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Miami, FL | 2016 Top #CRE Markets to Watch: Retail

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2016 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Retail Market to Watch: Miami, FL

Miami - top retail market to watchAfter facing a deep real estate and economic recession, Miami has fully recovered, has more employment than ever, and continues to grow at a 2.9% annualized pace, while unemployment remains stable at 5.2% as of January ‘16, according to the Bureau of Labor Statistics. This growth has been led by a new construction boom fed by foreign investment that has construction jobs growing at a 10.5% annualized rate, making it the far and away fastest growing sector. Population has also grown by 7.8% from 2010 to 2015, according to the Census Bureau, and is expected to continue growing, fueling the need for more retail development. Miami’s joint tourism, retirement, and business growth should force rental rates up and vacancies down in the retail real estate sector for 2016 and beyond.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top retail markets, download the full version of the 2016 Retail Market Outlook report here.

2016 Retail Market Outlook

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Miami, FL | 2015 Top #CRE Markets to Watch: Multifamily

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2015 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Multifamily Market to Watch: Miami, FL

Miami: 2015 Multifamily Markets to WatchIn spite of its relatively mixed economic and job market trends, the Miami region boasts some of the nation’s strongest multifamily fundamentals. The vacancy rate in the fourth quarter of 2014 was less than 4%, according to Chandan Economics’ tracking of mortgage-financed properties, and increased only slightly in the first quarter of 2015. The tight market has supported annual rent growth of more than 6%. Investors should factor slower gains in underwriting potential investments. A moderating pace of rent growth, in part reflecting new inventory of 5,000 units in 2015, characterizes the near-term outlook.

One of the key sources of capital for the renewal of Miami’s economy and real estate market has been foreign capital, from Latin America, and also from France and Russia. Unfortunately, it is unclear whether foreign investment will keep to its strong pace over the next year. If nothing else, the stronger greenback has rendered US assets significantly more expensive than just 12 or 24 months ago. Local and national players could uncover opportunities to buy value- add opportunities during a lull in cross-border capital inflows.

To read more on Miami and other top multifamily markets, download the full version of the 2015 Multifamily Market Update report here.

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It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Miami, FL | 2015 Top #CRE Markets to Watch: Retail

Sperry Van Ness International Corporation’s (SVNIC) 2015 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2015 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Retail Market to Watch: Miami, FL

Miami: 2015 Top Retail Markets to WatchMiami’s retail sector has never been healthier. Across all subtypes, CoStar reports the market vacancy was just 3.6% in the fourth quarter of 2014. Malls and power centers circled out the year with sub-2% vacancy rates; neighborhood and community shopping centers, at a still-enviable 5.1%. Spurred by limited availability, rent growth in Miami has hit double digits, rising by 11.2% in 2014 according to Chandan Economics’ tracking of mortgage-financed properties.

Luxury brands from across the globe are clamoring for footholds in the rejuvenated Design District and some of Miami’s large-scale retail construction sites. The westerly suburb of Doral is also heating up, as IKEA opened its only Miami–Dade County location there in August 2014, and giant mixed-use projects Downtown Doral and Doral CityPlace are expected to deliver hundreds of thousands of square feet of retail in 2015. As Doral retail opportunities come online and centrally located mega-projects like Brickell CityCentre add plenty of supply, it remains to be seen how rapidly the pent-up demand for retail will absorb these new additions.

While the relative strength of the dollar compared to most foreign currencies could mean that international travel to Southern Florida will recede slightly, domestic tourism may well increase with cheap gas prices driving Americans to hit the road. For long-term investors, both are issues for the short-term and should not alter the long-term outlook for Miami’s retail sector.

To read more on Miami and other top retail markets, download the full version of the 2015 Top Retail Markets to Watch report here.


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It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Miami, FL | 2014 Top CRE Markets to Watch : Industrial

Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Industrial Markets to Watch.  Not the largest, or the most actively contested markets, the 2014 Industrial Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

TOP INDUSTRIAL MARKET TO WATCH : Miami, Florida

miamiAs a gateway to Latin America and the Caribbean, Miami’s port and intermodal hub is a center of growing demand for modern industrial space. Miami’s overall vacancy rate of 6 percent is down almost 100 basis points from a year ago, but with 1.5 million square feet added to the market in 2013 and a similar amount under construction, monthly rents have been flat at around 70 cents per square foot. The Port of Miami is investing $2 billion to service the largest container ships that will pass through the expanded Panama Canal when it reopens in late 2015. Improvements include dredging channels to a depth of 52 feet, installing massive dock cranes, and building a tunnel under Biscayne Bay to connect the port with nearby highways. Heated transaction volume has compressed cap rates on assets around the port to near 6 percent. Port Everglades, on the other hand, may present interesting opportunities for acquisition or development. Located 23 miles from Miami in Fort Lauderdale, Port Everglades handled approximately 1 million ten-foot equivalent units (TEUs) of containerized goods in 2013, trumping the Port of Miami’s volume by 50,000 and making Everglades the state’s busiest cargo port. The port is dredging its channels to a depth of 50 feet to handle larger ships, and an intermodal container transfer facility under construction will soon enable ships to unload cargo directly onto railcars.

To read more on Miami, and other top industrial markets, download the full version of the Top Industrial Markets to Watch report below. 

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisers with more than 180 locations in 200 markets.

Download the Top Trends and Markets to Watch Reports

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Industrial Trends and Markets to Watch

Retail Trends and Markets to Watch

Commerical Real Estate Trends and Markets to Watch

Apartment Trends and Markets to Watch

Office Trends and Markets to Watch

 

 

 

Michael Hyatt and Dan Miller to speak at Sperry Van Ness 2013 National Conference

There’s less than a month to go before Sperry Van Ness commercial real estate advisors from around the United States attend the Sperry Van Ness National Conference, taking place February 6-8 at the Trump International Beach Resort in Sunny Isles Beach (Miami) Resort.

This year, the Sperry Van Ness National Conference will feature two powerful, national speakers.

Michael Hyatt—Keynote, 9:00 a.m., Thursday, February 7.

Michael Hyatt, keynote speaker, SVN National Conference
Michael Hyatt, keynote speaker, SVN National Conference

Michael Hyatt, author of Platform: Get Noticed in a Noisy World, will be the keynote speaker. Hyatt will present “Level Up Your Platform,” which will provide actionable information on using social media and other marketing techniques to increase your brand recognition and impact.

Dan Miller—8:45 a.m., Friday, February 8

Dan Miller, life coach, author and speaker
Dan Miller, life coach, author and speaker

Inspirational life coach and author of the acclaimed book 48 Days To The Work You LoveDan Miller will kick off the second full day of the conference. Miller will discuss how to make your work be meaningful.

Michael Hyatt and Dan Miller will be part of a jam-packed and informative conference, in which advisors will learn more about sales, prospecting, increasing profitability and other topics important in commercial real estate.  Register today!

 

*All Sperry Van Ness® offices are independently owned and operated.