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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|

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|

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|

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|

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|

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|

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|

Cushman & Wakefield Report: Florida is the Ideal Location for E-Commerce Business

An Interactive Infographic Produced by Cushman & Wakefield Research and Marketing Documents the Factors Driving the Success of Florida’s E-Commerce Industry ORLANDO, FL, July 17, 2017 — Cushman & Wakefield today released an interactive infographic highlighting Florida’s status as an e-commerce market leader. The document shows Florida’s leading role in the e-commerce industry which is supported by a booming economy and steady population growth as well as in-place last mile infrastructure and unique geographic advantages. “E-commerce and the growth of online shopping is changing the retail landscape in Florida. We see first-hand the development of last mile supply chain strategies which are driving efficiencies and disrupting traditional retail business models,” said Florida Research Manager Chris Owen. “Florida is a prime location for many e-commerce companies,” added Owen. “With nearly 800 people a day moving here, the state has the consumer power and density to support both regional fulfillment hubs and same day, last mile delivery practices.” [...]

By | 2018-05-03T14:30:13+00:00 July 17th, 2017|In the News, Press Release|

Cushman & Wakefield Negotiates Sale of Six Class A Suburban Office Buildings

Mike Davis, Michael Lerner and Rick Brugge Represented a Fund Advised by DRA Advisors, LLC in the Disposition of Heathrow International Business Center LAKE MARY, FL, July 13, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Heathrow International Business Center, which includes six Class A office buildings located in suburban Orlando. The Capital Markets team of Vice Chairman Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented a fund advised by New York-based DRA Advisors, LLC in the disposition. A controlled affiliate of Starwood Global Opportunity Fund XI acquired the asset in an exclusively negotiated, off-market transaction. Heathrow International Business Center is the third in a series of significant office parks to change ownership in Lake Mary in less than one year, including Colonial Center at TownPark, which sold in May 2017, and Primera Towers, which sold in November 2016. All three transactions were negotiated by Davis, Lerner and Brugge and [...]

By | 2018-05-03T14:30:14+00:00 July 13th, 2017|In the News, Press Release|

Cushman & Wakefield Brings The Keller Center to Full Occupancy

Rick Solik and Matthew McKeever Represented TerraCap Management in Suburban Orlando ORLANDO, FL, June 28, 2017 — Cushman & Wakefield announced today that it has assisted TerraCap Management in bringing The Keller Center, a ±160,000-square-foot, Class A office building in Maitland, FL, to full occupancy. Senior Director Matthew McKeever Senior Director Rick Solik Senior Directors Rick Solik, MCR and Matthew McKeever, CCIM, SIOR were selected to lease the building by TerraCap Management in late 2014. Solik and McKeever have since leased ±147,000-square-feet, pushing occupancy in the building from 20 to 100 percent. New tenants in the building include Adventist Health System, which leased ±41,000 square feet. Adventist Health System is a faith-based health care organization headquartered in Altamonte Springs, FL, with 45 hospital campuses and more than 8,200 licensed beds in nine states. CDM Smith, a full-service engineering and construction firm based in Boston, MA, has leased a [...]

By | 2018-05-03T14:30:14+00:00 June 29th, 2017|In the News|