Florida real estate market healthy but challenged
The Florida real estate industry is healthy, though several thorny challenges confront residential sales, one of the nation’s leading economists told a gathering of about 80 agents and brokers Wednesday morning. Lawrence Yun, chief economist and senior vice president of the National Association of Realtors, spoke at the 12th annual Global Conference. Yun said trend lines indicate there's a decline in international real estate buyers in Florida. “We wonder if this is fear about a trade war,” he said. Also, fewer consumers feel now is a good time to buy a house. The competitive residential market is being met with caution, Yen noted. [Source: Sarasota Herald-Tribune]
Law firms’ office spaces are shrinking in South Florida. The average office size for a law firm in South Florida decreased from 800-1,000 square feet per lawyer to 550-700 square feet per lawyer, according to a recent CBRE study cited in the Daily Business Review. [Source: The Real Deal]
If you've been thinking about nominating your commercial real estate project, deal, developer or dealmaker for the 2018 Structures Awards, now's the time to take action. The deadline for nominations is June 8. [Source: Orlando Business Journal]
Miami-Dade’s office market in the first quarter showed prices markedly above three years ago but vacancy rates also higher, with the central business district in particular having growing vacancy. Despite a changing landscape, experts say they aren’t worried, as reports show the market on track to surpass absorption levels due to increased popularity in co-working offices. [Source: Miami Today]
As consumer demand trends toward green and sustainable home features, real estate professionals across the country continue to work to promote environmentally responsible features and business practices. According to the results of a survey by the National Association of Realtors, 61 percent of Realtors report consumers are interested in sustainability. See the full report,"Realtors and Sustainability," here. Also read more at Florida Weekly.
› Cushman & Wakefield promotes executives to statewide roles [Business Observer]
Commercial real estate brokerage firm Cushman & Wakefield has promoted a pair of its non-agent Florida executives to statewide roles. Chris Owen has been elevated to Director of Research at Cushman & Wakefield, one of the nation’s three largest commercial real estate services firms. The company also promoted LaShawn Bates to Director of Financial Analysis for Florida.
› Ave Maria is fastest growing single-family community for past 4 years [Naples Daily News]
Ave Maria Development reports a strong end to first quarter new home sales claiming its spot once again as the fastest growing single-family community in the Naples/Fort Myers market, a designation it has earned from MetroStudy for the past 13 consecutive quarters.
› Hines trades Florida office property [Commercial Property Executive]
Hines has sold a 6,351-square-foot office building in St. Augustine, Fla., for $1 million. The buyer, DLP Capital Partners, plans to use the structure as its new southeastern headquarters
› Opinion: How to build South Florida’s market for resilient homes [South Florida Sun-Sentinel]
South Florida residents know firsthand the power and destruction of hurricanes. Meanwhile, real estate agents in South Florida know that resilient features that help protect homes against hurricane damage are popular with consumers.