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The South Florida Business JournalĀ recently gathered real estate experts together for its ninth annual Market Review panel event. Panelists discussed how high interest rates and inflation have affected some property sectors and not others, whether the stateās continued population growth will make it less susceptible to a national recession, and other key topics.
Across Miami-Dade, Palm Beach and Broward counties, major retailers and shipping services leased 2.8 million square feet of industrial space in the largest leases of 2022, far outstripping last yearās total of 2.2 million square feet.
One area seeing pressure to develop is known as the Agricultural Reserve, 20,000 acres that stretch for miles in areas west of Florida’s Turnpike, including near Delray Beach. That is the dilemma facing commissioners. There is a proposal to build housing in an area where development seems to be swelling up all around it.
After securing a $26 million construction loan, Butters Construction & Development broke ground on a warehouse on a 12.55-acre site at 5601 N. Hiatus Road. Sonnyās Enterprises, a manufacturer of car wash equipment, will occupy the entire space as its headquarters and distribution facility.
Cap rates could rise another 50 to 100 basis points. But according to one industry expert, the industrial sector should stay a favored asset class for experienced investors, despite rising capital costs.
Headline CPI increased 7.7 percent over the 12 months ending in October, the smallest year-over-year increase since January of this year. Pricing is recalibrating across most property types as the expectation gap between buyers and sellers widen and lending criteria have tightened.
Industrial real estate remains one of the darling sectors, though it is being tested by current economic conditions. Four industrial real estate professionals, including owners, investors and brokers, participated in a roundtable discussion, giving their perspectives on inflation and interest rates on the sector.
TheĀ e-commerce giant’s recent pullbackĀ hasn’t had a negative impact on the South Florida warehouse market. Although Amazon was making 90% of the e-commerce growth the last few years, 85% of all the e-commerce deals are now other groups playing catch-up.
A period of record growth was fueled by inbound migration, strong consumer spending and record low interest rates ā all of which drove billions of dollars invested in the development of millions of square feet of commercial real estate. Much of this was brought on by the pandemic. Now, the pandemic has subsided and the South Florida CRE market has come to a moment of reckoning. Or has it?
The Fed’s most recent rate hike will probably impact CRE pricing, but with less impact than what’s happening on Wall Street. CRE values tend to move more slowly than the stock market and also tend to be less dramatic.
Technology companies have been leaders in the push to reshore manufacturing. Examples are multi-billion-dollar chip plants, thanks to the $52 billion CHIPS and Science Act that was part of the Inflation Reduction Act. But the shift isnāt only the province of giant companies. Many small- to mid-sized companies are also reshoring or expanding domestic manufacturing.
The purchase part of the shuttered Heron Bay Golf Club could lead to the city working with a developer to build on much of it. This continues the trend of struggling golf courses in South Florida being redeveloped into more profitable uses.
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