The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Tuesday, October 15, 2013
Will Rising Rents Send Industrial Users North of Miami?
As a new social season begins on Miami Beach, renowned chefs, restaurateurs, real estate developers and hoteliers continue to invest in the city; bringing their businesses and brands here as Miami Beach ups its game, attracting an increased number of global (and U.S.) residents who are putting down stakes - and visitors who are curious about this city by the sea that is buzzed about everywhere. Brand Miami Beach has truly become an IT destination. And the numbers tell the story: Over a dozen celebrity chefs call Miami Beach home; 50 new restaurants and 13 new hotels have opened or are slated to open this year and luxury condo buildings are going up every few months. Miami Beach is a lightning rod - a beacon - and just when you thought it couldn't get any sexier or hotter, the culinary, real estate and arts scenes - among others - continues to explode. As the 2013-14 season opens, "New" is the code word all over the city.
"Year on year Miami Beach is becoming a global city, a force to be reckoned with in the real estate, hotel, restaurant and entertainment businesses," says Jeff Lehman, Chair, Miami Beach Visitor and Convention Authority (MBVCA). "No longer just a beach town, Miami Beach has evolved into a complex, urbane, chic city that is attracting the best-of-the-best around the world. Becoming more erudite and refined, this city is maturing before the world's eyes."
Miami Beach never disappoints. It is a city full of surprises, an evolving scene, a plethora of hotel, restaurant and event offerings and of course, Art Basel.... Season 2013-14 will be no different as globally recognized hotel brands - Marriott, Hyatt; celebrities, new restaurants by award-winning chefs - Michael Mina 74, Lure Fishbar; European imports - Laduree - and ultra luxe condo towers open their doors and/or put down roots on Miami Beach. The city's popularity and appeal has businesses and celebs flocking from Las Vegas, Chicago, New York and Paris.
Below is an overview of What's Hot, What's New on Miami Beach, Season 2013-14:
As a new social season begins on Miami Beach, renowned chefs, restaurateurs, real estate developers and hoteliers continue to invest in the city; bringing their businesses and brands here as Miami Beach ups its game, attracting an increased number of global (and U.S.) residents who are putting down stakes - and visitors who are curious about this city by the sea that is buzzed about everywhere. Brand Miami Beach has truly become an IT destination. And the numbers tell the story: Over a dozen celebrity chefs call Miami Beach home; 50 new restaurants and 13 new hotels have opened or are slated to open this year and luxury condo buildings are going up every few months. Miami Beach is a lightning rod - a beacon - and just when you thought it couldn't get any sexier or hotter, the culinary, real estate and arts scenes - among others - continues to explode. As the 2013-14 season opens, "New" is the code word all over the city.
"Year on year Miami Beach is becoming a global city, a force to be reckoned with in the real estate, hotel, restaurant and entertainment businesses," says Jeff Lehman, Chair, Miami Beach Visitor and Convention Authority (MBVCA). "No longer just a beach town, Miami Beach has evolved into a complex, urbane, chic city that is attracting the best-of-the-best around the world. Becoming more erudite and refined, this city is maturing before the world's eyes."
Miami Beach never disappoints. It is a city full of surprises, an evolving scene, a plethora of hotel, restaurant and event offerings and of course, Art Basel.... Season 2013-14 will be no different as globally recognized hotel brands - Marriott, Hyatt; celebrities, new restaurants by award-winning chefs - Michael Mina 74, Lure Fishbar; European imports - Laduree - and ultra luxe condo towers open their doors and/or put down roots on Miami Beach. The city's popularity and appeal has businesses and celebs flocking from Las Vegas, Chicago, New York and Paris.
Below is an overview of What's Hot, What's New on Miami Beach, Season 2013-14:
MIAMI—PortMiami is preparing for the giant cargo ships that will start traversing a deeper, wider Panama Canal in 2015. How will the increased number of containers affect the industrial market in South Florida? And how competitive will Miami be with other ports in Florida and the United States?
GlobeSt.com caught up with, Edward W. Easton, chairman of The Easton Group in Miami, to get some answers. With four decades of experience in commercial real estate and a solid focus on the industrial market, he has some clear thoughts on where we're headed.
GlobeSt.com: Just how massive are the preparations for the expansion of the Panama Canal?
Easton: The upgrades are major, about $2 billion in total. The PortMiami paid $43 million for four super-sized cranes that can handle cargo ships that each carry up to 18,000 containers versus 8,000 today.
Local government is spending $550 million on a tunnel that will enable tractor-trailers to go from the port directly to Interstate 95. Government entities are spending $122 million to deepen the PortMiami channel to 50 feet; that will make the port only one of three on the East Coast at that depth and the only one south of Norfolk, VA. The Florida East Coast Railway connector to the port is coming back on line.
GlobeSt.com: What’s the likely impact on South Florida of these massive improvements?
Easton: We should see at least a 3% improvement in the local industrial economy. There will be more industrial park tenants as more goods pass through the port and are distributed in in the northeast corridor of the United States or shipped to Latin America.
The Asia Pacific region accounts for 35% of port trade now and that should double once the canal and port are enlarged. As a result, existing companies will expand and new companies will open here to hold that cargo until it’s distributed.
GlobeSt.com: How will the increased activity affect the industrial market?
Easton: Initially, rents will go up from the current average of about $7 per square foot. Once we get to a full position from the current 94% occupancy rate, developers will start construction. However, the rents on these new buildings will be higher because of higher land and operating costs. I predict we will see rents of $9 per square foot within three years.
GlobeSt.com: Will higher rents send companies looking for cheaper space?
Easton: No. Tenants won’t move out of Miami-Dade County because any savings from lower rents would be more than offset by higher trucking costs. Plus, Port Everglades and Port of Palm Beach don’t have the infrastructure.
Just as important, the international market operates here, not in Broward and Palm Beach. Companies in Latin and South America are comfortable doing business in Miami for language and cultural reasons.
Source: http://www.globest.com/news/12_713/miami/industrial/Will-Rising-Rents-Send-Industrial-Users-North-of-Miami-338636.html
By Jennifer LeClaire | Miami
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