COMMERCIAL REAL ESTATE

About the South Florida Commercial Real Estate Market

The commercial real estate market in South Florida (Palm Beach, Broward and Miami-Dade counties) continues to perform extraordinarily well across all sectors as compared to their out-of-state counterparts.  As of the end of the third quarter, Miami was among the top 10 multifamily and office markets by net absorption while both Palm Beach and Miami ranked within the top 20 office markets by net absorption.

Significant transactions across the tri-county area during the third quarter 2022 include:

  • Gables Station (Multifamily) – $320,846,194
  • Amalta (Multifamily) – $194,000,000
  • Mary Brickell Village (Retail) – $185,730,976)
  • Miro Brickell (Multifamily) – $184,500,000
  • Soleste Grande Central (Multifamily) – $181,000,000
  • Altis Miramar (Multifamily) – $149,000,000
  • Avalon Miramar Park Place (Multifamily) – $146,000,000
  • Miramar 27 Business Park (Industrial) – $143,063,914
  • Life Time – Gables Station – $108,553,806)
  • Countyline Corporate Park (Industrial) – $98,209,613
  • High Ridge Landing (Multifamily) – $71,000,000
  • Gulfstream Promenade (Office) – $58,000,000
  • Aventura View (Office) – $51,000,000

Major projects under construction at this time include:

  • 3310 NW 23 Street (Industrial) – 999,145 square feet
  • 830 Brickell (Office) – 664,300 square feet
  • Miami Courthouse (Office) – 640,000 square feet
  • Jaguar Land Rover Dealer (Retail) – 500,000
  • Royal Caribbean HQ (Office) – 350,000 square feet
  • One Flagler (Office) – 277,000 square feet
  • One West Palm (Office) – 210,000 square feet
  • Miami River Apartments (Multifamily) – 1,843 units
  • 1 Southside Park (Multifamily) – 1,175 units
  • EPIC Residences (Multifamily) – 648 units

If you have specific questions about the commercial real estate market or how we can help with your commercial real estate needs, contact Chris Losquadro at 561.584.8555.

Contact Chris Losquadro

 

 

NAR Commercial Real Estate Metro Market Reports

South Florida Area – First Quarter 2022

(click the image to download the full version of the report)

 

 

 

National Market Updates and Insights

Commercial Market Insights is provided by the National Association of REALTORS® Research Group.  

“After the strong rebound for the US economy in 2021, growth in 2022 has slowed in the face of rising inflation, the household incomes squeeze, and geopolitical events. While the economy continues to deal with elevated inflation, there is a slowdown in the growth of Commercial Real Estate.”

Multifamily and industrial properties were the leading sectors in 2022. With healthy balance sheets, consumer demand boosted retail, multifamily, and industrial asset classes. While the industrial boom continues to show no signs of stopping, multifamily absorption and rent growth are decelerating.”
“Inflation, interest rates, supply chain, and geopolitical events are the main factors that will determine how Commercial Real Estate will perform in the following months.”

CLICK HERE TO READ THE ENTIRE REPORT 

 

Commercial Market Insights is provided by the National Association of REALTORS® Research Group.  

“Higher interest rates and inflation are having a mixed impact on the demand for commercial real estate. The pace of absorption has slowed in the industrial and retail markets as consumers cut back on spending amid high inflation. Meanwhile higher mortgage rates and continuing return of workers to the office have increased the pace of absorption of multifamily units and office space…..

…On the whole, the commercial real estate market is still poised to do well despite higher interest rates and inflation. Mortgage rates are boosting rental demand while e-commerce continues to boost the demand for logistics space. Retail rent growth is still below the rate of inflation which means positive gross margins for retail tenants. The continuing return of workers to the office, even If some return on a hybrid model, is lifting demand for office space.”

CLICK HERE TO READ THE ENTIRE REPORT 

 

If you have any questions about the commercial real estate market or a specific property, contact Chris Losquadro at 561.584.8555.

Contact Chris Losquadro

 

Disclaimer:  The data for this commercial real estate market update was obtained from sources deemed to be reliable, is not guaranteed. No warranty or representation, expressed or implied, is made as to the accuracy contained herein and submitted subject to errors, omissions and other conditions.