Property Sectors Archives | Page 50 of 54

Dec 24 No Comments

Miami Retail Is Healthy, Thanks To Its Increasingly Urban Landscape

Author: Admin

Miami’s commercial real estate market is exceedingly healthy across all asset classes and — despite what some headlines will tell you — retail is no exception. Market fundamentals and demand balance point to continued growth, with limited downside in sight.

Miami is a unique market in that it is a major national metropolitan statistical area (MSA) that benefits from year-round tourism while also possessing a substantial “shadow population,” both domestic and international, which contributes significantly to the local economy. At the national level, discount, convenience and service-oriented retailers are among the strongest; in Miami, retailers across the board are performing well, from Dollar Tree to Tiffany & Co.

This overall health, however, doesn’t mean Miami’s retail market isn’t experiencing some changes. As the local landscape evolves, retailers are adapting to meet ever-changing consumer needs and expectations.

As Miami grows, the region is facing new challenges related primarily to transportation, a lack of available land for new retail development and the changing demography of the area. In the next five years, 136,000 new residents will move to Miami-Dade County, and that figure only accounts for permanent residents. With the projected population increases, the need for additional infrastructure improvements to accommodate growth will impact the retail environment. For Miami-Dade to support current and future population needs, the city’s retail landscape and the way people navigate access to it will change.

To combat transportation challenges, consumers will make a lifestyle choice to live closer to where they work. We can expect an emergence of self-contained nodes, or micro-markets, that contain a critical mass of office, housing and retail space. These “villages” will give the consumer the ability to live, work, recreate and shop all within all within immediate proximity and without spending hours a day in the car. Many neighborhoods are already headed in this direction: Brickell, Downtown, Wynwood, Aventura, Merrick Park and South Miami.

Retailers are evolving to meet this new model of “hyperlocalism” by opening more locations that are smaller than traditional stores in order to serve a higher number of densely populated areas. This model also supports Miami’s diminishing availability of developable land, as most existing neighborhoods are already built-up and cannot support typical suburban retail construction. Almost all of the new retail premises developed in Miami are being delivered as part of mixed-use projects, which may have ground-floor retail with office, multifamily or hospitality above.

While many large metros across the country are seeing store closures, Miami continues to see net positive openings. Historically, retailers have found that as they build out their footprint in Miami, they end up with more units than originally projected. While this is certainly true among smaller-size operators, we continue to see this among “big-box” retailers as well.

New deliveries of big-box stores are evolving to have smaller floor plates and structured parking. Stores like Target, Walmart and Publix are all building smaller-sized units where shoppers are likely to use a basket instead of a shopping cart. We will continue to see flexibility on the part of the big-box users as they are required to adapt store size to the envelopes available to them.

In summary, Miami’s retail environment remains extremely vibrant and healthy. Increased density and verticality will continue to drive new unit opportunities for retailers as the consumer chooses to live a more urban lifestyle.

MIAMI RETAIL AT A GLANCE

▪ Total shopping center inventory: 56,942,914 square feet.

▪ Total vacancy: 3.5% (That means almost 97 percent of all “doors” are occupied.)

▪ Deliveries in the past 12 months, in square feet: 147,582

▪ No. of square feet under construction: 1,594,938

▪ Net absorption in the past 12 months (space that was vacant that’s now occupied): 60,017 square feet.

▪ Average asking rent (net-net-net, or NNN): $31.64 per square foot

Source: Miami Herald

Dec 20 No Comments

A Trend Is Breathing New Life Into Big, Empty Department Stores

Author: Admin

Categories: Healthcare,Retail,Trends

Turning abandoned mall space such as the closed Sears store in the RedBird development in Dallas into medical offices and clinics is a new use for tired shopping centers that has already found success in other cities.

RedBird owner Peter Brodsky just announced that UT Southwestern and Parkland Hospital are taking over vacant retail space at the former Red Bird Mall. UT Southwestern will open offices in a 150,000-square-foot Sears store that closed earlier this year. About 43,000 square feet of a Dillard’s store that closed in 2008 is already being retrofitted for Parkland.

Dallas developer Frank Mihalopoulos, who has been working with Brodsky since 2015 on the RedBird project, has already successfully adding university-affiliated medical offices to aging malls in Nashville; York, Pa.; and Atlanta.

