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…
Lee & Associates South Florida Adds Bert Checa as Principal
MIAMI, Florida—October 24, 2023 — Lee & Associates South Florida bolstered its market-leading team of talented commercial real estate brokers with the arrival of Bert Checa as Principal. Based in Miami, Checa brings 20 years of office leasing experience and more than three million square feet in completed transactions. Prior to joining Lee & Associates, Bert Checa served as a Vice President in Transwestern’s Office Agency Leasing Group for South Florida. He has extensive knowledge of…
E-Commerce Drives Demand in Strong Industrial Space Market
E-commerce drives industrial space demand By Abraham Galvan – Miami Today October 10th, 2023 The warehouse space market continues to be solid throughout Miami-Dade County, according to local industrial real estate experts. The underlying cause of demand is still e-commerce, said Dalton Easton, an associate at The Easton Group. “It’s certainly not historic levels that we had in the last 12 to 18 months,” he said. “It’s safe to say the majority of the folks in…
Lee & Associates South Florida Closes Sale of Industrial Building in Deerfield Beach
DEERFIELD BEACH, FL (September 22, 2023) – Lee & Associates South Florida Principal William Domsky completed the sale of a Deerfield Beach industrial building. The $2.9 million transaction closed on Sept. 19. Domsky marketed the 3350-3370 SW 15th St. property on behalf of seller 3370, LLC. Starwest Holdings, LLC is the buyer. The 10,978-square-foot building is located on an oversized and fenced 1.2-acre lot, providing ample room for truck and trailer parking. The freestanding building…
Lee & Associates South Florida Completes Sale of Downtown Fort Lauderdale Commercial Building
MIAMI, FL (September 1, 2023) – Lee & Associates South Florida Principal, Greg Milopoulos, closed the sale of a downtown Fort Lauderdale commercial building that has future redevelopment potential. The $2.425 million transaction closed on Aug. 24 above the initial asking price. Milopoulos marketed the 900-901 N. Andrews Ave. site on behalf of seller John Mar III LLC. KP Storage LLC is the buyer. The property includes a 3,941-square-foot retail/industrial building and vacant lot encompassing…