More than three decades after Hurricane Andrew blasted its way across southern Miami-Dade County in 1992, a Texas-based homebuilding firm called Onx has set up a factory in Pompano Beach to produce key components of homes that it says can withstand Category 5 hurricanes and winds of up to 175 mph.
Investors that swooped in on South Florida’s multifamily boom now face elevated interest rates, high insurance costs and plateauing rents. Compounding the problems are inflation, which has prompted rent delinquencies, and a hefty development pipeline that’s slightly tempered demand, prompted concessions and led rents to plateau or slightly decline in some submarkets.
During a January 25 networking event in Charlotte, North Carolina, Katten and Cushman & Wakefield partnered to provide CRE thought leaders an opportunity to discuss their insights on how interest rates, economic uncertainty, job growth and even artificial intelligence will affect the commercial real estate industry in 2024.
