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ResearchThree Things (9/15)

Three Things (9/15)

Sep 15, 2022

“Landlords grow rich in their sleep.” - John Stuart Mill 

1) Welcome to Wall Street in Miami: Miami's Wynwood neighborhood, once defined by its graffiti and warehouses, is now one of the country's hottest office and residential markets. The warehouse district has lured A-list tenants, including Spotify, PricewaterhouseCoopers, and Blockchain.com. Additionally more than 1,300 apartment buildings have been built - a far cry from just five years ago when there were zero. 

 Titan's Takeaway: While office vacancy rates sit around 35% in the edgy neighborhood, JLL, the real estate brokerage firm, expects the number to drop to 15% in the next six to nine months as demand for the area remains robust. Who wouldn't want to work in the sunshine state?

2) Americans are buying homes in Europe at a record pace: With a historically strong U.S. dollar, Americans are rushing to Europe to purchase homes to take advantage of the favorable exchange rate. Even seemingly minor deviations in the exchange rate can have mammoth implications on the purchase price of a home or apartment - especially on more expensive properties. Lisbon, Portugal, has become one of the hottest ex-pat areas in Europe for Americans looking to go international. 

 Titan's Takeaway: The suddenly Hulk-like U.S. dollar is instigating an inundation of foreign direct investment in Europe despite the significant turmoil the continent faces. I'll speak for myself - I am more than happy to relocate to Portugal. Just tell me where to sign.

3) SL Green swoops in to take another midtown prize: The largest commercial landlord in New York City swooped in to take 245 Park Avenue, another flagship Midtown commercial office to its growing portfolio of high-end buildings. The real estate investment trust purchased the 48-floor, 1.8 million square foot building out of bankruptcy after a tumultuous relationship with the former owner, the Chinese conglomerate HNA Group, had placed the building in bankruptcy despite seeing positive cash flow. 

Titan's Takeaway: While commercial real estate is undoubtedly going through profound changes with the advent of remote work, there are micro locales where commercial real estate is still hot. Midtown's upscale Park Avenue S district is one of those areas, and it's clear from SL Green's shopping spree that many think there is still value left to unlock.

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