The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably many news highlights touch on the challenges presented throughout 2020 through early-to-mid-2022. In the aftermath of the pandemic, new, major developments took place and many property refinances were sealed in several locations across The Sunshine State. Miami is becoming a hub for not only new residents relocating to the area, but also corporate entities and their operations.
Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE remains positive for the time being; however, analysts have changed their tone. Before they were much more bullish on the commercial real estate market here, and now they are expressing caution about the long-term situation in the region.
View our commercial properties in Florida to see what real estate assets are available for lease / sale.
We’ve compiled some of the commercial real estate news highlights and attention-grabbing headlines around Florida and nationwide to shed some light on the current state of the market.
Florida Commercial Real Estate News – Q2 2024
Raising Cane’s to open first St. Pete location.
Chicken fingers and Texas toast are coming to Tyrone Square Mall. Read More
Nearly 2,200 Apartments Across 8 Towers Proposed At North Miami Park.
The North Miami City Commission is considering a proposal to build 2,190 apartments as part of a redevelopment of Claude Pepper Park. Read More
Miami Has Become One Of Commercial Real Estate’s Most Important Job Markets.
The days of lockdowns and Zoom happy hours may be over, but the pandemic’s long tail has created permanent shifts in real estate demand, boosting Miami’s profile as the firms that opened offices in Miami begin to settle in and expand. Read More
JPMorgan Doubles Miami Office Space, Expands Into West Palm Beach.
The nation’s largest bank is aggressively expanding in South Florida. Read More
Country club revenue has surged since the pandemic. These South Florida clubs set the pace.
A nonprofit country club in South Florida was the No. 1 for revenue in the state and No. 5 in the U.S. Read More
Bankers Financial to move HQ back to downtown St. Pete.
FAU to Build 670-Bed Housing Project.
Florida Atlantic University in Boca Raton is borrowing $117.75 million for a 204,000-square-foot building to house students. The seven-story project is being designed by HKS Architects. A contractor has not been chosen. Read More
Related Group’s new downtown Tampa district will include a Riverwalk underpass.
A new Riverwalk underpass, boat slips and a kayak launch are part of the plans for a development adjacent to the University of Tampa. Read More
Publix Buys Out Coral Springs Lessor.
Publix Super Markets paid $58.5 million for the Ramblewood Square Shopping Center in Coral Springs. Publix, the center’s anchor tenant, has a habit of buying out the centers it leases in. Read More
Florida Commercial Real Estate News – Q1 2024
South Florida Outperforms National CRE Performance Across Several Property Types
South Florida shows continued resilience and growth with its commercial real estate market statistics. It consistently posts below-average vacancy rates and healthy rental rate gains. These trends are expected to continue in the region. Read More
Seagis Inks $122M in Financing for Industrial Real Estate Portfolio in Three East Coast States
Seagis Property Group landed a major loan of $122 million to finance the acquisition of 13 industrial properties across three east coast states: New Jersey, New York, and Florida. Read More
Boutique National Represents Tampa Industrial Real Estate Transaction for $11.5M
Boutique National (aka Bounat) represented iGas in the industrial real estate transaction, and CBRE represented Home Depot for the deal. Read More
Oak Row Inks $181M Construction Loan for Miami Office Tower
Oak Row Equities closed a $181 million construction loan from Bank OZK for the construction of a mixed-use office, multifamily, and retail real estate project in the Edgewater neighborhood of Miami. Read More
Hines Finalizes Project to Build $220M Office Building in Fort Lauderdale, the First Since 2021
A JV led by Hines inked a $220M loan to build a mixed-use project in Fort Lauderdale that will include the only current office space under development in the area. Read More
The Orlando Magic’s $500M Entertainment District Project is Set for a Vote
The Orlando Magic are planning to develop a sports / entertainment district next to the stadium for $500M, following the lead that many other sports teams are doing around the country currently. Read More
Berkadia Inks $172M Load for Miami Multifamily Project
Berkadia set up construction financing for ONE Park Tower by Turnberry, a 292-unit condo tower in North Miami. Read More
Oak Row Confirms $181M Construction Loan for a New Miami Office / Multifamily Project
Oak Row Equities closes on a $181 million construction loan from Bank OZK for a 41-story class AAA office and multifamily real estate project in Miami’s Edgewater district. Read More
Longpoint Seals the Deal of Industrial Real Estate Assets for $262M
Real estate investment firm Longpoint acquires a 25-building industrial portfolio in South Florida. They spent $262 million for the 1.4 million-square-foot portfolio, which has twelve locations in Miami and Fort Lauderdale. Read More
Florida Commercial Real Estate News – Q4 2023
The Jobs Market Boom Boosts Office Real Estate in Miami and Orlando
Trophy office properties in Miami and Orlando see inked leases propelled by job growth in Florida. Office real estate occupancy and pricing / square foot are also being driven upward. Read More
Florida Commercial Real Estate News – Q3 2023
The update for Q3 2023 includes: Miami joining top valued housing markets nationwide, a major $1B mixed-use project in Miami, and a few big CRE deals in the area.
