Fort Lauderdale and Miami Boast the Highest Logistics Rent Growth in the Nation
Annual rent gains for logistics space in the first quarter of 2023 totaled over 19% for both Fort Lauderdale and Miami, the highest across all markets tracked by CoStar. Tight vacancy rates for logistics space of 3.8% and 1.8%, respectively, in Fort Lauderdale and Miami highlight the continued demand and lack of available supply, enabling […]
International visitors send Miami travel industry soaring
Miami-Dade County welcomed more than 26.5 million visitors last year, generating over $20.8 billion, an increase of 8% in tourism revenue over 2021. The Greater Miami Convention and Visitors Bureau stated in its 2022 Visitors Industry Overview report that a total of 26.5 million visitors came to the county last year, with 19.2 million coming […]
Miami ranks 7th in the US in key commercial real estate segment; Florida ranks #1 with $1.6 billion in transactions
One sector of Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. That’s according to StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and sought to identify the top self-storage markets based on investment volume in 2022. […]
The Florida Effect: Why More Americans are Choosing to Move South in 2023
A fresh report from the Bureau of Labor Statistics reveals a surprising shift: Florida, often associated with retirees and the elderly, has recently overtaken New York in terms of job numbers — a first since these statistics began to be tracked in 1982. A significant increase in migration to Florida was recorded from July 2021 […]
Fed Raises Key Rate, Hints at Pause
The quarter-point hike puts the benchmark rate at 5.1%, the highest in 16 years. But amid bank turmoil, the Fed also signaled future hikes could be put on hold. WASHINGTON (AP) – The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level […]
South Florida heats up with ‘unprecedented’ growth, transforms into ‘most dynamic city in the world’
While many may consider Miami as a destination to vacation, as opposed to a place to live, the city’s sprawling economy and mayor’s contemporary leadership has now put South Florida on the map as a global family and financial hotspot. Miami Mayor Francis Suarez, the first ever local-born mayor, has long touted the “Miami miracle” model since winning […]
More CSX freight trains seen as route to add passenger rail too
Planners who had been spotlighting transit passenger solutions to Miami-Dade’s road congestion are suddenly shifting their focus to freight, but with the same objective. For years commissioners looked to dormant freight rail lines to carry passenger transit but had no success in dealing with owner CSX rail system. But recent discussions have uncovered a desire […]
Ikea To Spend $2.2B Opening New U.S. Stores And E-Commerce Hubs
The international purveyor of self-assembled furniture and Swedish meatballs is printing out instructions for a growth spurt in the U.S. over the next three years. Ikea plans to spend $2.2B over the next three years opening eight new home furnishings stores, along with nine smaller-format stores and 900 pickup locations, the Dutch-owned company announced Thursday. […]
Four out of the five US metro areas with the lowest unemployment are in Florida. Here’s why
Washington, DC (CNN) — Four out of the five US metropolitan areas with the lowest unemployment rates are in Florida, thanks to the state’s growing population, robust tourism activity and increased business investment. Miami had the lowest unemployment rate of metropolitan areas with more than 1 million people in February at 2.2%, tied with Birmingham, […]
Wells Fargo Beefs Up Reserves By $643M To Deal With Bad CRE Debt
Financial services giant Wells Fargo, in reporting its first-quarter 2023 earnings, said that it added $643M during the quarter to its reserves to cover potential loan losses. Specifically, the bank said the total reflected an increase in reserves for commercial real estate loans, especially loans associated with office assets. Wells Fargo also increased reserves to […]
