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 […]
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 […]
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 […]
Self-Storage Is Overlooked Nationwide, But Especially in Florida
The self-storage sector has been overlooked nationwide, but especially in Florida. While conditions have cooled from peak demand, migration to the state and new apartment construction continue to make self-storage a desirable, and attainable, asset class for investors. Florida was declared the fastest-growing state in the nation in 2022, according to the U.S. Census Bureau. […]
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 […]
City of Doral Adopts New Fiscal Year Budget with Lowest Millage Rate in Miami-Dade County
Doral, FL. – The City of Doral new budget for fiscal year 2023-2024 (FY23-24), beginning on October 1, 2023, has been adopted with a millage rate of 1.17166. This remains the lowest millage rate* in Miami-Dade County. The approved, balanced budget ensures taxes are not raised for Doral residents and business while prioritizing: Public Safety, Transportation, […]
Florida’s minimum wage to increase on Sept. 30
DORAL, FL – Florida’s minimum wage will be of $12 an hour on Sept. 30, an increase of $1 compared with Sept. 30, 2022. On the other hand, tipped employees will be paid $8.98 an hour this year, according to information on the Florida Restaurant & Lodging Association website. The current federal minimum wage for […]