Tag: South Florida Economy

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6 Tips To Keep Business Moving After The Snowbirds Leave Florida

With summer approaching many seasonal residents that are from the Northern States are heading back for the warmer months. This can cause a change in the economy for many towns around Florida because of the quiet shift that creates. About 1 million Florida residents spend only part of the year here which is about 5% more than the summer months. Resulting from this drastic population change many local businesses can be affected by the volume of customers they receive in the months of May to October. With restaurant wait times dropping and busy retail centers shifting to a slower pace, business owners must adjust to the migration of the local community members. Here are 6 helpful tips to seasonally adjust as a business owner:

Become a seasonal business or adjust hours for the slower months.

Becoming a seasonal business or adjusting hours during the off-season can be a smart strategy for managing costs and maximizing efficiency. This approach also helps prevent burnout among employees and allows owners to focus on planning, maintenance, or marketing for the upcoming peak season. Ultimately, it keeps the business agile and better prepared to thrive year-round.

Adjust staffing levels or create seasonal-only positions.

Adjusting staffing levels or creating seasonal-only positions is a practical way for businesses to stay flexible and cost-effective during slower months. By scaling the workforce to match seasonal demand, businesses can avoid overstaffing and reduce payroll expenses without sacrificing service quality. This strategy supports smoother operations and ensures the business is staffed appropriately year-round.

Create off-season deals and promotions.

Creating off-season deals and promotions is a great way to keep customers engaged and revenue flowing during slower periods. These special offers can attract new customers, encourage repeat visits, and help move excess inventory. Whether it’s a limited-time discount, bundled service, or loyalty reward, off-season deals can spark interest and maintain momentum until peak season returns.

Take this slower time to focus on other aspects like renovations, preparing for next season, and revamping your website and social media platforms.

The slower season is the perfect time for businesses to shift focus toward internal improvements and future planning. It’s a great opportunity to tackle renovations, update your space, and enhance the customer experience. You can also analyze what sold well during the busy months to better prepare inventory and strategy for the next season. Additionally, use this downtime to refresh your website and social media platforms—keeping your brand current, engaging, and ready to make a strong comeback when business picks up again.

Make your merchandise available online.

If you’re in retail, offering your merchandise online during the off-season can help maintain sales and reach a broader audience beyond your local market. An online store keeps your products accessible 24/7, allowing loyal customers to continue shopping even when foot traffic slows down. It also opens up opportunities for digital marketing, seasonal promotions, and customer engagement through email and social media.

Plan events to create more foot traffic for the locals and vacationers.

Planning events during the off-season is a creative way to boost foot traffic and keep your business top of mind for both locals and any vacationers still in town. Hosting things like pop-up markets, themed nights, workshops, or community gatherings can create excitement and give people a reason to stop by. These events not only drive sales but also strengthen your connection with the community and build brand loyalty, making your business a go-to spot no matter the season.

Source: https://brevardsem.com/brevard-county-businesses-snowbird-season-is-over-now-what/

https://www.floridarealtymarketplace.com/blog/10-surprising-statistics-on-snowbirds-in-florida-for-2023.html
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How Festivals Like the Cajun Crawfish & Music Festival Fuel Commercial Real Estate in Jupiter

On April 5–6, the sounds of Zydeco music and the aroma of authentic Louisiana cuisine filled the air at the Cajun Crawfish & Music Festival, hosted at the Abacoa Town Center Amphitheater in Jupiter, Florida. While the event may be known for its lively entertainment and family-friendly fun, there’s another layer worth noting—its impact on local commercial real estate.

At Cohen Commercial, we pay close attention to events like these. They’re more than just great community gatherings—they’re powerful economic drivers that demonstrate the value of thoughtfully planned retail and mixed-use developments.

Abacoa: A Blueprint for Mixed-Use Success

Abacoa is a perfect example of what happens when real estate development is done right. This master-planned community features a mix of residential, retail, dining, office, and entertainment spaces—all centered around a pedestrian-friendly layout. The Abacoa Amphitheater serves as a central hub, drawing visitors from across Palm Beach County and beyond.

When an event like the Cajun Crawfish & Music Festival takes place, it doesn’t just entertain—it activates the entire surrounding area. Local restaurants and retailers benefit from the increased foot traffic, while nearby office spaces and service-based businesses gain exposure to new clientele. Hotels, parking lots, and even temporary vendor spaces also see a bump in demand.

This kind of energy reinforces the importance of developing commercial real estate that prioritizes accessibility, walkability, and community engagement.

