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 […]
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 […]
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 […]
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 […]
Prologis Sets Rent Growth Records, CEO Remains Optimistic Amid Geopolitical Turmoil
Prologis reported slightly dented third-quarter earnings Tuesday following several quarters of strong returns, an indicator of the impact rising interest rates and a gushing pipeline of new supply have had on the industrial real estate market. Still, the global REIT beat analyst estimates and turned in record rent growth along with nearly full occupancy at its properties. Company executives […]
Conquering the Nation’s Real Estate Market: South Florida’s Remarkable Success Story
It’s Boom Time in South Florida In downtown Miami, ground is being cleared for Florida’s tallest office tower, with 1.5 million square feet to be filled by firms that have yet to establish a presence in the state. Condo towers branded as St. Regis and Waldorf-Astoria are also planned for the area, with the majority […]
