The great Florida migration

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The great Florida migration is coming undone link

• Tampa, Orlando, and Jacksonville have seen inventories rise over 50% since last year, with demand dropping over 10%. Half of Tampa’s listed homes had price reductions by September 9, the third-highest share in the U.S.

• Insurance premiums in Florida have skyrocketed by 400% in some areas over the past five years, driving homeowners out of the market. Recent storms like Hurricane Helene could add $15 billion in damages, worsening costs further.

• Older condos in Miami are facing steep price drops, with units over 30 years old selling 19% below last year’s prices. At North Miami’s Cricket Club, $134,000 assessments have forced two-bedroom units to drop from $450,000 to $200,000.

Industrial on pace to absorb more than 100M SF this year link

• National industrial vacancy rose by 30 basis points in Q3 to 6.4% but still remains below the pre-pandemic average of 7%. This marks the smallest quarterly increase since late 2022, showing gradual stabilization in the market.

• Year-to-date industrial absorption reached 96 million square feet, with Dallas-Ft. Worth, Houston, Phoenix, and Savannah leading growth. Meanwhile, cities like Los Angeles, New Jersey, and Seattle reported negative absorption.

• Average rental rates for industrial spaces exceeded $10 per square foot for the first time, hitting $10.08 at the end of Q3. The Northeast and South showed the highest annual rent increases, while rents in the West dropped 3.3% compared to last year.

How Malls Are Adapting to Ensure Long-Term Success link

• Back-to-school season drove a 7.3% increase in mall foot traffic this year, with both indoor and open-air shopping centers benefiting. Retailers like American Eagle and Abercrombie stood out by offering attractive styles and competitive prices that appeal to teenagers.

• Dick’s Sporting Goods emerged as an unexpected back-to-school player by selling sporting gear and athleisure wear, becoming a bright spot in mall traffic. Malls are adding entertainment venues like arcades and eat-and-play experiences to lengthen visits and increase consumer spending.

• As the retail landscape shifts, some mall operators are opting for a more focused approach. PREIT, for instance, has reduced its presence in the Philadelphia market from eight malls to just five, concentrating on high-performing locations. Lower-tier malls are struggling to attract tenants as retailers emphasize integrated channels like buy-online-pick-up-in-store options.

Nearly one-third of young adults say hurricane Helene has made them reconsider where they want to live in the future link

• 32% of U.S. adults aged 18-34 are rethinking future moves due to Hurricane Helene's destruction, compared to just 15% of those aged 35 and older. The storm's unexpected impact in Appalachia has caused many to reassess assumptions about regional climate risks.

• Nearly a quarter of respondents expect insurance premiums to rise in their area, with the highest share in the South at 32%. Additionally, 13% believe securing home insurance will become more difficult, with Southern respondents most concerned at 20%.

• 45% of all respondents say the storm did not change their housing perspective, including 40% of those in the South. Asheville, North Carolina, experienced severe devastation, and the death toll in the region has climbed past 100.

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Vidit

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