Avison Young releases its 2020 CRE Forecast w/ SFL projections
Avison Young releases its 2020 CRE Forecast w/ SFL projections
MIAMI
- The largest amount of office space since 2010 is expected to deliver during 2020.
- The coworking sector is still expected to see gains during 2020, but at a slower pace.
- Industrial vacancy rates may rise past 4% as an abundance of new product delivers.
- Highly anticipated retail projects are delivering in early 2020.
- The industrial and multifamily sectors are leading the way in investment sales volume.
FORT LAUDERDALE
- Robust population growth and persistent job creation are fueling the commercial real estate market.
- Major new office deliveries in 2020 will place upward pressure on vacancy rates.
- Leasing activity for industrial product is likely to pick up as large blocks of new speculative space come online.
- Retail development is being driven by a boom in multifamily development.
- Overall investment volume has been increasing but may remain flat in 2020 due to global economic headwinds
WEST PALM BEACH
- A business-friendly environment and relocations from high-tax states in the northeast are fueling economic fundamentals in Palm Beach County.
- Office vacancies may tighten in 2020 as the bulk of new office space under construction won’t deliver until 2021.
- Significant new industrial developments are delivering in 2020 due to a lack of quality logistics space.
- The manufacturing sector is feeling the heat from the national slowdown due to tariffs and trade negotiations.
- The local retail market is strong, trailing the multifamily boom of 2018 and 2019.