Repealing Florida's 'Non-Homestead Exemption Cap' Could Result in Annual $700M Property Tax Increase

Written on May 17, 2018 at 12:54 PM

In November 2018, Florida voters have a chance to avoid a major property tax increase on owners of commercial or rental property, vacation or second homes, unimproved real estate, or any other non-homestead property. This tax increase will happen if the current 10 percent cap on non-homestead property assessments—scheduled to be repealed—is not reauthorized by the voters. A new report from Florida TaxWatch shows that a failure to make the exemption cap permanent could result in Floridians paying as much as $700 million more in property taxes annually. 

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Categories: Real Property, Florida

Austin, Atlanta Lead Race to Win Amazon's HQ2

Written on October 26, 2017 at 11:44 AM

After Amazon announced plans in September to build a second headquarters (HQ2) in an undetermined location, hundreds of local officials across North America have submitted proposals to try and win the $5 billion construction investment and 50,000 new jobs for their city. In an effort to lure Amazon, proposals boast potential tax breaks, local benefits and opportunities.

However, Moody’s Analytics metro area analysts ranked the largest metro areas using a data driven approach, and made the case for an individual city based on qualitative judgment. The analysts looked at five factors: business environment, human capital, cost, quality of life, and transportation. It then assigned a number to each city and a weight to each factor to come up with its list of 10 cities. An additional category, geography, was considered, but was not factored into the rankings. Moody's excluded Seattle, the site of Amazon's current headquarters, from consideration.

Below are Amazon's Top 10 Cities, according to Moody's Analytics:

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Categories: Pennsylvania, Georgia, Real Property, Massachusetts, Texas, New York, Florida, Oregon, Utah

The 10 Suburban Office Markets with the Highest Rent Increases

Written on April 18, 2017 at 02:51 PM

Although urban office markets continue to be popular with Millennials, movement to creative corporate office campuses in the suburbs is a growing trend. A recent report from commercial real estate services firm CBRE looked at vacancy rates and rental rate increases in a number of revitalized suburbs. A lack of new supply has driven rents up in the majority of these markets, while others are benefiting from outsized demand due to a concentration of specific industries, such as technology and bioscience. Below are the ten suburban office markets with the highest rent increases, according to the report:

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Categories: South Carolina, Office, Washington, Georgia, Real Property, Tennessee, Massachusetts, California, Florida, Kentucky

Miami’s ‘Class A’ Office Space to Get Even Pricier

Written on March 17, 2017 at 02:44 PM

Rents for Class A office space in Miami are high, at $50 or more per square foot, and will continue rising as the market tightens, a panel of real estate experts said at a Bisnow conference Thursday. Despite the city’s increasing traffic problems, the panelists said they expect sustainable demand growth for Miami commercial properties in the future, since the city is an appealing location and a gateway to Latin America. “The market is tightening up,” said Angelo Bianco, managing partner at Crocker Partners told attendees. “Developers are getting better rates and lower concessions.” At the same time, he added, “Capital markets seem to be taking a break and people are more cautious. Deals are taking longer to close.”

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Categories: Office, Real Property, Florida

Apartment Rents Rise Fastest in Class-B Submarkets

Written on February 21, 2017 at 04:55 PM

Apartment rents are growing most quickly in working-class, suburban submarkets that apartment developers have avoided. “With a handful of exceptions, the neighborhoods posting the strongest rent growth don’t have much ongoing construction,” says Greg Willett, chief economist for Real Page and MPF Research. The suburban areas are often working-class areas with older, less-expensive housing and limited supply.

In contrast, rents are growing much more slowly in the heavily-supplied urban, core markets where the rents are already high. “The high-income tenants in these areas can consider home ownership, and can play off the amply new product one against the other for the best deals,” says John Affleck, international economist for CoStar Group. Those cities – along with towns hurt by low energy prices—are now home to the submarkets with the slowest rent growth.“ The bottom performers are really concentrated in a handful of metros, in this case Houston, San Francisco and New York,” says Willett.

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Categories: Arizona, Real Property, North Carolina, Multi Family, California, Florida

Florida Lawmakers Advance Bill to Extend Solar Energy Property Tax Break to Businesses

Written on February 13, 2017 at 01:54 PM

A Florida Senate committee has unanimously approved Senate Bill 90, which would implement Amendment 4 and eliminate property taxes on solar and other renewable energy devices installed at commercial and industrial facilities for 20 years. The same tax break already exists for residential property owners. Florida voters passed the Amendment 4 ballot initiative last summer with almost 75% of the vote. The legislation would go into effect in 2018, and would also exempt renewable energy devices from Florida’s tangible personal property tax, including storage tanks, rock beds, thermostats and control devices, and heat exchangers.

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Categories: Personal Property, Real Property, Green Initiatives, Florida, Oil - Gas - Energy - Utilities

10 U.S. Markets with Lowest Logistics Yields

Written on January 09, 2017 at 04:55 PM

Fueled by the rapid growth of e-commerce, the U.S. industrial market is benefiting from tight supply and rising rents and is expected to enjoy sustained momentum throughout 2017.  To track the most in-demand markets, real estate services firm CBRE put together a list of cities and regions with the lowest prime yields on logistics assets. The average prime yield for the U.S. is currently 5.84 percent.

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Categories: New Jersey, Industrial, Washington, Real Property, Illinois, Texas, California, Florida, Warehouse

Hotel Industry Faces Significant Challenges in 2017 Due to New Supply

Written on January 04, 2017 at 03:12 PM

The hotel industry could be facing an uphill battle in 2017 as new supply may erode pricing power and hinder performance. Hoteliers are already seeing performance dip as supply meets and surpasses demand. In a Hotel News Now roundtable, hotel executives and market analysts provide perspective on supply growth and how it will affect the hotel industry going forward. Jan Freitag, SVP of lodging insights at STR (Hotel News Now’s parent company), says new supply will negatively impact occupancies, now more than ever since demand growth will slow. While it remains to be seen how hoteliers react to the new competition in their markets, Feitag expects continued pressure on pricing and limited (average daily rate) increases going forward. Some markets (such as New York City and Miami), however, are already observing pricing weakness and ADR declines.

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Categories: South Carolina, Real Property, Hospitality, Hotels, New York, Ohio, Florida

Florida Proposal Would Extend Solar Energy Tax Break to Businesses

Written on August 02, 2016 at 12:34 PM

Florida voters will be asked on the primary-election ballot on Aug. 30 to extend the residential solar energy tax break to commercial and industrial property owners, and thus significantly expand renewable-energy production in the state. Crafted by the Legislature, the broadly supported Amendment 4 proposal would exempt for 20 years the assessed value of solar and renewable-energy devices installed on businesses and industrial properties.

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Categories: Personal Property, Green Initiatives, Florida

South Florida Condo Sales Slow Further in Q2

Written on July 28, 2016 at 04:46 PM

Sales of new condos in coastal Miami and Fort Lauderdale slowed even further in the second quarter, a report by brokerage firm ISG World found.  According to the South Florida Business Journal, condo developers were hopeful that foreign buyers would recover from the rapid strengthening of the U.S. dollar last year and jump back into the market, but that hasn’t happened in big enough numbers. There’s also been a decline in sales on the existing South Florida condo market for seven consecutive months, although active inventory on the market has continued increasing.  ISG World found a new gain of 508 new condos sold in the second quarter, down from a net gain of 560 in the first quarter. Of the 18,623 condos in active pre-sales or recently completed, 77 percent were sold, a slight improvement from 76 percent in the first quarter.

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Categories: Real Property, Multi Family, Florida

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