Events as Economic Engines

Festivals like this one offer a glimpse into the future of retail and hospitality leasing. In a time when brick-and-mortar retail is continually evolving, the key to long-term success often lies in experiential destinations—places where people want to spend time, not just money.

From a commercial real estate perspective, events are more than fun—they’re a measurable way to boost economic activity. They help local businesses thrive, encourage repeat visitation, and increase demand for well-positioned commercial space.

It’s also an excellent selling point for prospective tenants. Restaurants and retailers are more likely to lease in locations where traffic is consistent, and where the community plays an active role in supporting local business. The Abacoa area, thanks to events like this, continues to be one of those locations.

Why CRE Professionals Should Be Paying Attention

At Cohen Commercial, we understand the symbiotic relationship between community programming and real estate performance. Whether it’s leasing retail space, planning a redevelopment, or analyzing market trends, we look at the full picture—and events are a key part of that.

As Jupiter grows and evolves, we anticipate continued demand for commercial spaces that offer more than square footage. Community, culture, and connectivity are the new cornerstones of successful development.

If you’re an investor, business owner, or tenant exploring opportunities in the Jupiter area or elsewhere in Palm Beach County, we’re here to help you navigate that growth.

Original article source: Palm Beach Post. “The Cajun Crawfish & Music Festival returns to Jupiter this weekend.” Published April 2, 2025. Read the full article here.

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An Historic Waterfront Gem Reimagined: The Buccaneer Returns to Singer Island

A Landmark Revival with Commercial Real Estate Impact

The recent grand reopening of the Buccaneer Waterfront Bar & Grill on Singer Island marks more than the return of a beloved local restaurant — it’s a key development in the commercial real estate revitalization of Palm Beach County. Closed since 2020, the Buccaneer has been completely reimagined under the ownership of Sharfi Holdings Inc., which purchased the property in 2021. Their investment reflects a growing trend: restoring iconic spaces to bring both historic value and economic vitality back to the community.

Strategic Location: Real Estate Worth Reviving

Situated on the Intracoastal Waterway at 383 Blue Heron Blvd, this site has long held prime value thanks to its waterfront access and location just before the bridge to the beach. The Buccaneer’s transformation taps into the increasing demand for experiential dining in high-traffic tourist and local hotspots. From a real estate standpoint, the property’s revival enhances the surrounding area’s appeal — boosting not only tourism but also increasing the value of neighboring commercial and mixed-use properties.

Preserving History, Creating Value

Sharfi Holdings’ approach blended preservation with modernization. Signature elements of the original 1960s Buccaneer, like the tropical underwater mural and handcrafted wooden bar, have been thoughtfully restored, adding nostalgic charm to the updated space. This kind of mindful redevelopment is a hallmark of successful commercial real estate strategies — honoring the past while appealing to modern tastes, resulting in a differentiated and highly marketable asset.

Star Power: A Culinary Anchor Tenant

A standout feature of the Buccaneer’s rebirth is the hiring of Chef Paul Niedermann, winner of Season 9 of Hell’s Kitchen. His culinary influence not only elevates the guest experience but also serves as a commercial draw, increasing the destination’s viability and visibility. Just as anchor tenants can drive traffic in retail centers, a notable chef can anchor a restaurant’s appeal and drive foot traffic in hospitality-driven properties.

Community Impact and Economic Revitalization

The restaurant’s reopening is already stimulating local economic activity by generating jobs, increasing visitor numbers, and bringing renewed energy to Singer Island. Projects like this demonstrate how hospitality ventures contribute to larger commercial development goals — supporting local employment, encouraging further investment, and enhancing quality of life in the surrounding community.

A Case Study in Smart Redevelopment

From a commercial real estate lens, the Buccaneer is a strong example of adaptive reuse and strategic reinvestment. It shows how historic properties, when revitalized with care and purpose, can become vibrant economic drivers. As Palm Beach County continues to evolve, developments like this will play a critical role in shaping the future of its real estate and hospitality landscape.

Source:
 Adapted from the original article by Liz Balmaseda in the Palm Beach Post titled “Palm Beach County restaurant resurrected with menu by ‘Hell’s Kitchen’ chef” (March 20, 2025).

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Palm Beach’s Sole Gas Station Sells for $11.94M — A Testament to High-Value Commercial Real Estate

In the world of commercial real estate, location and uniqueness often drive value — and there’s no better example than the recent $11.94 million sale of Gray’s Sunoco, the only gas station on the island of Palm Beach. This record-setting transaction reflects the scarcity and desirability of commercial properties in affluent markets.

