Morris Southeast Group/CORFAC International closed two commercial property sales in Fort Lauderdale, Florida, this month, in addition to representing Weltman, Weinberg & Reis Co. in a Fort Lauderdale lease expansion.
Ken Morris, President of Morris Southeast Group, served as the only broker involved in the sale of a 9,000-square-foot Medical Office Building near Galleria Mall. Leela Holdings, LLC sold the MOB to Dodmi, LLC.
Director Koreena Rivers of Morris Southeast Group represented the buyer, United Investment Group, LLC, in the purchase of a warehouse building on 7th Street in Fort Lauderdale.
Earlier this month, Koreena Rivers represented Weltman, Weinberg & Reis Co., LPA in a six-year lease at The Pinnacle Corporate Park. WWC currently occupies about 6,000 square feet and is expanding to a 12,418 square-foot office space custom designed for the companyb s needs.
Morris Southeast Group provides South Florida commercial real estate services, including owner representation, tenant representation, corporate services and investment sales. Contact us for all of your CRE service requirements.
Florida and Palm Beach Countyb s unemployment rates fell in March, according to The Palm Beach Post. At 11.5 percent in February, the stateb s jobless rate dropped to 11.1 percent last month.
Palm Beach County showed greater improvement, with the unemployment rate falling from 11.1 percent to 10.6 percent. Palm Beach County also ranked third in employment growth in Florida, adding 4,200 jobs, the Post reports.
In Miami-Dade, the unemployment rate dropped from 13.1 percent to 12.9 percent in March, according to The Miami Herald. The Herald reports:
b Compared to a year ago, South Floridab s jobs crisis appears to be easing. Combined Broward and Miami-Dade added about 15,000 jobs in the last 12 months.b
Unfortunately, the stateb s unemployment continues to be greater than the national rate, which is 8.8 percent. The commercial real estate market is dependent on increased hiring and jobs. For more updates on South Florida, CRE, workplace trends and more, follow our blog.
The prices for less-occupied office property have gone up considerably, and discounts on distressed properties have fallen. But geography still plays a significant role in these prices. The South and Northeast office markets are doing better than the Midwest and West office markets. Employment growth, the market, property size, and the amount a building is leased all impact the value of office property, notes Chris Macke, CoStarb s senior real estate strategist.
Miami is making quite a name for itself in the business world. It ranked No. 9 in the Top 10 American Cities of the Future 2011/12 by Foreign Direct Investment Magazine.
Not only did Miami score well as an American City of the Future, it also came in at No. 2 for business friendliness, according to CGGazette. Frank. R. Nero, President and CEO of The Beacon Council, told the publication:
“‘Miami is a growing world business center. As we emerge from the recession, it is well-positioned to attract job-producing foreign and domestic investment.'”
And according to The Miami Herald, a Wells Fargo report revealed that Florida ranks No. 1 in the nation for potential to grow jobs. And this ranking is not only due to tourism and hospitality; the state is b regionally competitiveb in more than 20 different industries.
If youb re looking to bring your business to the Miami/South Florida area, contact Morris Southeast Group for corporate real estate services.
Image via law.udmercy.edu
After sharing great information from National Real Estate Investor on Tuesday, we actually came across another great article from NREI that we wanted to share: b Property Valuations Improve in Primary Markets, but Other Regions Struggle.b
Essentially, bidding wars within primary markets are making investors look to other, smaller places for commercial property. So although so far, primary markets have been the main areas showing improvement, this year growth could start reaching secondary and tertiary sites as well. Dan Fasulo, the managing director at Real Capital Analytics, told NREI:
b The price spread between primary and secondary markets has opened to almost a 10-year high, and that will drive investors out on the risk spectrum to capture those deals. It always does.b
The values of multifamily and hotel property have especially seen improvement, and itb s hard to tell what will happen with other CRE sectors. You can learn more about market trends from NREI.
Image by kevinrosseel
Investors in the office market have started purchasing Class-A property with high vacancy, confident that theyb ll be able to attract new tenants down the road as the economy and job market eventually improve, according to National Real Estate Investor. Essentially, these investors are buying buildings at low costs so they can handle waiting a little while before they make significant profits.
Dan Fasulo, managing director with Real Capital Analytics, told NREI:
“‘If web re not there already, web re rapidly approaching a situation in which thereb s just too much money again and not enough assets to go around. Itb s remarkable that it has happened so quickly.'”
Whether these investments are profitable or not ultimately comes down to the job market and hiring. You can learn more about office investors seeking vacancy from NREI.
Contact Morris Southeast Group for commercial real estate services in South Florida. We specialize in office and industrial properties.
As a commercial real estate blog offering information on CRE, marketplace and occupancy trends, as well as real estate values and the changing workplace, we often cite industry sources like National Real Estate Investor, BusinessWeek, the South Florida Business Journal, and The Wall Street Journal.
But we recently came across an article on Class A office space from Architect magazine, and it offers a slightly different perspective. Further, it explains many of the trends we cover without using much industry jargon. If youb re interested in whatb s been going on in the corporate real estate world, we suggest you check out this article. While CRE is in a state of b cautious optimism,b Architect magazine covers topics including hiring, relocating, going green and lease-accounting changes, and then takes an international view.
Image: RTKL.com via architectmagazine.com
Although virtual offices have been gaining popularity and are expected to continue as a trend, some employees working from homeb or working from just whereverb miss the office space and the company of other people.
Now, shared work spaces are becoming an attractive option, The Miami Herald reports. Co-work space, where various free agents and business owners can rent tables, desks, and offices, offers a comfortable place to work as well as numerous networking opportunities. According to The Miami Herald:
b [C]oworking covers nagging details that can sometimes consume valuable time like managing the office (did anybody order copy paper?), taking care of permitting, janitorial services and parking.b
Mostly, though, people are more attracted to the sense of community than any other aspect of coworking.
You can read more about b The New Officeb from The Miami Herald. What do you think of the idea of shared work spaces? Leave a comment to share your thoughts.
Image by jdurham via MorgueFile