Research

Coworking investments are expected to maintain momentum over the next five years as corporate real estate executives continue to view flexible workspace as an essential offering.

"These markets are considered budding tech hubs that are poised to grow more rapidly in the future."

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.

Among some of the key prevailing trends in the market include strong activity by food tenants that are expanding or debuting new dining concepts in the area.

Average daily room rates for Long Island properties will remain steady at 1.5 to 2 percent as a result of slow market growth and little exposure to growth.

A new poll shows that brokers are less concerned by brands like WeWork than they were a year ago.

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.

Experiential real estate such as all-inclusive resorts in the hospitality sector and the gaming industry are expected to do well, says PwC partner Tim Bodner.