Technology & Innovation Roundup: 1909 To Create Innovation Hub in West Palm Beach

In the heart of Downtown West Palm Beach one can find Clematis Street, an area known for its trendy restaurants, bars, clubs, shopping, and a plethora of other businesses. However, the already established commerce doesn’t leave much room for start-up companies or accessible work spaces.

In a recent transaction on May 16, 2022 of $10 million, the 29,181-square-foot building on 314 Clematis Street was purchased by the nonprofit organization, 1909. Future plans are centered around providing opportunity for small businesses and entrepreneurs by offering a multi-use space.

Read more about 1909’s purchase of 314 Clematis and the amenities to be provided in 2024 at https://www.bizjournals.com/southflorida/news/2022/05/31/technology-innovation-roundup-05-2 7-22.html

Commercial Real Estate Maintenance in the Summer

Commercial properties require maintenance all year long– especially in the summer. The high temperatures and unpredictable storms demand more responsibility for both property management teams and tenants. The benefits of being proactive at your property include increased overall efficiency for your business and saving money in the long run. Let’s take a look at a few of the top preventative maintenance tips you can use when managing a commercial property:

  1. Commercial HVAC service
  2. Electrical & Safety equipment
  3. Outdoor Lighting
  4. Fire Safety
  5. Roof Maintenance

Click here for a comprehensive list on what you should be staying on top of this summer.

Developers buy mixed-use site in Lake Worth Beach

With the current state of the market, affordable housing is hard to come by. Fortunately for residents in Lake Worth Beach, an offer by the Deco Green project was just approved for the development of 125,000 square feet at 1715 N. Dixie Highway.

The revitalization of this 2.3-acre site will include shared community space, office and retail space, and most importantly, “This area [will meet] the need for attainable rental housing.” As developers begin this endeavor, it is exciting to see commercial space find its purpose in making certain amenities more accessible especially for residents in the Boca Raton and Lake Worth region.

Read more on the joint venture of Office America Group and Avanti Way Group and their vision for the mixed-use site here: https://www.bizjournals.com/southflorida/news/2022/06/30/developers-buy-mixed-use-site-in-lake-worth-beach.html.

5 Ways Smart People Influence Themselves

Throughout the course of life, we are defined by the decisions we make; and sometimes, deciding what we believe is the best option can be an arduous task swayed by the influence of others. However, we as individuals hold the power to influence ourselves in a proactive manner streamlining us to the pinnacle of success. 

Read 5 ways you can influence yourself… https://www.success.com/5-ways-smart-people-influence-themselves/

AquaGrille and Cohen Commercial Realty

Top Chef’s All Star contestant– and Cohen Commercial client – Stephen Asprinio has opened AquaGrille, a high-end restaurant that prides itself on “world-class dining that embraces the local culture.” Located on the corner of U.S. Highway One and Donald Ross Road in Juno Beach, Asprinio cultivated a creative menu catering to the “elevated and exploratory palates” of the local Palm Beach County area. The restaurant has taken off since opening in early March, and the search for opening a twin restaurant has already begun with our Tenant Rep team members Chris Haass and Scott Witkowski at the helm of site selection.

Mr. Haass has been in the commercial real estate industry for more than 20 years and specializes in restaurant representation; Mr. Witkowski’s expertise lies in tenant representation for both national and local restaurants and retailers throughout the state of Florida.  Read more on AquaGrille’s success and “The Restaurant Whisperer” at https://www.palmbeachpost.com/story/entertainment/dining/2022/06/06/top-chef-contestant-stephen-aspirinio-changing-north-palm-beach-county-dining/9430228002/

Why Should You Hire a Tenant Rep Broker?

A tenant rep broker is a person who advocates for the tenant. The representative is an expert in the current market and helps find locations and negotiate based on the tenants’ specific needs. This service is often a complimentary service for the tenant throughout the entire process. The expertise of the representative in each specific market proves to be highly beneficial to the clients.

Values of choosing a tenant rep:

  1. Insight into current market trends
  2. Saves the tenant time and money
  3. Awareness of local municipal rules and regulations
  4. Provides guidance regarding lease negotiations and executions
  5. Support is available even after the transaction
  6. Consultant on development strategy for a region

To learn more about tenant representation, click here.

Seven Trends Driving Commercial Real Estate in 2022

Commercial real estate traditionally has provided a barrier against inflation. Investors who would normally invest in stocks are now investing in real estate to diversify their money. Here are seven trends driving commercial real estate this year:

  1. Significant capital and available debt will contribute to another year of growth.
  2. Secondary markets will outgrow the country’s major cities.
  3. The housing hot streak will (most likely) continue.
  4. Offices will change, but they won’t shutter.
  5. Real estate will welcome more quants (quantitative firms) to the mix.
  6. Proptechs (property technology) got popular. Time to consolidate.
  7. Construction costs will rise, benefiting existing assets.

For more information regarding these trends, click here.

Florida is Arguably the Hottest CRE Market

Florida is at the top of the commercial real estate market. According to the NAR Commercial Real Estate Market Conditions, Florida has 9 of the top 15 metro areas. This means Florida is the hottest market as of 2021 Q4 results. NAR’s CRE Market Conditions Index is calculated by the number of variables where a metro area’s conditions are stronger compared to a national total number of indicators. An index above 50 means market conditions are stronger nationally, and index below 50 means local market conditions are weaker nationally.

For more information regarding the top CRE markets of Q4 2021, click here.

https://www.globest.com/2022/01/24/florida-is-arguably-the-hottest-cre-market/?slreturn=20220412092841#:~:text=Florida%20was%20arguably%20the%20hottest,Real%20Estate%20Metro%20Market%20Reports.

Commercial Real Estate Market Expected to Grow Despite Rising Interest Rates

Great news for commercial real estate investors! Even though interest rates are rising the commercial real estate market is expected to perform well. Rent prices are going up in all sectors, but specifically the industrial sector is thriving. Industrial rents are expected to continuously rise over the next two years resulting in a higher return on investments.

For more information regarding the growth of the commercial real estate market, click here.

https://www.nar.realtor/newsroom/commercial-real-estate-market-expected-to-grow-despite-rising-interest-rates

Pandemic prompts Wall Street to look south for Florida’s life and work benefits

Florida’s warm weather, low taxes, affordable space and quick, easy flights back to the Northeast have many Wall Street companies abandoning cities like New York for the Sunshine State. Companies like Elliott Management, Citadel and Goldman Sachs Group Inc are just a few to say they will open satellite offices for a location close to the beach. For commercial real agents, this is dream come true. Find out more about this positive pandemic trend by clicking here: