Weekly Recap Carvalho Commercial Real Estate Newsletter
Greetings, readers! Welcome to this week’s edition of the Carvalho Commercial Real Estate Newsletter. We have curated a collection of the most significant stories and developments in the industry to keep you informed and up-to-date. Let’s dive in!
Office Building Visits Appear To Be Leveling Off Nationally
According to Placer.ai, a traffic analytics firm, office visits across the United States have shown signs of stabilization at approximately 60% of pre-pandemic levels since the beginning of this year. The analysis focused on foot traffic in 800 commercial office buildings, excluding mixed-use properties. This data indicates a noteworthy trend in office occupancy and usage nationwide.
Mixed-Use Development Bolsters Miami Office Pipeline
Miami’s office market is experiencing a boost thanks to mixed-use developments. As of April, there were 2.7 million square feet of office space under construction, accounting for 3.4% of the total stock. Interestingly, the under-construction pipeline has decreased by nearly 50% compared to April 2022 when it reached 5.4 million square feet. This signifies a significant shift in Miami’s commercial real estate landscape.
Commercial Real Estate is under Stress but Places like New York and Miami still offer Pockets of Value
Despite the challenges faced by the US commercial real estate market in recent quarters, investors can still find pockets of value in cities such as New York and Miami. Nuveen Real Estate’s Chief Investment Officer highlights these cities as attractive destinations for investment opportunities, despite the overall market conditions. This news provides a glimmer of hope for investors in the embattled commercial real estate sector.
Emptying Offices Alone Not Expected to Dry Up City Coffers, S&P Global Finds
Concerns have been raised about the impact of reduced office attendance on building values and subsequent tax revenues for cities across America. However, a recent report by S&P Global suggests that the effects of empty offices on city finances may not be as severe as anticipated. This finding brings some reassurance to municipalities grappling with potential revenue shortfalls.
Fort Lauderdale Outranks Miami in ‘Best Places for Renters to Live’ Report
Fort Lauderdale has outperformed Miami in an annual guide titled ‘Best Places for Renters to Live.’ The report evaluates various factors such as affordability, amenities, and quality of life. This recognition shines a spotlight on Fort Lauderdale as a desirable location for individuals seeking rental properties.
In addition to these news stories, we have highlighted two insightful articles from our blog:
The Top Commercial Real Estate Trends in Miami
Discover the thriving commercial real estate market in Miami and explore the latest trends and investment opportunities shaping the industry. This article provides valuable insights for individuals interested in Miami’s dynamic real estate landscape.
The Benefits of Setting Up a Business in Miami
Miami’s reputation as an international hub for trade and commerce continues to grow. Learn about the diverse and dynamic economy of Miami and the advantages it offers to businesses looking to establish a presence in the city.
We hope you found this recap informative and engaging. Stay tuned for more exciting news and updates in the world of commercial real estate. To explore featured office spaces and browse our listings, visit our blog. Until next time!