Congrats team MHC! The South Florida Business Journal ranked us as the #1 Commercial Real Estate Brokerage firm in Palm Beach County, #11 in South Florida, in their highly anticipated 2019 Book of Lists.
From Virgin to Ritz Carlton, the luxury cruise industry grows larger every day, and with it, Florida continues to dominate the industry. Now yet another cruise line has decided to make Florida its home. According to posts by the company on LinkedIn and comments by real estate firm NAI/Merin Hunter Codman, Mystic Cruises USA, the North American division of the new boutique luxury cruise line Mystic Cruises, will be headquartered in Fort Lauderdale.
Mystic Cruises USA is just the latest cruise line to pick Florida for its headquarters. Disney Cruise Lines is headquartered in Celebration with Royal Caribbean and Carnival both based out of Miami. Soon-to-launch cruise lines Virgin Voyages and Ritz-Carlton Yacht Collection will be headquartered in Plantation and Coconut Grove, respectively.
Our REAL Leaders had the pleasure of volunteering at the Red Apple Supplies store on Friday, July 19th. While any time is a good time to volunteer, summer is especially important as they gear up to supply local back to school initiatives with everything students will need to have a successful academic year.
Red Apple Supplies, a program of the Education Foundation of Palm Beach County, is a free teacher resource store that provides school supplies at no-cost in high-needs, Title I public schools. They support over 50 schools where 95% and higher of students come from low-income families and struggle to afford essential school supplies. Teachers shop for free supplies, all of which are purchased/donated by the community.
This week marks the 50th anniversary of the Apollo 11 mission that changed the course of humanity and space as we know it. “One small step for (a) man, one giant leap for mankind.” With the launch site, NASA’s Kennedy Space Center, in our backyard, it’s no wonder that our home state is poised for aerospace greatness.
The State of Florida represents the very best in space-related technology, innovation, business venture and exploration. Aerospace and aviation industry leaders continue to make Florida their launch pad for new discoveries, businesses and technologies.
Florida’s aerospace industry has diversified strengths, highlighted by:
- Rocket launching and landing at the Cape Canaveral Spaceport
- Development of navigation and guidance control systems in Orlando and Clearwater
- Manufacturing of rocket engines as well as advanced helicopter systems in West Palm Beach
- Small satellite development in Gainesville
- Significant MRO centers around the state, with particular strength in Miami, Jacksonville, Melbourne, and the Pensacola to Panama City corridor
- Business jet R&D and manufacturing in Melbourne
Additionally, Florida is a hub for the growing commercial space industry, with current and planned major operations for path-breaking companies such as SpaceX, Blue Origin and OneWeb Satellites.
Space Florida is the state’s aerospace economic development agency and has one simple mission: MAKE FLORIDA THE PLACE FOR SPACE. They are uniquely empowered by the State Florida with robust tools to aid companies in aerospace and related industries. Space Florida has conducted more than $500 million in financing transactions since 2000, allowing a number of companies to defer upfront capital costs on favorable terms as they grow their operations in Florida.
“Vision 2020” is Space Florida’s strategy to target 10 commercial markets in the coming years that will fully utilize Florida’s space launch and processing capabilities, existing skilled workforce, and infrastructure assets. These markets are expanding their use of space-based technologies every day, and Florida plans to become a critical part of the launch, processing, integration and supply chain opportunities that will result.
- Space Transportation and Technologies Support Systems
- Satellite Systems and Payloads
- Ground and Operations Support Systems
- Agriculture, Climate and Environmental Monitoring
- Civil Protection and Emergency Management
- ISS and Human Life Sciences
- Communications, Cybersecurity and Robotics
- Adventure Tourism
- Clean Energy
- Advanced Materials and New Products
In business, location is everything. Florida is the ONE commercial space hub that can meet all aerospace business needs TODAY. Here you can currently launch, land, manufacture, co-locate, collaborate and more. From move-in ready facilities, financial and infrastructure resources, a highly trained workforce, NASA and Air Force support and mission-proven launch/landing facilities, locating or expanding in Florida is one business decision made easy.
How can we help you? 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.
Move over, Silicon Valley – there are some new players in the game.
The tech industry’s steady growth rate is causing tech hubs to sprout up all over the country. It isn’t just centered around big cities or coastal oases, it’s everywhere. In fact, the expanding tech industry is responsible for leasing a large portion of the country’s office spaces. This is huge, not only for tech giants but also for investors.
