Report: CRE Lending Stabilized Somewhat in Q3
A new report from global commercial real estate company CBRE (CBRE) found that CBRE-originated commercial loan closings in the U.S. declined only 3 percent between the second quarter and the third quarter of 2023. However, while the lending spread is tightening, those originations levels are still 48 percent lower than last year’s third-quarter volumes. While the decrease […]
Self-Storage Is Overlooked Nationwide, But Especially in Florida
The self-storage sector has been overlooked nationwide, but especially in Florida. While conditions have cooled from peak demand, migration to the state and new apartment construction continue to make self-storage a desirable, and attainable, asset class for investors. Florida was declared the fastest-growing state in the nation in 2022, according to the U.S. Census Bureau. […]
New Law Reduces Florida’s Sales Tax Rate on Commercial Rent
Effective December 1, 2023, the State of Florida’s sales tax rate on commercial real property lease payments (including base rent and additional rent) will be reduced from 5.5% to 4.5% for payments received for occupancy periods beginning on or after December 1, 2023. Examples of taxable commercial real property rentals include commercial office, retail space, warehouses, and […]
Agora Real Estate Group Secures 51k Sq. Ft. Sublease in Medley
Elias Patsalos from Agora Real Estate Group in close collaboration with Wayne Ramoski of Cushman & Wakefield represented their logistics client in subleasing approximately 51,510 square feet within the Prologis Miami International Tradeport Industrial Park in Medley. For further inquiries, please contact Agora Real Estate Group at +1 (305) 804-9154 / info@agorare.com
Prologis Sets Rent Growth Records, CEO Remains Optimistic Amid Geopolitical Turmoil
Prologis reported slightly dented third-quarter earnings Tuesday following several quarters of strong returns, an indicator of the impact rising interest rates and a gushing pipeline of new supply have had on the industrial real estate market. Still, the global REIT beat analyst estimates and turned in record rent growth along with nearly full occupancy at its properties. Company executives […]
Conquering the Nation’s Real Estate Market: South Florida’s Remarkable Success Story
It’s Boom Time in South Florida In downtown Miami, ground is being cleared for Florida’s tallest office tower, with 1.5 million square feet to be filled by firms that have yet to establish a presence in the state. Condo towers branded as St. Regis and Waldorf-Astoria are also planned for the area, with the majority […]
City of Doral Adopts New Fiscal Year Budget with Lowest Millage Rate in Miami-Dade County
Doral, FL. – The City of Doral new budget for fiscal year 2023-2024 (FY23-24), beginning on October 1, 2023, has been adopted with a millage rate of 1.17166. This remains the lowest millage rate* in Miami-Dade County. The approved, balanced budget ensures taxes are not raised for Doral residents and business while prioritizing: Public Safety, Transportation, […]
Florida’s minimum wage to increase on Sept. 30
DORAL, FL – Florida’s minimum wage will be of $12 an hour on Sept. 30, an increase of $1 compared with Sept. 30, 2022. On the other hand, tipped employees will be paid $8.98 an hour this year, according to information on the Florida Restaurant & Lodging Association website. The current federal minimum wage for […]
Miami-Dade wages soar far faster than nation’s
Wages in Miami-Dade rose far faster than the national average in the year’s first quarter, a new report from the US Bureau of Labor Statistics shows, with an average gain of 9.4% here over first quarter 2022 but a national gain of only 6.6%. As businesses battled to fill open jobs, especially in service occupations, […]
Miami Ranks Among Safest U.S. Cities, Gallup Poll Says
A new Gallup poll shows that Americans now think of Miami as one of the safest cities in the U.S. According to survey, 59% of Americans consider Miami a safe city to live and visit – the 5th highest ranking city, and far ahead of cities such as New York, Los Angeles, Chicago, or San Francisco. It […]