“Selling the RedBird development to local health care companies became a priority as community needs and wishes matched up with trends in the mall redevelopment business,” Brodsky said.

“Health care companies want to reach underserved populations and are trying to find ways to serve more people with the least amount of cost,” Mihalopoulos said. “Repurposing mall space can keep costs down. The University of Pittsburgh Medical Center, for example, has opened occupational therapy clinics and back offices in 22,000 square feet of the West Manchester Mall in York, Pennsylvania It’s lowered their overall cost of occupancy, and then the university medical center is able to rent its space that can fetch higher rents to others.”

In Atlanta, Emory Healthcare agreed in October to lease 224,000 square feet of a former Sears store at Northlake Mall to house offices for 1,600 administrative staff. That also adds daytime traffic to the mall, which is anchored by J.C. Penney and Macy’s. Northlake and the mall in Pennsylvania are owned by ATR Corinth, a partnership of Mihalopoulos and Dallas real estate investor Tony Ruggeri formed 15 years ago to redevelop ailing malls.

“Mall locations have a lot of what medical clinics and offices need,” Mihalopoulos said. “There’s parking, good real estate with good exposure to freeway locations. Old department stores have high ceilings that office tenants are looking for these days and those new office workers can shop and eat without leaving the property.”

ATR Corinth’s first big success was in Nashville, where Vanderbilt University Medical Center put administrative offices and medical clinics in One Hundred Oaks Mall.

“That project began in 2008, and within five years of the redevelopment, the stores in the center had experienced sales increases of as much as 100%,” Mihalopoulos said.

While they were considering the RedBird development, UT Southwestern officials visited that project. They also visited the Jackson Medical Mall in Mississippi, which was converted from a shopping mall in 1996 after it lost customers and stores to a newer mall in Jackson.

At that point, Red Bird Mall was also well into its decline. The former mall at the intersection of Highway 67 and Interstate 20 in Dallas was one of the early shopping center casualties. Several Dallas mayors and out-of-town owners tried to fix the center as the mall continued to lose traffic. There are 800 vacant anchor spots at the 1,300 malls and outlet centers in the U.S., according to an updated mall report from Green Street. In addition to health care uses, malls have been turned into call centers and even Amazon warehouses. When Brodsky first purchased the mall, Sears and Macy’s were still open.

“But it became apparent that anchor stores would have to be filled with other sorts of activities to draw people to the property,” Brodsky said. “The shopping center still has about 60 tenants, from Burlington Coat Factory to small mom-and-pop businesses that are doing well. A Foot Locker is under construction in a new green space being built on the Camp Wisdom side where Starbucks opened last year. I’m new to the real estate industry and I give Frank a lot of credit for his track record of converting malls into highly productive office space.”

Source: Dallas News

Dec 18 No Comments

Eco-Friendly Wynwood Hotel Planned For Art by God Site

Author: Admin

Categories: Commercial News,Development,Multifamily,Wynwood

A new eco-friendly hotel is expected to break ground on the site of the Art by God store in Wynwood.

Miami Beach-based Lucky Shepherd, co-founded by Christine Menedis and Naveen Trehan, will develop Shepherd Eco Wynwood at 60 Northeast 27th Street, joining a number of other hotels that have been proposed in the neighborhood. Hoar Program Management is the contractor on the project.

Touzet Studio is designing the 150-key hotel and Gensler is designing the interiors. In addition to hotel rooms, Shepherd Eco Wynwood will also have up to 48 residential units, according to a press release. The building will feature an outdoor amenity deck with a treehouse, a spa and wellness center, art gallery, rooftop pool and bar, speakeasy, and farm-to-table restaurant called Shepherd Farms.

Construction will begin in the summer. The hotel is expected to open in late 2022.

Source: The Real Deal

Dec 16 No Comments

After 72 Years On Flagler Street, Kirk Jewelers Is Moving Out

Author: Admin

Categories: Leasing,Retail

After 72 years of selling diamonds, watches and rings from its historic jewelry district location, Kirk Jewelers is saying goodbye to Flagler Street and moving to Brickell.

