Tuesday’s Tour of the Day: 900 Broken Sound

Check out 900 Broken Sound, a modern, first-class office building in the heart of North Boca Raton!

900 Broken Sound is a five-story, 116,000 square foot, Class-A, Boca Raton professional office building. Undergoing $2 million of property upgrades since 2009, this fully modernized building features a dramatic two-story lobby finished with mahogany wood paneling, marble floors and shared conference center. Located in the heart of the Park of Broken Sound, a blossoming live-work-play environment, the property is surrounded by over 500 residential units, numerous restaurants, shops and hotels. I-95 is a minute away along with easy access to Florida’s Turnpike, TriRail, the Boca Raton Executive Airport and Palm Beach International Airport.

Call 561-471-8000 today to learn more about Boca Raton move-in ready spec suites, customizable space for lease, or full floor opportunities.

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NEWS PICK-UP: Coronavirus Florida; One West Palm complex, partly built, could halt construction for years

The following excerpt was originally written by Alexandra Clough of The Palm Bach PostClick here to view the full article.

Photo by: Greg Lovett/palmbeachpost.com

A $250 million twin-tower complex in West Palm Beach is likely to stop construction within days, leaving the city with skeletal towers that could stand as unbuilt eyesores for the next decade.

Palm Beach billionaire Jeff Greene, who is developing the 30-story One West Palm apartment-hotel-office complex, said on Tuesday he is about to pull the plug on construction, three stories shy of reaching the top, because the city is pushing back against his request for a zoning change.

Greene wants to build apartments in a northeast tower, rather than the offices and hotel slated for the space. The southwest tower already is approved for 328 apartments.

With the coronavirus pandemic putting a halt to tourism and shuttering offices nationwide, office space and hotel rooms no longer work, Greene said. He said financing sources for the 200,000 square feet of office and 201-room hotel have collapsed, and a hotel partner withdrew.

Even before the pandemic, Greene said his real estate brokerage could not find even one office tenant willing to lease space in the project, a reflection of the market’s thin demand for new office space downtown.


Real estate experts said Greene’s concerns about office space are valid.

Last year, experts began warning that West Palm Beach’s downtown office market was loaded with empty space, even though business leaders insisted the city needed more space to lure employers.

The city’s existing offices buildings, including its Class A towers, had floors of vacant sublease space. This resulted in a shadow vacancy rate of about 17 percent downtown, said Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach.

Historically, downtown West Palm Beach can only absorb one new office tower every 10 years, Merin said. In addition to One West Palm, the 300,000-square-foot 360 Rosemary office tower also began construction last year.

With businesses alarmed by the pandemic or financially damaged by the tumbling economy, the outlook for urban office leasing is unpredictable.

Some theories predict office tenants will flock to less dense, suburban offices, Merin said.

Others predict companies will shrink their office space to save money on overhead while continuing to let employees work from home.

Want to read the full article? View PDF | View Link

News Articles

Tuesday’s Tour of the Day: Fairway Office Center

Check out Fairway Office Center, a Class-A office park in Palm Beach Gardens!

Fairway Office Center is a 224,000 square foot office park consisting of three Class-A office buildings situated on a lush 16-acre campus within the PGA National Resort and Spa Community. Fairway Office Center tenants enjoy the property’s first-class amenities, ample parking, security and outstanding Palm Beach Gardens Location.
 
Located at the intersection of the Turnpike and PGA Boulevard in Palm Beach Gardens, Fairway Office Center features outstanding access. Minutes to I-95, Downtown at the Gardens, Legacy Place and The Gardens Mall. Only twenty minutes to Palm Beach International Airport.

Contact Jason Sundook or Lesley Sheinberg for leasing information: 561 471 8000!

Tour of the Day

DEALS FORECAST: Predictions about the future of South Florida real estate

The following excerpt was originally written by the South Florida Business Journal. Click here to view the full article.

Before the novel coronavirus infected the South Florida real estate industry, it was always clear whether it was a buyer’s or seller’s market.

But, like most industries, it’s a sector of the region’s economy that’s not immune to the virus, formally known as Covid-19.

