Miami, FL

New Office Tenants and New Development Balance Out Vacancy in Miami

Published

3 years ago

July 8, 2022

New Office Tenants and New Development Balance Out Vacancy in Miami

Whereas the financial system has had a turbulent few years — with a worldwide pandemic, report inflation and political drama — the emptiness price in Miami’s workplace market has remained pretty static, because the horde of new-to-market tenants was balanced by new improvement, in keeping with second-quarter analysis from Colliers.

Within the second quarter of 2022, Miami-Dade’s emptiness price stood at 11 p.c throughout its 1,693 buildings totaling 94.3 million sq. ft, per the report. That marks the very best price because the first and second quarters of 2021 when it reached 11.3 p.c.

That’s above the pre-pandemic baseline within the second quarter of 2019, when the emptiness price registered at 9.2 p.c — on 91.7 million sq. ft of workplace house citywide.

Andrew Hellinger, co-principal of City-X Group, has been the beneficiary of nationwide and native companies coming to arrange store in Miami. For instance, his funding within the mixed-use River Touchdown, alongside the Miami River, has paid off.

““The Well being District, the place River Touchdown is situated, traditionally had a 0 p.c emptiness price. With the opening of the places of work at River Touchdown, we launched much-needed house to a decent market, which has leased a lot sooner than we anticipated,” Hellinger stated in a press release to Business Observer.

The emptiness price has remained roughly the identical in Miami-Dade County regardless of the lingering concern that COVID-19 may stifle the return to workplace simply as extra workplace house was being added, Jonathan Kingsley, govt managing director at Colliers, identified.

“There’s vital development into South Florida mixed with natural development of current corporations who’re increasing their footprints and upgrading the standard of the buildings and areas wherein they function their companies,” Kingsley stated in a press release. “This has stored a wholesome stability to offset corporations and companies who’re downsizing as a result of distant and/or hybrid work fashions.”

Builders have been constructing extra within the final three months than they have been in 2019 with 3.2 million sq. ft of workplace house below building at the moment, in comparison with the two.8 million being constructed within the second quarter of 2019.

Inside Miami-Dade, the very best workplace vacancies have been within the Wynwood District at round 27.7 p.c and Downtown Miami with 22.4 p.c — each common areas which have seen latest deliveries. Class A suffered the very best vacancies as nicely, with Wynwood’s high areas sitting empty at about 54.1 p.c and 25.7 p.c in Downtown.

In the meantime, Hialeah Gardens noticed the bottom vacancies in Miami-Dade, with the up-and-coming district having solely 2.4 p.c of its 792,137 sq. ft of workplace house — all Class B and C — accessible within the second quarter. Medley got here in an in depth second with 2.9 p.c of its 2.4 million sq. ft vacant.

In South Florida’s two different counties, emptiness charges weren’t too far off. Palm Seaside County, with its 1,268 buildings and 52 million sq. ft of workplace house, had a emptiness price of 9.1 p.c, in keeping with Colliers, whereas Broward County had an 11.7 p.c emptiness price inside its 62 million sq. ft of 1,488 workplace buildings.

However latest hiccups within the financial system are starting to ripple by means of the market, notably on the funding gross sales facet.

“There are rising challenges on the capital markets/funding gross sales transactions for workplace buildings in latest weeks. Many patrons are compelled to re-price (i.e. cut back) their gives based mostly on growing rates of interest and value of fairness and debt,” Kingsley stated in a press release. “Likewise, many house owners who have been contemplating gross sales of their workplace property, are pausing till the debt markets settle and patrons return to extra aggressive gives to buy.”

Mark Hallum will be reached at mhallum@commercialobserver.com.

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Miami, FL

Lionel Messi-led Inter Miami unveils five-match, four-country preseason trip

Published

12 hours ago

January 10, 2025

Press Room

Lionel Messi-led Inter Miami unveils five-match, four-country preseason trip

Lionel Messi is getting another preseason tour with Inter Miami, this one a five-match trip that will see the reigning MLS Supporters’ Shield winners playing in four different countries as it tunes up for the 2025 season.

Announced Friday were three matches in South America and Central America. Inter Miami opens that swing with a game against Peruvian champion Club Universitario de Deportes in Lima on Jan. 29.

From there, the club goes to Panama City to take on Sporting San Miguelito on Feb. 2, followed by a trip to San Pedro Sula, Honduras, for a Feb. 8 match against Club Deportivo Olimpia.

