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June 19, 2014
Be Flexible, Office
Creative office space is one thing, but now that South Florida's got one of the hotter local economies in the country, office tenants are looking for flexible office space, brokers tell us—space in which it's easier to grow. (So make sure the space has plenty of water and sunlight.)
When it comes to flexibility, International Place I in the Sawgrass International Corporate Park has an on campus ace-in-the-hole in the form of a Regus Business Center—one of an international chain of office suite properties that lease to small tenants—until they're ready to become larger tenants. (Like an incubator or a Triple A baseball team.) Many tenants eventually outgrow their executive suite-style offices, Taylor & Mathis director of leasing Donna Korn explains (second from left). For example: Resort management firm Playa Resorts Management USA recently inked a 6,000 SF lease at International Place I, as it prepares to make the jump from Regus Business Center. Donna and colleague Jennifer Gemma repped International Place's owner, the Brookdale Group, with Rick Hansen of EWM of Esslinger-Wooten-Maxwell, repping the tenant.
Stiles Realty director Madelayne Garcia tells us that over the last 12 months, she's repped the owner of the 175k SF Commercial Place I & II in Fort Lauderdale in 47k SF of new leases and renewals, mainly from large and midsize users looking for flexible space. One recent large lease involved HDR Engineering taking 10k SF, with Keith Edelman and Scott Goldstein of JLL repping the tenant.
¡GOOOOOOOOOOOOL!
Miami's a futbol town, that's for sure. Snapped: The Rilea Group's Diego Ojeda, Brightstar Corp's Marcelo Claure, and famed footballer David Beckham, who visited The Bond on Brickell's sales center this week to greet supporters as part of his quest to bring a pro soccer team to Miami. The 328-unit Bond on Brickell, by the Rilea Group, is Miami's newest condo to be developed on Brickell Avenue.
Here's Marina Palm's Carmen Gamarra and her pup Valentian, who's clearly a Brazil supporter, snapped at Marina Palms' World Cup Party recently. About 80 people came to the event at the Palms Yacht Club & Residences in North Miami Beach, where they watched the action and enjoyed Brazilian BBQ and caipirinhas.
Industrial Roars Back
Other South Florida property types are so sexy, who can spare a thought for industrial? (That's why we couldn't get a prom date.) The investment in infrastructure improvement projects, including the PortMiami dredging and the soon-to-open PortMiami Tunnel, coupled with the pipeline of residential construction and tourism activity, are creating more demand for industrial space. “Miami's leading the charge as a result of strong international trade and tourism,” JLL Florida research director Brady Titcomb tells us. JLL's research team is snapped as they took a tour of local ports, including PortMiami, to see all the action up close (Brady's second from left).
Also, Brady says, the new wave of mixed-use and residential development in Miami is a key driver of industrial growth. Once those towers are completed, the demand from end users for goods and services will rise (you gotta fill your de-luxeapartment in the sky with something). The numbers bear out Brady's enthusiasm for Miami industrial: JLL's most recent numbers reveal that 71% of the industrial product delivered in the past 15 months has already been leased.
YOU TELL US: Should Real Estate Drones Be Regulated?
While the FAA has yet to decide how to regulate drones for commercial use, the remote-controlled, unmanned aerial vehicles are already being put to work in commercial real estate. Developers and construction managers are using them to keep track of a development's progress, while owners and brokers are using them to show space from an entirely new perspective. While many folks in the industry are embracing the new technology, it's also been met with some reservations, with naysayers citing “huge invasions of privacy” and safety concerns. Should regulations be put in place for drone use in commercial real estate? Read our story in Real Estate Bisnow National and tell us your thoughts by clicking the survey to the left.
Send Us Your Stories: Family Business
Do you work with your father/wife/daughter/twin brother/second cousin twice removed? We have a new feature where we share pics of families who are making it work—working together. So, if you're lucky enough to not have to wait for Thanksgiving to see your family, and instead you get to see them at the water cooler ever day, don't keep it to yourself. Let us know! Here's an old adage we just made up: The family that sells together, gels together.
Take all those bad chemistry puns and barium. Send ideas, suggestions, and rum punch recipes to dees.stribling@bisnow.com
