Miami Commercial Real Estate News, Trends, Observations • Page 2 of 111

Video: Lynn McKee, Matt Delicata Discuss Commercial Real Estate Education at Georgia State University

The Discussion: Exploring Excellence in Commercial Real Estate Education at Georgia State University

In a recent episode of “America’s Commercial Real Estate Show,” host Michael Bull delved into the intricacies of commercial real estate education with two distinguished guests from Georgia State University (GSU): Lynn McKee, Director of the Master’s Commercial Real Estate Program, and Matt Delicata, Lecturer at the Robinson College of Business. This enlightening discussion highlighted the longstanding tradition and innovative approaches that make GSU a leader in real estate education.

A Legacy of Excellence

GSU’s commercial real estate program boasts a rich history dating back to the post-World War II era, making it one of the oldest in the nation. Initially part of Georgia Tech’s night school, GSU has grown into a significant educational institution, offering a variety of degrees in real estate. The program’s strength lies in its comprehensive curriculum, which includes a Bachelor’s in Business Administration with a real estate major, a Master’s of Science in Commercial Real Estate, and a PhD program focused on academic research and teaching. Additionally, the MBA program offers a concentration in real estate, catering to students pursuing broader business studies.

Bridging Academia and Industry

One of the standout features of GSU’s real estate program is its integration of academic rigor with practical industry experience. The program employs a hybrid teaching model, where students benefit from the expertise of seasoned real estate professionals alongside esteemed academic faculty. This combination ensures that students receive both theoretical knowledge and real-world insights. McKee and Delicata, with their extensive backgrounds in banking and development respectively, exemplify this approach. Their real-world experiences enrich classroom discussions, providing students with practical perspectives on industry challenges and opportunities.

Flexible and Accessible Learning

The Master’s in Commercial Real Estate program at GSU is particularly noted for its flexibility and accessibility. The hybrid format allows students to attend classes either in person or online, catering to those in different locations or with varying schedules. This flexibility has enabled the program to attract a diverse cohort of students, including international participants from South Korea and Nigeria. The structure of the program, which follows a cohort model, ensures that students progress through the curriculum together, fostering a collaborative learning environment.

Preparing for a Dynamic Job Market

The current real estate job market presents challenges, but also unique opportunities for growth and innovation. McKee emphasized the cyclical nature of the real estate market, noting that downturns, like the current one, are often followed by periods of recovery and growth. This cyclical understanding is crucial for students as they prepare to enter the workforce. The program’s curriculum is designed to equip students with essential skills, such as proficiency in Argus and Excel modeling, which are highly valued by employers. Additionally, courses in investment, development, and entrepreneurship prepare students to navigate and capitalize on market fluctuations.

A Strong Network and Support System

GSU’s location in Atlanta, a major hub for real estate, offers students unparalleled access to industry professionals and opportunities. The university’s extensive alumni network further enhances job prospects for graduates, providing valuable connections and mentorship. The program also emphasizes practical experience through internships and real-world projects, ensuring that students are well-prepared to transition into their careers.

Looking Ahead

With a commitment to expanding its programs and adapting to industry needs, GSU is poised for continued growth. The addition of new faculty members and the emphasis on hybrid learning formats are strategic moves to accommodate more students and enhance the learning experience. McKee and Delicata are optimistic about the future, aiming to increase the cohort size and further integrate industry expertise into the curriculum.

In conclusion, Georgia State University’s commercial real estate program stands out for its blend of historical significance, academic excellence, and practical industry engagement. For those seeking a robust education in commercial real estate, GSU offers a compelling and comprehensive pathway to success.

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Video: BOMA President & COO Henry Chamberlain on the History of BOMA International

A Conversation: The Evolution of BOMA: A Century-Long Journey in Building Management

Henry Chamberlain, a notable figure in the building management sector, recently shared an insightful historical overview of the Building Owners and Managers Association (BOMA). Founded in 1907 as the National Association of Building Owners and Managers (NABOM), BOMA has grown into an international powerhouse within the commercial real estate industry. Chamberlain serves as its President and COO and has been with the organization for nearly a third of its existence from 1907 to today.

The origins of BOMA are rooted in the early 20th century, a time when local associations in the Midwest sought to collaborate on building operations. These associations aimed to share knowledge on various aspects of building management, such as elevator maintenance costs and optimal staffing levels. This collaborative spirit led to the establishment of several foundational standards. By 1915-1916, BOMA had developed a standard method for floor measurement and introduced the Experienced Exchange Report in 1920 to capture vital operating data.

BOMA’s advocacy efforts have been a cornerstone of its mission since its inception. Early on, the organization tackled significant issues like federal energy policy and tax regulations. While headquartered in Chicago for many years, BOMA’s federal advocacy efforts took on a new dimension when the organization moved to Washington, D.C. in 1975. This relocation enabled BOMA to engage more directly and personally with federal policymakers, enhancing its influence and effectiveness.

In 1968, recognizing its growing international reach, BOMA rebranded from NABOM to BOMA International. This change reflected the organization’s expanding footprint, which included the establishment of BOMA Canada, BOMA Japan, and other global entities like the Property Council of Australia. This international growth has been a testament to BOMA’s enduring commitment to the global commercial real estate sector.

BOMA’s influence extends beyond advocacy into recognizing and promoting excellence within the industry. The creation of the TOBY (The Outstanding Building of the Year) Awards in 1985 marked a significant milestone in highlighting industry best practices. This initiative was further bolstered by the BOMA 360 program in 1999, which focuses on high-performance buildings. Recently, BOMA has integrated the BOMA BEST program from Canada into the U.S. market, underscoring its leadership in sustainability. For 17 of the past 18 years, BOMA has been recognized with the Energy Star Partner of the Year award, a clear indicator of its commitment to sustainable building practices.

BOMA’s organizational history is also marked by strategic evolutions and acquisitions. About 80 years ago, BOMA spun off the National Apartment Association, a move that allowed it to focus more sharply on commercial real estate. Some local groups, like AOBA in Washington and BOMA Wisconsin, continue to manage both commercial and residential properties. Recently, BOMA acquired BOMI International, an organization it had collaborated with for 54 years, to enhance its educational and training platforms further.

Chamberlain, who has served as BOMA’s president for a significant portion of its history, expressed pride in the organization’s growth and its pivotal role in the commercial real estate industry. As BOMA continues to evolve, it remains dedicated to advocacy, education, and providing essential business tools, solidifying its position as a leader in the field.

This historical perspective not only highlights BOMA’s rich legacy but also sets the stage for its continued influence and leadership in the future.

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Profiles

Video: Costar National Director of Office Analytics Phil Mobley Provides Office Real Estate Forecast, Discusses Performance & Cap Rates

An In-Depth Discussion on the Future of the Office Market: Insights from Phil Mobley, National Director of Office Analytics at CoStar

Introduction

In a recent conversation with Phil Mobley, the National Director of Office Analytics at CoStar, the host of America’s Commercial Real Estate Show delved into the complexities and current state of the office market. The discussion covered various aspects, including market performance, geographical trends, lease dynamics, and future opportunities. Phil Mobley provided a comprehensive analysis of the office market as it stands at the end of the first quarter of 2024, offering valuable insights into what the future might hold.

Conversation is About Office Property Nationally

Note that the conversation was national in scope, thus observations can apply less or even not at all to Miami and other South Florida markets. Most notably, the significant stress in office properties felt in major markets like New York and San Francisco has not been felt in Miami.

Current State of the Office Market Nationally

Phil Mobley began by addressing the overall performance of the office market. He noted that the headline statistics still appear troubling, with vacancy rates continuing to rise. The first quarter of 2024 saw nearly 20 million square feet of negative absorption, pushing the overall vacancy rate to 13.8%, a record high. Mobley emphasized that the challenges are not uniform across the market, as location, quality, and the type of business occupying the space significantly impact performance.

Geographical Trends

Geographically, major markets are experiencing the most strain, primarily due to the nature of the companies occupying these spaces—large Fortune 500 and Fortune 1000 companies with extensive footprints and multiple locations. Central Business Districts (CBDs) have been hit particularly hard, although suburban areas are also feeling the pressure due to a slowdown in employment growth, especially in professional services, banking, finance, and technology sectors.

Lease Dynamics

One of the notable trends Mobley highlighted was the reduction in average lease sizes. Over the past year and a half, new leases have been approximately 15-20% smaller than those in the late 2010s. This reduction reflects companies’ efforts to rationalize their footprints in response to the hybrid work environment. Companies are consolidating into pre-existing locations or moving into owned spaces, driven by the flexibility offered by new technologies that support remote and hybrid work.

