Jay Tanjuan, CCIM

Great share David Marino. A clear-eyed portrayal of the under reported weakness that has now spread into the industrial markets. Important for tenants to understand where markets really are and where they are headed (industrial, office, lab space), especially when so many landlords haven’t changed their asking rents (or won’t publish an asking rent) and they are hoping for above-market renewals with un-represented (or under-represented) tenants to save the day. I met with one yesterday, who now wants out of their too large, above market 5-year renewal, just brutal. Why is it that in real estate, long-term, loyal, repeat customers are expected to pay a “renewal premium?” Get yourself a good tenant-side broker, folks! One who doesn’t promote the building owner’s agenda, someone who is willing to do the work to discover today’s market clearing rents. Your lease is worth much more to your landlord than you realize, especially in this market.

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What if South Florida cities and counties had incentives and consequences toward addressing the affordable housing crisis? California implemented a law establishing housing affordability milestones with penalties to cities and counties, if unmet. San Francisco recently missed goals and is now forced to slash their permitting processes which will hopefully increase throughput. Similarly, we need to prioritize #Results. Headlines in South Florida of "Affordable Crisis" are not hyperbole; Broward's recent affordable masterplan noted that 96% of the population would be cost burdened to afford current median rent or the mortgage for median priced home. According to recent housing studies, Dade county is 90,000 residences short of demand, Broward is 75,000 short and I'm guessing Palm Beach county isn't far behind. Laws like #LiveLocal are a huge step in the right direction, and I'm grateful for our State Senators who bravely championed it, but we need more! We have to address the situation through any means necessary. Many private groups, public officials and city/county departments in South Florida are evaluating and promoting potential solutions like Broward's affordable masterplan, but they must require RESULTS through incentives and penalties or the work is merely an academic exercise. The South Florida Tri-county region will not continue to be a magnet for people and business, nor appreciate the growth that has put it in the national spotlight, if blue collar and white collar workers alike cannot afford to live and work here. We need to create more carrots and sticks like this California law. #affordablehousing #housing #workforcehousing #realestatedevelopment #result Francis X. Suarez Damian Pardo, CFP®, CIMA®, CRPC® Christine King Daniella Levine Cava Dean Trantalis Alexis Calatayud Dr. Rosalind Osgood

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Average office asking rents in Los Angeles have shown modest year-to-date gains, marking a reversal from the declining rates observed in 2022 and 2023. As of late September, the average office asking rent in Los Angeles stands at $3.43 per square foot per month, reflecting a 1% increase compared to the previous year. Despite the region's high office vacancy rates, the rise in rents may come as a surprise. However, landlords are cautious about setting rates too low due to inflated build-out costs and operating expenses. Many property owners are maintaining current rates or implementing slight increases to avoid devaluing their assets. To attract tenants without reducing rents, some landlords are offering appealing lease concessions such as higher tenant improvement allowances, free rent, and beneficial occupancy. These measures aim to maintain property values in a challenging leasing environment. Nevertheless, with a record vacancy rate and numerous sublease options available, landlords may encounter limitations in further increasing rates. Consequently, lease concessions are expected to remain popular. With vacancy rates projected to rise, projecting slight declines in asking rents for the upcoming year. #losangeles #commercialrealestate #officeleasing #office #tenantrep #tenants

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“Costco is tackling the affordable housing crisis with a new mixed-use project in South Los Angeles. Partnering with developers Thrive Living and architects AO, the plan includes an 800-unit apartment complex, of which 184 units will be dedicated to affordable housing.. …Announced last year, the project will be located in Baldwin Village on a vacant five-acre lot that used to be a hospital. Thrive Living confirmed the project is still awaiting permits, and the construction start date remains unknown… …The complex will feature a gym, multi-purpose spaces, gardens, a rooftop pool, landscaping, and a large parking lot. However, Cohen likened its design to an "old school prison" due to the long hallways and compact units. The building method involves pre-manufactured apartment modules to expedite construction and reduce costs” #costco #realestate #realestatedevelopment #development #mixeduse #retail https://lnkd.in/gmYqwU3p

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Seattle Rental Market Report for Apartments and Condos August 2024 According to recent Zillow data, the Seattle rental market for apartments and condos in August 2024 showed a significant shift, with both increases and declines in rent across various cities. The median rent in Seattle rose to around $2,086, marking an 11.55% year-over-year increase, reflecting the high demand in the tech-driven city. Bellevue remains the priciest city in the region, with the median rent at $2,621. In contrast, cities like Shoreline and Issaquah saw steep declines, with over a 12% decrease in year-over-year rent growth, pointing to cooling demand or oversupply in these suburban areas. #realestate #seattle #blogpost #news #Update

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