The biggest corporate relocation to FL in memory is the AI firm Palantir, who just moved their HQ to Miami fm CO. They instantly became FL’s largest publicly traded company & could attract other AI firms to the region.
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San Francisco’s office market, which struggled the most of any city during the pandemic, now leads the U.S. in leasing volume thanks to AI firms expanding.
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The hottest segment of office leasing these days? Law firms, who leased 18.8 million square feet last year, which is a record.
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Today we return to office! Jupiter just landed biotech firm Meso Scale Diagnostics, who will be creating 100 – 200 high paying jobs there when they open in 2030!
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Like Brightline, Tri-Rail is going to have to significantly raise fares this year to survive, & there are no guarantees that doing so will ensure survival. This would be a serious economic blow to South FL if 1 or both fail.
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FL’s economy is based on tourism & population growth by wealthy people. U can see by these numbers of airport traffic that the numbers of visitors are dropping & fast. Last yr PBIA was the only airport in S FL to avoid passenger losses.
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Today just seems like the right day to discuss the economy, doesn’t it? Somehow consumer sentiment rose with minor gains in January. It is still 20% below what it was a year ago.
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At the same time the labor force is struggling mightily, and unemployment just rose to its highest point in 4 years. This is a very bad economic sign.
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Thanks to politics and high prices, Florida tourism is really suffering. If this continues next year a lot of companies that depend on that revenue will go out of business.
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Consumers are getting squeezed hard with the high prices of everything and something has to give. Unfortunately for many it is auto insurance.
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Economy today!! A new rule for banks that ends leveraged lending puts commercial real estate further at risk and will allow loans with more risk. Not good for banks or real estate.
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The Fed cut interest rates another quarter of a point yesterday. It looks like that will be the last cut for some time unless Powell is replaced.
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Now that the Government has reopened, economic statistics are coming back. The September jobs report had the U.S. adding 119,000 jobs, exceeding forecasts. The October and November reports will be released December 16th.
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Sadly there is good reason for this, with one out of every four U.S. households living paycheck to paycheck.
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Consumers definitely needed some good news as consumer sentiment was at a near record low during the Government shutdown.
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Right now there is a serious problem 4 the office sector, & to real estate construction & development in general. The prices of construction & building materials are so expensive now it is becoming prohibitive.
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In domestic office news, we welcome BioStem Technologies Inc. to Boca Raton! They bought land and will be building their new HQ in the Research Park at Florida Atlantic University.
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French AI startup company The Mobile First Company has moved its HQ to Miami! Welcome to Miami and thank you!
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Today is the right day to return to office! I am so happy writing this I can’t even tell you how much! Finally, for the first time since 2019 the national office vacancy rate has declined!! Yahoo!!!
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Canadian mattress maker Essentia just opened their U.S. headquarters and factory in Boca Raton.
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The office leasing market nationally is making big strides as well, with vacancy levels declining for 5 straight quarters.
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West Palm Beach’s office mkt is being called Wall St South thanks to all the financial svcs firms that have located there fm NY. Here's an impressive list of some of the co's that have moved to Palm Beach County recently, very impressive!!
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Today we go back to office! New York’s office market has been on fire for some time but San Francisco’s was struggling mightily. Now thanks to AI they are both on top as the strongest office markets in the U.S.
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The labor market is in tatters and in full retreat now. With the Government shut down this data will no longer be available, which isn’t good for anyone.
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Pretty soon the U.S. Government shutdown will cost $15 billion dollars PER DAY. Maybe once that happens it will motivate the parties to finally make a deal, but who knows?
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Speaking of the Gov't shutdown, it is strange that no one really seems to care. The main cause of it is the health care tax subsidies. If they go away then millions of people could see their insurance costs double or even triple.
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Let's talk abt the economy today, something that's on everyone's minds now. The Fed just cut interest rates by another .25% yesterday but who knows what will happen going forward b/c there is no more data b/c the Gov't is shutdown.
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One of the places that I think AI will be the most beneficial is in senior housing. Very good article about the options here.
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The United Nations has even taken up the discussion of the risks and benefits of AI. It will seek to guide members on ideas and best practices of the tech.
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There is a new U.S. Government technology initiative called Stargate that is intended to expand U.S. AI data center infrastructure. First order of business, open 5 new AI data centers! Thousands of jobs will be created.
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