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 Q3 2021 includes: South Florida CRE booming, a new Miami WorldCenter tenant, a Broward County record industrial transaction, and more.
Florida Commercial Real Estate News – Q3 2021
Miami WorldCenter Now Home to $100M Health Innovator
Futuristic $100 wellness center will occupy 10 floors in the Miami WorldCenter. Adventist Health and Legacy Hotel & Residences have teamed up to bring a place for well-being. Read More
MMG Refinances a South Florida Retail Real Estate Property
MMG Equity Partners has secured $26.6 million and refinances retail center, Town and Country Plaza, located at 13712 SW 152nd Street in Miami, FL. Guardian Life Insurance Company of America provided the loan for the shopping center. Read More
$18M Industrial / Flex Property Transaction in Broward County Set Record
Avison Young negotiated the $18 million sale of Miramar Park of Commerce, an industrial/flex building at 10315 USA Today Way in Miramar. The transaction represents the highest price / square foot for an industrial / flex property in Broward County. Read More
Most Expensive Multifamily Property in SouthEast USA Up for Sale
An 816-unit luxury multifamily property in downtown Miami is the largest multifamily asset for sale in the Southeastern United States. ParkLine Miami, its flagship residential high-rise above Brightline’s MiamiCentral Station, is for sale for $500 million. Read More
South Florida CRE Is Off the Charts
GlobeSt.com reports that “All eyes are on the South Florida’s real estate market as companies large and small from across the country relocate or expand to enjoy its sunny climes and tax benefits, accelerated by the pandemic. Big businesses are breathing life into South Florida’s office market…” Read More
Disney Set to Spend Nearly $1B On New Campus in FL
The campus will be in Lake Nona, and it will cost around $864M to build and furnish. The new Disney campus in Orlando will move some 2,000 workers from California. Read More
Ft Lauderdale CRE Set to Boom from Now till 2030
BisNow reports on Ft Lauderdale’s many deals in the works at the moment in addition to possibly getting a transferred NHL team. The city is expected to experience a robust boom in the next decade. Read More
Celebrity Partners and $150M Announced for Sports Destination Project
The location, celebrity partners and the funding have been announced for a sports destination coming to Miami-Dade County. Read More
Pitbull Weighs in On 220-Acre Raceway Project in FL
Palm Beach County has a 2-mile racecourse that is one of the only places in South Florida that allows members of the public to race their own cars. Hence why Pitbull is chiming in on the project… Read More
Florida Commercial Real Estate News – Q2 2021
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.
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