Prologis Expects To Buy, Sell More Industrial Property This Year
Executives at the world’s largest industrial developer and landlord expect to ramp up property sales and acquisitions this year as they bet that almost all its warehouse properties will remain leased and rents will keep rising in the face of economic uncertainty. Prologis anticipates raising $800 million to $1.2 billion from selling properties in 2024 […]
Mormon Church buys $174M industrial park in Hialeah, the biggest warehouse deal of 2023
It was the biggest industrial transaction in Miami-Dade County in 2023. Six warehouses in Hialeah were snagged for $174.3 million, but the buyer wasn’t a major corporation or manufacturer. It was the Mormon Church. It’s not yet clear what the Church of Jesus Christ of Latter-day Saints, also known as the Mormon Church, plans to […]
Florida Adding 1000 Residents Per Day In 2023: Census
Florida’s population grew by 365,205 over a 12 month period ending in 2023, according to newly released Census estimates. The growth rate for Florida in 2023 was 1.6%. Only South Carolina grew faster on a percentage basis. On a numeric basis, Texas was the only state that added more residents, with 473,453 people added. Florida now […]
Fed Presses Pause on Interest Rates Once Again to Close Out 2023
The Federal Reserve held short-term interest rates steady to close its 2023 calendar in a move that positions commercial real estate for a potential rebound in transaction volume next year, according to analysts. The central bank kept its benchmark interest rate unchanged at between 5.25 percent and 5.5 percent for a third straight meeting after bringing rates […]
Developers Looking to Infinity and Beyond to Create Commercial Opportunities in Fla.
Florida’s Space Coast will be the home to three warehouses with more than 600,000 square feet for the aerospace industry. The Texas-based Hines real estate investment firm is partnering with local developer Key Group on a $500 million industrial park near Florida’s Cape Canaveral, aiming to cash in on the booming aerospace industry. The real-estate […]
Agora Real Estate Group secures another 56,000 SF Lease in Medley
Elias G. Patsalos, CCIM from Agora Real Estate Group represented their logistics client in leasing close to 56,000 SF in Medley. Working alongside Will Falero from Colliers and their client, Patsalos successfully closed this transaction. For assistance with industrial property leasing, selling, or purchasing, please contact Agora Real Estate Group at +1 (305) 804-9154 / […]
South Florida office market stronger than pre-pandemic years, JLL says
Although there are significantly less lease deals taking place, South Florida’s office market is on a stronger footing than it was prior to the pandemic, a lead broker with JLL said. “We are at about a 20% slower rate of deal flow from last year,” said Steven Hurwitz, managing director and agency lead for JLL’s […]
E-commerce Continues to Fuel Industrial Expansion
The pandemic-triggered surge in e-commerce significantly increased demand for industrial real estate, according to the latest CommercialEdge industrial report. Even though e-commerce sales have seen a 74 percent boost since early 2021, a substantial portion of this sudden increase occurred primarily in the second quarter of 2021. Notably, pre-pandemic, the growth rate was higher than […]
Economic Conditions Ideal for a Sale-Leaseback Strategy
In today’s higher interest rate costs, for the first time in many years, there’s a condition where the financing alternative of sale-leaseback is superior to the borrowing options that a company might have, according to Alan Pontius at Marcus & Millichap. The firm’s senior vice president and national director of industrial, and healthcare divisions, speaking […]
Report: CRE Lending Stabilized Somewhat in Q3
A new report from global commercial real estate company CBRE (CBRE) found that CBRE-originated commercial loan closings in the U.S. declined only 3 percent between the second quarter and the third quarter of 2023. However, while the lending spread is tightening, those originations levels are still 48 percent lower than last year’s third-quarter volumes. While the decrease […]