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Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects

New Cushman & Wakefield Research Report Explores the Grave Situation on the Ground in Puerto Rico, the Anticipated Puerto Rican Migration to Florida and the State’s Role in the U.S. Territory’s Recovery MIAMI, October 23, 2017 — Cushman & Wakefield today announced the publication of Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects, a report examining the potential impact of a mass Puerto Rican migration to the U.S. mainland in the wake of Hurricane Maria. Florida Research Manager Chris Owen The report, authored by Chris Owen, Cushman & Wakefield Florida Research Manager, details how the widespread destruction caused by Hurricane Maria exacerbated an already dire situation on the ground in Puerto Rico and examines the role Florida will play in the U.S. territory’s recovery and the lives of hundreds of thousands of Puerto Ricans going forward. Highlights of the report can be found below: Florida officials are estimating up to 250,000 [...]

By | 2018-05-03T14:30:12+00:00 October 24th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $36.4M Sale of Reflections Apartments

Jay Ballard and Ken Delvillar Represented GoldOller Real Estate Investments in the Disposition of the 336-Unit Suburban Orlando Multifamily Community​ ORLANDO, October 5, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Reflections Apartments, a 336-unit suburban multifamily apartment community in Casselberry, FL. Cushman & Wakefield Senior Director Ken Delvillar Cushman & Wakefield Senior Director Jay Ballard Senior Directors Jay Ballard and Ken Delvillar represented GoldOller Real Estate Investments in the disposition. The RADCO Companies acquired the asset for $36.4 million ($108,333 per unit). Reflections Apartments is a 336-unit, three-story suburban garden multifamily community built in 1984 on a ±14.60-acre site at 100 Reflections Circle in Casselberry. This location, just north of downtown Orlando, provides convenient access to Interstate 4 and U.S. 17/92 as well as Full Sail University, Rollins College and Winter Park Memorial Hospital. Reflections Apartments offers a mix of one- and two-bedroom units. The average unit is 792 square feet. The [...]

By | 2018-05-03T14:30:12+00:00 October 5th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $30.3M Sale of Ocean Oaks Apartments

Jay Ballard and Ken Delvillar Represented GoldOller Real Estate Investments in the Disposition of the 296-Unit Volusia County Multifamily Community PORT ORANGE, FL, September 29, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Ocean Oaks Apartments, a 296-unit multifamily apartment community in Volusia County, FL. Cushman & Wakefield Senior Director Ken Delvillar Cushman & Wakefield Senior Director Jay Ballard Senior Directors Jay Ballard and Ken Delvillar represented GoldOller Real Estate Investments in the disposition. A joint venture of ApexOne Investment Partners and The Collier Companies acquired the asset for $30.25 million ($102,196 per unit). Ocean Oaks Apartments is a 296-unit garden multifamily community comprising 37 buildings. The property was developed in 1988 on a ±21.1-acre site at 1645 Dunlawton Avenue. This location, just south of Daytona Beach, FL, offers convenient access to both Interstate 95 and Interstate 4, which connect residents to the top colleges and universities, world famous beaches and entertainment venues along Florida’s [...]

By | 2018-05-03T14:30:12+00:00 October 2nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield’s 2017 Florida Logistics Report Provides Detailed Insight into State’s Supply Chain Network

Florida’s Demand for Warehouse and Distribution Space May Soon Outpace Supply if the State’s Explosive Population Growth Continues ORLANDO, FL, September 21, 2017 — Cushman & Wakefield announced today that it has published its 2017 Florida Logistics Report. The report, authored by Florida Research Manager Chris Owen and Research Analyst Michelle McMurray, highlights Florida’s vital role in the global supply chain network and the unique strengths and challenges of its major logistical centers: Miami-Dade County, Broward County, Palm Beach County, Tampa, Lakeland, Orlando and Jacksonville. Download a copy of the report here. The 2017 Florida Logistics Report also examines the road, rail, air and sea capabilities and capacities for each of Florida’s major markets and analyzes the issues of supply and demand throughout the state. Notable findings include: Capacity and efficiency improvements over the next five years at Florida ports have the potential to capture market share from out-of-state ports and change supply chain dynamics. Highway and [...]

By | 2018-05-03T14:30:12+00:00 September 22nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Report: Office Rents Up Year-Over-Year in All Major Florida Markets

Class A Office Rents in Florida’s Major Markets Increased 6.2 Percent and Have Grown 16 Percent Since 2009​ ORLANDO, FL, September 1, 2017 — Cushman & Wakefield announced today that it has published its Second Quarter 2017 Florida Rental Report. The report, authored by Cushman & Wakefield Florida Research Manager Chris Owen and Research Analyst Gareth Watson, highlights Class A office market rental fundamentals in Florida’s major markets (Broward County, Jacksonville, Miami, Orlando, Palm Beach County and Tampa Bay) and compares the current quarter’s rates to those at the height of the last real estate cycle (2008–09). Key findings in the report include: Statewide, full-service asking rental rates for Class A office space increased 6.2 percent over the past year to $34.28 with all markets showing increases in asking rents. The latest jobs report shows a 2.7 percent increase, or the addition of 226,200 new jobs, over the past year, enhancing demand for office space. Overall, higher [...]

