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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.

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/

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/

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.

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 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.

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

Cinco de Mayo is a holiday that celebrates the Mexican army’s victory over France at the Battle of Puebla in 1862 during the Franco-Mexican War. In America, we tend to celebrate Mexican-American culture on this wonderful day. 

For Cinco de Mayo, Cohen Commercial hosted an extravagant team-bonding event at Rocco’s Tacos in Palm Beach Gardens. Throughout the day, the clock was ticking, and the keyboards were clicking. Cohen Commercial team members were working hard throughout the day to ensure a timely arrival to Rocco’s Tacos. The day went by as fast as lightning and before we knew it, it was time to celebrate.

The team anxiously piled into their at cars at 4:45, excited to chat, laugh, and enjoy each other’s presence. With only fifteen minutes to spare, the Cohen Commercial team flooded into the parking lot. As we walked into the restaurant, the music was booming, customers were smiling ear to ear, and the crisp breeze was gently flowing past our faces. We arrived at our table which was topped with nachos, quesadillas, burritos, and fresh pitchers of margaritas. The chatters of coworkers, the shuffling of feet and the tune of The Macarena filled our ears. Everyone wore a smile on their face. We love that we can kick back and relax with our team at these types of events.

We are thankful that Cinco de Mayo gave us an excuse to support, grow, and get to know one another better. There is nothing more heartwarming than seeing everyone get together and have a great time.