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

Robust Population Growth Drives Apartment Construction in Downtown Miami

The apartment construction boom continues in Miami as rapid demographic and employment growth foster rental demand. Employers expanded staffs by 25,900 personnel year over year in February, roughly 6,900 more than in the preceding annual period, which has kept the unemployment rate below 4 percent for 12 consecutive months. Hiring during this period was led by the professional and business services sector, due in part to a growing tech sector. The relatively higher salaries in this segment …

July 29, 2019Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

New Office Developments Take Shape in Orlando’s Core Submarkets

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017.Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to …

October 15, 2018Florida, Market Reports, Office, Southeast, Southeast Market Reports

Orlando Sustains High Level of Multifamily Demand, Leading to New Construction

Fundamentals in the Orlando multifamily market are exceptionally strong and should remain healthy as long as this economic cycle continues. Following a period of no construction after the recession, new supply is finally starting to catch up with pent-up demand held in check during the downturn.Even with over 7,000 units projected to be delivered annually for the next several years, occupancy rates should hold strong between 95 and 96 percent. Supported by continued economic expansion in …

October 8, 2018Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

Miami’s Multifamily Market Sees Prolonged Sales Activity for First Time in Years

Driven by the delivery of new product, the Miami multifamily market is experiencing a period of increased transaction activity. Always in high demand, but generally a thinly traded market, Miami has seen a significantly higher volume of market-rate multifamily sales in the last two years.While Miami-Dade County has maintained strong fundamentals overall, its sales volume has historically trailed nearby markets in Broward and Palm Beach counties. In 2014 and 2015, Miami saw an average total …

June 25, 2018Florida, Market Reports, Multifamily, Property Type, Southeast, Southeast Market Reports

Miami Industrial Market’s Future Hinges on Infill, Single-User Properties

After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found.The answer is a resounding yes. There is little indication that the Miami industrial real estate market will slow down with vacancy …

June 18, 2018Florida, Industrial, Market Reports, Property Type, Southeast, Southeast Market Reports

Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals

Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment base are significant factors when analyzing the tightening office market.Miami-Dade County ended …

June 11, 2018Florida, Market Reports, Office, Property Type, Southeast, Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents.Most of the new construction projects underway or recently …

June 4, 2018Florida, Market Reports, Property Type, Retail, Southeast, Southeast Market Reports

Tampa Bay’s Office Market is Evolving with New Spec Construction on the Horizon

Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental …

May 28, 2018Florida, Market Reports, Office, Property Type, Southeast, Southeast Market Reports

Seller’s Market for Jacksonville Retail Creates Opportunities for Investors

The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors.What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable …

January 29, 2018Florida, Market Reports, Retail, Southeast, Southeast Market Reports