The luxury jewelry retailer is closing its location at 142 E. Flagler St. due to a decline in foot traffic over the past 10 years. It will reopen at Brickell City Centre at 701 S. Miami Ave. by late December.

The store will occupy a smaller space, and pay ‘significantly more’ in rent, according to co-president of Kirk Jewelers Allison Newbauer Strongin.

But, Newbauer Strongin said, she expects to see more customers than on Flagler Street.

“There’s a lot of energy right now happening across the river,” she said.

The store currently spans 4,000 square feet, with a showroom of 1,500 square feet. Kirk Jewelers’ new home will cover a total of 3,000 square feet, with a 2,000-square-foot showroom.

Newbauer Strongin did not disclose rent information. But, according to the Miami-Dade County Retail Third Quarter 2019 Colliers International Report, the average direct asking rate for Downtown Miami is $46.01 per square foot and $63.44 per square foot in Brickell.

“You need to ink out the showroom to make up for the rents,” she said.

The move will draw Kirk Jewelers closer to the store’s customer base, with the majority already coming from Brickell. It will also allow the team to sell to more tourists, Newbauer Strongin said, a customer base that she’s seen decline on Flagler Street.

“Brickell City Centre has seen an increase with South Americans and Europeans,” she said. “Brickell City Centre will allow us to tap into both the locals and tourists, especially the Brazilian market.”

The hours at the mall also encouraged the move. The store on Flagler is currently open six days a week during regular business hours. It closes by 5:30 p.m., because Newbauer Strongin said “it doesn’t make sense to be open more than that on Flagler.”

But at Brickell City Centre, Kirk Jewelers will run daily from morning until 7 p.m. or 9:30 p.m., depending on the day.

“We calculated that with longer store hours we’d be open to an equivalent of three to four months more,” Newbauer Strongin said.

Kirk Jewelers was established in 1947 by Newbauer Strongin’s grandfather Julian Sr., a wholesale businessman from New York City. Four generations later, Newbauer Strongin runs the business alongside her brother Jeff Newbauer.

The Downtown Development Authority is prioritizing filling vacancies, especially in the historic jewelry district, with services catering to a growing residential population, said the Downtown Development Authority Deputy Director Christina Crespi.

Greater Downtown — which includes Brickell, the Central Business District, and Arts & Entertainment — has 92,000 residents today, Crespi said. By 2021, the DDA expects 110,000 residents to live in the area.

“Our priority is quality of life, that’s part of an evolving economy,” Crespi said. “For Flagler, our recruitment focus has been tech companies, cafes, bars and restaurants.”

The streetscape improvement plans starting in Flagler in 2020 are part of the quality-of-life enhancements. The plans, in the works since 2011, will include widened sidewalks, extra lighting and greenery.

“The city has over the last few years had a renewed interest in our historic districts,” Carlos R. Lago, a member of the Land Development practice in Greenberg Traurig’s Miami office. “In general, there’s a bit of growing pains with street improvements but everyone is happy at the end.”

The addition of pedestrian-friendly streets is likely to attract more foot traffic and more retail businesses back to Flagler in the future.

Source: Miami Herald

Dec 13 No Comments

Multifamily Investors Are Spending More Capital in Secondary, Tertiary Markets

Author: Admin

Categories: Multifamily

Multifamily investors are now more likely to spend their money on properties in secondary and tertiary markets rather than in primary markets.

“In secondary and tertiary markets… the number of offers that we are generating is much higher than what it was,” says John Sebree, Midwest-based first vice president and national director of the national multi housing group with brokerage firm Marcus & Millichap. “The level of sophistication of those buyers is much higher.”

After the more than a decade of expansion, investors are running out of attractive places to invest their capital. In secondary and tertiary markets, the yields are often only slightly higher than in primary markets; however, the local economies are strong enough to keep attracting more investors.

“We have had economic growth for so long, that every market has been affected,” says Sebree. “Investors are hard-pressed to find that city that no one else has discovered.”

More than half (55 percent) of the apartment properties bought so far in 2019 were located in secondary and tertiary markets, according to Marcus & Millichap data. That’s up from 43 percent a decade ago.