Tenant Activity and Market Fragmentation

Despite the overall gloomy picture, tenant activity has shown some signs of recovery. The number of leases signed has remained relatively stable compared to pre-pandemic levels, albeit with smaller space requirements. Mobley pointed out that this increase in activity is encouraging but can be misleading, as many leases are for shorter terms and smaller spaces.

The market is highly fragmented, with significant differences in occupancy rates and tenant behaviors across different types of properties. Smaller suites in less premium buildings often have higher occupancy rates, while larger, more prestigious properties struggle with underutilization.

Opportunities for Investors and Occupiers

Phil Mobley sees several opportunities in the current market conditions. For owner-occupiers, there are favorable conditions to purchase office buildings at attractive prices. The significant reduction in new supply, which Mobley predicts will fall off a cliff in the next 18-24 months, presents a unique opportunity for developers and investors who can identify underserved markets or submarkets with a dearth of premium space.

He also highlighted the potential for distressed asset acquisition. The downward pressure on rents, particularly in markets like San Francisco, San Jose, and Seattle, where early signs of rental market resets are already visible, could offer attractive entry points for investors willing to navigate the complexities of distressed properties.

Office Property Cap Rates and Value Trends

Discussing cap rates, Mobley noted a significant divergence in market behavior. While medical office buildings and single-tenant net lease offices have seen moderate increases in cap rates, institutional-grade properties, particularly those facing distress, are experiencing more pronounced value declines. This divergence underscores the importance of evaluating each property on its merits, considering factors such as future income stream risk and tenant stability.

Final Thoughts

In conclusion, Phil Mobley emphasized the importance of understanding the nuances of the office market. While challenges remain, especially for large multi-tenanted buildings in major markets, there are also significant opportunities for savvy investors and occupiers. The key is to navigate the market with a clear understanding of the specific dynamics at play, whether it’s the potential for owner-occupied acquisitions, the strategic development of new supply, or the careful selection of distressed assets.

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Office Property

Miami Commercial Real Estate News May 29, 2024: Wynwood Tallest Ever Planned Under Live Local Act; Elle-Branded Tower Launched in Edgewater; More…

Terreno Realty Completes 186 KSF Industrial Facility in Hialeah

Among Terreno Realty Corp.’s recent additions to its industrial portfolio is this 112,000-square-foot facility in Redondo Beach, Calif., which it acquired last year for $45.7 million. Image courtesy of CommercialEdge Terreno Realty Corp. has completed Countyline Corporate Park Phase IV Building 40, a 186,000-square-foot facility in Hialeah, Fla., a Miami submarket.

Art + Tec, partner pick up Edgewater assemblage, as South Florida dev site purchases continue

Developers picked up a 0.7-acre assemblage in Miami’s Edgewater, as South Florida development site purchases continue, despite elevated interest rates and macroeconomic headwinds. Bay Harbor Islands-based Art + Tec Development, led by Gabriel Boano, and partner Silvio Caprino bought the five adjacent lots at 2650 Biscayne Boulevard and 250 Northeast 27th Street…

‘Century Park Villas Place’ to Yield Homes by Year’s End at SW 332nd Street and Krome Avenue in Homestead

Construction has started on Century Park Villas Place, a townhome development in Miami-Dade County. Our sources indicate that the venture will comprise 45 three-bedroom and four-bedroom townhomes, with square footage ranging from 1,351 to 1,610 square feet each. There are four floorplans named Gabriela, Alexa, Karina, and Isabella. Costing $394,990 to $420,990…

Miami Multifamily Market Holds Steady Despite Challenging Market Conditions

Miami’s multifamily sector was on fire from the end of 2020 through the beginning of 2023 as the market received a wave of newcomers, primarily from affluent Northeastern and Western states. During the height of the pandemic, roughly $1 out of every $6 in income that moved nationwide relocated to Florida, more than any other state. And Miami-Dade County saw the…

Wynwood’s Tallest Ever Tower Planned Under Live Local Act

Plan’s for Wynwood’s tallest-ever tower have been filed with Miami’s Planning & Zoning reviewers. For now, the development is known by its address, 2101 NW Miami Ct. It is proposed to rise 48 stories, or 490 feet above ground and 506 feet above sea level, and include: 544 residential units two floors of amenities on levels 9 and 10 19,292 square feet of ground floor retail 621 on-site…

Bazbaz proposes 48-story Wynwood project –– area’s tallest –– under Live Local Act

Bazbaz Development wants to build a 48-story apartment tower in Wynwood under the Live Local Act, marking the tallest project proposed for the Miami neighborhood. The firm filed an application for a 544-unit project on a 1.5-acre assemblage at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court, according to city records.

Developers launch Elle-branded condo tower in Miami’s Edgewater

Elle Residences Miami would be built on the half-acre site at 3618 Northeast Fifth Avenue, which also fronts Northeast 36th Street and I-195. Urban Network is led by CEO Robert Thorne and Vertical is led by CEO Fernando de Nuñez y Lugones, a former development sales executive at One Sotheby’s International Realty and Fortune International Group. The 25-story, 180-unit…

Biscayne Boulevard hotel-residential tower advances

A new hotel and residential tower, along with office and commercial space, is proposed for busy Biscayne Boulevard in Miami’s Edgewater neighborhood. Owner-developer Green Circle Development LLC plans the new building at 3200 NE Biscayne Blvd. The overall project will have 523,318 square feet of floor area and include 108 lodging units, 110 residential units, about 5,000 sf…

Miami Beach hunts for ways to resurrect Roosevelt Theater

Miami Beach commissioners want the city’s administration to reach out to help resurrect the long-shuttered Roosevelt Theater that opened 75 years ago, either for a movie house or some other use that will spur 41st Street activity. Commissioners have voted unanimously to have a conversation with the property owner of the Roosevelt at 770 Arthur Godfrey Road…

Coastline-Nakash Capital Group Revises Plans for ‘the Eden’ at 3550 NW S River Drive in Miami

A Miami developer has revised plans for a mixed-use venture east of Miami International Airport (MIA). Florida YIMBY first reported on this project in October 2023. Previously, the multi-building “Eden” was to host 720 apartments, along with 7,851 square feet of retail and 821 parking spots. However, after receiving feedback from city officials, the project has been scaled back.

Coral Gables City Commission Approves Ponce Park Residences At 3000 Ponce De Leon Boulevard

The Allen Morris Company, led by Allen and Spencer Morris, has received commission approval for their luxury condominium project, Ponce Park Residences, slated for development in Coral Gables. Located at 3000 Ponce de Leon Boulevard, at the intersection with University Drive, this development is poised to become a significant architectural addition to the city.

Miami An Appealing Apartment Market Despite Challenges

As an apartment investment market, Miami has its pros and cons. Strict building codes, high insurance premiums, and the threat of natural disasters are among the latter. However, a new report from Freddie Mac on the area concludes that many residents and investors believe that the potential after-effects of climate-related disasters are well mitigated to justify that uncertainty…

Taurus Development Proposes 15-Story ‘Valencia Tower’ for 11888 SW 220th St in SW Miami-Dade’s Goulds Neighborhood

Our sources point to a 321,330-square-foot mixed-use venture in Miami’s Goulds neighborhood. The proposed Valencia Tower would measure 15 stories above grade, featuring 159 apartments, with 25 percent (about 40) reserved as workforce housing. The Real Deal reports that to qualify as workforce housing in Miami-Dade County, homes would be targeted at those…

Miami Worldcenter scores $120M refi, as South Florida still bucks nationwide lending slump

Miami Worldcenter landed a $120 million refinancing, showing South Florida continues to buck the nationwide lending slump. Entities tied to the project’s master developer, Miami Worldcenter Associates, obtained the refinancing for six lots at the 10-block development, with Deutsche Bank serving as administrative agent for itself and other lenders, according to records.

