Also in West Palm Beach, The Mandarin Oriental is building a 31 story luxury residential condo building on the waterfront. It will have just 87 units, ranging in price from $3.5 - $20 million dollars.
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They are not the only hospital expanding in West Palm Beach!! The Cleveland Clinic is building a hospital in D/T, the first new one in more than 100 years and the first not for profit research hospital in the city.
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Good Samaritan Hospital in West Palm Beach is doing a massive redevelopment that will add 2 luxury condo towers, residential housing for rent, a hotel and medical office tower.
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After a short slow down in the sector, things are back to booming again for industrial. Bulk occupancies are up 25%, driven by logistics and manufacturing tenants.
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Big box industrial, projects that are 700,000 square feet and above, have a preferred region in the Southeast. The reason is there is still reasonably priced land and little Government red tape.
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Gillette is another, also investing $1 billion dollars. This time in South Boston MA for a new HQ.
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How about some industrial today? There are some huge US companies making massive investments to their industrial portfolios. One of them is Johnson & Johnson, who is building a $1 billion dollar manufacturing facility in Pennsylvania.
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Cash purchases, the favored method of home buying for the wealthy, just dropped to the lowest level in 5 years. This is bad news for the multifamily sector, whose only bright spot has been luxury sales.
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The struggling rental market has led to consumers getting concessions, like free rent and or services, to get deals done.
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The majority of people in the U.S. are renters, so these reduced rents should really help pump more money into the economy.
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Happy MonYAY!! Today is multifamily!! The rental market has really shifted in favor of tenants. In the entire U.S., only 6 of the top 50 markets still favor landlords.
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Office properties have finally hit bottom and investors are taking advantage of below market pricing while they can.
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D-Wave, the only dual platform quantum computing company just picked Boca Raton for their new corporate HQ! They are also installing a quantum computer at FAU. Welcome D-Wave you will love it here!
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In terms of getting people physically back into the office, Miami and Dallas lead the U.S.
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Happy MonYAY!! Back to office today! Given all the wealthy people that have moved to Florida, Wells Fargo responds by moving its wealth management team from New York to West Palm Beach.
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Not coincidentally, the residential sales market is also slumping now. Typically commercial real estate follows residential, about 6 months behind.
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This is a good article to provide perspective on the sales market before the recent bump. It was in terrible shape!
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These office sales aren’t just happening in NY, they are happening around the U.S.
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Happy MonYAY! Today we discuss commercial property sales!! The office mkt has finally hIt bottom & it's spurring lots of sales. NY had the most prolific 3rd quarter in 3 yrs in terms of volume, with sales up 191% in the last 3 months.
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This has led to a record high national vacancy rate, which is even worse when you consider how the labor market is falling apart. Soon many people who lost their jobs will not be able to afford their housing.
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What is hard for many people to understand is that despite the demand for housing being so strong, expenses are up and rents are going down.
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Calls for a housing crash are coming from many experts and they say it will be even more severe than 2012.
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Happy New Year!! Today is for multifamily! The sky really seems to be falling on the sector lately. Residential mortgage delinquency rates rose in the 3rd quarter as prices continue to climb.
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Also in September Palm Beach County home sales rose, and actually lead the U.S. in all cash deals at 43%.
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All of a sudden national U.S. home sales picked up in September, to their fastest pace since February. It is a direct result of lower mortgage rates, which haven’t declined that much.
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Now it also looks like they have figured out how to best finance affordable housing projects, with municipal bonds. You can see the details here, it is brilliant.
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Happy MonYAY!! I hope everybody had a great holiday! Multifamily today!! Finally affordable housing is getting its due fm investors and institutional players. It is really making a huge difference in creating more badly needed product.
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Nationally industrial is on the rise, as tenant demand really picked up in the 3rd quarter despite the trade tariffs and inflation.
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Meanwhile in Miami, industrial is coming back strong after a short period of softness. Industrial rents have risen for 5 straight months now.
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Even though online grocery sales are at record highs, cold storage vacancies just hit a 20 year high thanks to oversupply.
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