Tag Archive for: ngkf

Remembering Industry Veteran Robert H. McCullough

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It is with deepest sympathy that we learned of the passing of our good friend and colleague Robert H. McCullough on Monday, January 23rd after a prolonged illness.

Robert had more than 24 years of experience in the South Florida commercial real estate industry, with an extensive background specializing in professional office as well as industrial product, with proven expertise in medical product as well. His primary focus was landlord/seller agency representation, but had enjoyed success with select buyer and tenant representation clients.

Robert had completed well over two million square feet of new and existing commercial lease and sale transactions, valued at over a quarter billion dollars.

He served as Managing Director with Newmark Grubb Knight Frank (NGKF) since 2008.

Prior to joining NGKF, Robert represented landlords and tenants at Property Trust Realty, Inc., which was purchased by Codina Realty Services. Flagler Real Estate Services later purchased Codina Realty and, during his tenure there, he was awarded Broker of the Year 2000, 2001, 2002, 2005, 2006 and 2007.

The family requested that donations be made in Robert’s name to:

Berean Christian School
8350 Okeechobee Blvd., West Palm Beach, FL 33411

or

Church in the Palms
3812 Jog Road, Greenacres, FL 33467

Please keep Robert and his family in your prayers as we mourn the loss of this special man.

It’s A Great Time To Be An Office Landlord

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A new report from Newmark Grubb Knight Frank shows positive net absorption for 18 consecutive quarters in Miami, an occupancy rate of nearly 85 percent and a market where demand continues to outpace supply.

“The rents have finally escalated enough that they can justify new construction,” said Patrick Duffy, a vice chairman in Newmark Grubb Knight Frank’s Miami office. “Usually in the past, new construction compressed pricing a little bit because we had new supply. But I don’t think we’ll see that this cycle.”

In Broward County, the resurgence rested on a spike in investment transactions. Buyers picked up 1 million square feet in the sale of six major office complexes, including the $119.5 million trade of the Royal Palm at Southpointe complex in Plantation and the $32.55 million sale of the Cypress Financial Center to Steelbridge Capital in September.

“Investment activity was in full swing,” Newmark Grubb reported.

Palm Beach County‘s office sector is at its strongest in two years with falling vacancy rates and rising demand. Tenants leased more than 405,000 square feet in 131 transactions at average asking rents of $28.12 per square foot. That pushed the vacancy rate to 19.2 percent, down from 20.3 percent a year earlier.

To download Newmark Grubb Knight Frank‘s complete reports, click on the following links:

 

Newmark Grubb Knight Frank-3Q14 Fort Lauderdale Office Market Report

Newmark Grubb Knight Frank-3Q14 Palm Beach Office Market Report

Newmark Grubb Knight Frank-3Q14 Miami Office Market Report

 

Source: DBR

Newmark Grubb Knight Frank Releases Q313 Reports For South Florida Market

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According to Newmark Grubb Knight Frank’s (“NGKF”) latest reports for South Florida, market fundamentals in the industrial sector have fully recovered when measured by third quarter vacancy rates, while the office sector continues to make modest, but encouraging, improvement.

Broward County and Palm Beach County ended the quarter with industrial vacancy around or below the 8.0% mark, while Miami’s industrial vacancy rate is still hovering near 6.0% despite the recent addition of over one million square feet of new inventory delivered since the beginning of 2012.

“The improved demand we are seeing for industrial properties, in part, stems from a recovering residential real estate market, most notably in the multi-family sector,” said Adam Greenberg, executive managing director in NGKF’s Miami office. “As homeowners look to remodel existing properties and homebuilders deliver new projects, the need for manufacturing, warehouse and distribution space grows and in turn boosts demand for retail space.”

In response to robust demand, an additional 750,000 square feet of speculative industrial projects is underway in Broward County with the anticipation that tenants will begin to move north in search available quality spaces.

The office sector, to a lesser extent, also experienced modest growth during the third quarter, with the vacancy rate falling slightly across the three counties. Broward County ended the quarter with the lowest level in the region at 15.8%. Miami followed closely behind at 17.0% but experienced the strongest year-to-date absorption numbers with over 400,000 square feet of absorbed office space. According to the NGKF report, this is a positive sign and is consistent with earlier projections of moderate growth and slowly improved conditions.

“Across South Florida, over 1.7 million square feet of office leasing activity was tracked in the third quarter,” said Jon Bourbeau, vice chairman in NGKF’s Miami office. “The majority of deals continued to come from tenants already in the market in the form of expansions, renewals and relocations. The flight-to-quality trend persists as companies take advantage of market conditions to upgrade to higher-end, significantly more efficient buildings.”

Download the complete reports below:

Newmark Grubb Knight Frank’s 3Q13 Fort Lauderdale Office Market Report

Newmark Grubb Knight Frank’s 3Q13 Fort Lauderdale Industrial Market Report

Newmark Grubb Knight Frank’s 3Q13 Palm Beach Office Market Report

Newmark Grubb Knight Frank’s 3Q13 Palm Beach Industrial Market Report

Newmark Grubb Knight Frank’s 3Q13 Miami Office Market Report

Newmark Grubb Knight Frank’s 3Q13 Miami Industrial Market Report

 

About Newmark Grubb Knight Frank

Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.

NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.