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...
Apartments act as release valve for constrained housing market
Nationally, new job creation is not too far ahead of housing permits
It has become a common trope to say that the U.S. is structurally under-housed, but according to a few key indicators, the U.S. housing market is more balanced than one may think. ...
South Florida industrial rents remain flat over the last year
After double-digit hikes, rents start to stabilize at elevated levels
With leasing activity moderating to pre-pandemic norms, the strong run up in industrial rents appears to be flatlining across South Florida. With the exception of Palm Beach, space...
Office tenant demand remains healthiest across North Palm Beach suburbs
Elevated rental rates Downtown boosting demand for PGA Boulevard office properties
The Palm Beach office market has continued to see healthy performance through the third quarter of 2024, with annual rent growth of around 3%, well above more moderate gains of 1% ...
Office leasing strongest outside South Florida central business districts
Tenants still seek better value outside hot pandemic-era central areas
Markets like Brickell, downtown Miami, downtown Fort Lauderdale and West Palm Beach were hotbeds for office leasing activity directly after the height of the pandemic, but tenant a...
South Florida apartment rent growth has potential to regain momentum in 2025
Strength of the area’s labor market will dictate pace of rent hikes
Despite significant growth in luxury apartment inventory, South Florida remains one of the top-performing regions in Florida.
South Florida office market remains active despite slowdown in corporate relocations
Properties east of Interstate 95 outperform, while older assets west of I-95 struggle
Market participants remain optimistic about South Florida, even though the number of annual office lease transactions has fallen around 20% from recent highs in 2022 and 15% from m...
Demographic gains are strong boost for St. Lucie retail space
Population in prime spending years sees significant growth since 2019
The low availability of existing retail space due to limited construction activity over the past decade has buoyed retail rent gains and values in South Florida. Although this narr...
Imports from Mexico and Southeast Asia remain elevated
The nearshoring and reshoring narratives continue to evolve in 2024
The number of inbound loaded commercial trucks crossing the U.S.-Mexico border has skyrocketed in recent months, with these almost doubling through the 12 months ended in July 2024...
South Florida’s rising cost of living drives migration to St. Lucie County
St. Lucie is experiencing a housing boom as it remains relatively affordable
St Lucie County, located just north of Palm Beach, has experienced some of the strongest population growth in the country as new residents flow in from increasingly expensive areas...
As home affordability deteriorates, transit-oriented apartment development rises in South Florida
Shifts in housing stock are changing the area’s lifestyle
Since 2010, housing construction nationally has been concentrated in properties with more than five units, which are typically larger apartment complexes. In fact, over 50% of cons...
South Florida Capital Markets Summary
Investors on Lookout for Opportunities As We Head Into a New Cycle
Most markets have seen a slowdown in transaction activity since the second half of 2023 as elevated interest rates and economic uncertainty have spooked investors. This trend is ev...
South Florida Legislative Summary
A Review of Legislation and Regulations Affecting South Florida Commercial Real Estate
Legislative changes are opening more opportunities for commercial real estate development in South Florida. Liam Krahe, managing attorney at the Cohen Property Law Group, recently ...
Renter Demand Strongest in Markets with Elevated Home Prices and New Apartment Inventory
Sun Belt Market Home Prices Outpace Income Gains
Several multifamily markets, specifically in the Sun Belt, have been undergoing a readjustment period in which new supply has generally outpaced new renter demand since 2022. While...
Florida Markets Among Top Regions in the Country for Five-Year Multifamily Rent Growth
Despite Recent Outperformance, Ongoing Supply Wave Moderating Rents Across the Region
The major multifamily markets in Florida have recorded significant rent growth over the past five years, with Palm Beach and Tampa ranking among the top three in the country after ...
South Florida Commercial Real Estate Performance Summary
Office and Retail Properties Show Widest Divergence in Performance Relative to Nation
Over the last year, the South Florida commercial real estate market has remained resilient despite the wider economic slowdown. Still, moderate demand across property types has slo...
Retail in Miami’s Popular Tourist Destinations is Underperforming
The Return of International Tourism Provides a Positive Medium-Term Outlook
Miami’s retail market has performed well over the last year, with healthy demand keeping pace with a limited supply of available new and back-fill space. In fact, Miami has the fif...