Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment …

May 18, 2020Florida, Industrial, Market Reports, Southeast, Southeast Market Reports

Miami’s International Status Helps Sustain Office Development, Fundamentals

The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn …

February 3, 2020Florida, Market Reports, Office, Southeast, Southeast Market Reports

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel Miami’s office market with the unemployment rate trending down to 3.2 percent. Miami’s …

November 11, 2019Florida, Market Reports, Office, Southeast, Southeast Market Reports

Office-Using Employment Growth Reaches Record Levels in Orlando

The end of the second quarter of 2019 marked 120 consecutive months of U.S. economic growth, the longest on record. The steady climb in investment sales over the past few years has been fueled by record amounts of institutional capital and private equity, and office-using employment has reached an all-time high. By the end of March of this year, Florida’s private sector businesses had created over 208,000 jobs over the trailing 12-month period, and Orlando had reached 48 straight months as …

October 21, 2019Florida, Market Reports, Office, Southeast, Southeast Market Reports

Orlando Apartment Market Shows Long Runway for Future Growth

The Orlando multifamily market may have an appearance of being oversupplied and on shaky ground, but it is actually thriving and has a long runway for growth ahead. The Orlando MSA has an inventory of approximately 165,000 rental units and about 10,000 units under construction. While that new supply approaches historical high-water marks, the lack of inventory of entry-level, single-family homes and the complexion of the household formation leads us to the conclusion that we are undersupplied …

October 16, 2019Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

Orlando’s Retail Market is Thriving Both in the Core and Suburban Submarkets

Orlando’s retail market happens to be a really good representation of the national market. By every metric, Orlando is doing well as both rental rates and occupancy rates have been increasing. Orlando is one of the fastest growing cities in America, adding roughly 1,000 new residents each week. Tourism numbers continue to climb with 75 million visitors in 2018, according to Visit Florida. Downtown is experiencing an economic resurgence with a new collegiate campus (more on this later). As a …

October 14, 2019Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Demand for Higher-End Markets in Southwest Florida Helps Class B Market

As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B …

August 16, 2019Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

Miami is Defying Nation’s Retail Woes With Thriving Malls, Shopping Centers

While there are mass retail closings around the country, in Miami, there is typically someone waiting on space to become available. Think about it: In Miami, there is actually a shortage of retail space. Uber luxury markets in Miami are performing extremely well with Bal Harbour Shops (owned by Whitman Family Development) being one of the top retail complexes in the country, followed closely by Dadeland Mall and Aventura Mall. These malls are continuously reinvented and expanded, adding …

August 9, 2019Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Farewell Boom-Bust Cycle: Miami Office Market Ascends as the City Matures

For decades, the real estate market in Miami has been either boom or bust. Lately, the market has been on an impressive expansion cycle, with new office development following aggressive lease rate increases that in some areas have risen as much as 20 percent in total the past few years. As investors and users witness the growth in South Florida, the market has seen a significant amount of new development as rental rates continued to climb. The quick expansion, and arguably over-development, …

August 7, 2019Florida, Market Reports, Office, Southeast, Southeast Market Reports

Distribution, Warehouse Demand Continues to Outpace Supply in South Florida

Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a …

August 5, 2019Florida, Industrial, Market Reports, Southeast, Southeast Market Reports