A CRE market “Going Gangbusters”: tracking the migration to South Florida
As COVID-19 upended office life, people and businesses across the United States reconsidered their living and working conditions, and many moved to South Florida for its lack of pandemic restrictions, its good weather and low taxes. This presents a host of opportunities and challenges for the region, faced with rising rents and a lack of developable land.
Use this page to keep up to date with the latest South Florida migration news. It will be updated as conversations progress.
Investors capitalize on South Florida’s growth with new deals
Growing demand for faster delivery and strong population growth in South Florida are putting pressure on industrial rental rates.
A major insurance company signs the lease for 830 Brickell
About 46% of Miami-Dade County’s registered investment advisers are found along a one-mile stretch of Brickell Avenue, in what Ryan Holtzman of Cushman & Wakefield’s Miami office says cements the boulevard’s brand as “Wall Street of the South”.
Tax controversy and church insolvency brought another New York law firm to Miami
Capell Barnett Matalon & Schoenfeld has expanded into Miami as New York State seeks tax revenue from former residents and churches use real estate deals to offset dwindling congregations.
‘South Miami needs more density’: This plot of land has grown by $18 million since 2015
“South Miami needs more density because a lot of people are moving to the area,” said Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. “Townhouses and condos are a good alternative to homes in the area that are expensive now.”
These submarkets attract the attention of developers
The sales reflect continued bullish investment in South Florida by off-market buyers.
As Miami becomes the least affordable market in the United States, residential transactions could become more difficult
“Miami is a great example in that as more people move there and investors take up available properties, housing is going to become less affordable unless the market corrects itself or the revenue growth is catching up,” said Shane Lee, data scientist at RealtyHop. .
Costs are a major issue for developers amid South Florida’s “phenomenal” growth, says Related Cos. Stephen Ross
“It’s a different type of growth than before. Today it’s people fleeing the Northeast, California and the ‘blue states’ with high taxes and political issues,” said Stephen Ross, president and founder of Related Cos.
Strong rental activity will drive more development in South Florida
Leasing activity in South Florida remains strong, paving the way for further growth as many new-to-market companies expand their presence in the office sector.
As the South Florida office market transforms, can other industries keep up?
“We have projects that are running 24 hours a day, which is a very difficult task in this market,” said AJ Mueller of ORIGIN Construction, who noted that the contractor market is “really at capacity.” .
Housing is a crisis: Miami-Dade County mayor talks about redevelopment needs and solutions for South Florida’s growth
“Housing affordability is our No. 1 crisis right now,” said Miami-Dade Mayor Daniella Levine Cava.
What role can lawyers play in Miami’s tech boom? Entrepreneurs want “opinion partners”
“Some of the lawyers I’ve dealt with in the Valley and even in New York really don’t know how to do this. [cryptocurrency]and so I think there is a real opportunity for our young lawyers to stand out and differentiate themselves and become leaders in this field,” said entrepreneur Felice Gorordo.
Prices rise in South Florida as developers grapple with land constraints
“Demand in the investor market continues to be competitive and shows no signs of slowing down,” Kleiner said. “South Florida’s attractive but limited inventory and demand for newcomers continues to create a robust rental market.”
Aviation Company signs 830 Brickell lease, joining Microsoft and CI Financial as capital migration soars
“Over time, we will start to see greater requirements for tenants and this will lead to leases of around 100,000 to 200,000 square feet. Tenants of this size will fuel investor confidence, which will spur new developments,” said Ryan Holtzman of Cushman & Wakefield.
$60 million loan approved for Miami Beach mixed-use building
“We have seen tremendous interest from some of the most desirable and successful buyers and tenants in the country, who are considering Eighteen Sunset both from a residential perspective and as a ‘work in’ opportunity. live” in the heart of one of South Florida’s neighborhoods. the most desirable neighborhoods,” said Deco Capital Group founder Bradley Colmer.
