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According to the National Association of Realtors’ Commercial Real Estate Metro Market Conditions Index, CRE metro markets were particularly hot in the Sun Belt and West, with Florida walking away with the top five out of 16 markets.
Palm Beach County has a significant need for new industrial space. In the most recent quarter, tenant demand was so high that leasing volume slowed substantially due to a lack of available spaces and new projects,
The building would have 31,500 square feet of warehousing and 3,000 square feet of office, along with 60 trailer loading docks lining the building.
South Florida commercial real estate transactions rose to $25 billion in 2021. That’s a 183% increase from the $8.8 billion in transactions across Miami-Dade, Broward, and Palm Beach counties recorded the year before.
Called Fabrick, the former Progresso Village industrial space at 801, 807, 815, and 819 N.E 2nd Ave. has 24,000 square feet of office and retail. The businesses will employ approximately 100 people but the final employee count for all tenants will not be known until the build outs are open.
Palm Beach County could apply an “essential housing” land use category to allow multifamily development on three properties in the Agricultural Reserve.. The land use change would permit more than 2,100 apartments to address the lack of workforce housing in the area.
The site was approved for three warehouses for a combined 435,800 square feet. The first phase is a 165,000-square-foot warehouse with 32-foot clear height.
The rampant demand for commercial properties led to $193 billion in CRE transactions occurring in the third quarter of 2021—and a record $809 billion in commercial property sales for all of 2021. So what exactly drove the surge—and why?
Retailers and wholesalers accounted for the most industrial deals at 200,000 square feet or larger last year, or 35.8% of all leasing activity, That demand is expected to be sustained this year, and could become even more frenzied with the recent surge in gas prices.
On March 16, Pompano Beach’s Development Review Committee will consider land use amendment and rezoning applications for the 23.8-acre site at 2900 W. Sample Road.
The continued need for labor to service growing e-commerce demands, combined with an economy at nearly full employment, is exacerbating the labor shortage for distribution workers in many markets. In addition, scarce land availability will also continue to impact the industrial sector.
Since the pandemic, cap-rate compression has been observed, especially, in white-hot sectors like industrial and multifamily. There’s not a one-to-one correlation between cap rates and interest rates, although economists say the expected hikes coming this year could have some influence on where cap rates go in 2022.
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