Well, if you’re going to call yourself KensTrends you’d better be good with your Trends and you should also be good with your Kens. I think my last post showed that I’m pretty good with my Kens. But what about the Trends?
As part of my Top 10 Kens List, I predicted that the Barbie Movie would be the runaway hit of the summer. Now, $1.3 billion later and as one of the top 20 top grossing movies of all time, that one seems to be on track. Eat that Oppenheimer! I will also admit that after writing the article I had to see the movie. I was thoroughly entertained and it gets two thumbs up from KensTrends.
The crystal ball graphic above is taken from the cover photo of my 2018 Propmodo article which anticpated Miami’s emergernce as an office hotspot.
Now let’s go back to 2019 when I asked “Can Pro Soccer be Successful in South Florida?” At that time I pointed out that MLS Cup Championship seats in Seattle sold out in 20 minutes and the worst seats in the Stadium were selling for $345 on Stub Hub. At that time, I stated that if InterMiami could field a winning team, then pro soccer in South Florida will finally be a success. I never thought they would go out and sign the best player in the world, but when I checked Stub Hub I couldn’t find a ticket to see Lionel Messi play in Fort Lauderdale for less than $150. Game day seats for Inter Miami’s August 26, 2023 game in New York started at $450 and prime sideline locations sold for over $11,000. That’s $367 per minute for the 30 minutes Messi played. Anyway, I take that as a win for KensTrends.
Turning to Commercial Real Estate, in June 2022 I pointed out that the world had turned upside down and that warehouses were selling for more than Class-A trophy office towers. This week I am working with a buyer looking at warehouses in Miami priced at over $400 per sf. So the demand is still out there. A few months earlier I spotted ind-flation, where rental rates on industrial property had risen by 50 to 100% in South Florida in the preceding 12 to 18 months. At that time, I said “Growth will eventually slow, but strong demand and limited supply indicate continued growth in industrial rents and property values.” Now 18 months later, we are first beginning to see rates flatten and even ease in the industrial market, but there is no bubble about to burst.
The warehouse in Dania Beach was on the market at a higher price per sf than Miami’s CitiCorp Center.
And my “5 Things You’ll Hear During the 2012 Hurricane Season” still applies to 2023. I think we’re “out of the woods” on the latest storm, so no need to “hunker down” or check the “cone on your phone”.
You know your’re in trouble when the Weather Channel’s Jim Cantore is in your town wearing a baseball helmet.
So whether you are going to the movies or a game, talking about the weather or buying or leasing commercial property, KensTrends has its finger on the pulse of South Florida. As always, I strive to be original, borderline entertaining, and hopfully accurate. As you can see, my crystal ball seems to be working pretty well.
When you are looking for a location for your business, you want someone on your team who understands the market, where it’s been and where it’s going. With over 30 years as a market analyst, investment advisor and tenant advocate, I have always helped my clients make the best real estate decisions to benefit their companies in the long and short term. Whether you are looking to lease, to buy, to sell or to invest, I am ready to help.
Have a great Labor Day. I am heading out on vacation and you never know what blog content may come out of the trip. The last vacation blog I did back in 2018 on buffalo leasing is a personal favorite.
