Regeneration of Retail Spurring New Development, Investment Activity in Orlando

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in …

September 20, 2017Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Miami Multifamily Market Remains Strong, But Where are the Deals?

The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit.The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month.It’s clear the current upcycle will continue beyond …

August 14, 2017Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: • Steady, modest growth in office rents • Declining available office supply • New transit-oriented mixed-use developments that include office space in both Miami’s downtown urban core and other connected walkable neighborhoods such as Coconut …

August 7, 2017Florida, Market Reports, Office, Southeast, Southeast Market Reports

Miami Retail Market Faces Obstacles from E-Commerce, Declining Foreign Tourism

There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts …

July 31, 2017Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Jacksonville Retail Market Finally Makes Broad-Based Recovery from Downturn

While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report. …

February 27, 2017Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Major Expansions, JaxPort Boost Health of Jacksonville Industrial Market

Jacksonville’s industrial market continues to improve as encouraging fundamentals are in place that are prompting developers to commit to building spec warehouse again. The lack of new construction over the last eight years, the expected reduction in regulations and taxes by the new administration in Washington and the commitment to upgrades in the local infrastructure will drive growth in our market. A 5.3 percent vacancy rate for warehouses and distribution space is also a major …

February 20, 2017Florida, Industrial, Market Reports, Southeast, Southeast Market Reports

Orlando: The ‘Happiest Place on Earth’ for Industrial Real Estate

Orlando likely resides in the minds of children and children at heart as “The Happiest Place on Earth,” and those involved in its industrial market today couldn’t agree more.Over the past five years, the Central Florida industrial market has been transformed from its prior position as a spoke in the wheel of distribution to the hub. To service consumers located in the country’s third most populous state, companies are locating large distribution centers in Central Florida (hub) …

November 21, 2016Florida, Industrial, Market Reports, Southeast, Southeast Market Reports

Demand for Orlando’s Class A Office Space is Outpacing Supply

The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion.According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and …

November 14, 2016Florida, Market Reports, Office, Southeast, Southeast Market Reports

Orlando’s Job Growth Allows Multifamily Sector to Continue Strong Performance

To those outside Orlando, the Central Florida metro of just over 2.3 million residents has long been a vacation destination with its major theme parks and top attractions including Walt Disney World, Universal Orlando, SeaWorld and the I-Drive corridor, home to the new Orlando Eye. In fact, Orlando welcomed over 66 million visitors who spent more than $60 billion in 2015, a new all-time local and U.S. travel industry high.However, tourism is just one piece of the puzzle when it comes to …

November 7, 2016Florida, Market Reports, Multifamily, Southeast, Southeast Market Reports

Broward County’s Office Sector is Operating at Peak Performance

Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages.“Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity …

October 31, 2016Florida, Market Reports, Office, Southeast, Southeast Market Reports