Miami Joins Top Valued Housing Markets in the Country
Miami joins New York, Boston, San Francisco, and Los Angeles as a top valued housing market nationwide. The rise of real estate in Miami from the start of the pandemic to present day has been unprecedented. It went from 9th place in 2020 to 5th now. Read More
JV Partnership Planning $1B Mixed-Use Project in Miami
The JV of Black Salmon and The Allen Morris Company is planning to develop Highland Park Miami, a $1 billion mixed-use project that will span 7 acres. Read More
Miami Retail Shopping Center Trades Hands for $58M
Orion Capital Partners sealed the deal on Miami’s Greenery Mall for $58 million, and they also assume the existing $39 million mortgage that exists on the property. The mall is one of Miami’s oldest, as it was built in 1983. Read More
5 New Towers Proposed for Miami Worldcenter, Which Includes an Office Building
Plans for five new towers at Miami Worldcenter, which will total more than 4M square feet total, are under review currently for possible development at the massive real estate site. Read More
Apollo Realty Income Solutions Acquires Pembroke Pines Retail Center for $56M
An affiliate of Apollo Realty acquired a 135K-square-foot shopping center in Pembroke Pines for $56 million. It is another of a list of example of Wall Street firms buying into the retail real estate markets of South Florida. Read More
Inter Miami Acquires $75M from Ares Management for Future Stadium Construction
Ares Management, the private equity giant, just pumped in a big loan to continue the major plans for Inter Miami’s future stadium. The stadium and surrounding area project will be called Miami Freedom Park. Read More
Cushman & Wakefield Put Together $60M Sale of Warehouse / Distribution Center
Bang Energy’s former warehouse / distribution center is changing hands for $60M. The deal includes a vacant building on approximately 23.2 acres of land in Pembroke Pines, FL. Read More
Redevelopment Site In Tampa Sold for $15M
Boutique National represented the buyer for the acquisition of this assemblage deal in Tampa. The planned redevelopment will consist of a mixed-use multifamily and retail building. Read More
Miami Retail Is Leading the Nation In Rent Growth Currently
Michelin-starred chefs and luxury-brand retailers are continuing to pour into Miami’s retail market, as they are building on the trend of following their customers from places such as New York, Chicago, and California. Read More
Miami Worldcenter Inks $26M Loan to Finalize D-East Retail Project
Miami Worldcenter secured a $26M loan from Mexico-based Banco Inbursa. The loan will be used to finalize the development’s D-East retail real estate project. This part of the major project in Miami includes 54K square feet of space with a garage of around 1,000 parking spaces. Read More
Florida Commercial Real Estate News – Q2 2023
The update for Q2 2023 includes: Miami’s booming real estate market, several CRE acquisitions / sales in the area, and big development projects around Miami.
