Miami Commercial Real Estate News, Trends, Observations

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Hawkins Commercial Realty is an entrepreneurial boutique commercial real estate brokerage helping business owners and investors in South Florida navigate the processes of buying, selling, and leasing property, and providing M&A/business brokerage services. The company’s guiding principles are to always be responsive, to be effectively, steadily assertive, to continuously develop and utilize competency, to be sensibly creative, and to seek to add value to the process. The company was founded and is owned by a seasoned entrepreneur with more than 25 years of experience in commercial real estate as a broker or principal… (more)

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Video: CoStar’s Phil Mobley Discussed US Office Market Outlook 2026: Vacancy, Rents, Sales

The conversation between the show’s host and Phil Mobley, the National Director of U.S. Office Analytics at CoStar, provides an insightful exploration into the current state and future prospects of the U.S. office real estate market. The dialogue captures the complexities and multifaceted nature of the office sector, which has been significantly influenced by the COVID-19 pandemic and the evolving dynamics of workspaces. Despite the challenges, the discussion reveals signs of recovery and resilience within the sector, even as it grapples with enduring high vacancy rates and shifting demands.

The office sector, once a stalwart of commercial real estate, has been thrown into turmoil by the pandemic, leading to substantial shifts in how office spaces are utilized and valued. The show’s host opens the discussion by acknowledging the prevailing skepticism surrounding the office market, which some critics have labeled as “dead.” However, Mobley’s analysis provides a more nuanced view. He describes the current state as both a potential “buy of the century” and a sector to approach with caution, encapsulating the dual nature of the market’s recovery trajectory.

A central theme in their discussion is the K-shaped recovery, a term borrowed from broader economic discussions to describe the divergent recovery paths within the office market. On one hand, there is a resurgence in pricing, rents, and occupancy in competitive market segments, while on the other, high vacancy rates persist at a national level, averaging around 13.8%. This bifurcation is evident in various markets across the country, with cities like San Francisco and New York showing more robust recovery signs compared to others like Washington D.C., Los Angeles, and Chicago.

One of the most intriguing insights from Mobley is the decline in new supply, which is at generationally low levels. This contraction is due to a reduction in new constructions and an increase in demolitions or conversions of existing properties. The result is a supply-side dynamic that is poised to influence market conditions significantly. The scarcity of new high-end properties has created distortions in the leasing market, particularly affecting the demand for A-minus and B+ properties. While trophy properties continue to perform well, the mid-tier market segment has been hardest hit, caught between the allure of premium spaces and the affordability of lower-grade options.

The conversation also delves into the impact of artificial intelligence (AI) on the office sector. While AI is often seen as a double-edged sword, potentially threatening jobs while creating new opportunities, Mobley notes that, for now, AI has been a positive force for office demand. This demand is primarily driven by venture capital-backed companies that, despite potential risks, are contributing to occupancy growth, particularly in tech hubs like San Francisco and San Jose.

The return to office (RTO) topic is another focal point. Mobley notes that while foot traffic in offices is increasing, this does not necessarily translate to a proportional increase in space demand. Many employees are returning on hybrid schedules, and the fully remote worker demographic has remained relatively stable. The cultural and industrial composition of local economies plays a significant role in RTO rates, influencing the pace and nature of recovery across different cities.

Interestingly, Mobley draws a parallel to Dallas, a market characterized by high vacancy rates yet strong performance metrics. He suggests that the rest of the U.S. office market is trending towards a similar model, where high vacancy rates coexist with positive absorption and rent growth. This trend underscores the notion that a healthy office market does not necessarily require low vacancy rates but rather a balance between supply and demand dynamics.

On the investment front, Mobley observes a resurgence in office transaction volumes, particularly from institutional investors who had previously retreated from the market. This renewed interest is a positive indicator, suggesting a stabilization in asset values and a broader acceptance of the current market realities. User sales, where businesses purchase office spaces for their own use, continue to be a significant trend, albeit with increasing competition from institutional buyers.

Looking ahead, Mobley forecasts a persistence of high vacancy rates, though with gradual improvements driven by supply reductions rather than demand surges. Rent growth is expected to resume, particularly for desirable assets, as market conditions stabilize. He highlights the strategic importance of capital in navigating this landscape, with well-capitalized corporations potentially driving new construction through occupier demand.

In conclusion, the conversation paints a picture of a U.S. office market in transition. While challenges remain, particularly in addressing high vacancy rates and adapting to new work patterns, there are clear signs of resilience and opportunity. The market’s evolution presents both risks and rewards, underscoring the importance of strategic foresight and adaptability for investors and occupiers alike.

Article written with the assistance of AI.

Topics Covered:
00:00 Is Office the Buy of the Decade?
01:19 The US Office Market: Smaller, but Recovering
02:22 Vacancy at 13.8% and Four Quarters of Positive Absorption
04:30 New Supply: Generationally Low and Now Contracting
06:02 Trophy vs. A-Minus: Where Occupancy Actually Collapsed
10:34 AI and Office Demand: A Tailwind With an Asterisk
14:13 Return to Office: Foot Traffic vs. Space Demand
16:40 Why New York Led, and How the Country Became Dallas
21:12 How Much Vacant Space Is Actually Leasable?
23:02 Tenant Improvement Capital and the Rise of Spec Suites
25:29 Lease Sizes Down 15% From Pre-Pandemic
27:01 Office Investment Sales: Institutions Are Buying Again
30:33 User Buyers, Two World Trade, and Occupier-Driven Construction
32:48 Forecast: Vacancy, Rents, and the Next 6 to 12 Months
34:36 Capital Is King: Corporations Building Their Own Space

View South Florida office property listings here.

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Office Property

Miami Commercial Real Estate News August 12, 2026: $84.5M Financing Scored for Bird Road District Development; Opa-Locka Advances Massive MXU Project; More…

Coastland locks in $85M loan for first phase of 1K-unit project on Bird Road in west Miami-Dade

A developer scored an $84.5 million construction loan for the first portion of its planned roughly 1,000-unit development along Bird Road in west Miami-Dade County. Miami-based Coastland Residential plans the eight-story Vybe 75 with 366 units at 4383 Southwest 75th Avenue, according to the developer’s news release. The site is in an unincorporated area of the…

La Latina Closes After 15 Years in Miami’s Edgewater

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Royal Palm South Beach Miami reopens after $100M renovation

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Pair of Miami Beach apartment buildings could be seized in foreclosure

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Miami leads nation in post-pandemic ‘return to office’

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LoanDepot to open Miami corporate office with 120 employees

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Michelin-starred NYC restaurateur to make Miami debut at controversial Allen Morris Brickell Park development

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Miami Airport West Industrial Facility Sells For $16.25 Million

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Construction Tops Out On 8-Story Caribbean Isles Affordable Senior Housing Development In South Miami Heights

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Developer Proposes Third Phase of Culmer Place Project at 429 N.W. 6th Street in Miami

In 2025, Florida YIMBY reported that developer Atlantic Pacific Cos. intended to proceed with the second phase of Culmer Place, an affordable housing venture in Miami-Dade County. Now, about a year later, the Boca Raton-based firm has plans for a third phase. The latest phase, Culmer Gardens on 5th, would measure seven stories above grade and feature 250 studio and…

Voters asked to OK advertising in Miami-Dade County parks

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50,000 look at historic Miami-Dade County Courthouse on auction site, no bids yet

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Coastland Residential Lands $85M to Build Southwest Miami-Dade Rental

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Developer Secures $84.5 Million Construction Loan For 366-Unit Vybe 75 In Miami’s Bird Road District

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Barry Sternlicht’s Starwood Buys Two Miami Affordable Housing Rentals

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Valley National Bank Provides $30M Value-Add Refi for Park Towers in West Miami-Dade

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HGI Buys Rental Near Zoo Miami for $109M

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Brickell restaurant closes, cites circumstances ‘beyond our control’

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Prosper and Versluys Close $50M Land Deal for $650M Brickell Condo Tower

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Edgewater’s building boom

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Permits Advance For 45-Story, 667-Unit First Tower At 3333 Biscayne Boulevard In Edgewater

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Administrative Site Plan Review Filed For 280-Unit First Phase Of Northside Town Station II In West Little River

An Administrative Site Plan Review application has been filed for the first phase of Northside Town Station II, a mixed-use development planned across approximately 16.05 acres near the Northside Metrorail Station in West Little River. Filed on behalf of 79 Northside Town Station, LLC, the proposal calls for a two-phase development totaling approximately 557…

Hillstone Bal Harbour abruptly closes its doors after over a decade

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Fisher Island association says condo terminal project was ‘never serious’

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The Little Buenos Aires Effect: What’s Driving North Beach’s Condo Growth

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Vertical Construction Progresses on 62-Story Bentley Residences in Sunny Isles Beach

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Makeover will reshape two Coconut Grove public spaces

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Coral Gables unveiling a new, colorful Giralda Sky

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Healthy demand? These Kendall projects near Baptist hospital provoked longtime residents

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MMG proposes commercial center in Doral on one of the last vacant tracts

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Doral industrial lot eyed for soccer fields and fitness facility

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Developer Plans Latest Phase of Li’l Abner Project at 11033 N.W. Second Terrace in Sweetwater

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Opa-Locka officials advance plans for downtown revamp with thousands of residential units

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Opa-locka, long bypassed by the boom, advances massive mixed-use project

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Jeffrey Soffer put “unrelenting pressure” on city of Aventura to push through condo towers in Turnberry Isle, lawsuit says

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Land bank for America’s largest homebuilder buys Florida City acreage

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Richman Group Secures $225M Loan to Refinance Three South Florida Multifamily Assets

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Ari Pearl scores rezoning for 166-acre Hollywood golf course redevelopment

First Eagle Management and PPG Development secured rezoning and site plan approval for a 166-acre redevelopment of The Club at Emerald Hills golf course in Hollywood. The project, which has been several years in the making, drew mixed reactions from residents, with some supporting the aging club’s revitalization and others raising concerns about its potential impact…

The apartment development arm of Related Group acquired a development site at a Fort Lauderdale office park for a combined $9.28 million. The deal covers 8.16 acres of mostly vacant land next to the office building at 6700 N. Andrews Ave., as confirmed by property data firm Vizzda. It’s located just off Interstate 95 in the Cypress Creek area. CPN West LLC and F…

Holman sells Fort Lauderdale auto dealership for $45M

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Massive Live Local project proposed for Fort Lauderdale amid housing crunch

A three-tower Live Local Act project is proposed to take the place of a former Winn-Dixie in Fort Lauderdale. An entity linked to property owner John Thompson Loos III and Amy Loos Mergler filed an application for a residential project with 306 workforce housing units on a 3.1-acre site at 1625 and 1645 Cordova Road, the South Florida Business Journal reported. Fort…

Construction Officially Underway at Ombelle Fort Lauderdale

Ombelle Fort Lauderdale, a luxury condominium development in the heart of Flagler Village that will feature Fort Lauderdale’s first Equinox Fitness Club, has officially begun construction, marking a significant milestone as the project progresses toward its anticipated 2028 completion. Following the successful completion of the project’s pre-construction test…

El-Ad National Buys Oceanfront Fort Lauderdale Hotel for $60M

Developer El-Ad National Properties has paid $60 million for an oceanfront hotel in Fort Lauderdale, Fla., property records show. The 99-room Sea Club Resort sits on a 1.2-acre site at 619 North Fort Lauderdale Beach Boulevard, between Belmar and Auramar streets. The 54,982-square-foot building dates back to 1954. An entity tied to Rachel Levy and Michael Man has…

Two-Tower, 43-Story ‘Ombelle’ Starts Construction at 316 NE 4th Street in Fort Lauderdale

A high-rise mixed-use project is underway in Fort Lauderdale. Ombelle Fort Lauderdale is slated to feature two 44-story towers that will feature a combined 754 residences, with floorplans spanning studio to four-bedroom models, along with penthouses. Residences will come outfitted with floor-to-ceiling windows and various modern finishings, with the cost of…

Three-Tower ‘Terrasse’ Could Yield 765 Apartments at 1645 Cordova Road in Fort Lauderdale

Fort Lauderdale-based W D Cordova LLC has plans for an affordable housing development in its home city. Terrasse is slated to comprise three towers: two 36-story towers and a 19-story tower. Combined, the trio would feature 765 residences, ranging from studio to four-bedroom units. Of the 765 planned units, 459 would be market-rate apartments, while the…

Construction Starts on ‘Le Parc Lauderhill’ at 3831 Northwest 13th Street in Lauderhill

Developer Krea USA has officially broken ground on a project Florida YIMBY initially covered in 2022. Le Parc Lauderhill is slated to feature 385 apartments in eight buildings. Our sources share that, specifically, plans call for six three-story walkups and two eight-story mid-rise buildings. Residences would span one-bedroom to three-bedroom floorplans. While…

GL Homes rental highrise approved within massive development in Sunrise

GL Homes won site-plan approval for an eight-story multifamily development near the Sawgrass Mills shopping mall in Sunrise, where it is planning a massive mixed-use development of highrises. The Sunrise City Commission voted Tuesday night to approve the 294-unit project’s site plan. It spans 5.5 acres within a vacant, 32-acre property along West Sunrise Boulevard…

Broward County plans massive development around Florida Panthers Sunrise arena

Broward County is planning a massive mixed-use development for the area surrounding the Florida Panthers’ Sunrise home base. County officials submitted an application for the project, which would bring multifamily units, commercial space, hotel rooms and green space to the 154-acre site surrounding the Amerant Bank Arena, the South Florida Business Journal reported.