“The heightened investor interest in secondary markets is illustrated by both robust construction pipelines and increasing capital flows,” says Shawn Lambert, senior analyst with real estate services firm JLL. The amount of money that investors spent to buy apartments in secondary markets more than doubled (showing an increase of 141.0 percent) between the peak year of the last year estate cycle and this one, according to JLL data.

Strong, consistent demand for apartments has helped make multifamily investors feel secure enough to spend most of their money on properties in smaller cities and towns.

“The fundamentals of multifamily are so strong right now,” says Sebree. “Even if there is a downturn in the next couple of years, the multifamily market is not going to suffer much from that.”

Apartment vacancy rate in prime markets has shrunk to just 3.4 percent in 2019—down from 5.4 percent in 2010. But the change has been even more pronounced in secondary markets, where the vacancy rate fell to 3.8 percent from 6.6 percent. And it was most dramatic in tertiary markets, where the vacancy rate fell to 4.8 percent from 7.2 percent, according to Marcus & Millichap.

“When the economy starts to expand it is going to expand in the major markets first, then in secondary and tertiary markets,” says Sebree. “In a lot of the tertiary markets, the economies are doing extremely well, including household growth and job growth.”

In addition, many smaller markets have become millennial magnets, according to Lambert. These secondary markets often have ample job opportunities and the cost of housing is relatively affordable.

When investors buy properties in tertiary markets, the cap rates average 7.0 percent, according to Marcus & Millichap’s tabulation of 2019 apartment deals. That’s significantly higher than the 5.3 percent average achieved in secondary markets and the 4.1 percent average cap rate in primary markets.

However, the risk of investing in smaller markets is still higher in a few ways.

“There is a little risk when you go into a small market that if a couple of new construction projects come up out of the ground, that can have more of an effect,” says Sebree. “It is a small enough market that there is going to be some competition.”

Source: NREI

Dec 11 No Comments

Medical Office Building Investors Will Be Chasing Deals In 2020

Author: Admin

Categories: Commercial News,Development,Healthcare,Trends

As we prepare to swing into the new year, the outlook for the medical office sector is good…largely.

Underpinning the market, as it always has, is the continual aging of the population and the increased medical services that come along with it.

But, despite this sure-bet demand, the sector is not without its challenges, as Al Pontius, SVP and national director of Marcus & Millichap’s Office and Industrial divisions, makes clear. Those concerns arise as a result of the massive industry trend toward consolidation and the move on the part of many formerly independent care providers to saddle up with national care brands.

The firm’s second-half Medical Office Buildings Report defines the growth of the merger movement:

“Hospital and health-system merger activity continues to transform the medical office sector, driving a reduction in physician-owned practices in recent years. In 2012, nearly half of locations were physician-owned practices, but in 2018, just 31 percent were owned by doctors.”

And therein lie the concerns for the existing stock of medical office buildings (MOB).

“There’s a lot of older-vintage product that’s not located where the health systems want to be,” says Pontius. “Some assets may not accommodate the desired configuration of services that the major health systems see as appropriate, modern enough or technologically supportive enough. Consequently, there are a number of buildings that will under-perform relative to newer properties in the sector as well as other asset classes.”

But while there might be assets that sit on the sidelines as healthcare needs grow, few investors, be they institutional or private, are doing the same.

“The consolidation has supported investor sentiment as major providers create efficiencies and broaden service coverage,” says the report. “A sizable pipeline of new space and major expansions by high-credit tenants will sustain elevated investment activity through the end of this year.”

Source: GlobeSt.

Dec 04 No Comments

Why Has Medical Office Captured the CRE Spotlight?

Author: Admin

Categories: Healthcare,Trends

Medical office has captured the real estate spotlight as the sector continues to see strong investment sales with large hospitals buying up doctor practices, and the development of off-campus patient facilities takes off, Mitchell Yankowitz, managing partner at Medical Asset Management, a medical real estate advisory firm, tells GlobeSt.com.

Nationally, there has been a lot of consolidation and acquisitions of smaller doctor practices in the market as larger healthcare institutions seek to bulk up on assets that could serve as outpatient facilities to offer quicker and better quality care in a cheaper and more streamlined way, Yankowitz said.

“Healthcare has gotten so expensive, health care providers are exploring ways to become more efficient without compromising patient care,” he said.

