Muted labor force gains create obstacles for South Florida’s commercial real estate
Despite low unemployment, the area’s labor force has stopped growing
After adding 78,000 new members to its worker base coming out of the pandemic, South Florida is now running out of workers.
Large Sun Belt counties continue to post nation's strongest population gains
Slower international migration may impact rankings this year
Harris County, Texas, Miami-Dade County, Florida, and Maricopa County, Arizona, have seen some of the strongest population growth over the last few years, and they topped the chart...
The Sun Belt markets most affected by recent apartment oversupply
New multifamily properties can take two years to stabilize
As renter demand continues to catch up to new multifamily supply, some markets are seeing a greater impact on vacancy and rent.
Florida property insurance costs rose again in 2024
60% of coastal county property value is at risk from storm surge
Florida homeowner insurance costs rose again in 2024. Premiums for single-family homes increased 12%, while condo insurance rose 7% from 2023 levels.
South Florida apartment developments could take over 20 months to stabilize
While incentives are attracting renters, new supply remains a drag on performance
Apartment construction activity in South Florida continues to impact market conditions, with newly completed properties taking longer to attract renters.
South Florida retail: Space abundance and shortfalls
Majority of submarkets lack retail space, with few exceptions
South Florida’s retail market remains tight, with a historically low availability rate of 4%. Across the entire region, only around 14 million square feet of space is available, 20...
South Florida begins 2025 with record employment levels
While the area’s job market remains strong, office-using job growth has slowed
South Florida started 2025 with one of the lowest recorded unemployment rates at 2.8%, below the national average of 4%. This healthy employment market provides a buffer for the ar...
Housing affordability continues to deteriorate in Miami
Incoming apartment supply will do little to stem area’s rising cost of living
Although Miami has been building a record number of apartments, this has yet to provide housing affordability relief, specifically for mid-to-lower-income households.
While South Florida retail sales growth slows, necessity-based retail shines
Publix tries to stay ahead of competition through retail center purchases
Real retail sales in South Florida remain around 20% above pre-pandemic levels, but sales growth has moderated since 2023, as shown by the yellow line chart above.
Miami multifamily supply shifts from suburbs to downtown
Changing construction trends will impact downtown’s rental premium
Miami’s multifamily supply pipeline remains elevated in select submarkets. Kendall, Homestead, Doral, North Miami Beach, Miami Gardens, and downtown Miami are all seeing significan...
South Florida’s rising business costs make alternative industrial markets attractive
Lakeland and Jacksonville stand out as affordable options for regional distributors
Due to its geographic constraints, South Florida is mainly a local distribution market with certain advantages and disadvantages.
South Florida office sales activity sees slight uptick
Sale counts rise across transaction price ranges in last 12 months
Office transaction counts rose 10% by the end of 2024, after dropping to recent lows of around 111 transactions in the twelve-month period ending in the first quarter of 2024. All ...
South Florida’s apartment supply wave met by healthy demand
Miami luxury multifamily vacancy remains below the pre-pandemic norm
While the number of new apartment units added in South Florida reached a historical record in 2024, with over 18,600 new units, the area has maintained healthy vacancy rates.
South Florida's office market 2025 outlook: a year of optimistic uncertainty
Recent trends shed light on next year’s transaction activity
Office transaction activity in South Florida has remained sluggish over the last year, hitting a decade low. In line with national trends, the number of transactions has fallen by ...
Sun Belt apartment boom: Where supply surges hit hardest
Understanding the full picture of apartment supply trends
Sun Belt markets continue to see significant apartment construction activity, which has been affecting vacancies and rent gains over the last year, specifically for luxury units. T...
Moderating consumption and port activity affecting Miami industrial space demand
Large logistics properties farther from the port see rent growth weakness
Compared to right before the pandemic, Miami's import volume has increased considerably. This trade activity has bolstered industrial demand in the area, with newer properties loca...
Office tenant demand-share falls for finance, healthcare and information sectors
Increasing venture capital funding not yet translating into rising tenant demand in South Florida
As office leasing activity has slowed in South Florida since 2023, remaining 5% below pre-pandemic averages from 2015 through 2019 across the region, underlying tenant demand has a...
Retail value-gains outperform other asset types in South Florida
Performance of fundamentals driving divergence in property sector values
After growing in tandem prior to 2019, property sector value performance in South Florida has diverged drastically following the pandemic. Although all sectors have seen value appr...
Florida ranks number one for state-to-state movers
Though migration is slowing, Florida still tops the list for inbound residents
Migration within the U.S. has been slowing, within and across states. The share of the country’s population moving within the same state has fallen from 9.4% in 2022 to 9.1% in 202...
Miami multifamily supply risk remains elevated as construction starts reverse course
A rise in units under construction push downtown Miami supply peak to 2027
In defiance of broader South Florida and national trends, Miami’s apartment construction activity has regained steam. Construction starts in the second and third quarters of 2024 t...