Coworking space provider to open 1st Pompano Beach location

A South Florida coworking space provider is set to launch its first location in Pompano Beach. Priddy Spaces, a franchisee for Vast Coworking Group, signed a 10-year lease for about 20,000 square feet in Mayla Pompano, at 2335 E. Atlantic Blvd. Opening is slated for early 2027. Financial details weren’t disclosed. The new deal covers the building’s entire second…

Venture X Coworking Location to Open in Pompano Beach

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New-to-market investment bank and tech firm ink leases at Steve Ross building in West Palm Beach

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Newgard Group Buys West Palm Beach Development Site to Build Car-Centric Private Club

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Law Firm Greenberg Traurig Takes 25K SF at Related Ross Development in West Palm Beach

Law firm Greenberg Traurig is relocating to another Related Ross building in Downtown West Palm Beach, Fla. The firm signed a 10-year lease to occupy about 25,000 square feet at the 15 CityPlace office development, which remains under construction, the tenant announced. The deal spans the entire 12th floor of the 25-story project. Move-in is scheduled for fall 2027.

Newgard buys Palm Beach County development site for $10.5M

An affiliate of Miami-based Newgard Group acquired a development site in West Palm Beach to build a high-end storage facility and membership club. Thousand Oaks, California-based 2500 N Florida Mango LLC, led by Jonathan Bergman, sold the 2.63-acre site at 2500 N. Florida Mango Road for $10.5 million to PB Vaults Development LLC, led by Harvey Hernandez, the head of…

Nordstrom Rack Takes 22K SF in Wellington

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Investors Want A Slice Of Exclusive Florida Keys Hotel Market

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How Hospitality Is Reshaping the Modern Office

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Inflation and interest rates are still choking CRE institutional sales, excluding industrial

Commercial real estate investment in South Florida has soared since last year. But don’t get excited yet. Most property types are feeling the weight of elevated inflation and interest rates. “When you have those two things going on, the institutional markets are like, ‘We don’t have certainty. Pencils down,’” said Avison Young’s Michael Fay. Deal volume…

Who are the developers behind Florida’s most controversial hyperscale data centers?

Two hyperscale data center proposals in Florida made waves in county commission meetings and state politics, sending local governments into a moratorium frenzy and residents into skirmishes over the future of their communities. The developers behind those projects are equally splashy. A commercial rock-mining company and a Maryland-based real estate development and…

TPG AG, Redfearn buy 53-warehouse multistate portfolio in $628M deal

A private equity real estate firm and its partners acquired a 53-building industrial portfolio valued at $628 million that spans seven states. TPG AG, Redfearn Capital, Atlanta Property Group and Matterhorn Venture Partners purchased 5.4 million square feet of distribution, logistics and manufacturing facilities across Florida, Georgia, North Carolina, Tennessee…

Bankruptcy of major Moe’s franchisee leaves retail leasing holes

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Data center doubt: Why Florida is pushing back against hyperscale development

The AI boom has developers casting lines for hyperscale data center sites across the country. But in Florida, many counties aren’t biting. A slew of proposals have been met with moratoriums, zoning battles and community opposition, leaving several developments dead in the water. While grassroots organizations and community officials argue hyperscale data centers…

2026 multifamily market update for real estate investors

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U.S. Apartment Market Sees the Return of Annual Rent Growth

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Video: First American Economist Xander Snyder Provides CRE Mid-Year Outlook: The New 10+ Year Cycle, Flat Yield Curves & NOI Strategies

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Video: First American Economist Xander Snyder Provides CRE Mid-Year Outlook: The New 10+ Year Cycle, Flat Yield Curves & NOI Strategies

As the conversation opened, the show’s host highlighted the surprising resilience of the commercial real estate market, even in sectors like office spaces that had been prematurely declared obsolete. Snyder concurred with this optimism but flagged demand as the key uncertainty moving forward. While capital markets and interest rates remain focal points, the real question lies in consumer and business demand for commercial spaces. The economist noted the pressures facing consumers, such as high credit card debt and declining real wages, which could cumulatively impact spending and, consequently, the demand for commercial real estate in the latter half of the year.

The labor market, often a barometer for economic health, presented a complex picture. Despite a seemingly positive trajectory in job reports, Snyder pointed out the disconnect between the 4.3% unemployment rate and the reality experienced by job seekers. The labor market appears stable on the surface, but a deeper dive reveals limited job turnover and cautious hiring practices by employers. The looming influence of AI and its potential to boost productivity is a wildcard, with companies yet to fully realize or measure these gains.

Inflation, a perennial concern, was another focal point of the conversation. Recent Consumer Price Index (CPI) readings appeared optimistic, yet the shadow of inflation running hotter than desired complicates prospects for rate cuts by the Federal Reserve. Construction costs, closely tied to energy prices, have been accelerating, adding pressure to net operating income margins. This trend underscores the difficulty in expecting rate cuts in the near future, a sentiment echoed by market participants who foresee a stable interest rate environment.

The stability of the 10-year Treasury yield, amidst a historically flat yield curve, adds another layer of complexity to long-term rate forecasting. The yield curve, which had previously been inverted, now presents a flat profile, offering little compensation for long-term capital commitments. Snyder’s analysis suggests a potential rise in long-term rates, albeit without immediate rate hikes.

Energy prices, particularly in light of geopolitical tensions with Iran, have significant implications for consumer spending and inflation. Persistently high energy costs could trickle into other sectors, constraining consumer discretionary spending and eroding the potential for rate cuts. This economic backdrop presents a challenging scenario for consumers already grappling with high debt levels and falling real wages.

Turning to specific property sectors, the office market remains a tale of bifurcation. Demand for Class A+ offices—trophy assets in prime locations—remains robust, while obsolete Class B and C stock struggle. The market is undergoing a right-sizing process, with conversions and demolitions adjusting supply levels. Interestingly, sales and refinancing activities have picked up, particularly in suburban office properties, as price corrections make underwriting assumptions more feasible.

Retail, buoyed by resilient consumer spending and a lack of new supply, presents an optimistic outlook despite certain weak spots like B and C-grade shopping malls. The absence of new construction over the past 15 years has provided a floor under retail, protecting it from severe downturns even in the face of slowing consumer expenditure.

In the multifamily segment, the maturity of five-year loans originating in 2021-22 compounds the challenges posed by rising construction costs. While demand for housing remains intact, the financial strain on operators with floating-rate debt could lead to distress, necessitating a recalibration of capital structures. However, transaction volume is beginning to recover, signaling potential opportunities for new operators to step in.

Industrial real estate, a sector that has enjoyed a boom, faces a period of stabilization as record-high construction levels meet current supply demands. The shift towards e-commerce and the need for modern logistics capabilities continue to drive long-term demand, though uncertainties in trade policy and consumer behavior necessitate cautious optimism.

Insurance costs, a critical line item for commercial real estate operators, have seen a welcome decline, yet this trend may not last. The interplay of lower-than-expected damages and a recalibration of reinsurance capital has temporarily eased the pressure on net operating incomes. Operators are advised to seize these savings opportunities, as future challenges could shift focus to other expense areas.

In conclusion, Snyder emphasized the importance of adopting a long-term perspective in commercial real estate investments. With the current cycle only just beginning, there is a substantial runway for growth and opportunity. However, prudent underwriting and a focus on income generation will be pivotal as valuation tailwinds diminish. The conversation underscored the need for adaptability and strategic foresight in navigating the complexities of the commercial real estate landscape.

Article written with the assistance of AI.

Topics Covered:
00:00 Intro: Mid-Year 2026 Economy and CRE Outlook
01:04 The Economy: Demand Is the Biggest Unknown Now
02:23 Jobs: A 4.3% Unemployment Rate That Does Not Feel Good
03:53 Inflation: Core CPI Near 2.5%, Construction Costs Accelerating
05:50 The 10-Year Treasury and a Very Flat Yield Curve
06:47 Why Historical Curve Shapes Imply a 5% to 6% 10-Year
07:26 Energy Prices, Iran, and Pressure on Consumer Spending
09:25 Office: Class A Plus Demand vs. Obsolete B and C Stock
11:07 Office Sales Volume Up 40% to 50% in Q1
12:27 Retail: No New Supply in 15 Years Puts a Floor Under It
14:55 Multifamily: 2021-22 Loans Maturing and Wiped-Out Equity
17:30 Industrial: 10% Big-Box Vacancy vs. 3% to 4% Under 50,000 SF
20:50 Property Insurance Down 10% to 15%, and Why It May Not Last
24:29 Final Takeaway: A 10 to 20 Year Cycle That Just Began

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REIT Performance, Market Divergences, & Strategic Capital Deployment with Edward Pierzak

The commercial real estate landscape in the United States offers a complex and dynamic environment, with Real Estate Investment Trusts (REITs) playing a significant role. In a recent discussion, the show’s host invited Edward Pierzak, Senior Vice President of Research at Nareit, to explore the current performance and future outlook of REITs, providing insights into various sectors and market dynamics that influence their success.

REITs, often hailed as a staple of institutional real estate investments, have amassed an impressive $4.5 trillion in assets, with about 170 million Americans living in households that invest in them. This broad participation underscores the importance of understanding how these trusts are performing and what trends are emerging. As Pierzak notes, REITs have had a robust start to the year, particularly in 2026, even outperforming the broader equity market despite geopolitical tensions, such as the conflict with Iran. This resilience highlights the trusts’ ability to weather economic uncertainties and continue providing value to investors.

A deeper dive into sector-specific performance reveals intriguing shifts. In 2025, the healthcare REITs, driven by senior housing, emerged as top performers, while data centers lagged despite the tech rally. However, the narrative shifted in 2026, with data centers showing strong performance, largely due to strategic investments by dedicated REIT managers. The lodging and resort sector, propelled by strong demand for both leisure and business travel, has also seen remarkable success. These trends not only indicate the adaptability and foresight of REIT managers but also highlight the evolving preferences and behaviors in the real estate market, especially in the wake of the pandemic and changing economic landscapes.

