NAI/Merin Hunter Codman, Inc. and Tricera Capital had the honor of hosting the BDB‘s Commercial & Industrial Real Estate Round Table at the former Palm Beach Post building, now being rebranded as “The Press”. While there will be a retail/industrial component, Scott Sherman (Principal of Tricera) shared renovation plans for the office portion which will be called “Workplaces at The Press”. He detailed how the common areas will focus on fresh, innovative design that encourages community like flexible work and meeting spaces, pods/phone booths, and a lounge/event room. NAI/Merin Hunter Codman is excited to handle the property management and leasing assignment for this exciting new concept.
The BDB shared their 2018-2019 fiscal and marketing goals, which includes creating new jobs, attracting capital investments and bringing more than 1 million square feet of newly leased/constructed space to the County. An exciting note mentioned was biotech company Beacon Pharmaceutical, which is planning to build a state-of-the-art life science/healthcare complex in Jupiter.
The panel was composed of Rick Greene (Assistant City Manager, City of West Palm Beach), Emily O’Mahoney (Partner, Gentile, Glas, Holloway, O’Mahoney), and Brett Reese (SVP, Crocker Partners), moderated by Brian LaMotte (SVP, WGI). The panelists discussed a number of topics with key highlights as follows:
Downtown West Palm Beach has a number of office and hospitality projects that make the area attractive for North East hedge funds/investors. To create the full package the area needs to focus on affordable and workforce housing, better schools, and infrastructure.
Opportunity zones are loaded with tax benefits, providing an attractive option with strong potential. With the Treasury Departments most recent guidance in this area, it’s expected to be busy for the second half of the year. To reap the maximum benefit from the program (a 15% reduction on taxes) money has to be invested in opportunity zone funds by the end of 2019.
All panelists agreed to a positive outlook for the rest of 2019 in the commercial real estate market. It was a great event, as always, and we were happy to be a part of it.
Are you in need of commercial space? NAI/Merin Hunter Codman is one of South Florida’s leading commercial real estate firms and the largest in Palm Beach County. We have over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management, and construction management services. The firm has expertise in all commercial property sectors including office, retail, industrial, multifamily, hotels, and land. To learn more about our services click here.