By | 2018-05-03T14:30:13+00:00 September 5th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Report Highlights Growth of Florida’s Industrial Markets

Industrial Fundamentals Have Improved in All of Florida’s Major Markets Prompting a Spate of Speculative Development ORLANDO, FL, August 23, 2017 — Cushman & Wakefield Research announced today that is has released Florida’s Industrial Evolution, a report highlighting the strengthening of industrial markets throughout the state of Florida and a return to pre-recession industrial occupancy and rental rates. The document, authored by Cushman & Wakefield Research Analysts Kathleen Krilanovich and Michelle McMurray, also details positive industrial construction trends in Florida’s major markets — Tampa Bay, Miami, Orlando, Jacksonville, Broward County and Palm Beach County. “With nearly every major market performing at or better than pre-recession levels, Florida is a prime location for new construction and tenant expansion,” said Krilanovich. “Economic expansion, job growth and an influx of new people into the state contribute to increases in consumer spending and support the underlying demand for industrial space in Florida.” “For the first time since 2009, spec construction drove [...]

By | 2018-05-03T14:30:13+00:00 August 24th, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Reports Office and Industrial Growth in All Florida Markets

Fundamentals Have Improved in Office and Industrial Markets Throughout the State of Florida ORLANDO, FL, August 18, 2017 — Cushman & Wakefield announced today that it has released its 2Q 2017 Florida Office and Industrial Statistics Reports. The quarterly reports, authored by Cushman & Wakefield Research, track the performance of office and industrial markets in Florida’s major metropolitan areas. Cushman & Wakefield’s research indicates that office and industrial market fundamentals have improved year-over-year in all Florida markets. Florida Office Statistics The state-wide office vacancy rate is the lowest it has been since the second quarter of 2007. New construction remained muted, but activity was rising. Statewide, full-service asking rental rates increased 3.8% over the past year to $28.23 per square foot (PSF) with rates for Class A product up 6.2% to $34.28 PSF. Florida Industrial Statistics The current overall vacancy rate of 5.0% is lower than pre-recession levels, dating back to the second quarter [...]

By | 2018-05-03T14:30:13+00:00 August 22nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Brings ±41-Acre Development Site to Market In Orlando Tourist Corridor

Margery Johnson and Andy Slowik Were Selected by Highlands REIT, Inc. to Market the Waterfront Development Site ORLANDO, FL, August 4, 2017 — Cushman & Wakefield announced today that it has been named exclusive advisor in the disposition of Palazzo del Lago, a ±41-acre mixed-use development site in the heart of Orlando’s tourist corridor. Senior Associate Andy Slowik Senior Director Margery Johnson The land brokerage team of Senior Director Margery Johnson and Senior Associate Andy Slowik were selected by Chicago-based Highlands REIT, Inc. to market the site for sale. Palazzo del Lago is a 40.89-acre parcel located on International Drive South, just north of State Road 417 (The Central Florida GreeneWay). The site is ideally situated less than three minutes from Interstate 4, six minutes from Walt Disney World, ten minutes from Sea World and 15 minutes from Universal Orlando. “Orlando’s impressive visitor numbers and employment figures continue to flourish and International Drive South has witnessed similar growth and development, including the recently completed 314-unit Alexan [...]

By | 2018-05-03T14:30:13+00:00 August 4th, 2017|In the News, Press Release|0 Comments

Global Office Forecast: Is the World Overbuilding?

Office Development Muted in Florida Despite Surging Demand for Class A Space ORLANDO, FL, August 2, 2017 — Across the globe, an unprecedented office building boom is underway with more than 700 million square feet (MSF) of space under construction that will deliver between now and the end of 2019, Cushman & Wakefield’s Global Office Forecast reports. That’s the equivalent of recreating five cities worth of office inventory – Washington, DC, Dallas, London, Singapore and Shanghai – over the next three years. The report details economic drivers, supply and demand forecasts and prospects for rent growth in more than 100 cities around the world. Although demand, as well as job growth, will remain healthy through 2019, totaling approximately 520 MSF, it will fall far short of supply, which will cause vacancy to rise in most cities around the world. From that perspective, the world is overbuilding. Or, not. It also has been abundantly [...]

By | 2018-05-03T14:30:13+00:00 August 2nd, 2017|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates $47M Sale of Advenir at Broadwater

Cushman & Wakefield Represented Advenir in the Disposition of the 408-Unit Multifamily Opportunity ORLANDO, July 26, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Advenir at Broadwater, a 408-unit suburban multifamily apartment community in Orlando, FL. Cushman & Wakefield Senior Director Ken Delvillar Cushman & Wakefield Senior Director Jay Ballard Senior Directors Jay Ballard and Ken Delvillar represented Advenir in the disposition. Emma Capital acquired the asset for $47 million. Advenir at Broadwater is a 408-unit, two-story suburban garden multifamily community built in 1988 on 22.9 acres at 6677 Tanglewood Bay Drive in Orlando. The property is centrally located in the heart of Orlando’s tourist/commercial corridor with visibility along International Drive and Westwood Boulevard. The property gives residents easy access to Orlando’s theme parks and Central Florida shopping destinations. Community amenities include two resort-style swimming pools and spas, a renovated clubhouse, a fitness center with free weights, a racquetball court, a business center, [...]

By | 2018-05-03T14:30:13+00:00 July 26th, 2017|In the News, Press Release|0 Comments