South Florida's Land-Constrained Industrial Market Soaring To Record Prices
At its core, South Florida is a narrow strip of land between the ocean and the Everglades. Those geographic constraints keep land prices rising, a phenomenon that is especially noticeable in the industrial sector, where rental rates are setting new records.
Miami's average industrial asking rents reached an all-time high, $9 per SF, in Q4, according to CBRE, jumping nearly 50% in five years. JLL Managing Director Brian Smith said they have since inched even higher, with rates today around $10.25…
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Guitar-Shaped Hotel Rises In South Florida
With kids these days into their rap music and their electronic dance, sales of musical instruments are so slow that Guitar Center's corporate credit is rated as junk, and Gibson Guitars is facing bankruptcy. But the allure of the six-stringed instrument…
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South Florida Town Seeks Developers For Mixed-Use Master Plan
Lake Park, a quiet Florida town of almost 10,000 people, has the same brilliant sunshine as its neighbors in Palm Beach County and an alluring stretch of waterfront along the Intracoastal Waterway. But Palm Beach, Boynton Beach and Boca Raton get all the attention. If only Lake Park could find a nice development partner to settle down with, together they could create a bouncing little mixed-use district.
Lake Park has long been overlooked for development, but its leaders have recently become more proactive. The Lake Park Town Commission hired consultants, came up with a redevelopment plan, and is now inviting developers and bankers for tours.
Whereas condos in…
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Strong Q1 Office Fundamentals Suggest ‘Market Still Has Room For Expansion'
Office leasing activity across the nation advanced in the first quarter, with tenants absorbing 5.2M SF, up from the negative 406K SF absorbed during the same period last year, Newmark Knight Frank reports.
Rents and vacancy rates in the 56 markets Newmark tracks remained stable, with average rents increasing modestly by 2.9% to $27.68 and vacancies inching down 10 basis points to 13.5% compared to the year-ago quarter.
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Fear Of The Steel Tariff Is Compounding Already-Escalating Materials Pricing
The price for steel drywall studs at Chicago's Reinke Supply has increased 30% so far this year — and manager Dave Herhold said there is nothing he or his customers can do about it.
"Everybody hates it, including us," Herhold said. "Our hands are tied. Right now, we are at the mercy of metal fabricators and have no choice but to raise prices."
The tariffs on steel imports come at an inopportune time for a construction industry already dealing with rising costs, including in steel. Hot rolled steel futures traded for $870/ton as of April 20, up from $650/ton in December. The soaring pricing is having a ripple effect across the industry.
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