Called the Contemporary, the new office would total 155,765 square feet.
Institutional investors are continuing to increase target allocations to real estate despite the first decline in confidence among the segment in five years.
The Lee County Board of Commissioners approved Bank of...
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WINK News is getting a look at how crews are picking up...
Inflation, rising interest rates and remote work have left the asset class uniquely exposed to declines in valuation and vultures are beginning to circle.
SARASOTA, Fla. (WFLA) — The third fiscal quarter is over...
As multiple CRE experts have been saying, the less likely someone can afford to purchase a home, the more likely they’ll need an apartment, because everyone needs to live somewhere.
With US industrial vacancy at 4% and multifamily’s pipeline tightening, the data from a report shows both sectors have room for rent growth.
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The 25-year-old, three-story building features a fitness center, a basketball court, an outdoor kitchen and lounge area, a dog park and a pool.
In little surprise, the Emerging Trends in Real Estate 2023 report from the Urban Land Institute and PwC US focuses on the way the commercial real estate industry has evolved since the onset of the COVID-19 pandemic in 2020. The report also looks at the more recent headwinds facing the CRE industry, rising inflation rates and persistently high inflation.
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The city of Fort Myers experienced more than $662 million in residential and commercial damage.
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If you are a commercial or multifamily property owner, property manager, developer, or investor in CRE, this article will be of particular interest to you.
Some sources of financing are drying up, but overall multifamily fundamentals are strong enough to keep funds flowing to borrowers.
If history is any guide, the areas devastated by Hurricane Ian will be rebuilt even bigger than before — but probably with storm-inspired improvements to local infrastructure and building codes.
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After Hurricane Ian churned up the southwest coast of Florida, attention is now shifting toward recovery and rebuilding. But a huge cloud looms over the efforts: the state’s property insurance market is teetering on the brink of collapse. While the situation is less dire for commercial property insurance, there is still widespread concern the storm’s impact will have on an owners’ ability to insure properties going forward.
Research cites “disappointing” performance in what is typically the peak leasing season.
Once the project receives final approval, it would take between 60 and 82 weeks to complete, according to a report from CPZ Architects. A plaza like the one being presented is estimated to cost about $6.7 million, according to the same report.
The Lee County Property Appraiser’s office will be evaluating all the county’s 550,000 properties, getting assessments on the damage and redetermining the values during the next couple of months following the destruction wrought by Hurricane Ian.
Technology companies have been leaders in the push to reshore manufacturing. Examples are multi-billion-dollar chip plants, thanks to the $52 billion CHIPS and Science Act that was part of the Inflation Reduction Act. But the shift isn’t only the province of giant companies. Many small- to mid-sized companies are also reshoring or expanding domestic manufacturing.
Despite headwinds, deals will transact – but patience is key.
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Their strong economies, culture and medical services make them ideal for more than just students.
The 104-room hotel will be converted into more than 100 workforce dignified units in this first-of-its-kind project in Collier County.
Multifamily performance has been off the charts during the pandemic. That’s particularly been true for markets across the Southeast and the Sun Belt, which have benefited from migration patterns. And the result is that it’s really the golden age to raise money for multifamily investment because the asset class performs phenomenally well.
Companies and workers are finding flex space working arrangements to allow for valuable collaboration, a better balance of office and remote work, and more options overall, and businesses appreciate the opportunity to avoid lengthy lease terms.
Why Changing Consumer Preference, Focus On Amenity Spaces Will Continue To Propel Multifamily Sector
Changing consumer preferences and an increased focus on quality of life and wellness are driving big changes in multifamily development – and the trends show little signs of slowing, according to one industry vet.
In the early days of the pandemic, experts across the commercial real estate industry consistently opined the market would see companies move toward a hub-and-spoke office-using model to accommodate employees that had moved away from central office locations. But according to a new JLL analysis, investment is increasingly moving back to the hub, less so the spokes.
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Survey respondents may be dismissive of inflation and interest rate concerns, but the market may be in for a ‘recalibration’.
Tesla signed a 10-year lease for the former mask manufacturing warehouse, which will be used as a regional service center.
2022 Commercial Real Estate Mid-Year Update In this...
This year’s $5 billion in sales trails only the second-half of last year, when investors shelled out $5.7 billion for multifamily properties.
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Council unanimously approved two rezonings from agricultural to commercial corridor.
Six weeks ago, inflationary concerns and rising interest rates started to sour investment appetite. It turned out to be a momentary pause.