Hospitals such as Mount Sinai Health System in New York and UCLA and Cedars-Sinai Medical Center in California are examples of larger hospital systems gobbling up smaller institutions to absorb their cash and private insurance patients.

Mount Sinai recently announced it was turning its attention to managed care and outpatient facilities as the firm aims to capitalize on the estimated $193 billion New York spends on healthcare annually. By the end of 2020, the health system will complete a full merger with St. Luke’s Roosevelt, Beth Israel Medical Center, and New York Eye and Ear Infirmary of Mount Sinai into Mount Sinai Hospital, according to a Politico New York report.

And as the delivery of healthcare moves away from the traditional on-campus hospital setting, the demand for new construction for medical outpatient facilities has skyrocketed, according to a recent GlobeSt.com article.

Of the new medical office construction to come online this year, 70% has been for off-campus facilities, specifically for infill locations with retail-like characteristics, very different than previously sought assets for medical office use, according to R.J. Sommerdyke, vice president of acquisitions with Meridian, a developer and owner of medical office real estate with offices in Newport Beach and San Ramon, California, plus Phoenix, Dallas and Seattle.

Outpatient facilities have proved efficient and convenient for hospital systems to provide care in a smaller and personable setting, which has become key because the competition between care providers has grown intense in recent years with more options for patients to seek care.

“Up until recently hospitals didn’t look at patients as customers and now its different because of technology and more competition, people have choices,” Yankowitz said.

Source: GlobeSt.

Nov 26 No Comments

Landlords Adopting ‘Must-Have’ Technologies To Remain Competitive

Author: Admin

Categories: Commercial News,Development,Multifamily,Trends,Wynwood

Radically transforming commercial real estate, new technology — much of it in the form of convenient, user-friendly apps — is being adopted by property owners wishing to remain relevant and competitive. Landlords who want to work smarter, protect their properties, and attract and retain tenants, do well to become acquainted with future-forward technology redefining property management and tenant relations.

While numerous contenders may vie for attention, the following are tried-and-tested options being used in many commercial spaces throughout Miami.

One of the original ground-breaking companies in the industry, Kastle Systems, established more than five decades ago, provides an integrated platform of cutting-edge solutions, delivering both excellent consumer experiences and landlord peace-of-mind. Tenants can conveniently open or unlock property doors with their smartphones, doing away with the need to carry cardkeys or fobs, while allowing landlords to entrust the task of making their space safer to a dedicated team.

On call 24/7, they provide video surveillance, visitor and identity management tools, and monitors alarms, security reports, repairs and more. CUBE WYNWD, a RedSky Capital office project, relies on Kastle Systems to provide top security and access for its tenants. Additional disruptors in the security systems space include Kisi and Openpath.

Another provider of advanced technology that has become invaluable for landlords seeking to better understand real space needs and save costs — Mapiq tracks activity within your office space and building common areas in a single dashboard. A heatmap reveals how people are concentrated throughout the building or a space.

The data, collected in the analytics dashboard provides quantified statistics over time, enabling confident, strategic decisions. For employees, this cloud-based solution facilitates finding available desks and meeting rooms and other employees. With Mapiq, landlords, tenants and employees access tools which effectively position them to have control over their environment.

Additional solutions include Jabra, TrueView Heatmap by Mirame.net and several others that are in development phases.

A third resource — award-winning HqO, connects tenants to their community, facilitates commerce, and provides content, among other features. This app provides the means to maximize positive tenant experiences and strengthens the tenant-landlord relationship.

HqO enables tenants to pay for the amenities and services offered throughout the building; be apprised of events taking place on or near the property, and receive timely notifications, while also providing messaging and concierge services. It can also be used to control the environment in the building, including opening doors and accessing common areas. HqO brings a wealth of information and a smart tool for communication which tenants can access by simply picking up their smartphones.

Other apps that focus on the tenant experience include Comfy, Bixby and SkyRise, and many traditional property management platforms are also launching similar tools.

Yet another innovative option is Motionloft, developed by a leader in artificial intelligence and computer vision, it is rapidly gaining in popularity. Utilizing wireless sensors, Motionloft gathers real-time vehicle and pedestrian data, enabling developers to gauge foot traffic and attract retailers accordingly. Currently, Goldman properties in Wynwood utilizes this solution, allowing them to gauge traffic throughout their retail and dining spaces..