A One-of-a-Kind Commercial Asset

Situated at 340 S. County Road, near Palm Beach Town Hall, Gray’s Sunoco has long been more than just a gas station. With its full-service pumps and ability to service high-end vehicles like Rolls-Royces and Ferraris, it serves as both a community staple and a critical service point in times of need — particularly during hurricane season when fuel supplies run low.

The property, which includes four service bays and a small convenience store, sits on just four-tenths of an acre. Yet, its small footprint didn’t stop it from commanding a premium price — a hallmark of high-value commercial real estate in exclusive markets.

From $2.6M to $11.94M in Two Decades

The seller, Peter Berley, acquired the property in 2005 for $2.6 million. After 20 years of ownership, the recent sale represents a nearly fivefold increase in value, reflecting Palm Beach’s booming real estate market and the rising importance of essential-use properties.

The buyer, Alexander Hufty Griswold, is a well-known Palm Beach real estate investor with deep family roots in the area. Through a Delaware-registered LLC linked to his Armata Holdings Management Corp., Griswold secured the property with the intention of maintaining its current use.

Why This Sale Matters

This transaction highlights several key trends in commercial real estate:

• Scarcity Drives Value: As the only gas station in Palm Beach, Gray’s Sunoco offers a rare, irreplaceable service. In markets where land is limited and zoning is strict, unique commercial assets often appreciate faster than traditional properties.

• Community-Centric Investments: Griswold’s commitment to preserving the property as a gas station reflects a growing emphasis on investing with community impact in mind. Essential-use properties that serve local needs can maintain stable demand regardless of market cycles.

• Historical and Emotional Value: The station’s history dates back to the early 20th century, adding sentimental value to its already prime location. Properties with a legacy often command higher prices due to their cultural and historical significance.

What This Means for Commercial Real Estate Investors

The $11.94 million sale is a reminder that not all commercial real estate is created equal. In exclusive markets like Palm Beach, properties that blend necessity, scarcity, and history can achieve exceptional valuations. Investors seeking long-term appreciation should consider essential-use properties in high-demand areas where competition is low but impact is high.

As Palm Beach continues to evolve, the preservation of landmarks like Gray’s Sunoco demonstrates that commercial real estate is about more than just transactions — it’s about sustaining the fabric of the community.

At Cohen Commercial, we understand the value of unique commercial assets. Whether you’re buying, selling, or investing, we’re here to help you navigate the market with confidence.

Cited Source: Palm Beach Daily News, “Palm Beach’s Sole Gas Station, Which Offers Full-Service Pumps, Sells for $11.94M” by Darrell Hofheinz, March 20, 2025.

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Rapids Waterpark: A Spring Break Attraction Boosting Riviera Beach’s Appeal

As spring break approaches, one of Palm Beach County’s most popular attractions, Rapids Waterpark, is set to open its doors once again. Located in Riviera Beach, this long-standing entertainment destination not only provides seasonal excitement but also plays a role in enhancing the area’s economic and real estate landscape.

A Key Player in Local Tourism and Business

With over 40 water attractions, Rapids Waterpark draws visitors from across South Florida and beyond, contributing to the steady influx of tourists in Riviera Beach. This seasonal surge benefits nearby businesses, including hotels, restaurants, and retail centers, making the area increasingly attractive to investors and commercial real estate developers.

For property owners and businesses in the region, the park’s annual reopening signals an uptick in consumer traffic, reinforcing Riviera Beach’s status as a destination for leisure and hospitality. The consistent draw of visitors has helped sustain surrounding commercial developments, supporting growth in the retail and service industries.

Commercial Real Estate Implications

The presence of a major entertainment hub like Rapids Waterpark underscores the potential for continued commercial expansion. Properties in proximity to high-traffic attractions tend to experience increased visibility and desirability, making them prime opportunities for investment. Retail spaces, quick-service dining establishments, and mixed-use developments stand to benefit from the area’s seasonal and year-round appeal.

As Riviera Beach continues to evolve, attractions such as Rapids Waterpark highlight the synergy between tourism and real estate, demonstrating how commercial growth follows consumer demand. Whether through new hospitality projects, retail expansions, or office spaces catering to the growing workforce, the area remains an active market for commercial real estate opportunities.

For more insights into commercial real estate trends and investment opportunities in South Florida, contact Cohen Commercial.

Original article: Rapids Waterpark in Riviera Beach to open for March’s spring break

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Philly Pretzel Factory Expands to Central Florida

Philly Pretzel Factory Expands to Central Florida

Philly Pretzel Factory, the nation’s largest Philly-style pretzel brand, is making its way to Central Florida! Thanks to a new strategic partnership with veteran business leader Derek Lewis, Orlando-area residents will soon get to experience the authentic taste of Philadelphia’s most iconic snack.