60-Story ‘Summit Brickell’ Gets FAA Clearance To Rise 765 Feet Above Ground

Summit Brickell, a planned mixed-use development at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood, has recently secured Federal Aviation Administration (FAA) approval. Filed on April 5 and swiftly approved on May 21, the tower is approved to rise 765 feet above ground or 769 feet above sea level at its highest point. Designed by Corwil Architects and developed…

Lease roundup: West Palm’s Nora District scores tenants, Coral Gables’ Zucca restaurant moving

Developers of the mixed-use Nora District in downtown West Palm Beach scored four tenants. Cameron Mitchell Restaurants’ Del Mar, which offers Mediterranean cuisine, leased nearly 10,000 square feet of indoor space and a 2,000-square-foot patio; and Sana Skin Studio leased 1,800 square feet, according to the developers’ spokesperson. Women’s clothing and accessories store…

CGI Merchant’s Gabriel hotels in Miami, South Beach head to UCC foreclosure sales

CGI Merchant Group faces a double whammy in Miami-Dade County, with both of its Gabriel-branded hotels headed to foreclosure auctions. The two planned Uniform Commercial Code, or UCC, sales come as the South Florida real estate market is feeling the sting from elevated interest rates and skyrocketing insurance premiums. Yet, CGI Merchant, a Coconut Grove-based…

Blue Suede kicks it up, buys second Miami Beach hotel this month

For the second time this month, Blue Suede Hospitality picked up a small Miami Beach hotel, quadrupling its Art Deco portfolio in the city. An affiliate of New York-based Blue Suede, led by CEO Kenneth Lipschutz, paid $16.6 million for Blue Moon Hotel, a 75-key Art Deco property at 944 Collins Avenue, records and real estate database Vizzda show. The deal breaks down to $221,667…

31-Story Midtown Miami Apartment Tower Gets FAA Approval, Advances In Permitting

The Midtown 7 building planned in Midtown Miami has received height approval from the Federal Aviation Administration while making new advances in the permitting process. According to a May 22 determination letter, the tower is permitted to reach a maximum height of 352 feet above ground, or 367 feet above sea level. The developer is listed on the FAA letter as PPF AMLI…

Census: City Of Miami Population Grew Last Year By 1.3%

Miami’s population grew last year, according to newly released Census Bureau data. As of July 1, 2023, the City of Miami’s estimated population stood at 455,924. That is an increase from the estimate of 450,014 residents on the same date in 2022. According to an Axios analysis, Miami’s 1.31% growth rate in 2023 was one of the top ten for large cities in the U.S. last year.

Manoucheri Brothers boosts South Florida multifamily portfolio

Manoucheri Brothers bulked up its South Florida multifamily portfolio by adding a 153-unit apartment complex in Sunrise. An affiliate of the Los Angeles and Aventura-based family office paid $30.4 million for Summerfield Apartments at 3200 Northwest 84th Avenue, records and real estate database Vizzda show. The buyer also assumed a nine-year $18.3 million Fannie Mae…

Downtown Miami could use more businesses. $1 million in grant money is up for grabs

The Miami Downtown Development Authority wants to make downtown Miami an area where people can live, work and play — and it has one million ways it hopes to do that. With its new $1.1 million business incentive program, the Miami DDA will provide businesses with funding to develop and grow downtown. “We want to help mom-and-pop retailers open their businesses,” said…

Can South Florida Condo Demand Endure? Related Group’s Nick Pérez Weighs In

Condo demand across South Florida remains robust thanks to favorable tax policies, the influx of high-income households and a business-friendly environment. The limited single-family stock available is also pushing buyers toward condominiums, especially in waterfront and urban settings, according to Nick Pérez, president of the condominium division at The Related Group.

Self-checkout: Publix expands South Florida portfolio with $59M purchase of retail site anchored by its store

Publix pumped up its South Florida retail holdings by acquiring a shopping center anchored by one of its supermarkets. The Lakeland, Florida-based grocery chain paid $58.5 million for Ramblewood Square Shopping Center at 1201-1327 North University Drive in Coral Springs, records and real estate database Vizzda show. The seller, an affiliate of New York-based…

Margate solicits bids for downtown-style development with new city hall

Margate is soliciting offers to build a municipal mixed-use development that would include a new city hall and serve as the city’s “downtown” area. The development, called Margate City Center, would unfold on 51.4 acres on the east and west sides of U.S. 441 between Royal Palm Boulevard and Atlantic Boulevard. The developer would lease the largely vacant land, which was…

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina…

Continuing their commercial shopping spree that began last year, a partnership between three South Florida firms acquired a waterfront mixed-use property in Fort Lauderdale that is primed for redevelopment. Coconut Grove-based Related Group, Aventura-based BH Group and Boca Raton-based Pebb Enterprises paid $48.5 million for The Quay at 17th Street, a 7-acre site…

Plans Filed For Low-Rise Mixed-Use Development At 1102 NW 6th Street In Dorsey Riverbend, Fort Lauderdale

Fort Lauderdale’s Development Review Committee is scheduled to review a new proposal by ILFC Corp, led by Gonzalo Sanchez, for a mixed-use development named DL-Design, located at 1102 NW 6th Street in the Dorsey Riverbend area, on May 28. The project, designed to rise four stories to a height of 49 feet, aims to transform a currently vacant 6,342-square-foot lot into…

Broward City Courts Developers To Remake 50 Acres Of Its Downtown

Cale Curtis left tropical Florida this week to head to the Las Vegas desert. The Margate city manager is on official business, showing up with a pitch to developers at the ICSC conference: remake the downtown core of the city of 58,712 people. Local officials in Margate, located in central Broward County, have put out a request for proposals to redevelop as many as 50…

New York Developer Proposes Cantilevering 22-Story Condo Tower At 2317 N Ocean Boulevard In Fort Lauderdale

Fort Lauderdale’s Development Review Committee is set to review a Site Plan Level III application for The Amalfi, a 22-story luxury condominium tower designed by Kobi Karp Architecture and proposed by Baldwin, New York-based Moore Group Corporation. Located at 2317 North Ocean Boulevard, the project will offer 38 residential units and amenities within a 0.84-acre…

Erickson pays $54M for senior living dev site at Ag Reserve, amid nationwide expansion

Erickson Senior Living paid $53.5 million for a development site at the Agricultural Reserve, where it plans to build a large facility amid the firm’s nationwide expansion. The Baltimore, Maryland-based firm bought the 92.5-acre tract at 8344 Boynton Beach Boulevard in unincorporated Palm Beach County from the William Mazzoni Revocable Trust, led by Patricia Mazzoni…

Office Submarkets Around the Country Bucking the Trend

Highlights: As of the first quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue.Among our five regions, while the Northeast was the top ranked region for the multifamily sector, its office sector performance ranked last given its effective revenue declined by 87-bps during the quarter. Similarly, while…

Survey finds tighter credit policies, weaker loan demand among banks

Banks reported tighter standards and a downtick in demand for real estate loans over the past three months in the Federal Reserve’s April 2024 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. Participating institutions generally indicated a reduced tolerance for risk across the board, broadly impacting both residential and commercial real estate lending…

April figures point to return of sustainable apartment rent growth nationally

April marked the second straight month of solid apartment rent gains, Yardi Matrix’s latest Multifamily National Report revealed. Per the real estate analytics company’s data, the average asking rent nationwide grew 0.3%, or $6, to $1,725 month over month in April. The increase moved rents just $2 below the all-time high set last summer. Year-over-year growth was flat from…

The hospitality industry’s new normal with business travelers

It’s no secret that hotels as an asset class have had a bumpy recovery post-COVID. A large part of the lag has been due to the uneven return of business travel, which has long been a lifeblood of the hospitality sector. The post-pandemic evolution of interactions within and among workplaces, including the universalization of video calls and virtual meetings, has reduced in-person…

New Data and Regulation Show an Insurance Industry in Flux

The Latest Data on Rising Insurance Premiums Insurance premiums have been on the rise in recent years, presenting challenges for borrowers and lenders alike. We assessed rising insurance premiums in detail in a report last summer and have been updating the analysis as 2023 expense data was finalized. Figure 1 shows that average premiums for multifamily…

Is the Distribution Bubble About to Burst? Or Will Industrial Price Gains Nationally Endure?

Industrial property prices and rental rates have experienced substantial increases over the last decade. The onset of the pandemic, which propelled the world into lockdown, shifted consumer habits towards increased online shopping and strained supply chains, thereby elevating the demand for warehousing and, in turn, boosting industrial property and rental values.

Not So Roaring Inflation

Highlights: Tuesday’s PPI report seemed like what would be a continuation of the hotter-than-expected economic trend from the first quarter of the year and while the report did come in above consensus, markets overlooked the report buoyed by downward revisions from the previous month and perhaps along with some help from posterchild meme investor, Roaring Kitty.

Video: Moody’s Analytics Senior Economist Ermengarde Jabir Provides Self-Storage Real Estate Update

A Deep-Dive Discussion into the Resilient Self-Storage Market In a recent episode of America’s Commercial Real Estate Show the spotlight was on the self-storage sector. The discussion featured Ermengarde Jabir from Moody’s Analytics, who provided valuable insights into the current trends, challenges, and future projections for the self-storage industry.

