Category: South Florida Commercial Real Estate

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A New Use for Unused Buildings: Self Storage Facilities

The Rise of Adaptive Reuse in Self-Storage

Around 9% of the total self-storage space in the U.S. comes from adaptive reuse, with 78% of these conversions happening in industrial buildings and 16% in former retail spaces. This trend is a creative solution to meet the increasing demand for storage while giving new life to older structures.

Why It Works

Building new self-storage units can be costly, especially with expensive land and zoning restrictions. In contrast, repurposing existing buildings is often more affordable. As StorageCafe’s Maria Gatea explains, converting a structure means fewer materials are needed, and labor costs are typically lower. Industrial buildings are ideal due to their high ceilings and open layouts, which make them easier to convert, while retail spaces may require more modifications.

The Appeal of Location

Converted self-storage facilities are often found in urban areas, making them convenient for renters. With fewer zoning challenges compared to new developments, adaptive reuse allows developers to build storage units closer to where people live and work. Plus, they tend to be more affordable than purpose-built storage units, offering budget-friendly options for city dwellers.

Looking Ahead

As cities grow denser and land becomes scarcer, the demand for self-storage in urban areas will only increase. Adaptive reuse offers a cost-effective way to meet this demand without requiring new land. Chicago is leading the charge with over 7.3 million square feet of converted space, and New York City is also seeing a surge in conversions.

In short, adaptive reuse in self-storage is a smart, sustainable solution for urban areas. As the trend continues, repurposing old buildings will play a key role in meeting the storage needs of growing cities.

Sorter, Amy Wolff. “A New Use for Unused Buildings: Self Storage Facilities.” Connect CRE, 14 Nov. 2024, www.connectcre.com/stories/a-new-use-for-unused-buildings-self-storage-facilities/. Accessed 20 Nov. 2024.

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2025 Commercial Real Estate Outlook: Key Predictions and Insights

As we approach 2025, the commercial real estate (CRE) landscape is poised for significant transformations. Drawing from industry analyses and emerging trends, here are eight key predictions shaping the future of CRE:

  1. Data Centers Leading Performance: With the exponential growth of digital data, the data center sector is expected to outperform other CRE sectors, driven by increasing demand for cloud services and digital storage solutions.
  2. Interest Rate Reductions: The Federal Reserve is anticipated to continue lowering interest rates, aiming to stimulate economic growth and investment within the CRE market.
  3. Rise of Shadow Spaces: The emergence of ‘shadow spaces’—areas repurposed for temporary or alternative uses—is set to become more prevalent, offering flexible solutions in the evolving market.
  4. Retail Sector Evolution: Retail spaces are expected to undergo significant changes, adapting to new consumer behaviors and technological advancements to remain competitive.
  5. Industrial Sector Growth: The industrial sector is projected to continue its expansion, fueled by the rise in e-commerce and the need for efficient logistics and distribution centers.
  6. Office Space Reimagined: Office environments are likely to be redefined, focusing on flexibility and adaptability to meet the changing needs of the workforce.
  7. Sustainability and ESG Prioritization: Environmental, Social, and Governance (ESG) considerations are expected to take center stage, with a growing emphasis on sustainable and socially responsible investments.
  8. Technological Integration: The integration of advanced technologies, including PropTech solutions, is set to revolutionize property management and tenant experiences, enhancing efficiency and engagement.

At Cohen Commercial Realty, Inc., we are committed to staying at the forefront of these developments, ensuring our clients are well-informed and strategically positioned to navigate the evolving CRE landscape in 2025 and beyond. Cheers to the new year, wishing everyone a successful 2025!

For a more in-depth analysis, you might find the following resource insightful: https://www.youtube.com/watch?v=iNKTr9Jnnxg&t=16s

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Art Basel: A Cultural Beacon Driving Miami’s Economic and Artistic Renaissance

Art Basel Miami Beach has evolved from an ambitious art fair into a transformative force for Miami’s cultural and economic landscape. Launched in 2002 as the American extension of the renowned Swiss art fair, the event not only introduced the city to the global art scene but also positioned Miami as a nexus for creativity, luxury, and culture. The annual event attracts thousands of visitors, including collectors, curators, celebrities, and art enthusiasts, generating immense economic benefits and cultural enrichment for the city.