This exciting expansion marks a major milestone for Philly Pretzel Factory as it continues its national growth strategy. In addition to opening new Philly Pretzel Factory stores, Lewis’s Big Dave’s Cheesesteaks locations will also begin serving Philly Pretzel Factory’s signature soft pretzels.

The soft pretzel market is seeing consistent growth as more consumers seek out convenient, innovative snacks. Philly Pretzel Factory’s commitment to traditional recipes and fresh ingredients has made it a standout brand that appeals to snack lovers of all ages.

The first traditional Philly Pretzel Factory locations in Central Florida are expected to open later this year, with potential non-traditional locations possibly arriving even sooner. Stay tuned for updates and get ready to enjoy a true taste of Philly, right here in Florida!

Source: QSR Magazine. “Philly Pretzel Factory Signs Deal to Open in Central Florida.” Published March 7, 2024. Read more.

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The Cognizant Classic: Driving Economic Growth in Palm Beach County

Palm Beach County is no stranger to high-profile events, but few deliver the lasting economic impact of the Cognizant Classic in The Palm Beaches. Held annually at the prestigious PGA National Resort, this star-studded PGA Tour event has become a major economic engine for the region, drawing visitors from around the world and boosting the local economy in meaningful ways.

A $40 Million Economic Boost

In 2023, the Cognizant Classic welcomed more than 200,000 attendees, generating over $40 million in direct economic impact. This influx of visitors filled more than 11,000 hotel room nights, driving business to local hotels, restaurants, retailers, and attractions. As Palm Beach County continues to grow as an international golf destination, the tournament not only showcases the area’s hospitality but also strengthens its reputation as Florida’s Golf Capital.

With national television coverage and appearances from top golf talent including Rory McIlroy, Rickie Fowler, Shane Lowry, Matt Fitzpatrick, and Justin Rose, the Cognizant Classic amplifies Palm Beach County’s global visibility. The 2025 tournament, held from February 29 to March 3, once again highlighted the region to millions of viewers, enhancing its profile as a premier destination for world-class sports, travel, and leisure.

Since its inception in 1982, the tournament has also raised nearly $69 million for over 100 non-profits, including the Nicklaus Children’s Health Care Foundation. Beyond the competition, the event offers a week of memorable experiences, from family-friendly activities like Midas Family Day and autograph sessions, to premium viewing spots such as The Champagne Lounge and The Palm Beaches Cabana. These activations ensure that every visitor — whether a die-hard golf fan or a casual spectator — finds something to enjoy while contributing to the local economy.

Looking Ahead

As one of Palm Beach County’s largest sporting events, the Cognizant Classic remains vital to the region’s tourism success. With its combination of world-class golf, community engagement, and undeniable economic impact, the tournament continues to be a shining example of how sports can drive growth, enhance global recognition, and benefit local businesses for years to come.

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Westlake’s Commercial Growth: Walmart and Lowe’s Signal Market Maturity

The city of Westlake, Palm Beach County’s newest municipality, is attracting major national retailers, with Walmart and Lowe’s set to present development plans for new locations along its commercial corridor. This expansion underscores the increasing demand for retail infrastructure driven by rapid residential growth in the western suburbs.

Westlake, developed by Minto Communities, has seen significant housing expansion, with over 3,300 residential permits issued since 2017. The area has capacity for 6,500 homes and 2.2 million square feet of commercial development. This rising population density makes it a prime target for retailers seeking to capitalize on growing consumer demand.

Strategically located on Seminole Pratt Whitney Road, the proposed Walmart and Lowe’s would be the westernmost locations for both chains in Palm Beach County. Walmart’s inclusion of fuel pumps suggests a competitive positioning against retailers like Costco. These additions are expected to serve not only Westlake but also neighboring communities such as Loxahatchee and Belle Glade.

Commercial real estate experts note that retailers follow population growth, and Westlake’s trajectory mirrors trends seen in other suburban expansions. The introduction of these big-box anchors is likely to attract additional retailers, restaurants, and service providers, enhancing the city’s economic ecosystem.

With national brands like Publix, Starbucks, and Planet Fitness already establishing a presence, Walmart and Lowe’s further solidify Westlake’s emergence as a key retail destination. Their presence is expected to boost property values, generate jobs, and support small business growth, transforming Westlake from a residential hub into a fully integrated live-work-play community.

City officials anticipate council approvals by early 2025, marking a significant milestone in Westlake’s commercial development.

Sources:

https://www.palmbeachpost.com/story/news/local/wellington/2024/12/06/walmart-lowes-may-bring-big-box-stores-to-westlake-florida-city-manager-says/76597813007/

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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