Video: Head of Real Estate Strategy & Research at Cohen & Steers Rich Hill on Current State of Commercial Real Estate

The Discussion: Real Estate Trust’s Signal; The Worst Behind in the US? In a recent interview with Bloomberg Television, Rich Hill, Head of Real Estate Strategy & Research at Cohen & Steers, discussed the current state of commercial real estate and the future of office buildings nationally (observations can apply less in Miami). This conversation took place as the Dow Jones…

Video: Morgan Stanley’s Real Estate Investing Co-CEO Lauren Hochfelder discusses firm’s top real estate investing ‘megatrends’

The Discussion: Morgan Stanley’s Real Estate Investing Megatrends; Insights from Co-CEO Lauren Hochfelder The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year…

Video: RealPage Director of Research & Analysis, Market Analytics Presents Multifamily Market Updates & Insights

The Discussion: Navigating the Dynamics of America’s Multifamily Real Estate Market In the realm of real estate, few sectors have captured investor interest and market attention quite like multifamily properties. Offering a blend of stability, demand, and potential for growth, multifamily real estate has been a favored asset class for many investors, particularly in the…

Top 3 commercial real estate valuation methods

Cost, sales comparison and income are the three main commercial real estate valuation approaches. Find out more about these methods and other helpful tools for the valuation of commercial properties. 1. Cost approach. The cost approach is a type of commercial property valuation method that involves separating the cost of the building from the land it’s on. The process looks…

Amazon Plans To Sublet Up To 30 MSF Of Warehouse Space After Over-Expanding

fix link https://ca.movies.yahoo.com/news/amazon-plans-sublet-30-million-072126688.html Amazon plans to sublet between 10 million to 30 million square feet of warehouse space, reports say. It’s also thinking of ending or renegotiating some warehouse leases. The e-commerce giant ramped up capacity during COVID-19, but now has to cope with over-expanding.

“We have to live in the real world”: Lawmaker, experts debate Florida’s condo crisis, looming association deadlines

Attorney Roberto Blanch says Dec. 31, 2024 will be “a date that lives in infamy.” It’s one of the key deadlines for condo associations to comply with new condo safety laws that could upend the market for older buildings across Florida. The Miami-based lawyer, a shareholder at Siegfried Rivera, was among six experts who spoke last week at a condo symposium about…

Citi analyst slams stock of leading new construction lender Bank OZK with double downgrade

Major real estate lender Bank OZK is having an awful day on the stock market after an analyst hit the institution hard over two projects it financed. Citi analyst Benjamin Gerlinger downgraded his recommendation on the Bank OZK stock from buy to sell, a double downgrade that skipped over the hold option, Bloomberg reported. Gerlinger also dropped his price target…

As Lending Lags, Residential Developers Add More Layers To The Capital Stack

Not even South Florida’s reputation as a beacon of pandemic-era growth and booming population can keep residential development bustling in the region. Developers searching for financing in South Florida today are facing a decline in institutional lending as market fundamentals soften, pushing down new construction starts. That has sent builders in search of creative solutions…

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Florida State Sales Tax Rate on Commercial Leases Drops to 2% on June 1

Florida Senate Bill 50 will go into effect on June 1, 2024. This will result in a reduction of more than 50% in the state’s commercial lease tax from 4.5% to 2.0%. However, this decline does not extend to any fees or taxes at the local level. In Miami-Dade, Broward, and Palm Beach counties, the total tax rate will be 3.0%, a drop of near half from the prior combined level of 5.5%.

Benefits for Commercial Tenants

Tenants in commercial properties should immediately benefit – found money, if you will – from the reduced lease tax. Lower taxes mean decreased overall leasing costs, which can improve cash flow and financial stability for businesses. This is particularly beneficial for small and medium-sized enterprises that often operate on tighter margins. The reduced tax burden can also enable businesses to allocate more resources to growth initiatives, such as hiring, marketing, and expanding their operations. Furthermore, with the reduced cost of leasing space, Florida may become a more attractive location for new businesses, fostering a more vibrant and diverse commercial ecosystem.

Benefits for Commercial Real Estate Owners

For commercial real estate owners, the substantial reduction in the commercial lease tax is also a positive as presumably this will lead to higher rent growth than might otherwise be achieved. The fuel for this rent growth would be that more money is available for rent and related expenses as less is required by the tax man. For a property with NOI that is 60% of gross income, if half of that savings over time was realized as additional rent, then NOI should increase by 2.08% (1.25% / 60%). Additionally, the lower tax burden can make Florida properties more competitive, potentially increasing demand and occupancy rates. One way or another, lower tax obligations should enhance the profitability of property investments, making Florida a more attractive market for commercial real estate.

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Video: Moody’s Analytics Senior Economist Ermengarde Jabir Provides Self-Storage Real Estate Update

A Deep-Dive Discussion into the Resilient Self-Storage Market

In a recent episode of America’s Commercial Real Estate Show the spotlight was on the self-storage sector. The discussion featured Ermengarde Jabir from Moody’s Analytics, who provided valuable insights into the current trends, challenges, and future projections for the self-storage industry. Moody’s Analytics provides financial intelligence and analytical tools, including for commercial real estate.

Self-Storage: A Sector in Transition

The self-storage industry has shown remarkable resilience, particularly during the early 2020s. It was one of the few property types that thrived during the COVID-19 pandemic, maintaining high occupancy rates and strong demand. However, as the market adjusts to post-pandemic realities, some shifts are becoming evident.

Occupancy Trends: Historically, self-storage exhibits significant seasonality. The first and fourth quarters typically see higher vacancy rates due to lower moving activity during these periods. In the first quarter of 2024, the national vacancy rate for self-storage stood at 13.3%. While this is slightly elevated, it is expected to stabilize around 12.7% by the end of the year, aligning with 2023 figures. Looking ahead, vacancy rates are projected to decrease to the low 12s and high 11s by 2025 and 2026, respectively.

Rental Rates: Both climate-controlled and non-climate-controlled units have experienced a decline in rental rates. The trend started in 2023, with a 3.4% drop in climate-controlled unit rents. This decline continued into the first quarter of 2024 but at a slower pace, indicating that the worst of the rate drops may be behind us. Projections suggest a slight decline of 6% for climate-controlled units by the end of 2024, followed by modest growth in subsequent years.

Supply and Demand Dynamics

One of the critical factors influencing the self-storage market is the supply pipeline. Jabir highlighted a noticeable slowdown in new supply, driven by higher construction costs, labor shortages, and rising interest rates. The number of new units coming online has decreased significantly from previous years. For instance, while 125,000 units were completed in 2023, only 20,000 units were added in the first quarter of 2024. This trend is expected to continue, with completions slowing down to just over 100,000 units by 2025.

Self-Storage Investment and Cap Rates

Despite the challenges, investor demand for self-storage remains robust. Cap rates, although slightly elevated, continue to be attractive, particularly for high-performing properties. The sector’s ability to maintain comparatively low cap rates underscores its perceived stability and long-term viability.

Future Outlook

The future of the self-storage industry appears positive, albeit with moderated growth. As new supply diminishes and demand stabilizes, both occupancy rates and rental rates are expected to improve gradually. The industry’s performance will also benefit from ongoing domestic migration trends, particularly to the Sun Belt regions, and a steady influx of foreign immigrants.

Conclusion

The self-storage sector has demonstrated its resilience and adaptability in the face of economic fluctuations. While the market is currently experiencing a period of recalibration, the long-term outlook remains optimistic. Investors and stakeholders can expect steady, sustainable growth as the sector continues to adapt to changing market conditions.

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Video: Head of Real Estate Strategy & Research at Cohen & Steers Rich Hill on Current State of Commercial Real Estate

The Discussion: Real Estate Trust’s Signal; The Worst Behind in the US?

In a recent interview with Bloomberg Television, Rich Hill, Head of Real Estate Strategy & Research at Cohen & Steers, discussed the current state of commercial real estate and the future of office buildings nationally (observations can apply less in Miami). This conversation took place as the Dow Jones historically surpassed 40,000.

Current State of Office Spaces

Nationwide office vacancies are at a staggering 20%, with expectations of further increases. Hill noted a disparity in performance among different office categories. New, clean, and green office spaces, especially in prime locations like New York City, are doing exceptionally well. For instance, Hudson Yards and One Vanderbilt have seen high occupancy rates. In contrast, Class B and C properties, typically built in the 1970s and 1980s and lacking significant capital expenditure, are struggling. Hill emphasized that while office spaces are facing challenges, they only constitute 20% of the commercial real estate market and 3% of the US listed real estate market.

