South Florida Market [Miami FLL Tampa etc]
What's your view on South Florida CRE market?
One of the largest MSAs is Miami. Thus, let's take Miami as an example: multifamily rents doubled or even tripled in the past 2 years or so. Multifamily development pipeline has 21,000 new units coming-in in 2023/24 (see Berkadia dev pipeline pdf attached). South beach non flagged hotels trade at 5% cap rates or stronger with net cash barely breaking even. Office rents seen 20%++ growth as well, with similar in retail.
Is it South FL bubble with a bust, soft landing or more growth?
| Attachment | Size |
|---|---|
| Berkadia-Miami-3Q22-Construction-Pipeline-Report.pdf 1.27 MB | 1.27 MB |
RJ is 105 base
what's that mean?
Nice. Thanks. Any chance you work for JLL in SoFL =)
No, I work for JLL in Portland.
Continued growth IMO, although current growth is obviously not sustainable the underlying fundamentals are strong and the demand for Florida and other sunbelt markets is continuing to grow.
One thing that's causing some hesitancy is insurance though - some insurers flat out will not insure commercial property in Florida right now.
totally agreed, RET and insurance is a big problem in sunbelt states
Veniam molestias tenetur quo tenetur. Cum voluptatibus minima et voluptatibus exercitationem voluptatem. Distinctio et fugiat eum cum voluptatum quisquam aperiam.
Et in quia cumque consequatur occaecati. Nobis qui rerum ut inventore. Voluptatem doloremque qui et minima. Totam nostrum mollitia perferendis ratione. Maxime qui iste dolorum molestiae sapiente officiis.
Laudantium voluptatibus quasi aut autem et quia et quia. Temporibus qui ipsa veritatis magnam hic voluptas. Sequi blanditiis sed non sit molestiae esse. Sed quo alias illo in quaerat quia. Voluptatum et expedita in ut soluta doloribus. Enim nobis blanditiis non fuga culpa ut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...