One of the most debated topics in commercial real estate is the future of office spaces. Despite persistent headlines proclaiming the demise of office spaces, Pierzak offers a nuanced perspective. He points out that while office REITs are in the middle of the performance spectrum, those with newer, well-located, and well-amenitized assets are doing quite well. This bifurcation suggests that the demand for office spaces is not uniform, and quality, location, and amenities play crucial roles in attracting tenants and investors alike. Interestingly, active REIT managers are currently overweight in office assets, diverging from traditional property types and signaling a vote of confidence in the sector’s potential recovery and growth.

Beyond sector-specific insights, Pierzak sheds light on the operational and financial health of REITs. He emphasizes the strong operational performance, as evidenced by metrics like Funds from Operations (FFO) and Net Operating Income (NOI), along with impressive occupancy rates. This operational strength is underpinned by disciplined balance sheet management, with REITs maintaining low leverage, focusing on fixed-rate, long-term debt, and utilizing unsecured debt as a competitive advantage. The strategic financial management of REITs not only ensures stability but also provides a foundation for future growth and acquisitions.

Looking ahead, the conversation turns to the anticipated performance of REITs for the remainder of 2026 and beyond. Pierzak is optimistic, citing the ongoing momentum and the potential closure of divergences between public and private real estate markets. Historically, such divergences often lead to opportunities for REITs to outperform, and current conditions suggest that there is still significant room for growth. This optimism is further supported by the fact that cap rates for private appraised assets have remained stable since 2021, indicating potential misalignments and opportunities for savvy investors.

The discussion also touches upon the impact of macroeconomic factors such as inflation and interest rates. Despite concerns, REITs have demonstrated resilience across various economic environments, consistently delivering positive returns in over 75% of cases, regardless of whether interest rates are rising or falling. This resilience is attributed to the broader economic context, which currently remains favorable for REIT performance.

Furthermore, the conversation explores the strategic moves within the REIT landscape, particularly regarding mergers and acquisitions (M&A). Recent activity indicates a healthy capital market environment, with listed REIT-to-REIT transactions dominating the transaction volume. This trend not only showcases the consolidation efforts aimed at achieving economies of scale but also highlights the increasing specialization within the sector. Additionally, the emergence of new investment platforms and joint ventures with institutional investors underscores the evolving strategies REITs are employing to leverage their robust financial positions for sustained growth.

As the discussion wraps up, Pierzak leaves the audience with an encouraging outlook for REITs. With improving fundamentals, strong operational performance, disciplined balance sheets, and promising M&A activity, REITs are well-positioned to continue their upward trajectory. For private investors seeking exposure to institutional-quality properties with professional management, REITs offer a compelling investment avenue.

In conclusion, the conversation with Edward Pierzak provides a comprehensive overview of the current state and future prospects of REITs. As the commercial real estate landscape continues to evolve, understanding these dynamics is crucial for investors, stakeholders, and anyone interested in the sector. The insights shared in this discussion underscore the importance of strategic management, sector-specific trends, and macroeconomic factors in shaping the performance and resilience of REITs in the ever-changing real estate market.

Article written with the assistance of AI.

Topics Covered:
00:00 Intro & why REITs matter
00:34 REITs by the numbers: $4.5T in assets, 170M investors
01:03 Guest: Nareit’s Edward Pierzak
01:25 How REITs are outperforming the stock market in 2026
02:06 Top sectors: lodging, data centers & senior housing
03:28 Is office dead? Why REITs are overweight office
04:35 Inside REIT operations & balance sheets (FFO, NOI, occupancy)
06:02 Outlook: public vs. private divergence & 2021-level cap rates
08:10 REITs across inflation & interest rate cycles (75% positive returns)
09:49 M&A, privatizations & new REIT investment platforms
11:56 Final takeaway: momentum & the road ahead

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The Florida Live Local Act: A Comprehensive Overview

Florida’s Live Local Act is, by most measures, the most aggressive state-level housing law in the country. Since its passage in 2023, it has reshaped land use and zoning across the state, triggered lawsuits from multiple cities and counties, and become one of the most closely watched — and most contested — pieces of housing policy in the nation.

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The Florida Live Local Act: A Comprehensive Overview

Last updated: July 2026

This article is for general informational purposes only. See the disclaimer at the end before relying on anything here for a real project or property.

1. What Is the Live Local Act?

The Live Local Act began as Senate Bill 102, signed by Governor Ron DeSantis on March 28, 2023, and effective July 1, 2023. It was championed by then–Senate President Kathleen Passidomo and has been described as a roughly $711 million effort — combining land use preemption, tax incentives, and housing finance funding — to address Florida’s affordability crisis.

The law does three main things:

Preempts local zoning to allow certain multifamily/mixed-use affordable housing developments as of right on land zoned commercial, industrial, or mixed-use — without requiring a zoning change, variance, or comprehensive plan amendment.
Creates property tax exemptions for qualifying affordable and “missing middle” workforce housing.
Directs significant recurring state funding into housing programs like the State Apartment Incentive Loan (SAIL) program and the Hometown Heroes down-payment assistance program.

The Core Land Use Mechanism

Under the Act (codified for counties at Fla. Stat. § 125.01055 and for municipalities at Fla. Stat. § 166.04151), a local government must administratively approve — with no rezoning and, in most cases, no public hearing — a multifamily or mixed-use residential development on land zoned commercial, industrial, or mixed-use, provided that:

At least 40% of the residential units are set aside as affordable for at least 30 years, for households earning up to 120% of the Area Median Income (AMI); and
The development is otherwise consistent with the applicable local comprehensive plan (but not necessarily the zoning code).

In exchange for that affordability commitment, the local government must generally:

Apply the highest density allowed anywhere in its jurisdiction for residential development to the project; and
Allow a height equal to the tallest currently allowed building for commercial or residential use within a specified radius of the site (originally one mile; narrowed in 2025 to three-quarters of a mile in certain circumstances, discussed below).

This is why the law is often summarized as letting developers “buy” density and height that would otherwise require a rezoning, simply by including enough affordable units.

Tax Exemptions

The Act also created ad valorem (property tax) exemptions under Fla. Stat. § 196.1978 for qualifying affordable rental developments — up to a 75% or 100% exemption depending on the depth of rent restriction — first applicable to the 2024 tax roll, and a separate “missing middle” exemption for units affordable to households between 80–120% AMI.

Funding and Other Provisions

Beyond land use, the original Act:

Directed an estimated $150 million per year (about $1.5 billion over 10 years) into the SAIL program through a corporate tax credit/donation mechanism.
Codified and expanded the Hometown Heroes Program, offering below-market, interest-free down payment assistance loans to full-time Florida workers (not just first responders and teachers, as in the original 2022 pilot) earning up to 150% of area or state median income.
Preempted local governments from adopting rent control/rent stabilization ordinances, including emergency rent freezes.

2. The Act Hasn’t Stood Still: Amendments Through 2026

Florida’s legislature has revisited and amended the Live Local Act every year since it passed — enough that practitioners now informally refer to the law’s iterations as “Live Local 2.0,” “3.0,” and so on.

2024 — Senate Bill 328 (“Live Local 2.0”)

Effective upon signing in early 2024, SB 328 refined several provisions after developers and cities flagged ambiguities in the original text, including:

Limiting a local government’s ability to restrict floor area ratio (FAR) for qualifying projects.
Clarifying that height and density maximums do not include bonus density/height that a jurisdiction might otherwise offer.
Requiring a 20% parking reduction for projects near transit.
Adjusting the allowed height when a project is adjacent to single-family residential zoning.
Adding provisions addressing the Florida Keys’ unique land-use and hurricane-evacuation constraints.

2025 — Senate Bill 1730 (“Live Local 3.0”)

Signed June 23, 2025, effective July 1, 2025, SB 1730 was billed as a “technical clarification” bill but made substantial changes, including:

Confirming that Live Local projects must be administratively approved with no quasi-judicial or board review of any kind.
Extending eligibility to certain Planned Unit Development (PUD) parcels.
Allowing developments on land owned by religious institutions containing a house of worship, regardless of underlying zoning, if at least 10% of units are affordable.
Narrowing the height-lookback radius from one mile to three-quarters of a mile for parcels near certain historic buildings/districts, following a high-profile fight over Miami Beach’s Art Deco district.
Adding provisions on impact fee waivers (up to 20%), building moratoria, demolition approval, and expanded annual reporting requirements for local governments.

2026 — House Bill 1389 (“Live Local 4.0”)

The most recent round of changes, HB 1389, continued the pattern of expansion and clarification, including:

Expanding eligibility to religious institution land more broadly (parcels over 3 acres with 10+ years as a house of worship).
Clarifying that farm and farm operations are not “commercial” or “industrial” uses, retroactive to January 1, 2024.
Allowing Live Local projects near airports with airport authority sign-off.
Allowing qualifying developments across multiple contiguous parcels separated by narrow pedestrian rights-of-way.
Expanding exemptions from Live Local preemption for land meant to retain “open character” (open space districts, rural estate districts, park districts, etc.).
Extending fair housing protections to affordable housing generally, and expanding who counts as a “person” able to bring claims under the fair housing provisions — reportedly including government entities, which raises the potential liability local governments face for denying qualifying projects.

Bottom line: if you’re evaluating a property or project against the “Live Local Act,” you need to know which version applies, since eligibility rules, height/density formulas, and procedural protections have shifted materially in nearly every legislative session since 2023, and some changes apply retroactively while others are prospective only.

3. Primary Sources and Where to Read the Actual Statutes

Rather than relying on summaries (including this one), always check the current statutory text and bill history directly:

Current statute — Counties: Fla. Stat. § 125.01055 (Florida Senate’s Online Sunshine)
Current statute — Municipalities: Fla. Stat. § 166.04151
Property tax exemption statute: Fla. Stat. § 196.1978
Original 2023 bill (SB 102): Florida Senate bill page
2024 amendment (SB 328): Florida Senate bill page
2025 amendment (SB 1730): Florida Senate bill page
2026 amendment (HB 1389): Florida House bill history
Florida Housing Coalition — Live Local Act resource hub: flhousing.org/live-local-act
Florida Housing Finance Corporation (SAIL, Hometown Heroes, tax credit programs): floridahousing.org

Because the statute has been amended in nearly every session, always confirm the effective date of any provision you’re relying on, and check whether it applies retroactively — several 2025 and 2026 provisions do.

4. Why the Act Exists: Florida’s Housing Affordability Crisis

The Live Local Act was a direct legislative response to a housing affordability problem that has only intensified with Florida’s population growth. Some of the key data points, primarily from the University of Florida’s Shimberg Center for Housing Studies (which produces the state’s authoritative housing needs data for the Florida Housing Finance Corporation):

Florida’s 2025 Statewide Rental Market Study found that nearly 905,000 low-income renter households (below 60% AMI) in Florida are “severely cost-burdened,” spending more than 40% of their income on housing.
A 2023 Shimberg Center estimate found that roughly 3 million Florida households (about 34% of all households) were cost-burdened overall (paying more than 30% of income on housing), including about 1.5 million (16%) that were severely cost-burdened.
Between roughly 2010 and 2024, statewide median rent rose from about $1,238 to $1,719 per month — even as more than 240,000 new multifamily units were added to the state’s housing stock, illustrating that supply growth alone hasn’t closed the affordability gap for the lowest-income renters.
Renters age 55 and older now make up about 39% of cost-burdened households, up from 29% in 2010 — reflecting Florida’s aging population and the strain retirees on fixed incomes face in a high-cost rental market.
At the local level, deficits can be severe: Collier County’s affordable housing deficit, for example, has hovered around 10,000–12,000 units for years, even as market-rate construction has boomed.

The core policy argument behind Live Local is that local zoning — height limits, density caps, parking minimums, and lengthy discretionary approval processes — has made it difficult or impossible to build enough housing, particularly “missing middle” and workforce housing, to meet demand from teachers, nurses, service workers, and other members of the local workforce who increasingly cannot afford to live in the communities where they work. Supporters frame it as a check on NIMBYism; critics argue it’s an overcorrection that strips communities of legitimate planning authority.

