Are Suburban Office-to-Industrial Conversions Feasible? By Jeffrey Steele – Commercial Property Executive November 13, 2023 Proximity to consumers—the main reason these projects make sense—can also make them less popular with local residents. Last-mile industrial space remains much needed, while a lot of suburban office space stands empty. Converting abandoned suburban office space into industrial use makes great sense. But given headwinds, proposals to turn empty suburban office into in-demand industrial and the actual ability to…
Incoming Luxury Brands Boost Wynwood Commercial Rents
Incoming Luxury Brands Boost Wynwood Commercial Rents By Abraham Galvan – Miami Today November 2nd, 2023 Even though the commercial real estate market has stabilized in Wynwood, rents have remained high due to new luxury brands moving into the area and multi-use developments, according to local real estate experts. With the help of Miami Design District’s development advances setting the tone in the area and attracting luxury brand giants, like Louis Vuitton, rental rates are around…
South Florida office rents have peaked, report says
South Florida office rents have peaked, report says By Erik Bojnansky – South Florida Business Journal October 26, 2023 South Florida’s office rents might have finally hit their peak, a report from a commercial brokerage stated. According to a recent report from Lee & Associates Commercial Real Estate Services, the average asking rent for office space in the tri-county area in the third quarter of 2023 was $36.64 per square foot, just 0.69%…
Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick
Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick Local retail sector shines, while office and multifamily conditions soften… MIAMI, FL (October 25, 2023) – South Florida’s local retail sector continues to show promising trends, and office and multifamily conditions soften, while the industrial market is experiencing conflicting trends of rising rental rates and increasing vacancies. With more than 13.21 million square feet of new industrial space under construction…
Lee & Associates South Florida Adds Bert Checa as Principal
MIAMI, Florida—October 24, 2023 — Lee & Associates South Florida bolstered its market-leading team of talented commercial real estate brokers with the arrival of Bert Checa as Principal. Based in Miami, Checa brings 20 years of office leasing experience and more than three million square feet in completed transactions. Prior to joining Lee & Associates, Bert Checa served as a Vice President in Transwestern’s Office Agency Leasing Group for South Florida. He has extensive knowledge of…
Lee & Associates South Florida Q2 Market Report: Multifamily Vacancies Creep Up as Rents Stabilize
Lee & Associates South Florida Q2 Report: Multifamily Vacancies Creep Up as Rents Stabilize Local office sector to be tested by anticipated delivery of more than 8.4 million square feet of new construction by 2026… MIAMI, FL (July 20, 2023) – South Florida’s multifamily sector is experiencing an increase in vacancies and flattening of apartment rents, according to Lee & Associates South Florida’s Q2 2023 market report. The region’s office market is bracing for…
Lee & Associates Q1 Report: South Florida’s Retail Sector Continues to Outperform National Average, Multifamily Market Softens
South Florida’s Q1 Market Report Shows Region’s Retail Sector Continues to Outperform National Average, Multifamily Market Softens Local industrial and office sectors record relatively flat vacancies year-over-year, but demand remains strong… MIAMI, FL (April 27, 2023) – South Florida maintained its status as a national retail sector standout in the first quarter of 2023, according to Lee & Associates South Florida’s Q1 2023 market report. The region’s multifamily market continues to soften, however, with…
Daily Business Review Chats with Matthew Katzen in Special Reports on Miami’s Office Market
SPECIAL REPORT #1: Tenants Are Leasing the New Buildings, but Can Lenders’ Concerns Slow Demand? February 13, 2023 By Melea VanOstrand The pandemic changed the way many companies operate, and with remote work a norm for many, office buildings are facing a new challenge: how to attract workers back to the office. The office building that’s able to attract returning workers will have the most successful leasing numbers, according to Suzanne Amaducci-Adams, head of Bilzin…
Lee & Associates South Florida Q4 Report: South Florida Industrial Rents Surge, Multifamily Vacancies Creep Up
South Florida’s Q4 Market Report Shows Industrial Rents Surge, Multifamily Vacancies Creep Up Local retail and office sectors continue to see rent and occupancy growth year-over-year… MIAMI, FL (January 23, 2023) – South Florida’s industrial market does not appear to be cooling off from its historic run of record-low vacancies and rent growth, according to Lee & Associates South Florida’s Q4 2022 market report. The multifamily sector is beginning to see some softening as…