Miami warehouse sells out as ‘last mile’ space becomes increasingly coveted
“Our network of last-mile warehouses conveniently located in strong markets, like the Miami area, is what sets us apart from the competition and allows us to continuously deliver value and meet the needs of our customers and from our suppliers,” said Stephen Panos, Senior Vice President and Fund Manager of Realterm.
Wall Street lawyers and New York asset managers want to be in Miami: what about their law firms?
Long before King & Spalding relocated 37 attorneys to Miami, partners at Wall Street firms worked from their South Florida homes. But despite a recent influx of talent and clients from the Northeast, recruiters say the country’s most profitable law firms may delay opening an office in Miami until a direct competitor s ‘installed.
“The capital of capital? How Miami Mayor Francis Suarez Influences Downtown Development
Miami is now No. 1 in the nation for tech job growth and migration, according to Miami Mayor Francis Suarez, who said, “Whether we like it or not, our economy is becoming increasingly technology-based. technology.”
South Florida real estate deals look like a ‘monopoly game for grown-ups,’ but the economy is giving investors pause
“Supply disruptions make everything go up,” said Stephen Bittel, president of Terranova Corp.
Why Miami’s tech scene has room to operate in 2022
Recent moves have brought a significant amount of investment capital and financial services to the metropolitan area. In the first three quarters of 2021, $2.4 billion in venture capital investments flowed into South Florida startups, according to PitchBook Data. That’s about twice as much invested as in all of 2020.
South Florida multi-family vacancies in 2022 expected to be among the lowest in the nation
Miami was the go-to destination for tenants avoiding strict shutdowns on the northeast and west coast, which drove the city’s vacancy rate down 270 basis points, according to the Investment Forecast report. 2022 American multifamily from Marcus and Millichap. By the end of 2022, the vacancy rate is expected to be 2.3%, which will be one of the lowest levels in the country.
King & Spalding isn’t the only Atlanta firm monitoring South Florida’s booming economy
“Law firms need to really pay attention to what their employees are saying, what the market is saying, and they need to make the changes necessary to retain their talent. I think it’s more important than the acquisition at this point,” said a South Florida headhunting attorney.
South Florida sets records for condo and home sales as tech and financial firms migrate
“Sustained growth in home sales speaks to national and global companies moving to Miami to launch their tech and finance headquarters and bring high-paying jobs; increased and continued migration to Miami from cities with high population density and high taxation; and how this new ability to work normal from anywhere enhances South Florida’s appeal,” said MIAMI I Association of Realtors President Fernando Arencibia Jr.
The $13.5 million sale is the latest example of a multi-family surge in this South Florida county
“We expect 2022 to be very similar to this year with continued strong selling activity fueled by positive market fundamentals,” said Calum Weaver, executive managing director of Cushman & Wakefield.
Tallest residential building south of New York fills up amid South Florida international buyer boom
Although 55% of buyers come from the Northeast, California and South Florida, 45% come from outside the country, including Mexico, Russia, Colombia and Turkey.
New Leases Signed in Coral Gables Class A Office Tower Amid Growing Demand in the Office Market
“Residential submarkets with a strong commercial presence, like Coral Gables, are a sought-after alternative to dense urban cores,” said CBRE Executive Vice President Gordon Messinger.
King & Spalding opens office in Miami with 37 lawyers
Atlanta’s largest law firm will open its first office in Florida in early February, moving 12 partners and 25 associates and counsel from offices across the country to the southeast financial hub of Miami.
‘Its own version of Wynwood’: Hialeah is a developer hotspot
Fueled by an increase in population due to migration and Hialeah’s central location, the town attracts both mom-and-pop stores and national chains. And chains that were once afraid to invest in Hialeah are now giving it a second chance, according to JC de Ona, president of Centennial Bank’s Southeast Florida division.
South Florida CRE deals become ‘gangbusters’ despite rise in Omicron infections
“Wherever there’s land, they’re building there,” said Bill Kramer of Brinkley Morgan in Fort Lauderdale.