Self-Storage Owners Expand Portfolios, Renovate Existing Properties
Nearly one-fifth of Americans rent self-storage space, according to a recent study conducted by StorageCafe, an online platform that provides storage unit listings across the nation. Owners and operators of the property type are keen to capitalize on the strong demand. According to StorageCafe, the total amount of new storage space delivered in 2023 reached 49 million […]
Census: Miami Ranked #1 For International Population Growth In 2023
Miami-Dade’s net international population growth surged in 2023, and was the highest of any county in the U.S., according to new Census data. The number of new Miami-Dade residents coming from outside the U.S. rise almost 40% last year, to 54,457. No other county added as many new international residents. When counting total population growth, including […]
Commercial Preparing for Maturing Loans
With about a quarter of commercial mortgages maturing this year, smaller banks are preparing for the economic pressure. Experts say the stress is not expected to produce broader financial implications. NEW YORK – The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and […]
Industrial Rents Rise as New Pipeline Rebalances
National industrial in-place rents increased by 7.6% year-over-year to an average of $7.74 per square foot in January as the industrial new supply pipeline undergoes a rebalancing, according to CommercialEdge’s February Industrial Report. The national vacancy rate rose 20 bps month-over-month to 4.8% as nationwide, an increase of 80 basis points over the last 12 […]
Cold Storage Is Hot — and It Will Stay That Way for A While
Forget labs or data centers. The true mission critical infrastructure of American life is the 3.7 billion square feet of big, boxy refrigerated warehouses that have recently become a real estate asset of interest. Significant changes in grocery shopping, restaurant operation, pharmaceutical storage (including new diet drugs), online ordering and meal kits, agriculture, food manufacturing […]
The Changing Direction of Industrial CRE
The future of industrial CRE is strong, but advancing in a new direction, according to a report from Newmark and NAIOP. CRE for advanced manufacturing is the wave of the future, while warehousing and distribution take a back seat, the report finds. It predicts new construction related to the high tech, automotive, energy and biomanufacturing […]
Industrial Sector Set for 2024 Transformation
The industrial sector—which has been on a hot streak for several years—experienced a significant cooling-off in 2023. As we look ahead to 2024, CommercialEdge anticipates a period of stabilization and normalization in the sector. In 2024, rent growth is expected to slow and vacancy rates to rise due to a surge in new supply. Although Mexico overtook China […]
The new hot property in Miami? Warehouse demand hits an all-time high — and here’s why
Miami-Dade County’s warehouses are going as fast as croquetas and cafecito on a cold day. Tenants — picture e-commerce, importers, fruit and beverage companies — are having a hard time finding storage space in Miami-Dade to rent with the 1.6% vacancy rate an all-time low, according to the JLL fourth quarter 2023 Miami Industrial report […]
The Fed Declares Interest Rates Have Reached Their Peak
Federal Reserve Chairman Jerome Powell declared the end of the current monetary tightening cycle on Wednesday as policymakers decided to hold interest rates steady. “The policy rate is at its peak in this tightening cycle,” Powell told reporters after the Fed’s policy-making committee’s first meeting of the year. The decision left the Fed’s overnight lending […]
More Multistory Industrial Buildings Are Coming. What Will That Mean?
There aren’t many multistory warehouses in the US, but that will soon change as the US relies more on e-commerce. These buildings, which typically exceed 200,000 square feet, are concentrated in New York, Seattle, and Chicago, according to a new report from CBRE. Two more facilities are proposed in San Francisco. Most existing facilities are […]