Lending Environment and Property Valuations

The lending environment for real estate investors is a critical issue. Commercial real estate is a heavily leveraged asset class, with most properties purchased with substantial debt. This leverage has led to significant pressure on property valuations. Hill pointed out that property valuations have generally declined by around 20%, with office valuations down by about 35%. This decline is driven not by poor fundamentals but by higher financing costs and reduced availability of debt.

The Role of Lenders and Borrowers

Hill explained the complex dynamics between lenders and borrowers, likening it to a “prisoner’s dilemma.” Banks are not keen on owning office spaces, as regulatory capital charges for owning property on balance sheets are higher than modifying loans at a high loan-to-value (LTV) ratio. This has led to modifications and extensions of loans, a practice some might see as “kicking the can down the road,” but Hill views it as a necessary adjustment in a challenging environment.

Private Credit in Real Estate

The growth of private credit in the real estate market has been notable. In 2015, private credit accounted for about 10% of total lending, peaking at around 20%. Although this market share has slightly decreased, private credit remains a significant player. Hill noted that private credit can fill gaps left by traditional banks, particularly in underwriting and working out loans.

Future Outlook

Despite the challenges, Hill suggested that the feared collapse in commercial real estate lending has not materialized. Instead, the market is experiencing a slow adjustment. While property valuations are expected to drop further, reaching a peak-to-trough decline of 25-30%, this might signal a bottoming out. Sellers capitulating and buyers stepping in could indicate a healthy contrarian signal for the market.

In conclusion, while the commercial real estate market, particularly office spaces, faces significant hurdles, there are signs of stabilization. The strategic modifications in lending practices and the role of private credit provide a framework for navigating these challenges. The market’s slow adjustment, rather than a sudden collapse, offers a cautiously optimistic outlook for the future.

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Miami Commercial Real Estate News May 22, 2024: Live Local Act Amended; 1,219-Unit 1.8M sf Overtown Development Approved; $200M+ Fisher Island Dev Site Hits Market; More…

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i5 Wynwood Co-Living Community Reaches Completion With 215 Suites

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35-Story Domus Brickell Center Announced, With Sales Now Underway

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Three Proposers Shortlisted For Downtown Miami 24-Hour Metrocenter Project

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51-Story Downtown Miami Tower Gale Miami Hotel & Residences Opens Next Week, After 3 Years Of Construction

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Refinancing for 352-Room EAST Miami Hotel Arranged

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Wynwood’s tech office boom hits a short circuit

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Integral Group Breaks Ground on 99-Unit Affordable Seniors Housing Community in Opa-Locka

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Resia nabs $71M construction loan for Golden Glades apartments, as South Florida defies financing slump

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PortMiami Increases Economic Impact

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Fisher Island potential dev site hits market, bids starting at $200M

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MetroCenter development of 17 downtown acres advancing

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Miami Downtown Development Authority adds to expansion incentives

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South Florida price rises slowing, but still outpace nation

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FAA Approves Summit at Brickell Tower To be Built At 765 Feet Above Ground

The Federal Aviation Administration has approved construction of the Summit At Brickell tower after a relatively short review process. The project height was filed with the FAA on April 5, with an approval letter issued this morning. Summit At Brickell is planned to rise 765 feet above ground, or 769 feet above sea level at its highest point, according to the approval letter. The 60-story…

Photo: Nearly Completed Arch At Downtown Miami’s Signature Bridge

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Urban Development Review Board Votes In Favor Of Massive 1.8M sf Mixed-Use Development In Overtown

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1,219-Unit Overtown Development Approved, Construction Timeline Announced

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Miami board green-lights plans for Overtown, Midtown and downtown Miami towers

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Space Availability in Large Industrial Properties Continues To Rise in South Florida

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Vantage Capital pays $21M for 108-unit Hialeah rental complex amid investment sales slowdown

Vantage Capital Partners scooped up a 108-unit apartment complex in Hialeah for $20.6 million, marking one of the few multifamily investment sales this year. Coconut Grove-based Vantage bought the San Sherri Apartments at 1310–1345 West 29th Street from a pair of affiliates tied to Brooklyn-based Freshwater Group, according to records and real estate database Vizzda..

Miami A Launch Market For Uber’s New Shuttle Service

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28-Story Kendall Apartment Tower Shoma 88 Announced Under Live Local Act

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Construction Progress: Airstream Trailer Amenity Installed At Wynhouse Miami

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Tenant rumble at Robert Rivani’s Wynwood Jungle in Miami

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Atlantic Pacific, nonprofit partner plan 124-unit apartment project for disabled adults in Kendall

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Alta Development Plans ‘SoMi Walk’ for 5959 SW 71st Street in Miami

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Retail Rents Rise in South Florida as Demand Continues to Outpace Supply

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Plans Filed For 8-Story Mediterranean-Style Mixed-Use Development At 33 Alhambra Circle In Coral Gables

33 Alhambra ProCo, LLC, an affiliate of a joint venture partnership between local developer MG Developer and Peru-based VYV, has submitted plans for an 8-story mixed-use development known as Alhambra Parc, also referred to as 33 Alhambra, in Coral Gables. The project aims to develop the 1.12-acre site at 33 Alhambra Circle, which was acquired in 2022 for $19,250,000.

CP Group, DRA Advisors Execute 40,000 SF of Office Leases at Miami Tower

CP Group and DRA Advisors have executed nearly 40,000 square feet of office lease transactions at Miami Tower, a 47-story, Class A office tower located at 100 S.E. 2nd St. in downtown Miami. The executed deals include two lease renewals (H&R Block and Transwestern), one expansion (law firm Assouline & Berlowe) and seven new leases, all of which were for Miami…

850-Foot Residences At Mandarin Oriental on Brickell Key To Break Ground In 2025

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1,000-Foot Cranes Approved At Cipriani Construction Site In Brickell

The Federal Aviation Administration has approved the heights of several tower cranes planned at the 80-story Cipriani Residences construction site in Brickell. The first crane is now approved to reach a height of 1000 feet above ground, or 1003 feet above sea level. The second crane is approved to reach a height of 980 feet above ground, or 983 feet above sea level. The permanent…

Deal For Brightline To Build Commuter Rail System Nearly Ready

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Construction Dates & Additional Details Released For Midtown Miami’s Tallest Tower Ever

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New York Hotel Operator Proposes Two New Hotels At 5101 Blue Lagoon Drive Near Miami Airport

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WeWork holds onto leases for most of its South Florida portfolio – still unclear on Miami, South Beach outposts

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3 firms to relocate to recently renovated Doral building

Three companies secured a total of 14,201 square feet in a Doral office building that recently underwent a multimillion dollar renovation. Grupo Eulen, Vanderweil Engineers, and Trust Lending have signed leases and will relocate to the Offices at Doral Square, a 141,246-square-foot building at 8600 N.W. 36th Street. Grupo Eulen will move its Miami office into a 6,026-square-foot…

Developer plans 245-unit senior living facility in Weston

South Florida developer Terry Salzman won site plan approval for the development of a six-story, 245-unit senior living facility in Weston. Fort Lauderdale architecture firm Synalovski Romanik Saye LLC designed the 325,808-square-foot building with 113 units for independent living, 108 for assisted living, and 24 for memory care. A resident of Weston for the last 25 years…

286-Apartment ‘Cypress Crossing’ Could Replace Park-and-Ride in Fort Lauderdale

Oakland Park’s Development Review Committee will review a proposal for Cypress Crossing tomorrow, May 23rd. The mixed-use venture would replace a park-and-ride lot, comprising three buildings: one eight-story building and two 7,500-square-foot retail buildings. According to the South Florida Business Journal, the mid-rise building would offer 286 apartments…

Mixed-Use, 71-Apartment ‘1435 ArtXchange’ Set for 1429 to 1435 Sistrunk Boulevard in Fort Lauderdale

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NRIA’s successor proposes 48-story apartment tower in Fort Lauderdale

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Former funeral home site in Wilton Manors to be redeveloped as boutique hotel with 123 rooms

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New Renderings Of Broward Elevated Light Rail That Could Eventually Reach Sawgrass

The Sun Sentinel has published new renderings of a people mover system and an elevated light rail system to be built in Broward County. The light rail system is planned to be elevated. It will run 3.5 miles in a first phase, from an intermodal center at Fort Lauderdale airport to the Broward County Convention Center and Port Everglades. Eventually, it could be extended to Sawgrass Mills.