5. Practical Effects: What’s Actually Happening on the Ground

A Surge of Proposed Projects — But a Slower Pace of Construction

Reporting in 2026 indicates that more than 200 Live Local projects have been proposed statewide, but fewer than 20 have broken ground. In Miami alone, city officials report that 82 Live Local projects have been administratively approved, but only two are currently under construction — illustrating a significant gap between entitlement and delivery, driven by financing costs, interest rates, and market feasibility even after zoning hurdles are cleared.

High-Profile, High-Density Projects in Historic and Low-Rise Areas

Because the law measures allowable height against the tallest building within roughly a mile (now three-quarters of a mile in some cases), it has enabled proposals that are dramatically out of scale with their immediate surroundings:

A proposed 48-story tower in Miami’s Wynwood neighborhood, an area historically characterized by low-rise warehouses and murals, drew objections from the local design review committee, which said it had no authority under Live Local preemption to address the project’s scale.
In Miami Beach’s Art Deco Historic District, officials warned that unmodified Live Local provisions could have allowed 50-story towers in an area of two- and three-story historic buildings — a concern that led directly to the 2025 amendment narrowing the historic-building height radius.
The Clevelander Hotel on Miami Beach’s Ocean Drive became an early flashpoint when its owners proposed using Live Local to redevelop the site into a much taller tower.

Litigation Is Widespread — On Both Sides

The Act has generated a growing body of litigation, cutting in both directions:

Developers suing cities for allegedly refusing to properly process or approve qualifying Live Local applications — for example, Pebb Capital’s December 2025 suit against Miami Beach over the Bancroft Hotel redevelopment, and a Bal Harbour lawsuit filed by Whitman Family Development (owner of Bal Harbour Shops).
Cities and counties suing (or considering suing) the state over the law’s constitutionality. In March 2026, Hillsborough County filed suit arguing the Act violates constitutional home-rule protections, due process guarantees, and unconstitutionally impairs existing development agreements. In June 2026, the City of Miami voted unanimously to direct its city attorney to explore similar constitutional challenges, though as of this writing Miami has not filed suit.
Residents suing developers and cities directly — for instance, a 2026 lawsuit by Hollywood, Florida residents seeking to block a beachfront tower proposed by a major developer under Live Local, on deed-restriction and public-referendum grounds.
Some cities, including Pasco County, Doral, and Weston, have at various points resisted accepting Live Local applications altogether — a posture that itself risks running afoul of the statute’s mandatory-approval requirements.

Key Limitations and Carve-Outs

The Act is broad, but it is not unlimited. Notable limitations include:

It does not override the local comprehensive plan — only the zoning code. A project must still be consistent with the jurisdiction’s comprehensive plan (though this is a lower bar than zoning consistency in most cases).
Affordability is capped at 120% AMI, which in high-cost markets like Miami and Naples can still translate into rents well above what many critics consider truly “affordable” for lower-income workers — a recurring criticism from local officials and affordable housing advocates.
30-year affordability period — after which units may revert to market rate, a concern for long-term housing stock planning.
Certain land uses and zoning categories are excluded, including land intended to retain “open character” (open space, rural estate, and park districts) under the 2026 amendments, and — subject to specific conditions — recreational and open-space land generally.
Historic preservation protections were only partially preserved. Local governments retain somewhat more say over height near historic districts after the 2025 amendment, but protections are narrower than many preservation advocates sought.
The law does not exempt projects from building codes, environmental permitting, concurrency requirements for infrastructure, or other general regulatory requirements — it is specifically a zoning/density/height preemption, not a blanket exemption from all development regulation.
Local governments can still require adherence to their land development code procedures and standards that don’t conflict with the Act (setbacks, design standards not tied to height/density, stormwater requirements, etc.), which is itself a frequent point of dispute in litigation.

6. Who This Affects

Developers and landowners with property zoned commercial, industrial, or mixed-use may now have significantly more by-right development potential than the zoning map alone would suggest — a major factor in underwriting and land valuation.
Local governments face new administrative, legal, and planning challenges reconciling their locally-adopted comprehensive plans and community input processes with a state mandate that removes their normal discretionary review.
Neighbors and community groups near qualifying sites may find that a project can proceed with far less public notice or hearing opportunity than they’re accustomed to under traditional rezoning processes.
Renters and homebuyers, in theory, benefit from increased housing supply and the tax-credit/exemption-driven affordable and workforce units the law is designed to generate — though the practical impact depends heavily on how many entitled projects are actually financed and built.
Historic preservation and neighborhood character advocates have raised sustained concerns, particularly in dense urban cores like Miami Beach, about the law’s effect on scale and context in historic districts.

7. Practical Takeaways

Check the current statutory language and effective dates directly — the Act has changed substantially almost every year since 2023, and provisions can apply retroactively.
Confirm zoning eligibility carefully. Not all commercial/industrial/mixed-use land qualifies, and recent amendments have both expanded (religious land, PUDs, farmland clarifications) and narrowed (open-character districts) the universe of eligible sites.
Understand that “affordable” under this law can mean up to 120% AMI, which is a broader definition than many people assume when they hear “affordable housing.”
Expect potential litigation risk on both sides of a proposed project — from developers if a local government slow-walks or denies an eligible application, and from neighbors, preservation groups, or the local government itself challenging the law or the project’s compliance with it.
Watch pending constitutional litigation. The outcome of Hillsborough County’s suit — and any suit Miami or other jurisdictions may file — could materially affect how enforceable the Act’s preemption provisions remain going forward.

Disclaimer

This article is provided for general informational and educational purposes only. It is not legal advice, and it does not create an attorney-client relationship between the reader and the author. The author is not an attorney and this is not a substitute for professional legal counsel. Florida land use law — and the Live Local Act specifically — is complex, fact-specific, and subject to frequent legislative amendment, agency rulemaking, and ongoing litigation (including pending constitutional challenges discussed above) that could change the law’s meaning or enforceability at any time.

If you are evaluating a specific property, project, or dispute involving the Live Local Act, consult a licensed Florida land use attorney who can review your specific facts, the current version of the statute, your local jurisdiction’s implementing ordinances (many cities and counties have adopted their own administrative procedures for Live Local applications), and any relevant case law before you take any action or make any financial or legal decision. Local governments may also have specific Live Local Act procedures, application forms, and staff guidance available through their planning or building departments — check with your local government directly for jurisdiction-specific requirements.

Statistics and factual claims in this article are drawn from publicly available sources cited above, including the University of Florida’s Shimberg Center for Housing Studies, the Florida Housing Coalition, the Florida Legislature’s Online Sunshine website, and contemporaneous news reporting. Effort was made to verify accuracy and currency as of the date at the top of this article, but figures, case statuses, and legislative provisions may have changed since publication — always verify against primary sources.

This article was researched and drafted with the assistance of AI (Claude, by Anthropic), using web search to gather current source material, and has not been independently reviewed by a licensed attorney.

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Multifamily Property

Video: Easterly Government Properties CEO Darrell Crate on Government Leased Real Estate; Occupancy, DOGE Impact, & GSA Leases

In the evolving landscape of commercial real estate, the office sector stands out as one of the most debated and scrutinized. This focus is not only due to the significant shifts in work culture spurred by technological advancements and the recent global pandemic but also because of the unique sub-segments within the office market itself. A recent episode of America’s Commercial Real Estate Show delved into the nuances of one such sub-segment: government-leased office buildings. The show’s host facilitated a discussion with Darrell Crate, CEO, President, and Director of Easterly Government Properties, a real estate investment trust (REIT) specializing in properties leased to the U.S. government. Their conversation provided valuable insights into the resilience and distinct characteristics of government-leased offices compared to the broader office market.

The office sector is traditionally segmented into different classes, namely A, B, and C, each representing varying levels of quality and location desirability. However, certain niches operate almost independently of these classifications. Government and medical office buildings, for example, tend to follow their own market dynamics due to the specialized nature of their tenants and the critical functions they serve. Darrell Crate emphasized the stability and reliability inherent in leasing to government entities. Easterly Government Properties manages approximately 10 million square feet of space across 103 properties, housing agencies such as the FBI, the Veterans Administration, and the Drug Enforcement Administration. These are mission-critical agencies, defined by their essential services to the public, and their presence as tenants provides a unique stability that is often absent in other office segments.

An intriguing aspect of the discussion revolved around the so-called “Doge” phenomenon. This term was used by Crate to describe a shift towards incorporating private-sector practices within government operations. Historically, the government has lagged behind the private sector in adopting asset-light models, where ownership of physical assets like buildings is minimized. Unlike private corporations, which largely transitioned to leasing models between 1995 and 2000, the government still owns a significant portion of its occupied buildings. Crate argued that the government’s focus should remain on its core mission functions—such as law enforcement and veteran services—rather than on managing real estate, which is not within its primary expertise.

The conversation also touched on the impact of this shift on property valuation and investment opportunities. While initial apprehensions arose with the onset of the Doge movement, fears of mass lease cancellations proved unfounded. In fact, the demand for government-leased office space has remained robust, underscoring the “stickiness” of government tenants. This term refers to the propensity of government tenants to remain in their leased spaces for extended periods, driven by factors such as the critical nature of their services and the complexity of relocating such operations. This stability, combined with government agencies’ high credit ratings, makes government-leased properties an attractive investment, particularly in times of broader market uncertainty.

Another key point of discussion was the comparison between federal and state-leased properties. Easterly initially focused solely on federal properties but has since expanded to include state and local government leases. States like Georgia, known for fiscal responsibility and creditworthiness, present compelling opportunities. State leases often resemble commercial leases more closely, with features like built-in escalators and the potential for longer lease terms. Despite some clauses allowing for lease cancellations based on funding, the essential nature of most state-leased services—such as public safety and education—makes such cancellations unlikely.

Crate also addressed the broader implications of limited new office supply. In the current market, new office construction has slowed significantly, a trend that could stabilize supply and demand dynamics. As the workforce gradually returns to office settings, driven in part by the need to engage with emerging technologies like artificial intelligence, the office sector may experience a resurgence. The combination of stable supply and recovering demand could create favorable conditions for office investments, particularly in government-leased spaces where demand remains strong.

The discussion concluded with a reflection on the steady, long-term returns associated with government-leased properties. While not prone to dramatic short-term value spikes, these investments offer consistent growth and security, making them a reliable choice for long-term portfolios. Easterly Government Properties, with its strategic focus on essential government functions and its deep understanding of the intricacies of government leasing processes, exemplifies the potential of this investment approach.

Overall, the conversation highlighted the unique characteristics and advantages of government-leased office properties. As commercial real estate continues to adapt to shifting economic and technological landscapes, niches like government-leased offices provide a compelling blend of stability, growth potential, and resilience, offering valuable lessons for investors and industry professionals alike.

Article written with the assistance of AI.

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Office Property

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From Static Assets to Living Portfolios: Where CRE Is Headed

The conversation begins with an engaging introduction where Peck shares personal insights through a rapid-fire question session. This playful exchange sets the stage for the more substantial topics to follow, revealing Peck as a leader who combines personal awareness with professional acumen. Her choice of reading, “Positive Chaos” by Dan Thurman, underscores a philosophy that resonates throughout the discussion: embracing and managing chaos rather than eliminating it.

A pivotal theme in the conversation is the transformation of CRE from static assets to dynamic, living portfolios. Historically, value in commercial real estate was predominantly tied to the physical asset itself. Owners would acquire a building, lease it, and rely on the market to drive value. However, as Peck articulates, this paradigm has shifted dramatically. Today, the focus is on how a building is operated, leveraging data, managing risks, and adjusting in real-time. Buildings that succeed in this new environment function like systems, sensing their environment, producing data, and continually improving. This shift necessitates a reimagining of what it means to manage and invest in real estate assets.

In discussing the creation of value, Peck highlights the changing nature of capital within the industry. The return of investment capital post-pandemic is marked by a newfound selectivity and discipline. Investors now demand detailed operational insights and demonstrable performance, rather than mere promises. This shift places a premium on operational excellence and the ability to grow Net Operating Income (NOI) through disciplined management practices. The industry’s strengths, particularly among BOMA members, align well with these demands, as they have traditionally excelled in operational execution.

