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Worker's Compensation Rates on the Rise in Florida

Are you familiar with the state’s current worker’s compensation insurance rate? If so, know that things are about to change within the next few month. Beginning January 1, 2012 worker’s compensation will rise 8.9 percent throughout the entire state due to a ruling by Kevin McCarty, the Florida Insurance Commissioner.

Although McCarty’s office feels the increase was necessary small business owners are feeling the crunch. According to the National Federation of Independent Business this year’s increase paired along with last year’s increase of nearly 8 percent is a substantial increase in the cost of labor for small business owners who are merely trying to survive.

Yet even though the rate will be increasing Florida will still have the lowest rates in the Southeast as well as among all the large states. What are your thoughts on the rise of the worker’s compensation insurance rates? Flesh out your opinion in out comments section below.

Source: Miami Herald

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Unemployment Rate in South Florida Falls

Do you remember our post from a few months back in July about the South Florida unemployment rate rising? According toB statistics from the Florida Department of Economic Opportunity unemployment in the area has fallen. It dropped fromB 11.2 percent in AugustB to 10.6 percent in September, which is also down from September 2010’s 11.7 percent. And although it is still high, there have been improvements in the job market. For example, Miami-Dade has the highest unemployment rate in South Florida, but it also has second-highest gain in new jobs in the state with 15,500 September.

Just as the southern region the state’s unemployment rate has also dropped to 10.6 percent. It is represented byB 977,000 that are jobless out of a labor force of 9.2 million. It has also seen an increase in jobs with aB net total of 92,400 jobs added this year.

If you would like to continue to receiving news on the changing workplace in South Florida be sure to subscribe to receive our post updates!

Source: South Florida Business Journal

 

 

South Florida Office Market Sees Improvements

Through the economy’s most recent declines the South Florida office market has seen improvements. Leasing activity rose 9.5 percent to 1.8 million square feet in the third quarter according to a recent report released by Studley. The bulk of the increase was a result of Miami’sB leasing activity jumping up to 60.1 percent to 1.1 million square feet in the second quarter due toB the new office developments inB Downtown Miami andB Brickell.

And although there have been improvements things still lie in the hands of tenants. The average asking rent isB $27.33 per square-foot,B $31.81B for Class A space andB $29.78B in Miami; which happens to beB $5.10 more the average in Broward County andB $4.65 more than that in Palm Beach County.

For more information on commercial real estate trends be sure to visit our website www.morrissegroup.com.

Source: The Real Deal

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Downtown West Palm Beach a Popular Retail Area

If you are looking to move your retail business into an area that is popular and thriving then that place would be downtown West Palm Beach. According to the Downtown Development Authority there is a new business boom in the area. They have been able to tell that there has been an increase in visitors due to the number of trolley cars in use. Ridership is up 20% from last year’s record of more than a half million riders.

As of right now there have been 25 new business added to the popular retail area and they expect 10 more to settle in before the end of the year. With more and more businesses developing on the street downtown West Palm Beach is proving it is the place to be for new businesses.

If you would like more information on commercial spaces available in Downtown West Palm Beach call Morris Southeast Group at 866-930-1426.

Source: Channel 5 News

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iPic Movie Theater Headed to Mizner Park

Are you familiar with the luxurious quality associated with iPic theaters? Is so then you know that they are known to feature free valet parking as well as popcorn, oversized loveseats, restaurants with a full bars, wall-to-wall curved screens, and high-definition digital sound. Soon Boca Raton will have its very own luxury movie theater because iPic will take the place of the currently closed down Mizner Park Cinema.

Owned by iPic Entertainment the theater will be the epitome of upscale entertainment utilizingB state-of-the-art technology. It will fit right in with its neighbors includingB Maxbs Grille,B Ruthbs Chris Steak House and Truluckbs Seafood Steak and Crab House, as well as the Boca Raton Museum of Art and Mizner Park Amphitheater.

In addition to movie theaters other iPic entertainment centers entail ventures such as its restaurants, lounges, live performance venues and bowling alleys.B For continued information on the commercial real estate and occupancy trends in South Florida be sure to subscribe to our blog.

Source: South Florida Business Journal

Image: iPic

Seminole Casino to Bring 800 Jobs to South Florida

Do you remember when we shared news that Genting plans to bring 5,000 jobs to Miami in 2012 a few weeks ago? Another large casino plans to bring a large amount of jobs to the area, but instead of the hiring taking place in the new year it will happen by the end of 2011. The Seminole Casino Coconut Creek reports that they have plans to hireB 800 full-time employees by the end of the year making it the largest mass hiring in South Florida since their Hollywood initiative in 20o4.

The casino is currently addingB 45,700 square feet of space for gaming as well as a 1.25 million-square-foot parking garage to its $150 million expansion. With a completion date of February 2012 the casino has already listed the following job openings on their website:B assistant managers, cocktail servers, chefs, player development executives, sous chefs, a warehouse supervisor and a slot technician.

Source: South Florida Business Journal

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More Yogurt Concepts Headed to South Florida

Have you noticed the influx of frozen yogurt establishments springing up throughout South Florida? If so you will soon see a few more. Yogurtini, the self-serve frozen yogurt franchise, recently signed a 10 store development deal for the South Florida area. ItB will joinB the already establishedB Yoblendz, Menchiebs,B Handles, Yogen FrCSource: South Florida Business Journal

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Morris Southeast Group Completes Leases for 3 Firms

In recent news Morris Southeast Group represented three different professional service firms in lease transactions in South Florida. The firms and the property acquired include:

The Prudential Insurance Company of America, Inc. whichB leased 3,549 square feet at 5355 Town Center Road, Boca Raton, FL for 60 months. The building is owned by Metropolitan Life Insurance Company.

Goldstein Law Group entered a 42-month extension for a total of 8 B= years with 10,509 square feet of space at 100 NE 3rd Avenue, Ft. Lauderdale, FL. The building is owned byB B BRI 1829 Plaza, LLC. This is the fifth transaction that we have represented Goldstein Law Group on.

Ellesley Sobol, Attorneys at Law entered aB lease of 3,199 square feet at 1250 S. Pine Island Road, Plantation, FL. The building which is owned by Cornerstone Condominium Investors, LLC will be house Ellesely Sobol, Attorneys at Law for the next 76 months.

For additional information on transactions completed Morris Southeast Group visit the Morris Southeast Group website.

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