{"id":9867,"date":"2024-07-27T19:14:53","date_gmt":"2024-07-27T23:14:53","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9867"},"modified":"2024-10-14T19:30:16","modified_gmt":"2024-10-14T23:30:16","slug":"doral-gaining-during-nations-commercial-realty-dip","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2024\/07\/27\/doral-gaining-during-nations-commercial-realty-dip\/","title":{"rendered":"Doral gaining during nation\u2019s commercial realty dip"},"content":{"rendered":"
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\n\t\t\"Miami\n\t<\/div>\n\n

Miami Today Discusses Doral Commercial Real Estate Trends in South Florida with Lee & Associates South Florida President, Matthew Rotolante, SIOR, CCIM<\/h3><\/div><\/div>
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'Doral gaining during nation\u2019s commercial realty dip'<\/h1>\n

Doral\u2019s commercial real estate defies national trends and continues to showcase high demand..<\/strong><\/h3>\n
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By \u00a0Janetssy Lugo<\/a>\u00a0\u2013\u00a0<\/span> Miami Today<\/div>\n
July 23, 2024<\/div>\n

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Doral\u2019s commercial real estate defies national trends and continues to showcase high demand.<\/p>\n

\u201cViewing commercial real estate overall, even on a national scale,\u201d said Matthew Rotolante<\/a>, president and broker at Lee and Associates South Florida, \u201cI would say Miami, Doral included\u2026 is somewhat resilient in the face of some of the trends that are taking place on a national scale.\u201d<\/p>\n

Doral has faced and surpassed the test of time as it has evolved over the years and maintained its prominence.<\/p>\n

\u201cOriginally it evolved more as an industrial land area,\u201d said Mr. Rotolante, \u201cwith a lot of warehouses, but what we\u2019ve seen more recently is there\u2019s been a lot of residential buildings and neighborhoods, townhomes, condos, single-family homes that have been built. It\u2019s a great place to live.\u201d<\/p>\n

In regard to multifamily, said Mr. Rotolante, new apartments have been built.<\/p>\n

However, the pandemic impacted office space as many companies opted for employees to work remotely.<\/p>\n

Due to covid, said Mr. Rotolante, office space has not performed as well on a national scale. Markets that have a lot of office space such as San Francisco and New York have suffered.<\/p>\n

Despite the change, Doral\u2019s office market has continued to excel.<\/p>\n

Similarly, other professionals in the field have noticed the impact the suffering in these locations has had on the office market in Doral.<\/p>\n

...<\/p>\n

On the industrial side, rents have stabilized, said Mr. Rotolante, \u201cand we\u2019ve seen some negative absorption in the Doral area, maybe about 600,000 square feet or so. What that does is it leads to a rising of the vacancy rate. I think we\u2019re hovering around 5% where we had been as low as 3.8%. So with that in mind, you\u2019re seeing a lot more subleases on the market, which means businesses that had leased property and still have the lease terms left, they\u2019re trying to find tenants to replace themselves on those leases.\u201d<\/p>\n

This indicates things have slowed down a little bit, said Mr. Rotolante. However, businesses are still making the decision to lease and are making a profit.<\/p>\n

There are different types of users for warehouse and office, said Mr. Rotolante. Due to residential increase, there has been a growth in healthcare such as Jackson North coming in and the University of Miami is doing a UHealth center.<\/p>\n

Retail, over the past 20 years, has been suffering from E-commerce and online shopping, said Mr. Rotolante. This has benefited warehousing.<\/p>\n

However, retail vacancies are relatively low right now for the Doral area and South Florida in general.<\/p>\n

\u201cWe\u2019re really well located for international trade,\u201d said Mr. Rotolante, \u201cwe\u2019re really well located for import and export, and you see a lot of that taking place. A lot of the warehouses are based on consumption, so we\u2019re seeing a lot of E-commerce uses. We\u2019re seeing a lot of 3PL, third-party logistics, operators that are basically moving and shipping products for big retailers and other wholesalers. Those are the primary users. Every once in a while, you\u2019ll have a manufacturing operation too, but I would say that predominantly the warehouses are being used by import, export and logistical operations, distribution-oriented businesses.\u201d<\/p>\n

...<\/p>\n

Read The Full Article Here...<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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About Lee & Associates South Florida<\/strong><\/h3>\n

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $115 Billion in the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/h3>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Lee\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

‘Doral gaining during nation\u2019s commercial realty dip’ Doral\u2019s commercial real estate defies national trends and continues to showcase high demand..   By \u00a0Janetssy Lugo\u00a0\u2013\u00a0 Miami Today July 23, 2024   Doral\u2019s commercial real estate defies national trends and continues to showcase high demand. \u201cViewing commercial real estate overall, even on a national scale,\u201d said Matthew Rotolante, president and broker at Lee and Associates South Florida, \u201cI would say Miami, Doral included\u2026 is somewhat resilient in…<\/p>\n","protected":false},"author":76,"featured_media":8007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,108,107,106],"tags":[31],"class_list":["post-9867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-multifamily","category-office","category-retail","tag-matthew-rotolante"],"yoast_head":"\nDoral gaining during nation\u2019s commercial realty dip - 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