Pompano Beach senior rental project lands $28M in construction loans, as affordable apartments defy financing slump

A low-income apartment project for senior residents in Pompano Beach landed a $27.5 million construction loan package, as affordable housing remains immune to the multifamily financing slump. The Housing Authority of Pompano Beach and Jacksonville-based apartment developer Vestcor are building the 100-unit Provident Place with a pair of three-story buildings…

Ares drops $140M for Boca Raton apartments in biggest South Florida multifamily sale this year

Ares Management bought a 284-unit apartment building in Boca Raton for $139.7 million, marking the biggest multifamily sale in South Florida so far this year. Los Angeles-based Ares scooped up the eight-story Ceru property at 5205 Congress Avenue from Fort Lauderdale-based Mainstreet Capital Partners, according to records and real estate database Vizzda. The sale defies the…

Brookfield buying big US multifamily portfolio including properties in Coral Springs, West Palm Beach

Brookfield has agreed to pay US$1.55bn for a 7,300-unit apartment portfolio concentrated in Florida and Texas, Green Street News can reveal. The investment behemoth is buying the 23-property package from Starwood Capital, which evidently pieced the portfolio together over the last five years. The deal values each apartment at US$212,000. It’s not clear if Miami Beach-based…

Lease roundup: Financial firms lease at Steve Ross’ West Palm towers, Pura Vida is in expansion mode

Steve Ross’ Related Companies signed six new tenants in downtown West Palm Beach, amid the developer’s hefty bet on the area’s office market. JPMorgan Chase leased space at the 20-story 360 Rosemary building at 360 South Rosemary Avenue, which Related completed in 2021, Bloomberg reported. Also, billionaire hedge funder John Paulson’s Paulson Capital and private equity…

Many in the cold storage space are using ASRS to more strategically manage their inventories. In one instance, an occupant called AmeriCold constructs their new buildings around such a system, and in many cases, they stretch 150 feet in height. To put this in context, that is approximately 12 stories high, and roughly four times the height of the modern concrete…

The Supermarket Rental Sweep: Analyzing Multifamily Rent Premiums Generated by Grocery Store Anchors

Across the country, both urban centers and established suburbs have contended with a mismatch between the desire to densify with contemporary mixed-use development and their existing land use patterns of single-use, low-density development. In particular, many grocery stores were built as sprawling, low-density stores in central locations that today present an inefficient…

Multifamily Distress Rate Nearly Doubles Nationally In April

The worst isn’t over for the distress-riddled multifamily industry, according to new monthly financial indicators. The overall distress rate set a new record of 8.35% in April, according to real estate data firm CRED iQ, with multifamily leading the increase. Multifamily’s distress rate increased from 3.7% in March to 7.2% in April, CRED iQ reported. The jump was led by a loan…

DeSantis Signs Live Local Amendments, Boosting Tax Breaks For Developers

Florida Gov. Ron DeSantis signed into law changes to the Live Local Act that are meant to clarify its rules while providing a boost for developers looking to build affordable and workforce housing. The amendments were one of 11 bills DeSantis signed into law Thursday. Among the changes, which are seen as largely favorable to developers, are increased tax breaks for affordable…

Live Local changes could propel workforce housing boom in South Florida

A “coming soon” sign posted at the construction site of an affordable housing development in Hollywood, a market brimming with new projects, prompted an unexpected response. More than 21,000 people applied to live in the 113-unit future development, called Pinnacle 441. Pinnacle opened a lottery for the units March 15 and closed it 10 days later. It’s no secret that South Florida…

The Weekly Dirt: It’s go time for Live Local projects

Gov. Ron DeSantis signed long-awaited amendments to the Live Local Act into law last week, a relief for developers banking on the changes. Senate Bill 328 generally boosts and clarifies developer incentives under the workforce housing law that the Florida Legislature passed in 2023. It took more than two months for the latest bill to make it to DeSantis’ desk in early May.

Video: Morgan Stanley’s Real Estate Investing Co-CEO Lauren Hochfelder discusses firm’s top real estate investing ‘megatrends’

How to use the debt service coverage ratio in real estate

The debt service coverage ratio, or DSCR, is a useful metric for assessing a borrower’s ability to cover debt obligations. In real estate, it can measure how easily the net income a property generates can cover its mortgage. The DSCR is one tool real estate investors often use when evaluating potential investment properties. It’s also an important factor lenders consider when investors…

Innovative financing for workforce housing

Half of all U.S. renter households spent more than 30% of their income on rent in 2022, according to the Harvard Joint Center for Housing Studies. In many markets, families are spending the majority of their income on housing costs, leaving limited resources for other needs. When cost burdens are that widespread, low-income renters aren’t the only ones struggling…

U.S. Apartment Transactions Nationally Slump to Lowest Level Since Pandemic

Investments in U.S. apartments continued to decline in 2024’s 1st quarter amid the high cost of borrowing and economic uncertainty. Though the asset class remains an attractive commercial real estate investment, sales have fallen well below pre-pandemic levels. Nearly 1,040 apartment properties changed hands at a value of $20.6 billion during 1st quarter 2024, according…

Bank OZK Has Dominated Construction Lending. Its CEO Has No Plans To Slow Down

No one has handed out more U.S. construction loans over the past year and a half than a midsized bank in Little Rock, Arkansas. In fact, no entity is even close. Bank OZK handed out more than $3B in real estate construction loans in 2023, while its closest competition, JPMorgan Chase and Wells Fargo, each originated less than $2B, according to MSCI. As most banks are pulling…

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Video: Morgan Stanley’s Real Estate Investing Co-CEO Lauren Hochfelder discusses firm’s top real estate investing ‘megatrends’

The Discussion: Morgan Stanley’s Real Estate Investing Megatrends; Insights from Co-CEO Lauren Hochfelder

The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year and high mortgage rates coupled with low housing inventory, investors face a challenging landscape. Hochfelder, however, sees this as an opportune time to invest, driven by several megatrends reshaping the sector. Note that this discussion is about commercial property throughout the United States. Thus, observations can apply less to Miami area property.

Real Estate Market Overview

The real estate market is undergoing a significant correction, with broad repricing across various asset classes. Hochfelder pointed out that some assets are distressed for valid reasons, but many are performing well in terms of income growth yet are priced 20-30% lower. This, she argues, presents a unique entry point for investors.

Key Megatrends Driving Real Estate Investment

Hochfelder highlighted several key megatrends that are creating substantial investment opportunities:

1. Growth in E-commerce: The continued expansion of e-commerce is driving demand for warehouses. This trend is expected to persist as more consumers shop online, necessitating efficient supply chain logistics to deliver goods quickly.

2. Realignment of the Global Supply Chain: Globalization is undergoing a U-turn, with event-driven supply shocks prompting companies to rebuild their infrastructure. This shift is increasing the demand for warehouses as businesses adapt to the new supply chain dynamics.

3. Aging Demographics: The aging population is changing housing preferences and needs. As people live longer and seek different living arrangements, there is a growing demand for varied housing options, including senior living facilities.

Impact of Interest Rates on Commercial Real Estate

Real estate, being a levered asset class, is significantly impacted by interest rates. Hochfelder noted that many asset owners are currently under pressure due to high interest rates, which make refinancing difficult. However, Morgan Stanley focuses on maintaining durable capital stacks that can withstand any interest rate environment. They invest in properties where income growth can outpace rate expansions, ensuring resilience across economic cycles.

Location Versus Dislocation

Traditionally, real estate investment was guided by the principle of “location, location, location.” However, Hochfelder emphasized that today’s strategy should also consider “dislocation, dislocation, dislocation.” This involves understanding changes in where people live and work. For example, the COVID-19 pandemic led to significant shifts, with people moving from traditional hubs like New York City to emerging markets such as Miami and Dallas. These migrations are influencing where investors should place their bets.

Conclusion

In summary, Lauren Hochfelder’s insights underscore that while the current real estate market presents challenges, it also offers substantial opportunities driven by transformative megatrends. Investors need to consider these broader shifts, focus on durable investment strategies, and be mindful of evolving location dynamics to successfully navigate the real estate landscape.

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Video: Developer Don Peebles Discusses Real Estate, Lists Miami Among Cities of Opportunity

The Discussion: The Future of the Housing Market and Commercial Real Estate; Insights from Industry Leader Don Peebles

Introduction:
Recent data indicate that the housing market is beginning to cool, as evidenced by an increase in “For Sale” signs and a rise in new mortgage applications. The market is experiencing a complex interplay of factors that are shaping its trajectory. To provide a deeper understanding, Don Peebles, Chair and CEO of Peebles Corporation, shared his expert insights into the current state of the housing and commercial real estate markets during a recent interview.

Housing Market Dynamics:
Peebles highlighted a noticeable shift in the housing market. Despite a rise in new mortgage demands and an increase in single and multifamily housing starts, the market remains supply-constrained. This limitation in supply continues to drive up prices in most major metropolitan areas across the United States. Peebles noted that 93% of the top 50 metropolitan markets are seeing price increases in both rents and home prices.