Peck also discusses the evolving research methodologies at BOMA. The State of the Industry report, traditionally grounded in regular data sources, now incorporates insights from supplier partners who operate across diverse properties and markets. This approach provides a real-time, data-driven understanding of current building performance and future trends. Partners such as Yardi, Allied Universal, Siemens, and Trane contribute valuable data, enhancing the report’s relevance and utility for industry stakeholders.

As the conversation delves into the operational realities of hybrid work models, Peck addresses the challenges of managing buildings that experience fluctuating occupancy levels. The traditional five-day office week has given way to a more variable pattern, necessitating a shift to peak day planning. By aligning staffing and building systems to actual occupancy, operators can optimize efficiency and reduce costs.

Modernization emerges as a critical strategy in an environment where new building supply is constrained. With office construction at record lows, owners must focus on upgrading existing assets to remain competitive. Tenants now demand not only premium amenities but also demonstrable building performance. Reliable infrastructure, air quality, and consistent operational performance are paramount, as evidenced by Trane’s research on the impact of maintenance on building downtime and risk.

Peck further explores the role of benchmarking and certification programs, such as BOMA Best, in providing the data-driven proof that today’s market demands. These programs offer a standardized way to measure building performance across key operational metrics. Owners who have consistently engaged in performance measurement are better positioned to attract investment and respond to market opportunities.

The discussion then turns to technology, specifically the role of artificial intelligence (AI) in CRE. While awareness of AI’s potential is high, actual deployment remains limited. Peck identifies the gap as one of clarity rather than awareness. Through a partnership with Yardi, BOMA is leading a national research effort to define disciplined AI adoption in the industry, addressing critical questions around value, governance, and data ownership.

Operational risks, including cybersecurity and physical security, are highlighted as growing concerns. Peck emphasizes the importance of blending smart technology with skilled personnel to create resilient operations. Technology extends visibility and enables early detection, while trained staff provide judgment and response, ensuring effective execution.

Looking ahead, Peck outlines the dual role of technology as both an opportunity and a threat. Organizations that effectively integrate technology into their operations will achieve greater efficiency, resilience, and competitive advantage. Conversely, those that delay adoption face increasing risks and reduced competitiveness. The future success of CRE firms hinges on their ability to operationalize technology and leverage it to enhance business performance.

In closing, Peck underscores the industry’s ongoing refinement, emphasizing the shift from static assets to living portfolios. The current market rewards proven performance, and the operators who excel in measurement, adaptation, and response will continue to lead. Her insights provide a valuable roadmap for CRE professionals navigating a complex and rapidly changing landscape.

Topics Covered:
00:00 Introduction
02:12 BOMA’s Biggest Wins
03:59 Transition from Static to Living Portfolios
05:11 Performance is the New Value
06:37 Research Outlook
08:42 Reality of Hybrid Work and Dynamic Planning
10:23 Essential Upgrade to Stay Competitive
13:35 The Value of Benchmarking and Certification Programs
16:22 BOMI’s Summer Sale
16:51 Gap Between AI Awareness and Deployment
18:57 Blending Tech with Personnel for Resilient Operations
21:20 5 Year Outlook: Opportunities and Risks
24:41 Final Takeaway: Operational Discipline as Competitive Advantage

Article written with the assistance of AI.

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Moishe Mana’s hunger for Wynwood properties took another forkful, as he recently bought a building leased to Pastis Miami for $24.5 million. Mana, Wynwood’s largest landowner, acquired a ground lease and a single-story 13,000-square-foot building at 380 Northwest 26th Street, Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors told The Real Deal. They…

Tabani unveiled as buyer of Rivani’s Wynwood Jungle for $26M

Tabani Group, a Dallas-based investment firm, is the buyer that dropped $25.7 million for the Wynwood Jungle, a Miami retail complex that’s entangled with tenant lawsuits. Robert Rivani, through two affiliates, sold the nearly 39,000-square-foot plaza at 43-75 Northwest 23rd Street last month, which was about half vacant, The Real Deal previously reported. At the…

Foundation Pour Completed for Twenty Sixth & 2nd Wynwood Residences at 2600 NW 2nd Avenue

Foundation work has been completed for Twenty Sixth & 2nd Wynwood Residences, an eight-story mixed-use development at 2600 NW 2nd Avenue in Miami’s Wynwood neighborhood. The project is being developed by PMG and LNDMRK Development, designed by Cube 3, and built by John Moriarty & Associates, with interiors by Cotofana Designs. Completion is anticipated in…

10,000-Square-Foot Lease Signed by Postr at 301 & 311 NW 28th Street In Wynwood

Postr has signed a six-year lease for approximately 10,000 square feet at 301 and 311 NW 28th Street in Miami’s Wynwood neighborhood, where the company plans to establish its new headquarters. Scheduled to open in August, the office will accommodate the company’s operations as it expands its presence in Miami. The property is owned by Lerner Family Properties.

Hotel developer Urbanica Management buys North Bay Village apartment complex for $21M

An affiliate of hotel developer Urbanica Management acquired a waterfront apartment complex in North Bay Village for $21 million. C & D Bay Village LLC, managed by Danilo Damolin in Miami, sold the 41 apartments at 7915 East Drive to North Bay Village 7915 LLC, an affiliate of Miami Beach-based Urbanica Management. Property data firm Vizzda confirmed the parties…

Kolter boosts North Beach assemblage with $18M in condo units

The Kolter Group paid $18.2 million for two ground-floor commercial condo units and 10 residential condos in Miami Beach’s emerging North Beach neighborhood, near the historic waterfront Normandy Plaza Hotel it purchased with BH Group earlier this year. The Delray Beach-based developer dropped $14.4 million for the commercial units at the Normandy Beach South…

Here’s how Florida’s aging condo stock fared post-Surfside

The majority of aging condo buildings requiring the most work in the years since the deadly Surfside condo collapse are located in South Florida, a new report shows. The state’s Office of Program Policy Analysis and Government Accountability compiled and analyzed data collected by the Department of Business and Professional Regulation for milestone inspections…

Curtain is set to rise on Coconut Grove Playhouse makeover

The Coconut Grove Playhouse project is moving forward with new neighborhood protections aimed at balancing the return of the historic theater with residents’ concerns. The Miami City Commission last week granted Miami-Dade County’s appeal of zoning waivers needed to advance the Coconut Grove Playhouse redevelopment, clearing a major hurdle after years of delays…

New residential building in Coral Gables to house Crystal Academy

A new development that would permanently house Crystal Academy in Coral Gables is moving forward with the city commission’s approval. The proposed Crystal Residences development at 110 Phoenetia Ave. would be a nine-story, 1.47-acre mixed-use project incorporating 16 ground-floor live-work units, 184 upper-level residential units, and a 5,000-square-foot…

Coral Gables office portfolio due a massive makeover

The Ponce, a 365,000-square-foot office portfolio in the heart of Coral Gables, was acquired by a partnership among Intalex, Itero and Greenwall. The partnership says it plans to invest more than $30 million to upgrade and renovate the property, currently valued at $97.8 million, with completion expected sometime in 2027. The acquisition of The Ponce includes 2525…

‘Eurus at Kendall Apartments’ Slated for Site of Former Lake

The site of an infill lake could be utilized for workforce housing in Kendall. The infill process started in 2018 and is reaching its conclusion. The project, known as Eurus at Kendall Apartments, would comprise close to 280,000 square feet of new construction, measuring six stories above grade. Plans call for 234 apartments; six percent of the units (14) would be…

After years of buyer pursuit, family sells Medley industrial portfolio for $39M

After receiving unsolicited offers from prospective buyers for years, the Artiles family gave in and sold a four-building industrial portfolio in Medley for $38.8 million. Ruben Artiles Jr. and Martha Artiles, through the Ruben and Neida Artiles Irrevocable Trust, sold the pair of warehouses at 7200-7208 Northwest 84th Avenue, and the two warehouses at 8203-8251…

Ryder System takes entire 400K sf Kurv Gratigny warehouse near Opa Locka Executive Airport in top industrial lease this year

Logistics firm Ryder System pre-leased the entire Kurv Gratigny warehouse near the Miami-Opa locka Executive Airport, marking the largest known new industrial deal in Miami-Dade County so far this year. Ryder System leased the 409,000-square-foot facility at 4700-4718 Northwest 135th Street, according to CBRE’s second quarter Miami-Dade industrial report. The…

South Florida Dirt: A timeline of the Vacchi vs. Stern legal battle

Developer Michael Stern teamed up with Italian investor and TikToker Gianluca Vacchi in 2024. At the time, Stern said that Vacchi “understands new media and how to cut through the noise on social media in a way most real estate people don’t,” calling him an effective marketer and tastemaker. Online to his 22.1 million Instagram followers and 22.3 million TikTok…

Developers score $368M in loans for South Florida projects

South Florida developers landed $368 million in financing this week as lenders backed a mix of commercial projects across the tri-county region. Argentine developer HA Emprendimientos secured one of the biggest loans recently with a $111 million construction loan for the development of a luxury multifamily tower in Miami’s Edgewater. The loan, originated by S3…

Construction Tops Out On BayCare Hospital Manatee In Palmetto

Construction has topped out on the new BayCare Hospital Manatee, a $563 million healthcare campus under development in Palmetto, Florida. BayCare Health System and general contractor Robins & Morton celebrated the milestone on July 10 with a topping out ceremony marking the placement of the final structural steel beam. Gresham Smith is serving as the project’s…

Mini hospital proposed in Pembroke Park

Nutex Health (NASDAQ: NUTX) wants to build a micro hospital in Pembroke Park for its first location in South Florida. The Houston-based company owns and operates 27 micro hospitals in 12 states. Currently, its only facility in Florida is Starkey Ranch ER & Hospital in Odessa, 20 miles northwest of Tampa. Recently, Nutex Health affiliate Miami Hospital Asset Holdco…

Partial TCO Issued For West Tower At Oasis Hallandale In Hallandale Beach

A partial Temporary Certificate of Occupancy has been issued for floors 1 through 12 of the West Tower at Oasis Hallandale, a mixed-use development at 1000 E. Hallandale Beach Boulevard in Hallandale Beach. Designed by Arquitectonica and developed by Giuseppe Iadisernia, the 10-acre project consists of two 25-story residential towers alongside retail, office, and…

Exterior Work Progresses On 21 Hollywood At 2100 N. Federal Highway as Pre-Leasing Begins

Exterior work is progressing on 21 Hollywood, a 14-story mixed-use residential development at 2100 N. Federal Highway in Hollywood. Developed by Starlife Group and designed by Kobi Karp Architecture & Interior Design, the project will yield 200 luxury rental apartments above 10,000 square feet of ground-floor retail. The latest milestone comes as the developer has…

$54 Million Pre-Construction Loan Secured For ODA-Designed Skyscrapers In Fort Lauderdale

Dependable Equities, the South Florida division of Sky Equity Group, has secured a $54 million pre-construction loan from CDK Capital to advance its planned 45-story mixed-use tower at 101 SE 7th Street and 47-story mixed-use tower at 633 SE 3rd Avenue in Fort Lauderdale. Designed by ODA, the developments are located just south of the New River near Las Olas Boulevard…

Dependable Equities Lands $54M Resi Loan in Fort Lauderdale

Dependable Equities has nabbed a $54 million preconstruction loan for a two-tower residential project in Fort Lauderdale, Fla., the New York-based developer announced. CDK Capital provided the bridge financing, which covers a site at 101 Southeast Seventh Street and 633 Southeast Third Avenue, just south of the Broward County Clerk of Courts building, halfway…

