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The Fed's third Fed Funds rate cut this year will hopefully result in a "soft landing" for our record expansion and avoid a recession. Both the NY Fed's recession model and the Bloomberg economist survey indicate a 35% chance of a recession in the next 12 months.
"There is zero incentive for NY multifamily investors to purchase a building and spend money on renovations if they can't raise rents in these rent-controlled environments."
According to a third quarter report on the office market in Broward County by commercial brokerage firm CBRE, the overall vacancy rate for the region fell 40 basis points from the second quarter and 210 basis points from a year earlier to 9.3% at the end of the third quarter of 2019.
Year-over-year average rents jumped 5% to $41.11-per-square-foot. Buildings with the largest rent hikes include 800 Brickell, which went from $42-per-square-foot to $47-per-square-foot during the same period.