A Cultural Revolution

Art Basel Miami Beach has significantly shaped Miami’s identity as a global art hub. The fair emphasizes contemporary art, featuring works from emerging and established artists, and celebrating Miami’s unique Latin American and Caribbean influences. This cultural diversity resonates throughout the event, with exhibitions and satellite shows across the city. Over time, Miami’s local art scene has flourished, with galleries, studios, and public art initiatives thriving in the fair’s wake. The city’s Wynwood Arts District, now famous for its murals and creative spaces, is a direct beneficiary of this artistic boom.

Economic Impact

Art Basel Miami Beach has been a boon for Miami’s economy. The event generates significant revenue, particularly in the hospitality, retail, and transportation sectors. Hotels report record occupancy rates during the event, while restaurants and luxury retailers see a surge in patronage. In 2021, after a year of pandemic disruptions, Art Basel’s return contributed to Miami’s economic recovery, showcasing its ability to drive substantial local and international spending.

The ripple effects extend beyond the immediate economic gains. Real estate development, particularly in areas like Wynwood and the Design District, has been influenced by the demand for spaces that cater to the creative community. Art Basel has also inspired an influx of new residents, including collectors and artists, who seek to immerse themselves in Miami’s dynamic cultural environment.

A Legacy of Connectivity

Art Basel’s impact transcends economic and cultural boundaries. It serves as a platform for dialogue, connecting artists, institutions, and collectors globally. Miami’s strategic position as a gateway to Latin America enhances this role, highlighting the fair’s ability to bridge diverse cultural narratives. This connectivity has spurred collaborations between local and international galleries, fostering a more inclusive art market.

Future Growth

As Miami continues to grow in prominence, Art Basel Miami Beach remains a cornerstone of its cultural calendar. The city’s commitment to expanding its art infrastructure, such as the Perez Art Museum Miami and the Institute of Contemporary Art, ensures that Art Basel will continue to inspire and attract audiences. The fair is not just an event but a catalyst for ongoing transformation, underscoring the potential of art to drive economic development and elevate global standing.

Art Basel Miami Beach exemplifies how art can redefine a city’s identity, boost its economy, and create a thriving ecosystem of culture and commerce. It has turned Miami into a shining example of how creativity can fuel urban transformation, making it a destination where art and opportunity converge year-round

  Rojas, Amy. “The Evolution of Art Basel Miami Beach and Miami’s Art Scene.” Financial Times, https://www.ft.com/partnercontent/art-basel/the-evolution-of-art-basel-miami-beach-and-miamis-art-scene.html Accessed 10 Dec. 2024 

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Cohen Commercial Realty Helps Stage Kitchen & Bar Bring Culinary Excellence to Boca Raton

Stage Kitchen creates culinary magic

Palm Beach Gardens’ renowned Stage Kitchen & Bar is poised to make waves in Boca Raton. Slated to open in early 2025 along the prestigious Restaurant Row on Town Center Road, this new venture promises to bring the same bold, globally inspired flavors that have earned Stage national acclaim.

Known for its Indian-inspired small plates and unique wood-burning, open-flame cooking techniques, Stage, pronounced “staahj,” is helmed by the culinary powerhouse duo of Chef Pushkar Marathe and Andy Dugard under their joint venture, Flavor Builders Hospitality. The original location in Palm Beach Gardens is a celebrated hotspot, featuring on USA TODAY’s Restaurants of the Year 2024 list and showcasing the talents of James Beard Award semifinalist Chef Marathe.

Crafting Culinary Magic

At the heart of Stage’s allure is its commitment to artistry and authenticity. Chef Marathe’s passion for wood-fired grilling is evident:

“You have to speak to the fire… have a relationship.”

The Boca Raton location will feature custom-designed grills, including a 9-foot-long Spanish-style parrilla. The menu will mirror many beloved dishes from Palm Beach Gardens, such as chicken liver pâté, bang bang cauliflower, and grilled tandoori Niman Ranch churrasco. Additionally, Boca patrons can look forward to a daily cut steak list, including premium wagyu cuts tailored to local tastes.