Commercial investors need to keep up with the latest tech trends in order to find the best assets, and it’s always smart to get ahead of the game. Finding these small areas before they explode into popular hotspots is key to dominating the industry. Here are 3 tech-centric areas which are currently CRE’s best-kept secrets.
As a small business looking to make its mark on the world, starting out is never easy. Up and coming businesses face all sorts of issues and setbacks – sometimes it even feels like the turbulence will never end. These complications stand as rites of passage for all growing businesses, and the silver lining of success always remains in sight.
When everything else comes with its own set of dilemmas, there’s one thing that can be easy. Yes, we said it – easy. Finding a home for your developing business doesn’t have to be an arduous process. By following this expert advice, you’ll be able to find a city that’s perfect.
It’s 2019 and experience is everything. The focus on experience has been steadily growing, and it’s become a full-blown obsession in nearly every major industry. CRE is no stranger to the concept of created experiences, and some sectors are totally dominating the game.
Let’s look at how these 4 rockstar CRE industries are utilizing created experiences to stay current and attract business.
The Northbridge Centre office tower last week traded hands for $98 million, as investors continue to pour money into West Palm Beach property. The 21-story office tower at 515 N. Flagler Drive sold to 515 N. Flagler Drive Owner LLC, a partnership of C-III Capital Partners and Vanderbilt Office Properties, according to sources. The tower’s prior sale was in 2016, when it sold for $68 million.
The Northbridge sale took place after its recent owners, Connecticut-based Greenfield Partners and Crocker Partners of Boca Raton, spent three years and an estimated $15 million upgrading the office complex.
The black-glass office tower, nicknamed the Darth Vader building, underwent a renovation that included upgrades to its lobby and common areas and the construction of a conference facility. Some space was built out for prospective tenants, too.
The 294,000-square-foot Northbridge leased up with law firms and hedge funds but reportedly lost out on a big tenant, WeWork, the trendy co-working space. Word is WeWork took a hard look at Northbridge but decided not to lease space in West Palm Beach. Instead, the co-working space leased four floors in a new office tower in Miami.
As it stands, Northbridge still has plenty of vacant space, at a time when two new office complexes, Rosemary 360 and One West Palm, are being built.
Peter Reed, Managing Partner of Commercial Florida Realty Services, which handled Northbridge’s leasing, said new tenants such as Evercore Wealth Management and Atlantic Street Capital bolstered the county’s efforts to brand downtown West Palm Beach the “Flagler Financial District.” Law firms such as Fisher Potter Hodas also took space in the tower, which Reed, a golf aficionado, said was a “chip shot” away from the courthouse.
Nevertheless, Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach, said the office tower still has about 54,000 square feet of vacant space. Merin said two full floors remain vacant, meaning that tenants wanting to be on the water still have good choices for space.
Brokers say there’s already plenty of office space available in downtown West Palm Beach right now. In fact, Merin recently made a presentation before an Urban Land Institute conference in West Palm Beach on the topic. In his speech, he noted downtown’s 17 percent vacancy rate, featuring about 285,000 square feet of available space.
Brokers characterized the West Palm Beach office market as a “move around market,” with new office buildings usually poaching tenants from existing buildings. Few large new office users come to the market. The Comvest deal is a perfect example of this trend, they said.
This fact contradicts statements by developers, business and government leaders who maintain there is an immediate and desperate need for more Class A space downtown.
Merin said in the short term, the supply of office space might swell to more than 786,000 square feet with the addition of two more office complexes, keeping office rents in check.
In the long run, however, Merin expects downtown West Palm Beach’s office space will fill up as more financial and business firms move to Florida from high-tax states in the Northeast.
94% of teachers pay an average of $500-$1,000/year out of pocket on classroom and student supplies – The New York Times
At NAI/Merin Hunter Codman, Inc. we take pride in supporting the communities that we live and do business in. We’re writing today to ask for YOU to be a part of our next community service project.
Help us in supporting the Education Foundation of Palm Beach County by dropping off items for our SCHOOL SUPPLY DRIVE, benefitting Red Apple Supplies. This free teacher resource store provides school supplies at no-cost in high needs, Title I public schools.