Developer proposes hotel on parking lot of Pompano Beach office building

The owner of an office building in Pompano Beach could build a hotel in the parking lot. The city’s Development Review Committee will consider the site plan application from 2701 East Atlantic Ave LLC, led by Moshe Zuchaer, the CEO of Premium Credit Bureau, on July 15. The 15,250-square-foot site at 2701 E. Atlantic Blvd currently has an 8,402-square-foot office…

Blackstone affiliate sells former Sun Sentinel printing site in Deerfield Beach for $65M

A Blackstone affiliate cashed out on the former Sun Sentinel printing press site in Deerfield Beach, selling the industrial warehouse for $65 million. An entity tied to Link Logistics and a Blackstone subsidiary sold the 383,000-square-foot property at 333 Southwest 12th Avenue to an entity tracing to J.P. Morgan Asset Management, according to property records. The…

Buyer scores $2M judgment against Mandarin Oriental Boca Raton developer

The legal troubles at Penn-Florida’s Mandarin Oriental Boca Raton continue to mount after the developer lost a $2 million judgment. A Palm Beach County Circuit Court judge sided with Douglas and Debra Jacobs after they filed a lawsuit against Penn-Florida affiliate Via Mizner Owner III, which alleged the developer failed to complete their condo in time, the South…

Developer seeks another change to Boynton Beach incentive deal

A developer has asked for further changes to a public incentive deal for a planned residential project that includes workforce housing. At their next meeting Tuesday, members of Boynton Beach’s Community Redevelopment Agency will consider a request from an affiliate of Fort Lauderdale-based Affiliated Development to convert the terms of an existing $7 million…

West Palm Beach moves to freeze waterfront redevelopment for six months

Officials in West Palm Beach are considering a measure to pause redevelopment in a waterfront area of the city’s downtown. At a July 8 meeting, members of West Palm Beach’s City Commission approved, on first reading, an ordinance that would temporarily freeze development approvals for properties located east of Washington Road, between Monroe Drive to the north…

West Palm Beach residents are pushing back after the city commission appointed a Related Ross executive to the Downtown Development Authority. The appointment of Jordan Rathlev, an executive vice president at Related Ross, added fuel to an ongoing debate over downtown development, as residents demand greater transparency and a larger role in shaping the city’s…

Charles Cohen revives West Palm office project after resolving site foreclosure

Charles Cohen has set in motion a restart of his long-planned 400,000-square-foot office building in downtown West Palm Beach, after resolving a foreclosure lawsuit on a $10 million loan on the site. New York-based Cohen Brothers Realty plans the 25-story West Palm Point with ground-floor retail space and an 11-story garage with a rooftop amenity deck, according to…

Orlando developer in contract to buy out aging West Palm co-op for $200M

Orlando developer Chuck Whittall is under contract to buy out the owners of a waterfront co-op building in West Palm Beach, The Real Deal has learned. Whittall, founder and CEO of Unicorp National Developments, could pay close to the asking price, roughly $200 million, for the 140-unit La Fontana at 2800 North Flagler Drive, according to sources. The 10-story building…

Palm Beach County pumps brakes on data center proposals

Palm Beach County officials are pressing pause on new data center proposals as they decide how to regulate one of the fastest growing asset classes in commercial real estate. County commissioners voted Tuesday to advance a temporary law halting data center applications and immediately prevent developers from submitting new proposals, the South Florida Business Journal…

432-Unit ‘The Sutton’ Planned for North Side of Northlake Boulevard in Palm Beach Gardens

Two prominent developers have teamed together on a garden-style residential project in Palm Beach County. The venture intends to deliver market-rate units on previously undeveloped land. Kolter Group and Rockpoint intend to move forward with The Sutton. It would feature 432 residences in five stories, ranging from one-bedroom to three-bedroom layouts. In-unit…

Palm Beach County Pauses Data Center Applications

South Florida has entered the data center debate. In one of the first moves to regulate the construction of the asset class in the region, the Palm Beach County Commission paused data center proposals this week until it adopts appropriate zoning, following pushback from residents. Commissioners this week voted 5-2 to freeze new data center applications targeting…

Siemens Financial, First Horizon Lend $65M on Palm Beach Gardens Medical Complex

Siemens Financial and First Horizon have supplied $64.8 million of construction financing to develop a hospital and medical outpatient complex in Florida’s Palm Beach County, Commercial Observer has learned. Sina Companies secured the loan for the planned Health Park at Avenir project in Palm Beach Gardens, Fla., that is fully leased to Jupiter Medical Center. The…

Kolter and Rockpoint Land $108M Loan for Palm Beach Gardens Rental

Developer Kolter Group and private equity firm Rockpoint have secured $107.8 million to build a garden-style multifamily project in Palm Beach Gardens, Fla., property records show. PNC Bank provided the construction debt for the Sutton, a five-story, 432-unit development just north of North Military Trail, west of Dixie Highway. Amenities will include a pool, a gym…

Riviera Beach ponies up nearly $3M for workforce housing project

O’Connor Capital Partners won approval for $2.8 million in assistance for a 175-unit workforce housing project in Riviera Beach. The funds, approved by the Riviera Beach City Council Wednesday night, will pay for most of the water, sewer and impact fees associated with Marina Annex, a 77-foot tall apartment development that will include a 15,000-square-foot…

Data Centers Are Creating Spillover Industrial Demand. Will It Last?

As data center development continues to dominate real estate headlines, a quieter industrial footprint is sprawling across the country. The scale and complexity of these projects require far more than land, power and fiber. Electrical equipment, cooling systems, precision hardware and other specialized components need to be procured, stored, staged and serviced…

Cross-Border Capital in US Commercial Real Estate: Historical Trends, Future Flows

Recent geopolitical instability, trade policies and regulatory changes in the U.S. have made cross-border investors question if the country continues to be a safe haven and to offer attractive returns. Investigating several signals in home countries that drive long-running investment patterns by cross-border investors can offer clues as to whether these investors will…

Michael Stern Sued Again By Italian Investor, Who Wants $42.5M

An Italian entrepreneur filed his second lawsuit against developer Michael Stern alleging that he was fraudulently induced to invest in three high-profile Miami projects. GV Development Group LLC, an entity controlled by Gianluca Vacchi, filed a lawsuit last month in Miami-Dade County Circuit Court against Stern and 12 entities he manages. The suit alleges that…

Financial management best practices for property managers

Financial management is a competitive lever for property managers. Your ability to seamlessly process payments, efficiently open accounts and put balances to work shapes margins, client relationships and potential to scale. Our dedicated commercial real estate team, with experts who specialize in property management, identified three key opportunities to strengthen…

Florida business establishment remains quiet on property tax amendment

Less than four months before Floridians vote on a proposal to phase out property taxes for homeowners, there’s no organized campaign seeking to move the measure past the 60% vote required for passage. The biggest advocate for property tax relief, Gov. Ron DeSantis, said two weeks ago that he won’t lead any organized effort because the property tax measure the…

Apartment Outlook Weathers Economic Crosswinds

An energy price shock made the second quarter of 2026 a bumpy one. Disruptions to global oil supplies this spring sent energy prices sharply higher, undoing much of the recent progress on inflation. The broader economy, however, absorbed the blow better than many feared. First quarter GDP growth was revised up to 2.1% annualized from an earlier estimate of 1.6%…

Manhattan office leasing sees strongest gains in 20 years

Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business…

U.S. Office Recovery Builds Momentum as Demand Persists and Vacancy Declines

Demand continued to improve across the U.S. office sector in the second quarter of 2026. Positive absorption reached 16.9 million square feet, extending a seven-quarter streak of occupancy gains and pushing total absorption over the past two years to 44.0 million square feet. Several major markets helped drive momentum. Manhattan led the nation with 3.5 million…

Wayfair Built Its Business Online. Now It’s Betting on Massive Stores

When shoppers are ready to splurge on home furnishings again, Wayfair is aiming to be wherever they are — especially offline. At a time when high mortgage rates and weak home improvement spending have dampened furniture sales, online retailer Wayfair is making an unlikely bet: building more massive stores. Wayfair plans to open a large showroom in Denver by the end…

The Office Sector’s Double Whammy

July 8, 2025 • An Analysis by Nick Villa The ongoing challenges affecting the office sector have not only resulted in deteriorating space market fundamentals—evidenced by the record-high national office vacancy rate in the second quarter of 2025—but have also had a direct negative impact on capital market activities, including the performance of…

Video: PwC Global Leader of Real Estate Deals Tim Bodner Discusses if Office is the Buy of the Decade, Supply Crunches, AI Operations, & Onshoring

In a dynamic landscape where industries are evolving at an unprecedented pace, the midyear outlook for the real estate sector offers a comprehensive lens into the intricacies of current market trends and future forecasts. The conversation between the show’s host and Tim Bodner, the Global Real Estate Deals Leader with PwC, sheds light on the multifaceted layers of…

Video: CREDA President & CEO Marc Selvitelli on Whether Office Has Found Terra Firma, Absorption, Conversions, More

Chart: Real GDP growth by state: First quarter 2026

On June 25, 2026, the Bureau of Economic Analysis released real GDP data for all US states for the first quarter of 2026. The FRED map above shows the annualized growth rates from the previous quarter: Red denotes contraction (less than 0% growth), light green denotes slow growth (0% to 2%), and dark green denotes stronger growth (>2% to 5%). Highlights …

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Video: PwC Global Leader of Real Estate Deals Tim Bodner Discusses if Office is the Buy of the Decade, Supply Crunches, AI Operations, & Onshoring

The discussion opens with a reflection on how PwC’s midyear outlook is crafted, emphasizing the convergence of various sectors and industries. This convergence is not merely a buzzword but a significant trend observed across the global economy. Real estate, inherently linked with consumer markets, technology, industrial products, healthcare, and private capital, is witnessing intersections that are reshaping its landscape. As Bodner notes, the convergence and transformation of these sectors are occurring at a pace never seen before, marking an era of active evolution in the real estate and real asset deals markets.

With an overarching theme of cautious optimism, Bodner rates the current real estate outlook as positive, suggesting that the sectors are in a much better place than they were at the beginning of the year. This improvement is particularly visible in the office and retail sectors, where activity has picked up despite ongoing debates about the long-term impacts of remote working. The conversation then delves into emerging sectors, such as senior housing and the intersection of sports and live entertainment, highlighting the role of digitalization and data in these areas.

A focal point of the discussion is the office sector, which has been marked by volatility and rapid change. Bodner underscores a critical supply issue in high-quality office stock across major markets like New York, San Francisco, and Washington DC. This scarcity is driving demand further down the quality spectrum, prompting investors to repurpose lower-quality office buildings with new amenities. The lack of new supply, compounded by the high cost of capital and inflation in construction materials, suggests a trend towards repurposing existing assets into alternative uses, such as residential or data centers. Bodner projects a potential turnaround in the office sector, likening it to the resurgence seen in retail.

The retail sector, once perceived as dwindling, is experiencing a revival, particularly in the grocery-anchored space. Bodner notes several public-to-private transactions, reflecting a renewed interest in retail real estate. This shift challenges the previous narrative that in-person shopping was declining, reinforcing the resilience and adaptability of the retail sector.

In the industrial sector, the conversation highlights a continuous boom driven by changes in global supply chains and a shift towards onshoring. The growth in manufacturing within the United States is feeding into this trend, with industrial assets being repurposed into manufacturing hubs. Furthermore, industrial market participants are leveraging their expertise to expand into data center development, showcasing a fluidity in asset utilization.

The multifamily sector presents a complex picture, as Bodner discusses the structural undersupply of housing in the U.S. Despite slower absorption rates in certain markets, there is a strong legislative push towards creating more affordable housing. The focus is broadening from traditional multifamily units to a wider “living theme,” encompassing senior housing, student housing, and single-family homes. This reflects a broader investor interest in addressing housing needs across different age groups and demographics.

Senior housing, in particular, is highlighted as an area with significant demographic support due to the aging population. However, Bodner emphasizes the need for flexibility in product offerings to meet consumer preferences. The integration of technology within senior housing is an area ripe for growth, as operators seek to manage labor costs and enhance resident experiences through automation.

