller than 10,000 feet. #officeleasing #sublease

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Miami's Overtown neighborhood, once likened to "Harlem of the South," is undergoing a revitalization phase. Situated near Downtown Miami with strong transit connections and adjacent to vibrant districts like Wynwood, Overtown has become a hotspot for real estate development. Recent years have seen a surge in multifamily projects catering to the demand for affordable housing. Key infrastructure improvements, such as the new Brightline station and the ambitious Underdeck Project, are enhancing Overtown's appeal by improving connectivity and adding community spaces. With its historical significance and strategic location, Overtown is poised to lead inclusive redevelopment efforts in Miami. Explore development: https://bit.ly/3XF5LaJ #MarketRent #OvertownRealEstate #WalkableNeighborhoods #UrbanInvesting #OvertownMiami #WalkableCities #AffordableHousing

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Tampa City Council recently approved redevelopment plans for WestShore Plaza, a long-standing shopping mall situated on some of the best infill locations in the Southeast. SRS' Tyler McRae, Senior Vice President and Tampa Market Co-Leader, offered insight on the future of WestShore Plaza and the state of Tampa's retail market as a whole. "There's an overabundance of capital sitting on the sidelines from very large institutions, [and] they aren't going to be affected by capital markets as much as the smaller regional players," said McRae. "Despite headwinds with inflation, capital costs, and construction costs, the demand for retail in Tampa is as strong as it's ever been." Click the Tampa Bay Business Journal article read more about this retail redevelopment project ➡️ https://lnkd.in/gK_FFn8U #TampaRealEstate #TampaRetail #RetailDevelopment #RetailBrokerage #WestShorePlaza 

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Miami is experiencing an unprecedented construction boom, with over 90 high-rise buildings currently under construction—more than double the number in California! This remarkable growth places Miami second only to New York City in the U.S. high-rise construction rankings. Across Florida, 132 high-rises are underway, showcasing the state's vibrant development. What's driving this surge? A growing population, a thriving real estate market, and a focus on luxury developments are key factors. 1. Migration: Miami is a top destination for relocations due to its vibrant culture, favorable tax environment, and year-round sunshine. A significant influx of new residents, especially from New York, New Jersey, and California, fuels housing demand 2. Tourism: As a global tourist hotspot, Miami attracts millions annually, boosting the local economy and creating demand for rental properties 3. Corporate Relocation: A growing number of companies are relocating to Miami, drawn by the business-friendly environment and strategic location, driving demand for commercial real estate and housing For those looking at investment opportunities, this is a crucial moment. Miami's construction boom signals robust economic growth and potential high returns on real estate investments. Stay informed and connect with us to explore investment options in Miami's dynamic real estate market.

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Despite a seemingly healthy #office market, #SouthFlorida sublease activity reveals cracks under the surface. A divergence in sublease asking rents can provide attractive deals for potential rent-sensitive tenants, though these trends also indicate the leasing struggle older properties face. CoStar Group subscribers can click the link to find out more! #CRE #miamidadecounty #browardcounty #palmbeachcounty

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🏡 What's on the horizon for Broward County's real estate in 2024-2025? Discover the top trends and insights that could shape your investment decisions! 🌟 https://lnkd.in/ed-KH3Ws 🔑 Key Highlights: - Residential Boom: Expect a continued demand, fueled by population growth and the allure of sunny Florida! 🌞 - Affordable & Valuable: Homebuyers and renters will look for competitive pricing with great amenities. 🏘️ - Mixed-Use Marvels: Watch for developments that blend living, shopping, and green spaces. 🏢🌳 - Commercial Innovation: Flexible workspaces and smart buildings are set to rise. 🚀 - Sustainable Future: Eco-friendly building practices are leading the way, with exciting trends like LGS steel frame prefab construction. 🌍 📈 Whether you're a real estate mogul or an aspiring homeowner, understanding these shifts can help seize the right opportunities. 🔗 Curious for more in-depth insights? Dive into all the details: Discover More https://lnkd.in/ed-KH3Ws #RealEstate #BrowardCounty #FloridaLiving #SustainableDevelopment #MixedUse #Innovation #ResidentialTrends

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🏭 Miami-Dade Industrial Market Q3: Rising Vacancy, New Supply, and Investor Optimism! Miami’s industrial market added nearly 213K sq. ft. of new space in Q3, pushing vacancy up to 4.9%. Yet, demand for modern, high-quality warehouses is still strong, and rental rates have seen a significant 65% growth over the last four years. 📈 Here’s what’s driving the market: ◾ Asking rents dipped slightly to $16.86/sq. ft., adjusting to a wave of new supply. ◾ Major leases in Medley/Hialeah Gardens show steady demand, with 2.1M sq. ft. leased this quarter. ◾ Investor sentiment is high, fueled by recent rate cuts and redevelopment plays—Panattoni’s redevelopment of the former Miami Herald site is just one example. Curious about how these trends might affect your next industrial move? Get the full Colliers Miami Industrial report here! https://ow.ly/KfGO50TS2GQ #MiamiIndustrialMarket #CRE #InvestmentTrends #SouthFloridaRealEstate #MiamiCorporateRE

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🏭 Miami-Dade Industrial Market Q3: Rising Vacancy, New Supply, and Investor Optimism! Miami’s industrial market added nearly 213K sq. ft. of new space in Q3, pushing vacancy up to 4.9%. Yet, demand for modern, high-quality warehouses is still strong, and rental rates have seen a significant 65% growth over the last four years. 📈 Here’s what’s driving the market: ◾ Asking rents dipped slightly to $16.86/sq. ft., adjusting to a wave of new supply. ◾ Major leases in Medley/Hialeah Gardens show steady demand, with 2.1M sq. ft. leased this quarter. ◾ Investor sentiment is high, fueled by recent rate cuts and redevelopment plays—Panattoni’s redevelopment of the former Miami Herald site is just one example. Curious about how these trends might affect your next industrial move? Get the full Colliers Miami Industrial report here! https://ow.ly/KfGO50TS2GQ #MiamiIndustrialMarket #CRE #InvestmentTrends #SouthFloridaRealEstate #MiamiCorporateRE

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