Although the new mayor of Miami-Dade County only recently made his victory speech a mere two months ago his help is already being solicited in the real estate market. It is currently unclear what specific things Mayor Carlos Gimenez plans to do to aid commercial real estate, but he does plan to make getting development permits easier. In addition to thatB many would like to see him focus his efforts on projects such as those that recently took place in Coral Gables.
When asked about his expected impact the former assistant manager for the city of Miami Frank Rollason stated that Gimenez eventually plans to focus on the city’s finances; since getting things under control will ultimately attract investors to the area. But seeing as though there are no definite plans yet, Gimenez has done a great deal since taking office. B He has already implemented a reorganization of the county that will increase the speed and facilitation of future projects, and he plans to review initiatives in the fall concerning job creation on the construction and long-term level.
To learn more about Mayor Gimenez’s plans for the Miami-Dade commercial real estate market be sure to check back with us!
Source: The Real Deal, Google Images
Over the next five years the Florida commercial real estate market will continue with its slow recovery which was first marked in the latter part of 2010 according to a comprehensive assessment and outlook on CRE throughout Florida, theB CB Richard Ellisb s Florida Market Perspective Mid-Year 2011. And as the market is currently recovering Miami-Dade is in the lead when it comes to new activity.
Throughout the rest of the year more leasing and sales in the prime submarkets is expected, as lease renewals take the forefront in surrounding areas. Yet although there hasn’t been a B strong spike in activity in North or Central Florida there have been indications of a stabilized market and stronger fundamentals which will help fuel the recovery.The CBRE report also noted:
- Select industries are beginning to re-establish their confidence in the market through expansions and long-term lease commitments
- Multi-housing properties are highly targeted by investors in Florida. In core markets, international investors continue to show strong interest in commercial real estate assets
- Distressed assets continue to be a concern, but Floridab s lengthy foreclosure process slows the delivery of distressed assets available for acquisition.
To learn more about the commercial real estate trends in South Florida continue to visit our blog and visit our websiteMorris Southeast Group.
Source: South Florida Business Journal
Although the economy is currently down it is no match for real estate, especially not of that which is near the Port of Miami. According to a recent report from J0nes LaSalleb s third annual Port, Airport and Global Infrastructure (PAGI) real estate near ports is the main factor in the U.S. industrial real estate recovery.
Take Miami for example, the port currently takes up 814,889 square feet which doubled from 404,454 square feet in the first half of 2010. The total cargo volumes entering have even increased by 9.24% since this time last year. The reason being is because leasing volumes and the demand for warehouse space is on the rise due to the Port of Miami being a gateway logistics hub. With the increased popularity of the area there is an expectation of several new developments to break ground during the fourth quarter of this year, and the first quarter of 2012.
For further information regarding real estate near the Port of Miami contact us here at Morris Southeast Group and let us help you find a permanent space for your business.
Source: Florida Real Estate Journal
Image from Google Images
With an increase of 80 points from 1Q2011 and a rank of 86th out of 132 U.S. metro markets nationwide the Ft. Lauderdale office market has not changed much throughout the second quarter. The vacancy rate currently sits at 19.9% similar to the rates ofB Oakland/East Bay CA at 19.3%, Denver, CO 19.8%,B Naples, FL at 20.2%, and Cincinnati, OH at 20%.
We believe the state of the office market will remain at its current position throughout the upcoming years even as the economy improves. Reason being is because as businesses become more efficient through advances in automation and technology they are able to run with few employees; and given the reduced amount of employees there is less demand for office space. There has also been a trend of businesses lowering their occupancy costs by choosing office designs with lessB square feet of occupancy per employee.
For additional information on the South Florida office market including offices for sale or lease, as well as tenant representation contact Morris Southeast Group at 866-930-1426.
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Are you looking for a new space for your business to call home? B Whether you are expanding or downsizing the size of your office we’d like to help you find the best space. To do so you must first have an idea on how much space you actually need. To help you figure out how much is enough we suggest you take the guess work out of it try our Office Space Calculator. The calculator
To use it all you have to do is enter in how many offices, cubicles, conference rooms and miscellaneous areas you will need. The calculator will then automatically derive the values of the total size in square feet of each amount, the subtotal of them all as well as the circulation area, total usable square feet andB total rentable square feet. From there all you have to do is search our listings to see what we have available.
If you come across any property that you would like additional information on contact Morris Southeast Group at 866-930-1426.
Have you ever wondered if any of the current or new buildings in South Florida are taking steps toward being energy efficient? Although it’s not always visible to the naked eye many of South Florida’s buildings are being built to LEED standards or renovated with energy efficient features.
Take the high rise that was under construction a few months ago at 600 Brickell for example. The 540-foot tower features an outer shell that repels heat, energy efficient mechanical workings, energy-saving reflective roofing, lights that adjust with the daylight and a host of other things. All of which make its design the perfect demonstration of an upper level eco-friendly building. And although the first to be pre-certified as LEED platinum 600 Brickell isn’t the only green building in South Florida, many others are joining in on what is now the new standard.
What are your thoughts on big building going green and gaining LEED certification?
Tossed, the Fort Lauderdale based salad restaurant, plans to open its first Florida location in Boca Raton. It will be included in the redesign of the food court at The Cafes at Boca, which is owned by Simon Property group. Simon approached the chain after seeing one of the restaurants in a Boston mall.
The Boca Raton location will be a franchise operation under the direction of an investment group being led by Tom Valeo. The same investment group is also making plans to open additional Tossed franchised locations.
There areB currently a total of four locations with plans to open additional restaurants this fall or early next, including the Boca Raton location. Tossed has also entered into franchise agreements with groups in Chicago and Los Angeles. They plan to expand even more by creating kiosks on college campuses and airports, as well as by taking their salad chain outside the U.S. to Canada.
To stay in the know about the latest business news and trends inB South Florida commercial real estate check back with us regularly!