The first and last preseason matches were already known: Inter Miami will play Mexican power Club America in Las Vegas on Jan. 18 and close the exhibition slate in Tampa, Florida, against MLS rival Orlando City on Feb. 14.

“We’re very excited to unveil the five matches against domestic and international opponents across the Americas that will prepare us for a highly anticipated 2025,” Inter Miami president of football operations Raul Sanllehi said. “These fixtures will put us in the best possible position ahead of an unparalleled campaign with various competitions we’re playing for this year — the FIFA Club World Cup, CONCACAF Champions Cup, Leagues Cup and MLS.”

With 34 regular season MLS matches, five preseason games and the three cup tournaments, Inter Miami could easily exceed 50 matches this season — and probably will play even more than that. And that doesn’t even count international matches for Messi and likely several other Inter Miami players.

This year’s preseason tour isn’t quite as ambitious as the one Inter Miami planned last year, with matches in Dallas, El Salvador, Saudi Arabia, Hong Kong and Japan on that schedule. Much of that trip didn’t go as envisioned: A Messi vs. Cristiano Ronaldo matchup in Saudi Arabia didn’t happen because Ronaldo was sidelined by injury, and fans in Asia were angered by Messi missing one match there and playing sparingly in another. Some refunds were even issued to help appease disappointed ticket-holders, some of whom spent more than $600 with hopes of seeing Messi play.

Inter Miami’s training camp starts with physicals on Saturday. The first practice under new coach Javier Mascherano is Monday.

Reporting by The Associated Press.

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Miami, FL

TRANSFER PORTAL: Charlotte Gets Commitment From Ex-Louisville, Miami RB Don Chaney Jr.

Published

20 hours ago

January 10, 2025

Press Room

TRANSFER PORTAL: Charlotte Gets Commitment From Ex-Louisville, Miami RB Don Chaney Jr.

Former Miami and Louisville running back Don Chaney Jr. will transfer to Charlotte, as first reported by Pete Nakos of On3 Sports.

A former four-star recruit, Chaney began his career with Miami in 2020 and rushed for 322 rushing yards and three touchdowns on 68 carries, but suffered season-ending injuries in 2021 and 2022.

The 5-foot-10, 208-pounder bounced back to finish third on Miami’s roster in rushing yards in 2023, rushing for 478 yards and two touchdowns before transferring to Louisville following the season.

Chaney never found his footing with Jeff Brohm’s club, being used primarily as a reserve this past year. He rushed for 178 yards on 50 carries with three touchdowns and hauled in seven receptions for 62 yards.

For his career, the Miami native has rushed for 1,030 yards and nine touchdowns.

First-year Charlotte head coach Tim Albin takes over the 49ers’ program after former head coach Biff Poggi was relieved of his duties following a two-year stint in the Queen City that saw Poggi amass a 6-16 record with the team.

Miami, FL

Stephen A. Smith Once Referred To Ex-Miami Heat Player As ‘Steal Of The Draft’

Published

1 day ago

January 9, 2025

Press Room

Stephen A. Smith Once Referred To Ex-Miami Heat Player As ‘Steal Of The Draft’

Let’s be honest: no one is perfect when it comes to making predictions.

You win some, and you lose some.

So cut media personality Stephen A. Smith some slack for his now cold take during the 2015 NBA draft. While ripping the New York Knicks for drafting Kristaps Porzingis with the fourth pick, Smith rattled off three players they should have taken instead.

They were Willie Cauley-Stein, Stanley Johnson and Justise Winslow, who he all called “NBA ready.”

Posted by REVOLT Sports on Wednesday, January 1, 2025

Smith boldly called Winslow “the steal of the draft.” He was taken by the Heat at No. 10. Fans fell for it, too, because they cheered loudly at Kaseya Center when the pick was announced. The result was Winslow having five forgetful seasons in Miami before he was traded to the Memphis Grizzlies.

Heat fans forever link him with All-Star Devin Booker, who was taken three spots after at No. 13. Others drafted later were Kelly Oubre Jr., and Terry Rozier.

Smith was actually wrong about all the players he mentioned who should have been taken ahead of Porzingis. Cauley-Stein was out of the league after seven seasons, averaging 8.7 points and 5.9 rebounds for his career. Johnson made it eight seasons before exiting to play overseas.

Meanwhile, Porzingis is still going strong as a key cog for the defending champion Boston Celtics. And Heat fans are still sulking about Winslow never panning out.

Shandel Richardson is the publisher of Miami Heat On SI. He can be reached at shandelrich@gmail.com

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