Defying Gravity: Why Many Industry Insiders Have Faith in Class A Office By Erik Bojnansky – South Florida Business Journal January 4, 2024 The migration of out-of-state businesses to South Florida during the pandemic triggered a hunger for quality office space that can attract both clients and talented employees. Yet with numerous companies scaling back on the size of their spaces, some industry insiders believe that South Florida’s office rents may have hit…
Limited availability keeps Grove’s office market strong
‘Limited availability keeps Grove’s office market strong’ By Janetsky Lugo – Miami Today January 4th, 2024 Coconut Grove office occupancy rates and demand arc holding strong, driven in part by the area’s limited availability of office space. The Grove’s lack of new office space development continues to contribute to South Florida’s lowest office submarket vacancy percentage, which in December was 3% vacancy in Class A and B space combined, said Bert Checa, a principal…
Plans for apartments in West Palm Beach south end move forward; some residents concerned
Plans for apartments in West Palm Beach south end move forward; some residents concerned The project planned for 8111 S. Dixie Highway along the C-51 canal includes 358 units, including 90 for workforce housing, and 17,000 square feet of retail space for shops and restaurant By Kimberly Miller – Palm Beach Post December 29, 2023 A proposal for an eight-story apartment building in West Palm Beach’s south end is one step closer to fruition…
Lee & Associates South Florida Represents Pharmaceutical Company in Doral Industrial Lease
MIAMI, FL (NOVEMBER 27, 2023) – Lee & Associates South Florida Vice President Michael Avendano successfully represented a Pharmaceutical company in a new industrial lease in Doral. The company leased 12,800 square feet within Prologis Beacon Industrial Park. Avendano negotiated the five-year lease on the tenant’s behalf. Located at 10913 NW 30th St. Suite 102, the warehouse includes 24’ clear height, one drive-in bay, five loading docks and 2,764 square feet of office space. The…
Are Suburban Office-to-Industrial Conversions Feasible?
Are Suburban Office-to-Industrial Conversions Feasible? By Jeffrey Steele – Commercial Property Executive November 13, 2023 Proximity to consumers—the main reason these projects make sense—can also make them less popular with local residents. Last-mile industrial space remains much needed, while a lot of suburban office space stands empty. Converting abandoned suburban office space into industrial use makes great sense. But given headwinds, proposals to turn empty suburban office into in-demand industrial and the actual ability to…
Signs of Slowing: South Florida Apartment Rent Growth Cools in Q3 Amid Construction Boom
“Signs of slowing”: South Florida apartment rent growth cools in third quarter amid construction boomInvestment sales so far this year hit a low last seen in 2014, a report shows Investment sales so far this year hit a low last seen in 2014, a report shows By Lidia Dinkova – The Real Deal November 2, 2023 South Florida’s apartment rent growth slowed in the third quarter, amid a construction boom that led to higher vacancies, a…
Incoming Luxury Brands Boost Wynwood Commercial Rents
Incoming Luxury Brands Boost Wynwood Commercial Rents By Abraham Galvan – Miami Today November 2nd, 2023 Even though the commercial real estate market has stabilized in Wynwood, rents have remained high due to new luxury brands moving into the area and multi-use developments, according to local real estate experts. With the help of Miami Design District’s development advances setting the tone in the area and attracting luxury brand giants, like Louis Vuitton, rental rates are around…
South Florida office rents have peaked, report says
South Florida office rents have peaked, report says By Erik Bojnansky – South Florida Business Journal October 26, 2023 South Florida’s office rents might have finally hit their peak, a report from a commercial brokerage stated. According to a recent report from Lee & Associates Commercial Real Estate Services, the average asking rent for office space in the tri-county area in the third quarter of 2023 was $36.64 per square foot, just 0.69%…
Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick
Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick Local retail sector shines, while office and multifamily conditions soften… MIAMI, FL (October 25, 2023) – South Florida’s local retail sector continues to show promising trends, and office and multifamily conditions soften, while the industrial market is experiencing conflicting trends of rising rental rates and increasing vacancies. With more than 13.21 million square feet of new industrial space under construction…