Booming Miami Real Estate Market Receives Increasing International Investments Despite “Challenging Conditions”
The CEO of Menessee International, Mariano Borges, is the latest international financial leader to bring money from abroad into the growing Miami real estate market. Read More
Midtown Miami Development Site Acquired for $40M
Terra and Lion Development Group acquired 3501 NE First Ave in Miami for $40 million and plan a condo tower for the space. Read More
Downtown Miami Development Site Changes Hands for $1.2B
Genting Group sold 15.5 acres of land for development on Biscayne Bay in Downtown Miami. The land is being acquired for $1.2B from SmartCity Miami LLC, an investment group led by Terra (based in Miami). Read More
MG Developer Adds 3rd Phase to Development Project in Miami-Dade County
MG Developer and Baron Property Group are building the Metro Center apartments in Hialeah. The project will have more than 1,500 apartments. Read More
Messi Is On His Way To Miami, Meanwhile Inter Miami Face One Last Challenge for Their New Miami Stadium
Managing Partner of Inter Miami, Jorge Mas, made a statement in late June to say that the development of the new soccer stadium complex was “imminent”. Read More
NY Developers Get Going On First Development Project in Miami’s Edgewater
NY Developers, SB Development and Hazleton Capital Group, start their major project in Miami’s Edgewater district. Read More
Terra Invests $40M on Land for Multifamily Project in Miami
Miami-based Terra, in collaboration with Lion Development Group, just closed a $40 million acquisition of 1.6 acre property in Miami for a major multifamily real estate project. Read More
New Venture Project To Invest Over $1B in Multifamily Projects Around Florida
Leste Group, based in Miami, and Opportunity Fundo de Investimento Imobiliário, based in Rio de Janeiro, created LORE Development Group. The new venture plans to develop many multifamily real estate projects around South Florida. Read More
Madison Realty Capital Secures $262M Loan for Miami Luxury Condo Project
Madison Realty Capital originates $262 million for a construction loan to developers PMG and E11EVEN Partners. Read More
Florida Commercial Real Estate News – Q1 2023
The update for Q1 2023 includes: Miami’s corporate relocation boom continuing, proactive tax strategies for CRE property owners, and a few major property acquisitions from the region.
Miami’s Draw at a Corporate Relocation Center Is Getting Stronger and Stronger
Many headlines from corporate business around the country highlight layoffs, cost-cutting, and other less than positive news; however, Miami’s business sector is on another page entirely this year. There continue to be many big companies relocating to the area. Read More
Financial Services Companies Add to the “Snowball Effect” for Commercial Real Estate in Florida
Financial services firms are moving some or all of their operations and corporate centers from colder regions to The Sunshine State. They are adding to the estimated 1,000 or so new residents moving to the state on a daily basis. Read More
Proactive Property Tax Strategies Benefit FL’s CRE Property Owners
“By being proactive, property owners can decrease their largest line-item cost” with their holdings in Florida properties. Read More
BlackRock’s Lease Renewal at 701 Brickell Take’s Real Estate Asset to 95% Occupancy
Nuveen Real Estate’s asset in Miami gets to 95% occupancy following the renewal of BlackRock’s lease in the property. 701 Brickel is in the city’s financial and tech neighborhood. Read More
Study Finds Record Number of Large South Florida Office Deals Inked in 2022
Companies around the South Florida area closed leasing deals of over 25,000 square feet at record volume numbers last year. Large block leasing deals in the region went up 11% compared to 2021. Read More
Undisclosed Tech Giant Plans 100K Square Foot Office in Miami
A globally known tech company is planning to expand its presence in Miami-Dade County with a 100,000-square-foot office space / headquarters. This will add 3,400 jobs to the region according to BisNow. Read More
Publix-Achored Shopping Center in Miramar Acquired for $15M
Phillips Edison & Co acquired the Shops at Sunset Lakes in Miramar for $15 million. They are a publicly traded company on the stock market. Read More
Terreno Realty Aquires 121 Acres in Hialeah Industrial Real Estate Park for $174M
Terreno Realty Corporation, a Bellevue,WA-based property owner and operator of industrial real estate assets around the country, acquired a 121-acre industrial property for in Hialeah. Read More
Limestone Asset Management, Orion Real Estate Seal the Deal on Second Pinecrest Retail Shopping Center for $71M
Miami-based Limestone Asset Management, via JV with Orion Real Estate Group, purchased Colonial Palms Plaza in Pinecrest neighborhood (Miami, FL). The asset changed hands for $70.5 million total, and it’s a 188,389-square-foot retail property. Read More
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