Investors are spreading their money out geographically for a number of reasons, including diversification, the search for higher yields, state tax policies, and retirement strategies, “to capitalize on unique market dynamics like migration and demographic trends.”
“Other than owning a company or a franchise, only real estate allows investors to roll up their sleeves, either physically or metaphorically, and create value in an investment.”
Texas ranked second, followed by Arizona, North Carolina and South Carolina.
Despite the changing economic pressures, 2022 CRE assessments in Florida will receive a significant increase on this year’s TRIM notices in response to 2021’s sales. County appraisers value property based on the economics leading up to Jan. 1, not after.
The Florida Association of Realtors and the Florida Apartment Association sued Orange County, Florida, last week in an attempt to undermine a ballot initiative aimed at limiting how much landlords can increase their rent prices. If passed in the fall by voters, it would be the first time such a measure is approved in Florida in decades.
Both gateway and Sun Belt markets recorded strong growth.
March may have been the peak of annual rent growth (15.26%)—the metric hit 13.35% in June—but say that “doesn’t tell the full story.”
The 412-unit property will include one-, two- and three-bedroom floor plans with private balconies, open living areas and high-end finishes. Community amenities will include a gym, pool, dog park, pickleball courts and a business center.
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As sites become scarcer, project sponsors are turning to alternative strategies.
The property will feature 32-foot clear heights, a single-side loading configuration, 54 loading docks and 73 trailer storage spaces opposite the loading docks.
Charlotte County came in at No. 6 in the financial technology company’s study, followed by Lee County at No. 8 and Collier County at No. 9.
As of July 29, the value of the dollar was outpacing the euro and the pound by 2 cents and 18 cents, respectively. That could signal an even greater investment opportunity in the U.S. among foreign buyers, though it is far from the only factor at play.
A whopping 98% of general contractors surveyed by the firm indicated an increase in supplier costs and material lead times, while 75% reported increased project execution timelines.
Certain pockets of Southwest Florida seem to be immune from any national economic downturn trends, including the Interstate 75 and State Road 82 corridor in Fort Myers.
The organization released a new baseline forecast that projected a much slower second half of the year, with total commercial and multifamily financing to fall by 18% from $891 billion in 2021 to $733 billion in 2022.
Here are five key issues to consider when evaluating an SBA 504 refinance for the industrial sector.
Preliminary data from SitusAMC Insight’s second quarter 2022 institutional investor survey shows changing preferences among property segments. After so many quarters of seemingly unstoppable growth, the industrial sector is starting to show initial signs of a slowdown, even though fundamentals are still strong.
Driving the increase in rents was Miami’s Central Business District—which includes Downtown Miami, Wynwood and Brickell.
Builders have to weigh whether to accept smaller profit margins, eschew some projects altogether or, in the case of affordable housing, seek more money from public funding sources to complete those jobs.
So does it really matter if the US undergoes a recession? That depends.
Klein and Gerberg represented the buyer, Brickbox Management LLC, in the transaction.
Alessio Holdings Inc., an Illinois-based real estate investment company, bought the 159 acres from Buc-ee’s for $10 million.
Southwest Florida is the fourth most competitive rental market in the U.S. due to high occupancy rates, low apartment availability and record-high lease renewal rates, according to a RentCafe study.
While the overall trend in construction starts is positive, the very aggressive stance taken by the Federal Reserve to combat inflation risks slowing momentum in construction.
According to data from Coldwell Banker, Florida was the top-searched state by those looking to relocate and Naples joined Sarasota, Miami and Tampa as top-searched destinations.
Industrial assets in port markets are trading for a premium. Despite the fact that port markets are more expensive, they still present themselves as a better long-term play for investors.
At the start of 2022, the investment profile for commercial real estate was generally bright, albeit tempered with concerns about rising inflation and interest rates on the horizon. Now in the thick of these events, one silver lining is that it is easier to see the strengths and weaknesses of the various asset classes.
CRE prices are still rising, but the rate of growth for most types seems to have hit the top and has tipped over on the downward slope.
City Of Naples Community Redevelopment Agency (CRA) Announces Approval Of DPZ Codesign Master Plan for the Newly Designated Naples Design District
The Master Plan seeks to leverage existing assets by amplifying infrastructure that currently defines the Naples Design District’s success, such as enhancing the unique alleyway system with the Design Walk, a picturesque and active promenade to complement the art, design, and dining scene already in progress. Also underway are plans to refine the District’s infrastructure and to improve connectivity to destinations beyond the Naples Design District.