Medical office buildings are also gaining traction, driven by consumer demand for flexible healthcare options. The conversation touches on the operational nature of real estate assets, emphasizing the importance of skilled operators in these sectors. As healthcare becomes more consumer-centric, the proximity of medical facilities to residential and mixed-use developments is becoming increasingly attractive.

Hospitality, another sector undergoing transformation, is experiencing a resurgence as people continue to seek experiences. Bodner notes a growing focus on wellness within the hospitality industry, as consumers demand more than just basic amenities. This trend is indicative of a larger movement towards enhancing consumer experiences, which is also influencing other real estate sectors.

Amidst these discussions, the impact of artificial intelligence (AI) on the economy and real estate is a topic of significant interest. Bodner sees AI as a transformative force, offering opportunities to enhance real estate operating models, improve tenant experiences, and drive operational efficiencies. While there are concerns about job displacement, Bodner suggests that AI could ultimately create new opportunities and improve productivity.

The conversation concludes with reflections on broader economic indicators, such as GDP and interest rates. Bodner highlights the importance of considering structural shifts in the economy, such as the move towards manufacturing, when evaluating economic health. He also notes that the current environment of higher interest rates is fostering discipline and strategic thinking among market participants, which could be beneficial in the long run.

In summary, the midyear outlook for the commercial real estate market is characterized by a blend of optimism and caution. As traditional sectors stabilize and new opportunities emerge, the industry is poised for transformation. The convergence of technology, consumer preferences, and global economic trends is reshaping the landscape, offering both challenges and opportunities for investors and operators alike.

Article written with the assistance of AI.

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Office Property

Miami Commercial Real Estate News July 8, 2026

Ken Griffin Bought Out All 138 Condos in Miami Tower, One by One

The Solaris condo tower in Miami’s Brickell financial district. The billionaire spent roughly $125 million to gain control of the last major property in the way of his planned Citadel campus. Now, he’ll tear it down. The buyout offers at the Solaris, a 22-story condo tower in Miami’s Brickell financial district, began arriving one by one from mysterious LLCs.

Waldorf Astoria to debut in Miami Beach through hotel overhaul

Hilton Worldwide Holdings Inc. and Reuben Brothers plan to convert the W South Beach into the first Waldorf Astoria-branded hotel in Miami Beach. The companies announced the luxury repositioning July 7, stating they signed a management agreement for the oceanfront property at 2201 Collins Ave. Set to reopen in winter 2027, the upcoming Waldorf Astoria Miami Beach will…

Developer breaks ground on Miami hotel with private club

Buslam Group broke ground on the La Musique Hotel in the Coral Way/Shenandoah neighborhood of Miami and the project will include a private club. The 120,000-square-foot hotel with 100 rooms will be located at 1300 S.W. 22nd Street/Coral Way. The Miami Beach-based developer, through affiliate Investment Coral LLC, acquired the 12,519-square-foot property for $6 million…

Miami hospitality group seeks $5 million from public investors for bar expansion

A Miami hospitality group is seeking to raise $5 million from public investors to help finance the expansion of one of its neighborhood bar concepts across South Florida. Lost Boy Hospitality Ventures I Inc., a newly formed expansion company affiliated with Lost Boy & Co., has launched the offering to fund the growth of Lost Boy Dry Goods, which has operated in…

Kiki founder expands Miami River dining

Roman Jones, founder of waterfront restaurant Kiki on the River, has signed a lease for about 20,000 square feet on the Miami River, where he plans to open a new surf-and-turf concept called S&L. The steak and seafood spot will occupy 28 and 90 N.W. North River Drive, the former site of Captain Tom’s Seafood, a historic Miami River restaurant that closed after its…

SW Miami-Dade retail center owner plans redevelopment with grocery anchor

A new grocery-anchored shopping center has been proposed to replace an older retail plaza in the Redland area of southwest Miami-Dade County. Miami resident Kim Caban filed a pre-application with county officials for the 4.4-acre property at 19100 S.W. 177th Ave. It currently has a 24,772-square-foot retail center that was built in 1980. The previous owner of the…

Moishe Mana buys more land in Miami’s Allapattah

Developer, investor and land-banker Moishe Mana added more properties to his portfolio in Allapattah, The Real Deal has learned. Mana paid $21.8 million, or about $170 per square foot, for the 2.5-acre assemblage anchored at 2055 Northwest Seventh Avenue in Miami. Mana said he hasn’t decided yet what his plans are for the land. But for now, his company will use it…

AvalonBay buys city block in South Miami as investors get in position for multifamily bounceback

Investors are continuing to bet big on South Florida’s multifamily market, with three recent acquisitions across South Miami and Fort Lauderdale led by a record-setting development site purchase. AvalonBay Communities paid $22 million for a full city block development site, at 5920 Sunset Drive to 5946 South Dixie Highway, where it plans 251 apartments. The deal…

Sedano’s joins grocer acquisition trend with $32M Miami shopping center purchase

Hispanic supermarket chain Sedano’s just dropped $32 million to purchase a Miami shopping center anchored by one of its stores, records show. An entity tied to the Hialeah-based grocery chain bought the 101,000-square-foot Bird & 87th Village retail plaza at 8665 Bird Road from an LLC associated with Isabelle Amdur of Amdur Management. Agustin Herran, CEO of…

Nahla’s $1B Raleigh Miami Beach expansion proposal secures blessing from board despite height concerns

Nahla Capital moved one step closer to securing approval for tweaks that will allow the developer to increase the size of the proposed Raleigh Miami Beach, a Rosewood-branded luxury condo and hotel project that’s been in the works for years. Nahla acquired the 3-acre oceanfront assemblage at 1775, 1757 and 1751 Collins Avenue in October for $270 million, taking over…

Real estate money pops up in increasingly heated Miami-Dade judicial race

South Florida real estate money runs through local politics like clockwork, with industry players fueling a share of candidates and political committees’ coffers whenever election season rolls around. On June 25, many Miamians received a mass text directing them to a website attacking Miami-Dade Circuit Court Judge Mavel Ruiz, the incumbent in this year’s judicial…

Whirlybird dreams: Ken Griffin wants helipad for Miami Beach megayacht marina

Billionaire Citadel founder Ken Griffin has already conquered the land and the sea in Miami Beach. His next target? The air. City commissioners approved Griffin’s massive private megayacht marina at 120 MacArthur Causeway a few months ago, but now Griffin wants to chopper in. He submitted a request for a private, waterfront helipad at his sprawling Terminal Island…

Keyah Lands $38M to Reposition Miami Beach Hotel Into a Starwood Brand

Keyah Real Estate Group has nabbed $38 million to reposition a Miami Beach hotel, which will be branded after Starwood’s Treehouse Hotels, property records show. The adaptive reuse project will combine hotels that date back to the 1940s: the former Haddon Hall Hotel at 1500 Collins Avenue and the Campton Apartments at 1509 and 1515 Washington Avenue in South…

Miami eyes long-term fixes for aged police and fire buildings

As Miami weighs a proposed $450 million overhaul of aging public safety facilities, officials are considering a new framework to evaluate building conditions and create a long-term funding strategy for repairs and upkeep. Miami commissioners are set to vote July 9 on a pair of measures that would direct the city manager to develop a police and fire facility…

Miami charter change could force vote to fill elected official vacancies

A proposed City of Miami charter change could require future vacancies in the offices of mayor and city commissioner to be filled through elections only, eliminating the option to appoint replacements. On July 9, the city commission is to consider placing the charter amendment on the Nov. 3 ballot, asking voters whether to end the current practice that allows a…

Ground Breaks on ‘1775 Biscayne’ in Miami

New York-based LCOR has broken ground on a high-rise mixed-use tower in Miami’s Arts & Entertainment District. The project has been in the making for close to four years. 1775 Biscayne will measure 42 stories above grade, featuring both residences and retail. Plans call for 544 apartments, along with various on-site communal amenities, including but not…

Jackson Health Completes $400M Emergency Room Expansion in Miami

Jackson Health System has completed the first phase of the $400 million renovation and expansion of its emergency room at Jackson Memorial Hospital in Miami. The newly built, ground-up emergency room has doubled its original footprint, which now spans 178,000 square feet. Designed by HKS and built by Skanska, the project included the demolition of two…

After years of anticipation surrounding its Brickell debut, Negroni Bistro & Sushi Bar’s operating entity has filed for Chapter 11 bankruptcy protection less than a year after opening its doors to the public. Negroni Brickell LLC, which opened the restaurant at 955 S. Miami Ave. in September 2025 after a prolonged development period, filed for Subchapter V Chapter 11…

Brickell & Doral Negroni restaurants seek bankruptcy with $330K-plus in rent claims

Negroni Bistro & Sushi Bar, the local restaurant chain founded by serial global restaurateur Pablo Sartori, filed for bankruptcy for its Brickell and Doral locations, facing over $330,000 in rent claims. Negroni Brickell LLC and Negroni Doral LLC each petitioned for Chapter 11 reorganization on July 1 in U.S. Bankruptcy Court in Miami, listing between $1 million…

Shoreline Review Submitted For Foster + Partners-Designed Office Tower At 1201 Brickell Bay Drive In Brickell

A shoreline review request has been submitted for the planned 52-story office tower at 1201 Brickell Bay Drive in Miami’s Brickell neighborhood. Designed by Foster + Partners with AAI Architects serving as architect of record, the project is being developed by Citadel in partnership with Related Companies through its affiliated ownership entity, 1201 Brickell Bay…

Aimco lures Daniel’s steakhouse concept to Edgewater condo project

A real estate investment trust that’s liquidating its holdings still managed to snag a high-profile restaurant lease for a condo development in Miami’s Edgewater neighborhood. Thomas and Kassidy Angelo, the father-daughter restaurateur duo behind the Michelin Guide-recognized Daniel’s, A Florida Steakhouse in Fort Lauderdale, are gearing up to open a waterfront…

LCOR lands $193M construction loan for Edgewater tower amid flurry of apartment projects

LCOR scored a $192.5 million construction loan for a 544-unit luxury apartment tower in Edgewater, as developers are excitedly pursuing multifamily projects across South Florida, despite a lingering oversupply. New York-based LCOR started construction of a 39-story building at 1775 Biscayne Boulevard in Miami, according to the developer’s news release. The 1.1-acre…

Waldorf Astoria set to take over W South Beach

The Waldorf Astoria is set to take over the branding and operations of the W South Beach, whose hotel portion will close for renovations Aug. 20. The renovation includes 348 redesigned oceanfront guest suites, a new lobby and Peacock Alley, upgraded dining venues, an enhanced spa and fitness center, upgrades to the 48,000-square-foot pool deck with private cabanas and…

Developer Caroline Weiss’ Coconut Grove home targeted in $8M foreclosure

Key International is going after the Coconut Grove home of developer Caroline Weiss after she allegedly failed to repay an $8 million loan issued in 2024. Miami-based Key, led by brothers Diego and Inigo Ardid, filed a foreclosure complaint in Miami-Dade County Circuit Court on June 25 against Weiss, two trusts in her name and Schlesinger Law Group, a firm that…

Construction Goes Vertical on 20-Story Four Seasons Private Residences Coconut Grove

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PGIM Sells Coral Gables Office Complex for $98M

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Doral Industrial Building, 61,000 SF Lot Leased

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Partnership Plans Eight-Story Hotel for Northwest 53rd Terrace and Paseo Boulevard in Doral

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Video: CREDA President & CEO Marc Selvitelli on Whether Office Has Found Terra Firma, Absorption, Conversions, More

In a recent episode of America’s Commercial Real Estate Show, the spotlight was cast on the evolving dynamics of the office sector, a segment of the real estate market that has been under intense scrutiny in the wake of the COVID-19 pandemic. The show’s host invited Mark Selvitelli, President and CEO of the National Association of Industrial and Office Properties (NAIOP), now rebranded as the Commercial Real Estate Development Association (CREDA), to discuss the latest trends, challenges, and opportunities facing the office market today.