A fifth tool, Kepler Analytics is designed to decrease operating costs and enhance customer satisfaction. Kepler analytics measures sales in stores outfitted with sensors which allows it to monitor individual stores to entire regions — forecasting which stores will meet daily targets and which might need a little attention. It also controls access.

RetailNext, ShopperTrack and Aislelabs are also similar tools being leveraged in the retail sector.

Commercial real estate landlords who expand their offerings to include mobile platforms and future-forward technology are amplifying their competitive edge, facilitating how they market their properties, and securing tenants and their properties. Using one’s phone to book a conference room, pay rent, learn about an upcoming event, access building areas, and much more, is a convenience tenants will soon come to expect.

Savvy landlords will do well to stay at the forefront of the technology curb as this technology becomes more ubiquitous and helps to shape the future of commercial real estate.

Source: Miami Herald

Nov 22 No Comments

Developers Targeting Multifamily Properties In Little Havana

Author: Admin

Categories: Commercial News,Development,Multifamily

Developers are targeting multifamily properties in Little Havana, especially ones recently built.

An investor recently flipped a Little Havana apartment building for $6.2 million after buying it a few months ago.

In September, Bar Invest Group sold an apartment building it built in Little Havana for $7.1 million to Beraja Investments.

Earlier this year, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street, for $10.1 million, or about $128,000 per unit. In April, a group of investors acquired a 103-unit apartment portfolio in the neighborhood, with plans to upgrade the properties and flip them.

Unlike Brickell, most of Little Havana is zoned for medium-density development – either T4 or T5. That means that development is capped at five stories and 65 residential units per acre.

Investors also are proposing new apartments in the neighborhood. Ricky Trinidad’s Metronomic is planning several developments in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue.

Source: The Real Deal

Nov 20 No Comments

Demand For Miami Office Space Remains Strong As Companies Relocate To The Region

Author: Admin

Categories: Commercial News,Development,Offices,Trends

Demand for office space continues to rise as companies from outside of Florida relocate to Miami-Dade County, driving up average asking rates by more than 5 percent from a year ago. An increase in co-working spaces also played a significant role.

The average weighted asking rate grew for Class A and Class B office space, according to the Blanca Commercial Real Estate third quarter 2019 market report released this week.

For Class A space, average weighted rates grew 5.6% year over year, from $45.51 per square foot in the third quarter 2018 to $46.37 per square foot in the third quarter 2019. The highest average asking rates were in Brickell, at $59.10 per square foot, and Wynwood/Design District, at $55.97 per square foot.

The average asking rates for older, simpler Class B space crept up slightly, from $33.39 per square foot in the third quarter 2018 to $33.47 a square foot in the third quarter 2019. But the class suffered a loss of 248,000 total square feet, primarily in the Miami Airport market.

The vacancy rate for Class A space dipped slightly, from 13.9% to 12.7%, while the vacancy rate for Class B space inches up from 16.1% to 16.9%.

A total of 324,000 square feet of multi-tenant office space was delivered, said Tere Blanca, Founder, Chairman and Chief Executive Officer of Blanca Commercial Real Estate, for a total Class A/ Class B inventory of 36,953,985 square feet. Another 2.1 million square feet of multi-tenant office space is underway and set to be delivered by late 2022.

Net absorption increased overall year-over-year, by 412,191 square feet, led by Class A space offering amenities such as wellness programs, concierge services, Wi-Fi indoors and outdoors as well as tenant lounges with snacks and coffee. Tenants in legal, financial and professional services gravitate toward buildings with water views, she said.

Much of the change in the Class B market was driven by companies already in the market looking to right size their spaces — both by increasing and decreasing — and seeking new layouts, said Blanca.

Overall, tenants are also looking for buildings connected to transit and those with open floor plans and flexible conference spaces.

Of the positive absorption, 292,000 square feet or 44% came from co-working companies leasing in Downtown Miami, Miami Beach, Brickell and Coral Gables. Co-working now accounts for nearly 4% of the total office inventory in the county.

