The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably we have to focus on the challenges presented throughout 2020. Despite the current pandemic, new, major developments took place and many property refinances were sealed in several locations.
Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE remains positive for the time being; however, analysts have changed their tone. Before they were much more bullish on the commercial real estate market here, and now they are expressing caution about the long-term situation in the region.
View our commercial properties in Florida to see what real estate assets are available for lease / sale.
We’ve compiled some of the commercial real estate news highlights and attention-grabbing headlines around Florida and nationwide to shed some light on the current state of the market. The update for Q2 2021 includes: recovery of retail real estate in Miami, Miami’s office real estate market leading the rebound for the sector, another Amazon industrial real estate purchase, and more.
Florida Commercial Real Estate News – Q2 2021
Population Growth Fuels Retail Real Estate’s Rebound
GlobeSt reports on the recovery of retail real estate in Miami due to a growing population in the region. This is shown by the flat vacancy rates and increased rents / square foot. Read More
MMG Acquires South Florida Retail Shopping Center in Plantation
MMG Equity Partners acquired a shopping center in South Florida in Plantation, FL for $12M. The property is 79% occupied at closing with 13,700 sf available for lease. Read More
Amazon Buys Property for New Location in Riviera Beach, FL
As part of its massive expansion plan across the nation, Amazon (the e-commerce giant) purchased land for industrial real estate purposes in Riviera Beach, FL. Read More
Miami Beach Office Growth Leading Office Real Estate Growth in South Florida
Miami Beach’s office real estate market is leading the way for the sector in the area with Class A office spaces rebounding to nearly $57 / square foot. Miami is also emerging as one of the largest fintech hubs in the nation. Read More
Miami-Dade to Audit Older Buildings After Collapse of Major Apartment Complex
The national news around the collapse of an apartment complex in Miami has led industry experts to look into the older buildings in the area in order to mitigate such an event from occurring again. Read More
Downtown Miami Retail Properties Sold for $27M
A set of retail real estate assets on Flagler Street sold for $27 million. The new owners plan to renovate the retail properties in an attempt to attract more people downtown. Read More
Coconut Grove Reimagined Retail Real Estate Experience
Coconut Grove, Miami’s “Neighborhood with a Soul” is reimagining the retail real estate experience for retail customers and tenants alike. A new report from BisNow covers the new retail projects in the area. Read More
Is Tampa the New Austin, Texas?
$3.5 billion development project in Tampa by Bill Gates and Jeff Vinik is leading the way for the transformation of Tampa. It is starting to attract new tech companies and other successes in the area are bringing an evolving dynamic to the city similar to that of Austin, Texas. Read More
Prakas & Co Negotiates Mixed-Use Real Estate Complex Transaction
A mixed-use commercial real estate complex in Boca Raton, FL changed hands thanks to the brokerage team at Prakas & Co. Dean Poll, owner of the New York-based Gallagher’s Steakhouse purchased the property for $16,250,000. Read More
Florida Commercial Real Estate News – Q1 2021
The update for Q1 2021 includes: tech firms flocking to Miami, 1st ever CRE bitcoin transaction, a distressed real estate investment fund, and much more.
Miami Considered to Be a Top Destination for Bay Area Tech Firms Seeking New Homes
Miami offers tech companies a lot vis-a-vis environment (beaches) and business (low taxes). These points are making it a top prospect for companies leaving the Bay Area. Read More
Will a Miami Nightclub Be the First Commercial Real Estate Sale in Bitcoin?
Treehouse, a nightclub in Miami Beach could be the first ever sale of a commercial real estate property using bitcoin according to Avison Young. Read More
American Venture Partners Creates $1 Billion Fund for Distressed CRE Investments
South Florida-based real estate investment firm, American Ventures Partners, launched a new fund to invest specifically in distressed commercial real estate properties across the United States. Read More
Downtown Miami Revamp Starts to Pick Up Steam
New York developer, Time Century Holdings, acquired a $24M loan to redevelop the Metro Mall in Downtown Miami into a luxury jewelry center. Read More
Former PepsiCo Regional HQ and Distribution Center in Doral Changes Hands
Terra and Terranova Corp just sold the 23.7-acre site for $55M. They sale occurred three years after they acquired it for $40M. Read More
Florida Seen as Key Growth Market for Aldi in the United States with New Regional HQ Construction
Aldi is building a new regional headquarters and distribution center as part of its plans to expand its presence in the United States. Florida is considered a kew growth market for the company. Read More
Commercial Real Estate Investors Seek Safety, Yield in Florida Real Estate
BisNow covers the recent interest from CRE investors in Florida, specifically in Miami. There are several positive metrics that attract both domestic and foreign investors. Read More
South Miami’s Sunset Place Sells for $65.5M, at a Deep Discount From Its Last Sale
The Shops at Sunset Place, an iconic retail center in South Miami just changed hands for 60% less than its sale price five years prior. Read More