An Elevated Dining Experience

Designed by Anna Woodman Interior Design, the Boca Raton restaurant will recreate the sophisticated ambiance of the original location. With deep blues, burnished bronze, and copper accents, the nearly 6,000-square-foot space will host 189 guests across indoor and outdoor dining areas, including a 25-seat bar. The venue aims to offer three distinct dining environments, ensuring a memorable experience for every guest.

Cohen Commercial Realty’s Role in Securing the Space

The expansion into Boca Raton was made possible by the expertise and dedication to long-term relationships that Chris Haass, Senior VP of Commercial Advisory Services, is known for. As part of the Tenant Representation Team at Cohen Commercial Realty, Inc., Haass played a key role in representing Stage Kitchen & Bar to find and secure this prime location on Restaurant Row.

Cohen Commercial’s commitment to understanding their clients’ needs was crucial in identifying a location that aligns with Stage Kitchen & Bar’s vision of accessibility, community engagement, and culinary excellence. PEBB Enterprises, the landlord in this Boca transaction, has been a longstanding partner of Haass’s, having worked together on multiple restaurant deals in the past, making this collaboration a perfect fit.

“Stage is a South Florida brand, but we may be growing into other major metro markets in Florida in the coming years,” said Haass.

A Thriving Culinary Future

Chef Marathe expressed excitement about bringing Stage’s eclectic, globally inspired cuisine to Boca Raton, citing the area’s diversity as a key draw. From high-finance professionals to aspiring students at Florida Atlantic University, the new Stage location promises to captivate a wide audience.

As Chef Marathe aptly put it:

“We’re excited to bring the eclectic, globally inspired cuisine to Boca.”

With Cohen Commercial Realty’s support and the passion of Flavor Builders Hospitality, Stage Kitchen & Bar is set to enrich Boca Raton’s dining scene and deliver the exceptional culinary experiences it is celebrated for.

Information from:

Ritz, Eddie. “Globally-inspired restaurant that wowed locals, made national top list coming to Boca.” Palm Beach Post, https://www.palmbeachpost.com/story/entertainment/dining/2024/10/17/stage-kitchen-bar-restaurant-known-for-indian-inspired-small-plates-opening-location-in-boca-raton/75510784007/ Accessed 10 Dec. 2024 

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Vanderbilt University receives approval for new downtown West Palm Beach campus

Vanderbilt University has received unanimous approval from the Palm Beach County Commission to establish a new campus in downtown West Palm Beach, marking a significant development for the area. This initiative is supported by a major land donation that includes two acres at 386 S. Tamarind Ave., along with additional properties on Evernia and Fern streets. The university is committing at least $300 million to the first phase of construction, which will focus on graduate programs in business, artificial intelligence, and feature an innovation hub aimed at fostering local business collaborations.


Projected to house around 1,000 students and employ over 200 full-time staff within five years, the campus is expected to have an annual operating budget of at least $70 million. Local leaders, including Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County, have expressed optimism about the campus’s potential to stimulate economic growth and attract corporate relocations. Smallridge noted that the prospect of Vanderbilt has already helped recruit a company that will bring 2,000 jobs to the area, emphasizing that “education is the currency of economic development.”


The land donation comes with stipulations: Vanderbilt must use at least 90% of the property for educational purposes, which includes student housing and research facilities. Outpatient health care and hotels are explicitly excluded from this usage. If these conditions are not met, the land could revert to the county.


Additionally, the development must address a prior agreement with Transit Village LLC, which holds a temporary license for using part of the land for parking and construction material storage. While the County Commission voted to revoke this license, they encouraged Vanderbilt and Transit Village to negotiate a new temporary agreement, as construction on the campus is not expected to begin for another year or two.


In terms of timelines, Vanderbilt has 180 days to conduct due diligence on the donated properties. Following this, the university will have 12 months—potentially extendable by another year—to finalize a master development plan. The total investment for the campus is anticipated to reach approximately $519.6 million, underscoring Vanderbilt’s commitment to contributing to the educational and economic landscape of West Palm Beach.

https://www.floridaoftomorrow.com/post/vanderbilt-university-receives-approval-for-new-downtown-west-palm-beach-campus