The dialogue began with an announcement about NAIOP’s rebranding to CREDA, a move intended to better reflect the diverse interests of its members who are increasingly involved in a variety of asset classes beyond just office and industrial properties. This rebranding symbolizes a shift in identity, aligning more closely with the current landscape of the commercial real estate industry, where versatility and adaptability are crucial.

The conversation then turned to the state of the office market, which has experienced significant fluctuations due to the economic impacts of the pandemic. The host highlighted that large office buildings have seen declines in value and demand has waned post-COVID, though there have been signs of recovery. This recovery was underscored by Selvitelli, who noted that for the first time in four years, there has been positive net absorption of office space for three consecutive quarters. However, this absorption is heavily skewed towards Class A and trophy spaces, with little new construction taking place. This scenario is creating a supply-demand imbalance as the supply of new office spaces lags behind the absorption of existing spaces.

Selvitelli elaborated on the factors driving these trends, noting that while new supply is limited, there is significant removal of office space from the market through demolitions and conversions. Markets like Washington D.C. and Manhattan have become focal points for office-to-residential conversions, reducing available office stock and thereby potentially stabilizing or even reducing vacancy rates. This trend of converting office buildings into other uses is not entirely new but has gained momentum as cities seek to adapt to the changing needs of urban environments.

The discussion also touched on the implications of these trends for office vacancy rates. While some markets are seeing decreases in vacancy rates, others, such as the Washington D.C. metro area, continue to experience softness. The reduction in shadow vacancy, or the amount of space available for sublease, also indicates a tightening in certain segments of the market.

The host and Selvitelli explored the strategies landlords are employing to attract tenants, emphasizing the importance of offering modern amenities and ensuring operational excellence to retain and attract occupiers. Landlords with strong financial backing are leveraging their position to offer tenant improvement allowances and other incentives to secure long-term leases. This approach is crucial in markets where competition for high-quality tenants is fierce, and where the aesthetics and functionality of office spaces are increasingly important.

A key point raised was the shift in how office spaces are utilized. The traditional model of rows of desks and cubicles is being replaced by flexible workspaces that promote collaboration and creativity. This transformation reflects broader changes in workplace culture and the recognition that a vibrant, interactive office environment can enhance productivity and employee satisfaction.

The program concluded with a forward-looking perspective on the office market. Despite present uncertainties, particularly in macroeconomic conditions and interest rate forecasts, there is cautious optimism about the future. The potential for rental rates to rise due to constrained supply was highlighted, suggesting that now may be an opportune time for occupiers to lock in favorable lease terms. Additionally, the idea of office condominium conversions was presented as a creative strategy to capitalize on current market conditions, where the purchase prices for large office buildings are low compared to the potential resale value of smaller office condo units.

Overall, the conversation provided a comprehensive overview of the current state of the office market, acknowledging both the challenges and opportunities that lie ahead. The insights shared by Selvitelli and the host underscore the importance of adaptability and innovation in navigating the post-pandemic real estate landscape. As markets continue to rebound, the strategies employed today will play a critical role in shaping the office environments of tomorrow.

Article written with the assistance of AI.

Topics Covered:

04:40 Office Net Absorption Trends
05:55 Office Conversions and Demolitions
11:30 Office Layouts and Amenities
17:15 Fed Rates Macro Forecast
20:30 Commercial Lease Extension Tips
21:50 Office Condominium Conversions

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Office Property

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Chart – Inflation Watch as Semiquincentennial Approaches: TIPS Spead Indicating 2.24% Expected Inflation for Next 5 Years

Federal Reserve Bank of St. Louis, 5-Year Breakeven Inflation Rate [T5YIE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/T5YIE, June 24, 2026.

The chart above is of the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five-year period ending in late June, 2026. This illustrates the difference in the yields, i.e. the spread, between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS) of the same maturity. This is a useful and frequently quoted measure of expectations for (CPI) inflation in the financial markets. The spread indicates expected inflation, of interest to investors in commercial real estate – read more about that below – and for that matter investors of all kinds, not to mention consumers.

The 5-year TIPS spread hit a high in March, 2022 at 3.59%. As the Fed maneuvered aggressively to tap inflation down, this pulled back to around 2.5% later that year, and it has spent the better part of three years oscillating in a fairly narrow band around that level. The most recent reading available, for late-June 2026, sits at 2.24%. That is down from spring highs near 2.70% reached in early-to-mid May, and it remains above the series’ long-term average of roughly 1.96%. Actual inflation was of course much higher than this at times over the past few years, but the market’s expectation for the coming five years has remained relatively subdued as monetary policy worked its way through the system.

What stands out at mid-year is the gentle downward drift. After firming up through the spring, the spread has eased back toward the lower end of its post-2022 range. There is no signal of alarm here. If anything, the move suggests market participants are growing a touch more confident that inflation over the medium term will land closer to the Fed’s target than to the elevated prints of recent memory. It is worth resisting the temptation to read too much into any single month’s wiggle—this is, after all, a daily market series that bounces around—but the direction of travel over the last several weeks has been toward more anchored expectations, not less.

Real Money on the Line

Real money is at stake with these spreads. TIPS pay interest every six months, based on a fixed rate that is calculated by multiplying the adjusted principal by one-half the calculated interest rate (i.e. half a year’s worth of inflation at that rate). Thus, a “bet” that an investor makes with these bonds has real financial implications. If actual inflation is higher than priced in the markets, a TIPS buyer will make more than a straight treasury buyer. If it is lower, that TIPS buyer will make less. How much money is at stake? In 2017 Morningstar pegged the market at $1.2 trillion, and it has only grown since. Even at that older figure, every 1% difference is a $12 billion swing. Real money.

Also seemingly relevant to the topic of the effectiveness of this spread to predict inflation is a research piece put out by the Bureau of Labor Statistics in 2019: Inflation expectations and inflation realities: a comparison of the Treasury Breakeven Inflation curve and the Consumer Price Index before, during, and after the Great Recession. It concluded that TBI (Treasury Breakeven Inflation) rates reasonably approximated inflation reality before, during, and after the Great Recession of 2007-2009. It noted that the average and median deviations between TBI rates and their respective annualized CPI-U inflation rates never exceeded 81 basis points, and that, moreover, the dispersion of deviations, as measured by standard deviation and range, decreased as the maturity horizon increased. It went further to speculate that, given that TBI expectations overshoot actual inflation in the long term and undershoot inflation in the short term, it is likely that the liquidity premium has a considerable effect in the short term but gets more than offset by the inflation premium in the long term.

Generally on Inflation and Commercial Real Estate

What is the impact of inflation on commercial real estate? In the near term, higher inflation tends to bring higher interest rates. Higher interest rates are a negative for commercial real estate. Higher rates mean larger debt service payments, reducing the buying power of purchasers and negatively impacting deal economics. They also make fixed income investments a more competitive alternative, likely pulling capitalization rates (cap rates) up, and thus prices down. Over a longer period, however, the prospect of inflation leads to a principal benefit of commercial property investment: its potential as a hedge against inflation. After all, more inflation should lead to higher rent, at least in time.

In the near term, higher inflation typically leads to higher interest rates, which are generally a negative for commercial real estate. Higher rates result in larger debt service payments, reducing the buying power of purchasers and negatively impacting deal economics. Additionally, as fixed-income investments become more competitive, capitalization rates (cap rates) tend to rise, driving property prices downward. This can create challenges for sellers and lead to reduced transaction volumes as buyers adjust their return expectations.

Over the longer term, however, inflation can highlight one of the principal benefits of commercial real estate investment: its potential as a hedge against inflation. As inflation rises, rents generally increase, especially for properties with shorter lease terms or those tied to CPI-based escalations. These higher rents can drive income growth, offsetting some of the negative effects of inflation on property values and financing costs.

Effects on Income

Inflation often benefits property owners by increasing rental income over time. This is particularly true for properties with leases that include annual escalations or that allow for renegotiation at market rates. However, the timing of income growth can lag behind inflation, especially in markets with long-term leases or significant rent control measures. For properties with operating expenses passed through to tenants, rising costs may be recouped, preserving net operating income (NOI).

Effects on Pricing

Higher interest rates driven by inflation exert downward pressure on property values as cap rates rise. Investors may require higher yields to justify their investments, which compresses pricing, particularly for stabilized assets. However, assets with strong income growth potential or located in high-demand markets may still attract premium pricing. Inflation may also drive the cost of new construction higher, potentially reducing supply growth and supporting pricing for existing properties.

Effects on IRR for Investors

Inflation’s impact on internal rate of return (IRR) is multifaceted. In the short term, higher interest rates and rising cap rates can erode IRR due to increased financing costs and lower exit values. However, over the long term, properties with strong income growth can recover and even enhance IRR as rents and NOI rise. The timing and extent of these effects depend on the asset type, market conditions, and lease structures. Properties in sectors with shorter lease durations (e.g., multifamily or hospitality) may see faster rent adjustments, boosting IRR more quickly than those with long-term leases.

Summarizing the Effect of Inflation on Commercial Real Estate

While inflation presents short-term challenges for commercial real estate by increasing borrowing costs and pressuring valuations, it can create long-term opportunities for investors to benefit from rising rental income and its role as an inflation hedge. To mitigate risks, investors should focus on assets with strong income growth potential, favorable lease structures, and markets with resilient demand. With the five-year breakeven now easing back toward the lower end of its multi-year range, the market is effectively telling investors that the inflationary backdrop, while still above the long-run norm, looks more contained over the medium term than it did at the spring peak.

MIT published an excellent whitepaper on real estate’s ability to keep pace with inflation with data to 2016. They looked at the tendency of retail, multifamily, industrial, and office income and values to keep pace with inflation. The best at keeping pace income-wise was retail, with rent growth of 102% of inflation. Office was the worst performing at a quite dismal 18%. Values across the property types more consistently kept pace, with retail again doing the best, appreciating at 107% of inflation, and office again the worst at 74% of inflation. I’ll speculate that the fairly drastic difference between income and value keeping pace with inflation is driven by vacancy. If you’re interested in the topic, read the paper.

Expectations for inflation come into play with lease structure and due diligence. A lease with a fixed rent increase becomes less attractive for a landlord with higher inflation expectations, and of course more attractive for a tenant. Similarly, a commercial property that is being acquired with existing leasing in place that has fixed or capped rent increases looks less attractive as inflation expectations increase. Also, a property being purchased with fixed rate financing will look increasingly attractive if a buyer anticipates inflation-fueled increases in income. Finally, higher inflation tends to bring higher interest rates, which have a huge effect on commercial real estate. Inflation, in short, is very important to commercial property investors.

Resources Related to this TIPS Spread Post:

Citation for Chart: Federal Reserve Bank of St. Louis, 5-Year Breakeven Inflation Rate [T5YIE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/T5YIE, June 24, 2026. | Article written with the assistance of AI.

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1. What Is the Live Local Act?

The Core Land Use Mechanism

Tax Exemptions

Funding and Other Provisions

2. The Act Hasn’t Stood Still: Amendments Through 2026

2024 — Senate Bill 328 (“Live Local 2.0”)

2025 — Senate Bill 1730 (“Live Local 3.0”)

2026 — House Bill 1389 (“Live Local 4.0”)

3. Primary Sources and Where to Read the Actual Statutes

4. Why the Act Exists: Florida’s Housing Affordability Crisis

5. Practical Effects: What’s Actually Happening on the Ground

A Surge of Proposed Projects — But a Slower Pace of Construction

High-Profile, High-Density Projects in Historic and Low-Rise Areas

Litigation Is Widespread — On Both Sides

Key Limitations and Carve-Outs

6. Who This Affects

7. Practical Takeaways

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Generally on Inflation and Commercial Real Estate

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Summarizing the Effect of Inflation on Commercial Real Estate

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