An abundance of confidence in South Florida’s most valuable sector has morphed into a wealth of unpredictability in recent weeks.

The Business Journal reached out to local experts — many of whom have weathered previous downturns — to get their take on what the future might look like for each segment of the region’s booming real estate industry: residential, industrial, office, retail and hospitality.

We also asked professionals how the coronavirus affected their deal flow. The results of a Business Journal survey offer a rough picture of an industry at a standstill.

From small companies to large ones, a majority told us that the pandemic greatly slowed or halted deal flow. Most say that’s because of uncertainties among buyers and sellers.

Neil Merin offered his take on the office sector below.

“There will be a slightly higher vacancy rate because some companies will totally fail. Some tenants will renegotiate their rent. Some see it as a way to preserve cash.” – Neil Merin, Chairman, NAI Merin Hunter Codman

What do other professionals have to say? How will each sector feel COVID-19’s impact? See the original article here: View PDF | View Article

General News Articles

Tuesday’s Tour of the Day: 951 Yamato

Check out the stunning 951 Yamato office building in Boca Raton!

A 146,000 square foot Boca Raton Class-A office building featuring a stunning atrium, lush interior courtyard, concierge services and electric car chargers. 951 Yamato is located in Boca Raton, midway between Broward and Palm Beach County business markets and just one mile from I-95 with a Tri-Rail Shuttle stop at the building. Searching for the perfect office suite for lease? 951 Yamato offers small and medium move-in ready spec suites, as well as corporate headquarter sized space for lease. Now ENERGY STAR rated!

Call Jay Grossman or Rich Brockney today at 561-471-8000 to learn more about office space for lease in Boca Raton.

General Property Management Tour of the Day

Tuesday’s Tour of the Day: Gardens Pointe

Check out Gardens Pointe!

Class-A office space for lease in the heart of Palm Beach Gardens. Gardens Pointe is a well appointed property featuring an upgraded lobby area, hurricane rated impact glass, fiber optics, high-end finishes and kitchenettes – in addition to lush landscaping, winding lake view paths, ample parking and vehicle charging stations. Gardens Point is surrounded by the finest retail, dining, and office complexes in the city. Adjacent to The Gardens Mall, Downtown Palm Beach Gardens and Legacy Place, tenants can enjoy a multitude of dining and shopping options within walking distance. The property is also in the heart of Palm Beach Garden’s business corridor while conveniently located ¼ mile from I-95, two miles east of the Florida Turnpike and 13 miles to Palm Beach International Airport.

Call Jason Sundook or Christopher Smith at 561-471-8000 to learn more about space for lease in Palm Beach Gardens.

General Property Management Tour of the Day

Tuesday’s Tour of the Day: 1 East Broward

Check out 1 East Broward!

PREMIER DOWNTOWN FT. LAUDERDALE OFFICE SPACE FOR LEASE.  1 East Broward truly is the #1 choice for businesses seeking first-class, downtown office space for lease in Fort Lauderdale’s Central Business District. The 19-story, Class-A office building comprised 350,000 square feet is located at the northeast corner of Broward Boulevard and Andrews Avenue. Just steps from the Brightline train station, 1 East Broward is within walking distance to several local attractions including Flagler Village’s Arts and Technology village (FATVillage), Music & Arts South of Sunrise District (MASS), and renowned Las Olas Boulevard.

Tenants enjoy unparalleled amenities including a luxurious grand lobby with soaring floor-to-ceiling glass and high-end marble finishes, impressive panoramic views, an exclusive state-of-the-art fitness center, complimentary shuttle services, manned 24/7 security and a variety of on-site services including: restaurant, café/sundry shop, dry cleaning, car detailing, banking/ATM and property management. Tenants also enjoy plentiful parking in the garage, connected by an air-conditioned, newly renovated sky-walk.

1 East Broward offers the best in convenience and walkability with fantastic access to I-95, I-595 and the Hollywood/Fort Lauderdale International Airport. It’s also the closest office building to the new Fort Lauderdale Brightline station.

It’s all happening here. Call 561-471-8000 today to learn more about downtown Ft. Lauderdale’s #1 office space for lease at 1 East Broward.

General Property Management Tour of the Day