The big headline in NY was office leasing down 40% but that isn’t the real story. Last month’s numbers were totally skewed by some very big deals, so the sky is not falling!
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Then there is G.O.A.T. Foods, expanding their HQ into 68,000 square feet in West Palm Beach.
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Florida is also getting office relocations from within the U.S., like national investment firm Concorde Investment Services, who is moving their corporate HQ from Ann Arbor MI to Boca Raton. Wise decision!!
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Back to office today!! Lots of international companies are setting up offices in the U.S. and some are choosing Florida! Danish company Flying Tiger Copenhagen is the latest, who will be opening in Miami.
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Do you want to know what AI will look like in the U.S. in the next 5 – 10 years? Just look at China now, it is really incredible what they are doing. You can see all the details here.
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Have you heard of Moltbook yet? It is a chatroom for AI bots, an AI social network for AI personal assistants. This is very real, it is not a joke. Sort of scary right??
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What happened at the company Block should have every employee concerned. They just let go of 40% of their staff who have been replaced by AI. The company owner says most other companies will do the same.
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Today we discuss AI! Amazon and Open AI’s partnership keeps growing. It started at $38 billion dollars and now it is up to $140 billion and rising.
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It is a classic story of boom to bust, Austin Texas was the hottest place in the U.S. during the pandemic, now it is the slowest. Florida is following suit as well, except for the luxury market.
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Just like the owners of office properties did, multifamily owners ask the White House for assistance with the largest inventory of unsold homes in 15 years.
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Another mxd use project w residential is planned in Boca Raton near the Tri-Rail station. What happens if Tri-Rail goes out of business in 2027 as expected? There are many other projects like this, planned or under construction now.
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How about some multifamily today? High prices and increasing inventory have led home buyers to cancel contracts at a record rate. Expect it to continue this year.
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Lawsuits alleging AI has created or worsened mental health and psychosis are starting to pile up. Without any laws or guidance from the government, people will continue turning to it for inappropriate personal advice.
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AI can now develop personalities, without aid or prompting by humans. It is too early to see what this means yet but it is interesting.
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Huge companies like SoftBank are spending billions on AI to position themselves for the future. Here they just paid $4 billion dollars for DigitalBridge.
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Let’s talk AI today! One of the best uses for the tech is security. Check out how the retailer Big Brand Tire & Service uses it to reduce theft and break ins. It works very well!
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Tourism is really down in the U.S. now and it is killing all sorts of retail businesses that depend on it. Do you know where there are tons of those and whose economy depends on tourism? That’s right, Florida.
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That said, online sales records were set for the holiday season, both in the U.S. ($294 billion dollars) and worldwide ($1.29 trillion dollars).
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This is really interesting, retail stores (as opposed to online shopping) captured 73% of holiday spending.
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RETAIL today! Publix just keeps buying up the shopping centers it is in. This time they just bought Polo Club Shoppes in Boca Raton for $83 million dollars.
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This is awesome, 50 affordable housing units r being blt in Palm Springs 4 low income veterans. It'll open in 2027 & b called Village of Valor, & also provide services 2 residents. It's abt time something like this was blt here!!
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The Sunbelt, where investors flocked during the pandemic, is now at 9% vacancy. The national vacancy rate is 7%, leading investors away from the region. Talk about a quick rise and fall!
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Big national multifamily news, residential pricing has gone negative for the first time in 2 years. This is a very bad sign for the sector, which has really struggled lately despite soaring demand.
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Today is the day for multifamily!! Zillow executed a very sneaky but highly damaging change to buyers on their web site, removing weather risk data from listings. This should be illegal.
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Finally some of the landlords who used rent fixing algorithms are being brought to justice, at least financially. Greystar, who is the largest residential landlord in the US, just paid a $7 MM legal settlement with 9 states.
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It doesn’t matter if a multifamily location is high end or low end, bad decisions and management always end up in bankruptcy, like it did at the Ritz-Carlton, Ft. Lauderdale.
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All sorts of experts are very negative on multifamily and think that overpricing will lead the U.S. into a full blown recession.
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Today we go with multifamily! The 2nd quarter was a strong one for rental absorption, with 725,000 apartments rented. But the 3rd quarter has been a completely different story.
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Meanwhile the U.S. manufacturing industry, who the trade tariffs were supposed to help, is having the direct opposite effect on it. The sector has contracted for 8 straight months and prices of all things seem to be rising.
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The biggest threat to the U.S. and global economy was the trade dispute with China. It has just been delayed again, this time for a year. But there is still an issue with rare earth elements that has yet to be resolved.
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