If you’ve been invested in commercial real estate, you’ve had a superb trailing four quarters—on average. But that depends on what properties your money sat. As for the future, that’s looking uncertain.
The entire real estate class could benefit from this period of economic volatility and continue to outperform the broader equity markets.
The corporate sale-leaseback market is coming off a record-high first quarter for deal-making. Despite repricing occurring in the wake of rising debt costs, industry insiders remain optimistic of continued strong momentum ahead in the remainder of the year.
Long-term deals and fixed-cost increases temper impact on occupiers.
SVN Commercial Partners Closes Sale of Apartment Complex In Historic Neighborhood Of West Palm Beach
The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale.
SVN Commercial Partners’ Adam H. Klein Facilitates Contract to Close in 40 Days Of Industrial Warehouse in Greater Fort Lauderdale MSA
“In an increasingly difficult market to source well-located investment properties, we’re pleased to be able close on this opportunity” Klein said, “This sale went from contract to close in 40 days which is a testament to the competition of this market.”
Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates.
The average rent in Fort Myers was $2,073 in April, up a whopping 32% year over year.
Rising interest and insurance rates are projected to slow down South Florida multifamily investments following a year of frenzied buying, according to a recent report from Franklin Street.
Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance.
2022 is off to a solid start for CRE investment. Reports from both Colliers and CBRE for the first three months of this year found that investment in commercial real estate is up, and by some accounts, setting records.
Florida welcomed 36 million total visitors between January and March 2022, according to VISIT FLORIDA estimates.
According to the National Association of Realtors’ Commercial Real Estate Metro Market Conditions Index, CRE metro markets were particularly hot in the Sun Belt and West, with Florida walking away with the top five out of 16 markets.
While the sector formerly relied on business from major life events such as death and divorce, the uptick in interest in the wake of the pandemic has continued, two years on.
RealPage found, among metro areas it tracks, apartment-renewal increases have surged the most in places seeing the biggest spikes in new lease rents.
Value of private equity giant’s opportunistic investment portfolio appreciates 10.3%, outpacing other segments.
“I think the main hurdle we have in SW Florida from a jobs perspective is that we don’t seem to have enough skilled labor for the jobs we want,” said Tiffany Luongo, Senior Advisor with SVN | Commercial Partners. “Our area has historically been saturated with hospitality and tourism industry jobs – moving away from that, into a more educated and skilled-labor workforce takes time.”
The office sublease surge showed signs of abating late last year as companies juggled hybrid work plans and signed for space, but the rise in nationwide availability was back on in the first quarter of 2021.
Sarasota had the highest ratio of move-ins verses move-outs of PODS customers from January 2021 to March 2022, beating out Dallas-Fort Worth, Nashville and Tampa, according to a news release on the PODS data.
The location is situated in the Lealman Community Redevelopment Area, which was established in 2015 to revitalize Lealman and is also home to an under-construction Amazon last-mile delivery center.
Some commercial real estate assets classes are more affected by inflation than others. CrowdStreet ranked 10 asset classes from strongest to weakest according to their ability to serve as inflation hedges.
South Florida commercial real estate transactions rose to $25 billion in 2021. That’s a 183% increase from the $8.8 billion in transactions across Miami-Dade, Broward, and Palm Beach counties recorded the year before.
While not every area of commercial real estate is set to see an upswing, there are a few predictions that are safe to make based on trends in the market.
In a warehouse market with constrained inventory, rapid rent escalation and fierce competition, it’s getting tough for small warehouse users to find, and afford, space.
Investors can also look toward migration patterns: the top three population growth markets over the next two decades will be in Austin, Orlando, and Phoenix, according to Moody’s Analytics.
A key CRE question is when will the market begin to balk at high selling prices and low cap rates? Is this beginning to happen now? The first signs of this value adjustment will be deals falling through.
Previously Planned Super Travel Center Location Trades For $10,000,000, Now Slated For Multifamily & Industrial Use; One Newly-Acquired Parcel Simultaneously Sells
SVN Commercial Partners (SVNCP) Senior Advisors Bryan J. Myers and Tiffany Luongo collaborated to close the acquisition of the 159 acres located at Interstate 75 and Ortiz in Fort Myers.
University and college enrollments keep rising, making off-campus housing an attractive target.
The question investors and operators must ask is what might be coming.