New-to-market firms are driving net absorption, led by companies in finance, technology and professional services, said Blanca. Those include Starwood Capital, which is moving to Collins Avenue in Miami Beach; SoftBank, which took space in Brickell, and Icahn Enterprises, which will relocate from New York to the Milton Tower in North Miami Beach.

The Tax Cuts and Jobs Act, a favorable business environment and climate are driving new companies to relocate to Miami, said Blanca.

About 150 companies have expanded to Miami since 2017, encompassing 592,000 square feet, wrote Blanca Chief Marketing Officer Diana Pubchara over email. The majority of the companies had an office elsewhere out of state and decided to open in Miami-Dade County. Some organizations in foreign markets are establishing their U.S. headquarters in the Magic City. And about 15 new companies are touring the market and would cover another 201,000 square feet when they are expected to sign leases in the next few months.

The market looks bright looking over the next 25 months, said Blanca. She said, “We’ll see continued absorption and rents will continue to hold with moderate rent increases, if any.”

Source: Miami Herald

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Category: <span>Property Sectors</span>

Miami Retail Is Healthy, Thanks To Its Increasingly Urban Landscape

MIAMI RETAIL AT A GLANCE

A Trend Is Breathing New Life Into Big, Empty Department Stores

“Selling the RedBird development to local health care companies became a priority as community needs and wishes matched up with trends in the mall redevelopment business,” Brodsky said.

“That project began in 2008, and within five years of the redevelopment, the stores in the center had experienced sales increases of as much as 100%,” Mihalopoulos said.

Eco-Friendly Wynwood Hotel Planned For Art by God Site

After 72 Years On Flagler Street, Kirk Jewelers Is Moving Out

“There’s a lot of energy right now happening across the river,” she said.

“You need to ink out the showroom to make up for the rents,” she said.

“Brickell City Centre has seen an increase with South Americans and Europeans,” she said. “Brickell City Centre will allow us to tap into both the locals and tourists, especially the Brazilian market.”

“We calculated that with longer store hours we’d be open to an equivalent of three to four months more,” Newbauer Strongin said.

“Our priority is quality of life, that’s part of an evolving economy,” Crespi said. “For Flagler, our recruitment focus has been tech companies, cafes, bars and restaurants.”

“The city has over the last few years had a renewed interest in our historic districts,” Carlos R. Lago, a member of the Land Development practice in Greenberg Traurig’s Miami office. “In general, there’s a bit of growing pains with street improvements but everyone is happy at the end.”

Multifamily Investors Are Spending More Capital in Secondary, Tertiary Markets

“We have had economic growth for so long, that every market has been affected,” says Sebree. “Investors are hard-pressed to find that city that no one else has discovered.”

“The fundamentals of multifamily are so strong right now,” says Sebree. “Even if there is a downturn in the next couple of years, the multifamily market is not going to suffer much from that.”

“When the economy starts to expand it is going to expand in the major markets first, then in secondary and tertiary markets,” says Sebree. “In a lot of the tertiary markets, the economies are doing extremely well, including household growth and job growth.”

“There is a little risk when you go into a small market that if a couple of new construction projects come up out of the ground, that can have more of an effect,” says Sebree. “It is a small enough market that there is going to be some competition.”

Medical Office Building Investors Will Be Chasing Deals In 2020

“Hospital and health-system merger activity continues to transform the medical office sector, driving a reduction in physician-owned practices in recent years. In 2012, nearly half of locations were physician-owned practices, but in 2018, just 31 percent were owned by doctors.”

“The consolidation has supported investor sentiment as major providers create efficiencies and broaden service coverage,” says the report. “A sizable pipeline of new space and major expansions by high-credit tenants will sustain elevated investment activity through the end of this year.”

Why Has Medical Office Captured the CRE Spotlight?

“Healthcare has gotten so expensive, health care providers are exploring ways to become more efficient without compromising patient care,” he said.

“Up until recently hospitals didn’t look at patients as customers and now its different because of technology and more competition, people have choices,” Yankowitz said.

Landlords Adopting ‘Must-Have’ Technologies To Remain Competitive

Developers Targeting Multifamily Properties In Little Havana

Demand For Miami Office Space Remains Strong As Companies Relocate To The Region

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