The Florida Effect: Why More Americans are Choosing to Move South in 2023
A fresh report from the Bureau of Labor Statistics reveals a surprising shift: Florida, often associated with retirees and the elderly, has recently overtaken New York in terms of job numbers — a first since these statistics began to be tracked in 1982. A significant increase in migration to Florida was recorded from July 2021 […]
How ChatGPT Will Change Real Estate — In Its Own Words
Bisnow asked ChatGPT to “write a 500-word article on the impact of large language models on commercial real estate using, giving examples”. Here’s what it produced. We’ll leave it to readers to decide whether Bisnow’s journalists should be replaced by ChatGPT any time soon. Artificial intelligence is revolutionizing industries across the board, and the integration […]
University of Miami plans major developments
Several new developments on the University of Miami’s Coral Gables campus are to open this year and in the upcoming years, all aimed at transforming education, research, and innovation as the university is approaching its centennial anniversary. The Centennial Village at UM, which is to be the campus housing complex hallmark of the Coral Gables […]
Restrictions on Chinese land ownership, TikTok use at schools signed into law
Saying that China posed a threat to Floridians, Gov. Ron DeSantis on Monday signed three bills targeting Chinese influence in Florida’s schools, universities and agriculture. During a news conference in Hernando County, DeSantis signed legislation that would ban the use of TikTok and other Chinese apps on school and government servers, limit land purchases by […]
Fed Raises Key Rate, Hints at Pause
The quarter-point hike puts the benchmark rate at 5.1%, the highest in 16 years. But amid bank turmoil, the Fed also signaled future hikes could be put on hold. WASHINGTON (AP) – The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level […]
South Florida heats up with ‘unprecedented’ growth, transforms into ‘most dynamic city in the world’
While many may consider Miami as a destination to vacation, as opposed to a place to live, the city’s sprawling economy and mayor’s contemporary leadership has now put South Florida on the map as a global family and financial hotspot. Miami Mayor Francis Suarez, the first ever local-born mayor, has long touted the “Miami miracle” model since winning […]
More CSX freight trains seen as route to add passenger rail too
Planners who had been spotlighting transit passenger solutions to Miami-Dade’s road congestion are suddenly shifting their focus to freight, but with the same objective. For years commissioners looked to dormant freight rail lines to carry passenger transit but had no success in dealing with owner CSX rail system. But recent discussions have uncovered a desire […]
Ikea To Spend $2.2B Opening New U.S. Stores And E-Commerce Hubs
The international purveyor of self-assembled furniture and Swedish meatballs is printing out instructions for a growth spurt in the U.S. over the next three years. Ikea plans to spend $2.2B over the next three years opening eight new home furnishings stores, along with nine smaller-format stores and 900 pickup locations, the Dutch-owned company announced Thursday. […]
Florida’s Job Growth Is Driving Industrial Real Estate Demand
Washington, DC (CNN) — Four of the five U.S. metropolitan areas with the lowest unemployment rates are in Florida. Florida’s Job Growth Is Driving Industrial Real Estate Demand as the state’s growing population, thriving tourism industry, and increasing business investment continue to strengthen its economy. These economic trends are also driving demand for industrial and […]
Wells Fargo Beefs Up Reserves By $643M To Deal With Bad CRE Debt
Financial services giant Wells Fargo, in reporting its first-quarter 2023 earnings, said that it added $643M during the quarter to its reserves to cover potential loan losses. Specifically, the bank said the total reflected an increase in reserves for commercial real estate loans, especially loans associated with office assets. Wells Fargo also increased reserves to […]