However, specific regions like Florida, which has seen significant price appreciation since 2018, are starting to experience a pullback. This moderation is a natural consequence of the rapid price increases over the past few years. Despite this, the overall housing market remains robust due to the persistent supply constraints and high demand.

Challenges in Commercial Real Estate:
Turning to the commercial real estate sector, Peebles pointed out the challenges posed by the lending environment. Regional and local banks, which have significant exposure to commercial office buildings, are facing difficulties as many of these properties are struggling, particularly in major markets. The pandemic has exacerbated these issues, leading to a cautious approach from banks regarding new loans.

At 2:34 in this video, Miami, along with Boston, San Francisco, and Charlotte, is displayed among a list of “cities of opportunity.”

Opportunities in Private Credit:
Amid these challenges, Peebles identified private credit as a significant opportunity in the commercial real estate market. Since regulatory changes discouraged banks from making high-volatility commercial real estate loans, private credit has stepped in to fill the gap. With banks now hesitant to issue new loans due to rising interest rates, private credit lenders can capitalize on the opportunity to secure high-quality loans without facing as much competition.

Peebles explained that private credit underwriting is more individualized compared to the formulaic approach of banks, allowing for better decision-making and potentially more secure investments. This adaptability and focused approach make private credit a promising avenue in the current market environment.

Regional Market Insights:
Peebles highlighted specific markets such as Boston and the Bay Area as having significant opportunities due to their supply-constrained nature. These regions, known for their high demand and limited supply, continue to perform well. He also mentioned that despite the general trend of a cooling market, some areas still offer attractive investment opportunities due to their unique supply and demand dynamics.

Future Outlook:
Looking ahead, Peebles provided a cautionary outlook for the commercial real estate market. He described the current situation as a “calm before the storm,” with many local and regional banks holding substantial commercial real estate loans that have not yet faced foreclosure actions. As these foreclosures begin to increase, there could be a ripple effect leading to job declines and significant losses in the commercial banking sector by 2025.

Conclusion:
Don Peebles’ insights offer a nuanced perspective on the housing and commercial real estate markets. While the housing market shows signs of cooling, it remains resilient due to supply constraints. In contrast, the commercial real estate sector faces significant challenges, but opportunities in private credit offer a silver lining. Investors and stakeholders should prepare for potential turbulence ahead, especially in the commercial sector, while remaining vigilant for emerging opportunities.

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Trends

Video: Rooftop Cinema Club Founder and CEO Gerry Cottle, Head of Real Estate Aly Dean on Creating New Revenue Streams from Underutilized CRE Space

Video: Exploring Rooftop Cinema Club; A Unique Fusion of Film and Real Estate

The recent episode of “America’s Commercial Real Estate Show” delved into an innovative concept transforming underutilized urban spaces: Rooftop Cinema Club. This conversation, featuring Gerry Cottle, the founder and CEO, and Aly Dean, the head of real estate development at Rooftop Cinema Club, highlighted the unique blend of cinema and real estate that this company offers.

The Concept: A Cinematic Experience in the Sky

Rooftop Cinema Club began in London in 2011, providing an open-air film experience that quickly gained popularity despite the unpredictable weather. The concept was simple yet novel: classic and contemporary films are shown on rooftops, enhanced by stunning city views and a social atmosphere. By 2015, the concept was brought to the U.S., starting in New York and quickly expanding to cities like Hollywood, San Diego, Houston, and Miami.

Versatility in Venues

One of the standout features of Rooftop Cinema Club is its flexibility regarding venue locations. The company is not tied to a specific type of rooftop. Instead, it can adapt to various structures, including hotels, office buildings, parking decks, and even tennis courts. The primary requirement is a good view, which enhances the overall experience for the audience. This adaptability allows the company to repurpose underutilized spaces, turning them into vibrant social hubs.

Partnership with Property Owners

For property owners, Rooftop Cinema Club offers a unique opportunity to monetize unused spaces. The company typically enters into long-term leases, viewing these partnerships as mutually beneficial. Property owners gain a unique amenity that attracts visitors and tenants, while Rooftop Cinema Club secures a location for their events. The setup process involves some tenant improvements, often shared between the property owner and Rooftop Cinema Club, including structural reinforcements and utility installations.

Creating a Social Cinema Experience

Rooftop Cinema Club differentiates itself from traditional cinemas by offering more than just a movie. It’s an entire evening out, complete with delicious food, crafted cocktails, and a social environment where attendees can play games and engage in conversations before the movie starts. This “social cinema” approach transforms a simple film screening into a memorable event, appealing to a broad audience, from families to date-night couples.

Technological Adaptations

A unique aspect of the Rooftop Cinema Club experience is the use of wireless headphones. This innovation stemmed from a need to avoid disturbing nearby residents and has since become a signature feature. The headphones not only provide high-quality sound but also eliminate common cinema distractions, such as rustling snack bags and talking patrons.

Programming and Audience Engagement

The film selection at Rooftop Cinema Club is diverse, ranging from beloved classics to recent releases. Audience engagement is also a priority, with opportunities for attendees to vote on movie choices. The company supports various film genres, including women in film and black cinema, ensuring a broad and inclusive program. Last year, they showcased 400 movies, emphasizing their dedication to providing diverse and engaging content.

Economic and Marketing Impact

The presence of Rooftop Cinema Club can significantly boost local economies. By attracting hundreds of visitors, often on traditionally quiet nights, they bring new business to surrounding restaurants and bars. Moreover, the visually appealing setup of the cinema is a magnet for social media influencers, providing valuable marketing exposure for both the cinema and its host location.

Future Expansion

Rooftop Cinema Club plans to continue expanding, with a goal of opening 20 more venues across the U.S. in the next four years. This ambitious growth plan underscores the company’s confidence in its unique concept and the demand for innovative entertainment experiences.

Conclusion

Rooftop Cinema Club is a prime example of how creativity and strategic partnerships can revitalize underutilized urban spaces. By offering a unique blend of high-quality cinema, social interaction, and stunning views, it has carved out a niche in the entertainment and real estate markets. For property owners looking to enhance their assets and communities seeking new entertainment options, Rooftop Cinema Club presents a compelling opportunity. As they continue to expand, more cities and property owners will likely find themselves eager to join this cinematic journey in the sky.

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Development

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Video: RealPage Director of Research & Analysis, Market Analytics Presents Multifamily Market Updates & Insights

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Video: RealPage Director of Research & Analysis, Market Analytics Presents Multifamily Market Updates & Insights

The Discussion: Navigating the Dynamics of America’s Multifamily Real Estate Market

In the realm of real estate, few sectors have captured investor interest and market attention quite like multifamily properties. Offering a blend of stability, demand, and potential for growth, multifamily real estate has been a favored asset class for many investors, particularly in the Southeastern United States. However, as with any investment landscape, understanding the nuanced dynamics of the market is paramount to making informed decisions and maximizing returns.

A recent conversation between the host of America’s Commercial Real Estate Show and Carl Whitaker, Director of Research and Analysis at RealPage, shed light on the current state of the multifamily sector nationally, touching upon key trends, challenges, and opportunities. The discussion is national in scope, thus observations can apply less to Miami and other South Florida markets.

The Current Landscape of Multifamily Property: Balancing Supply and Demand

Multifamily properties have experienced a significant rise in demand over the past several years, buoyed by factors such as population growth, urbanization trends, and shifting preferences towards renting. However, this surge in demand has been met with a corresponding increase in supply, with more multifamily units being added to the market than at any point since the mid-1980s.

Carl Whitaker notes that while demand remains robust, evidenced by record absorption rates, the sheer volume of new supply entering the market has tempered rental growth and occupancy rates in many areas. This dichotomy underscores the fundamental principle of supply and demand dynamics, where an imbalance can impact performance metrics despite strong underlying demand.

Regional Variances: Identifying Performance Hotspots

Within the multifamily landscape, certain markets stand out for their resilience and performance. Locations such as Austin, Jacksonville, and Dallas-Fort Worth have experienced above-average absorption rates, fueled by demographic trends and economic vitality. Conversely, smaller coastal Florida markets have witnessed rent cuts due to an influx of supply outpacing demand.

Atlanta, a major hub in the Southeast, reflects both the broader trends and unique challenges within the multifamily market. While demand remains strong, concerns arise regarding rent collections and occupancy levels, particularly in submarkets with a higher concentration of workforce housing.

