Florida Employment Report | July 2020

Florida continues to see improvement on the job front over the summer. Florida lost 1,178,100 jobs from February to April 2020 and has since gained back almost half of the jobs lost, +572,200 jobs. On a month-to-month basis, payrolls increased by 101,000 jobs in July while the unemployment rate increased 1,000 basis points to 11.3%. The[…]

Midyear 2020 Florida Investment Sales Industrial Report Card

Florida experienced a 12.8% YOY decrease in industrial investment sales through the first half of 2020. Orlando and Miami were the only markets to experience an increase at the mid year, up 104.4% and 29.2% respectively on sales that hit in the first quarter. All markets experienced a substantial decrease in sales during the second[…]

Florida Industrial Rents Q2 2020

Second quarter rents reflect minimal impacts from COVID-19. Warehouse/Distribution direct rents increased to near record highs in several markets based on confidence pre-COVID. Average rent growth YOY in Florida was 8.3%, and average statewide rents were 12.9% higher than previous cycle highs. On an inflation adjusted basis, statewide rents were off by 6.1% from the previous[…]

Florida Industrial Rents Q1 2020

Shelter-in-place orders and business interruptions did not occur in Florida until the end of March. As such, 1st quarter industrial rents do not reflect any real impacts from COVID-19. While there has been significant rent growth pre-pandemic, most industrial rents in Florida lag historical highs based on a numerical or an inflation adjusted basis. Only Jacksonville[…]

Transforming the Supply Chain for Shifting Channel & Product Demands

How has COVID-19 Impacted eCommerce, Logistics & Manufacturing?     Join a panel of logistics and retail experts for a discussion about pandemic-driven shifts in supply and demand. Find out what changes are happening now and how industries may be impacted in the coming months/years. The conversation will include the eCommerce multiplier, acceleration of technology[…]

1Q 2020 Florida Industrial Construction Report Card

As the world reacts to the Covid-19 pandemic, demand from industrial users will change with the potential for powerful impacts on Florida markets. Industrial space is traditionally the most nimble and responsive to immediate changes in the economy, ramping up quickly when demand rises with projects shelved just as fast as the economy softens. Late[…]

Coronavirus: Impact On The Global Property Markets

Developments are extremely fluid, and tremendous uncertainty remains regarding how broadly the virus will spread and what its ultimate impact will be on public health, economic growth and financial and real estate markets. All eyes are on the financial markets. The virus is battering China’s economy. The precise impact to the global economy is unknowable,[…]

Industrial cooled off in 2019 – Will it heat back up?

Over the next couple of years, we expect industrial to remain one of the leading product types to watch. The forecast for North American industrial absorption in 2020-2021 is a healthy 459.9 msf. Economic indicators, with strong links to industrial fundamentals, point to continued growth in 2020 and 2021. Industrial has been the investors’ darling[…]

Global Research Brief

The global economy clearly lost considerable strength this year. Global real GDP growth is tracking to come in at 3.0% for 2019—its slowest pace since the global financial crisis. Although commercial real estate (CRE) leasing fundamentals remain broadly stable, it is also evident that the pace at which businesses were gobbling up space decelerated against[…]

Sam’s Club Tests Retail Space at eCommerce Fulfillment Center

Sam’s Club last week reintroduced retail space to a former store in Tampa, Florida that the company had converted to an eCommerce fulfillment site, according to local reports. The store shuttered last January as part of the company’s sweeping closures and began filling online orders several months later. The retail space, located in what was[…]

Jacksonville ranks #1 for large cities

Axios recently published an article ranking the top 5 Counties for attracting job talent based on population. Duval County, Florida (Jacksonville) ranked number 1! The article notes that Jacksonville’s job growth has been bolstered by the introduction of Amazon and Wayfair distribution centers. Read the full article here!