Navigating Financing and Investment Considerations

Financing trends, including the increasing prominence of agency financing through entities like Fannie Mae and Freddie Mac, underscore the attractiveness of multifamily assets to investors. However, evolving cap rates and pricing dynamics necessitate a nuanced approach to valuation and investment strategy.

Whitaker highlights the importance of recognizing the uniqueness of each property and market, cautioning against broad generalizations when assessing investment opportunities. Moreover, while interest rates have risen from historic lows, they remain within a range conducive to investment activity, albeit with some headwinds.

Emerging Trends and Future Outlook

The conversation delves into emerging trends such as office-to-residential conversions, reflecting adaptive responses to evolving market conditions. While not yet widespread, such conversions could present viable opportunities in select markets, particularly those experiencing housing shortages.

Looking ahead, Whitaker identifies supply as the primary headwind facing the multifamily sector, with ongoing challenges related to lease-up properties, concessions, and pricing dynamics. However, he remains optimistic about the long-term prospects of markets in the Sun Belt and Southeast, driven by demographic shifts and sustained demand for rental housing.

Key Takeaways:

1. Supply-Demand Dynamics: Understanding the interplay between supply and demand is crucial for gauging market performance and investment potential.

2. Regional Variations: Market performance varies across regions, influenced by factors such as population growth, economic conditions, and housing supply.

3. Financing Considerations: Agency financing, evolving cap rates, and interest rate trends shape investment decisions, necessitating a comprehensive approach to valuation and risk assessment.

4. Emerging Trends: Monitoring emerging trends, such as property conversions and demographic shifts, can uncover new investment opportunities and market niches.

In conclusion, while the multifamily real estate market faces near-term challenges related to supply dynamics, long-term fundamentals remain robust. Astute investors who adapt to evolving market conditions, leverage regional insights, and maintain a disciplined investment approach stand poised to capitalize on the enduring appeal of multifamily properties in the years to come.

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Multifamily Property

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The Discussion: Unveiling the Trends and Insights of Student Housing In the realm of real estate, few sectors offer as intriguing a landscape as student housing. On a recent episode of “America’s Commercial Real Estate Show,” the show’s host sat down with Carl Whitaker, Director of Research and Analysis at RealPage, to delve into the nuances of this dynamic market.

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Video: RealPage Director of Research & Analysis, Market Analytics Carl Whitaker Provides Student Housing Updates & Strategies

The Discussion: Unveiling the Trends and Insights of Student Housing

In the realm of real estate, few sectors offer as intriguing a landscape as student housing. On a recent episode of “America’s Commercial Real Estate Show,” the show’s host sat down with Carl Whitaker, Director of Research and Analysis at RealPage, to delve into the nuances of this dynamic market. From occupancy rates to rent growth, from new supply to investment strategies, their conversation provided a comprehensive overview of the state of student housing. The primary focus of this conversation discussed student housing property investment throughout the United States. Thus, a caveat for this discussion is that its observations may have varying degrees of applicability, perhaps even no applicability, to such investment in Miami.

The Resilience of Student Housing

The dialogue kicked off by addressing the prevailing trends in the student housing sector. Whitaker noted that while the sector had seen record-breaking rent growth in recent years, it was still performing remarkably well by historical standards. Despite a slight dip from the peak, student housing rent growth was holding steady at around 6%, outpacing the averages of the previous decade.

Supply and Demand Dynamics

A key factor contributing to this robust performance was the equilibrium between supply and demand. Whitaker highlighted that while demand had stabilized post-pandemic, the supply side had witnessed a notable decrease. This reduction in supply pressure, coupled with a modest increase in demand, had created a conducive environment for strong rent growth.

Occupancy Rates and Future Projections

Occupancy rates, another vital metric in the student housing landscape, were discussed next. Whitaker pointed out that while occupancy rates had dipped slightly, they remained robust, hovering around 93.5% to 94%. Looking ahead, he forecasted a gradual normalization in rent growth and occupancy rates, with figures expected to stabilize at around 2% to 3%.

Market Insights and Investment Strategies

The conversation then turned towards market insights and investment strategies. Whitaker emphasized the importance of institutional quality and brand recognition in determining the strength of a market. While population growth was a significant predictor of demand, he cautioned against oversimplifying the correlation, citing examples of non-growth states with thriving student housing markets.

Cap Rates and Sector Resilience

Addressing cap rates, Whitaker noted that while they remained slightly higher in the student housing sector compared to conventional multifamily, they had compressed over the past few years. He attributed this trend to increased institutional investor interest in the sector, predicting a potential narrowing of the gap between student and conventional cap rates in the future.

Evolution of Amenities and Resident Preferences

The discussion concluded with an exploration of amenities and resident preferences in student housing. Whitaker highlighted the sector’s role as a testing ground for property technology trends, noting that today’s student renters often foreshadowed the preferences of tomorrow’s conventional renters. From Lazy River floating pools to high-tech amenities, the evolution of student housing reflected changing consumer demands and market dynamics.

Conclusion: A Sector of Resilience and Opportunity

As the conversation drew to a close, it became evident that student housing was not just a niche market but a sector ripe with resilience and opportunity. Despite challenges and uncertainties, its ability to weather economic storms and adapt to evolving trends made it an attractive investment option for those seeking portfolio diversification.

In summary, the dialogue between the host and Carl Whitaker provided invaluable insights into the multifaceted world of student housing. From market fundamentals to investment strategies, their exchange illuminated the dynamics shaping this dynamic sector and underscored its significance within the broader real estate landscape. As the market continues to evolve, one thing remains clear: student housing stands as a testament to resilience, innovation, and opportunity in the realm of commercial real estate.

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Video: Lisa McCracken, Head of Research & Analytics at the National Investment Center for Seniors Housing & Care (NIC) Discusses Senior Housing 2024

A Discussion About Navigating the Landscape of Senior Housing

In the realm of real estate, certain sectors hold unique significance, not just in terms of investment potential, but also as indicators of societal shifts and demographic trends. One such sector is senior housing, which has been subject to intense scrutiny and adaptation, especially in recent years. A conversation between the host of America’s Commercial Real Estate Show, and Lisa McCracken, Head of Research and Analytics at the National Investment Center for Seniors Housing and Care (NIC), sheds light on the current state and future prospects of senior housing in the United States. Note that this discussion is national and scope, thus observations may apply less to South Florida.

The State of Operations

At the outset, McCracken provides a comprehensive overview of the industry’s operational performance. Despite challenges posed by the COVID-19 pandemic and fluctuations in market conditions, senior housing properties have shown resilience. McCracken highlights key performance indicators such as occupancy rates and absorption levels, indicating a gradual recovery trajectory. Notably, she mentions a resurgence in demand, propelled by demographic shifts as the Baby Boomer generation ages.

Market Dynamics and Trends

The conversation delves into the intricacies of market dynamics and trends shaping the senior housing landscape. McCracken discusses the interplay between supply and demand, noting a decline in new construction starts and a lengthening of the construction cycle. This trend, coupled with the imminent surge in demand, underscores the potential for a significant supply-demand gap in the coming years.

Challenges and Opportunities

Addressing challenges facing the industry, McCracken emphasizes the critical role of labor and wages. The discussion underscores the importance of workforce recruitment and retention strategies amidst labor shortages and wage pressures. Furthermore, McCracken highlights the nuanced nature of distress situations in senior housing, categorizing them into financial distress, operational distress, and property-level stress.

Strategies for Success

McCracken offers insights into strategies for operators to navigate the evolving landscape successfully. She advocates for collaborative owner-operator relationships, emphasizing shared goals and outcomes. Additionally, she underscores the importance of proactive marketing and technological innovation in reaching and engaging potential residents and their families.

Looking Ahead

The conversation concludes with a glimpse into the future of senior housing and the role of industry events such as NIC’s annual fall conference in driving innovation and collaboration. McCracken reiterates the sector’s resilience and potential for growth, tempered by the need for proactive adaptation to changing market dynamics.

Final Thoughts

The dialogue between the host and Lisa McCracken provides a comprehensive understanding of the senior housing sector’s current challenges and future prospects. Amidst demographic shifts, labor shortages, and evolving consumer preferences, senior housing operators and investors must remain agile and innovative to capitalize on emerging opportunities and navigate potential obstacles effectively. As the industry continues to evolve, collaboration, data-driven decision-making, and a focus on resident-centric care will be instrumental in shaping its trajectory.

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The Discussion: The Future of the Housing Market and Commercial Real Estate; Insights from Industry Leader Don Peebles

Thousands of Pages of Original Content

All About Miami Commercial Real Estate

Listed Commercial Properties

Property Profiles – Zip Code List

Around the Site

Recent Miami Commercial Property Posts

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