As publications consultant to the University of Miami School of Business from 2000-2018, Rochelle served as publisher and editor of the school's twice-a-year magazine for alumni, students, donors, faculty, staff and community. In addition, many conferences hosted by the UM School of Business were covered by Rochelle and the RB Editing team. Conference coverage spanned accross a variety of global business industries including Real Estate and Healthcare.Read More
By Rochelle Broder-Singer | 8/10/2008
''Retail follows residential'' has always been a maxim in real estate.
And as housing prices soared and new condos multiplied, retail too saw glory days. In 2007, average asking rent at most retail shopping centers in Broward County grew for the fifth straight year. And in Miami-Dade County, retail rents hovered at nearly $30 a square foot in 2007, reports real estate services firm CB Richard Ellis.
But this year, the housing bust has put a big dent in consumer spending, and unemployment is up sharply. That means a dramatically changed retail real estate scene.
''Apprehensive,'' is how Stephen Bittel, chairman of Miami Beach-based real estate developer, broker and manager Terranova Corp., puts it. ''You've got everyone -- developers and landlords on one side and tenants and banks on the other -- fearful to commit capital to anything new,'' he said.
Retailers are either closing stores or scaling back locations. Slowing spending is squeezing ''mom and pop'' operators out of the market. That trickles down to shopping center developers, which are having more trouble securing tenants and lenders. In turn they are getting more willing to cut deals on rents and tenant improvements.
''Projects that were being planned are being rethought as tenants retreat,'' said broker Lyle Stern of Koniver Stern Group in Miami Beach.Read More
By Rochelle Broder-Singer | 5/12/2008
When real estate developer Linda Rozynes lost a South Miami-Dade apartment building to a storm in 2000, she knew she would rebuild the property -- as medical offices.
That was Rozynes' foray into the booming medical real-estate sector, a niche fueled by an expanding senior-citizen population and the trend of performing procedures outside of hospitals. Medical office rents are averaging $28.49 per square foot in Miami-Dade County and $24.05 in Broward, with occupancy at 95 percent in both counties, according to CB Richard Ellis.
The demand has drawn established medical developers and newcomers like Rozynes, as well as office condo developers targeting doctors.
Physicians seeking office space have some unique issues. First, they often spend as much as $50 to $100 per square foot to customize their offices, because they require specialized equipment -- such as plumbing and cabinetry, reinforced floors for heavy equipment and lead-lined rooms for X-ray machines and CT scanners.
''The cost for them to improve their space is extremely high,'' said Kenneth Weston, CEO of medical realestate specialist Kenneth Weston & Associates. ``So for them to move from office to office is extremely expensive.''
Then there's that location factor: Physicians need to have their offices close to their patients and, for many specialists, near a hospital.
Rozynes' 37,000-square-foot building, for example, is on Sunset Drive near 87th Avenue, close to Baptist and South Miami hospitals.
Still, leasing was a bit slow because of competition from office condos. In 2007, 652,329 square feet of office space sold, a good chunk of it targeted at the medical industry.Read More
By Rochelle Broder-Singer | 11/2/2008
During the real estate boom, losing a tenant didn't matter so much. Any tenant, whether office, industrial or retail, could easily be replaced.
Now, empty space is taking longer to lease every month. Amid a credit crunch and a slowing economy, tenants who can pay the rent are suddenly a hot commodity.
That leaves landlords working overtime to keep the tenants they have. They are more focused than ever on renewing leases, willing to negotiate terms and offer concessions such as tenant improvements, months of free rent and sometimes even reduced rental rates.
Landlords are also trying to keep tenants happy by paying more attention to the appearance and upkeep of properties and responding faster to maintenance requests and complaints.
''Typically people don't like to give concessions, but the reality is the reality,'' said Barry Sharpe, whose Hialeah-based Sharpe Properties owns retail, warehouse and office properties.
Some landlords are going so far as to extend help to tenants that are struggling to stay in business.Read More
By Rochelle Broder-Singer | Special to the Miami Herald | 2/2/2009
Some of the biggest commercial real estate deals of 2008 came from outside the United States:
Nakheel Hotels, managed by the Dubai government, bought 50 percent of the Fontainebleau Miami Beach hotel for $375 million. A subsidiary of Japanese investment firm Sumitomo paid $260 million for the Miami Center office tower. Hong Kong-based Swire Properties, which developed most of Brickell Key, paid $41.3 million for 5.5 vacant acres just off Brickell Avenue. And a Mexican company affiliated with the Jose Cuervo Group became partners in 396 Alhambra, a planned $130 million office project in Coral Gables.Read More
By Rochelle Broder-Singer | 05/04/2009
When the economy was riding high, companies could pick their office space based on ''location, location, location.'' In today's economic climate, though, that mantra is being challenged by another: ''cost, cost, cost.'' Growing concerns over the bottom line have businesses reassessing whether a pricey downtown location is essential, or whether it is a luxury that can be avoided.
TrèsKoi Public Relations, for instance, considered space in downtown Miami or South Beach, but ultimately settled on The Bank building at Northeast 81st Street and Biscayne Boulevard.Read More
By Rochelle Broder-Singer | November 03, 2008
The Continental Group made its name managing condominium and homeowners associations -- it now manages 1,300 across Florida. Now the Hollywood-based company is expanding into the trickier business of managing condo units for rent.
Trickier, because there are thousands of condos for rent competing for tenants. Continental's clients, often strapped for cash, have small marketing budgets. And Continental must try to persuade associations looking to pare expenses to invest dollars into sprucing up the building and grounds to lure renters.
So the company must get creative, using back-to-basics techniques such as posting flyers at retail strip centers and paying people to stand on street corners with big signs advertising free rent. Such techniques have helped bring them to 1,120 units in South Florida alone.Read More
By Rochelle Broder-Singer | May 12, 2008
Sales of commercial real estate have fallen sharply in the past year. Just like the residential market, investors aren't finding the bargains they expect given the economy, yet sellers aren't ready to cut prices.
It's a ''stalemate,'' said Stephen Bittel, chairman of Miami Beach-based real estate services and investment firm Terranova.
During the six months ending in April, $1.8 billion of industrial, office and retail property closed -- down 59 percent from the same period a year ago, reports Real Capital Analytics.
Broward sales of retail property fell the most, down 85 percent during the six months ending in April, compared to the previous year. In Miami-Dade, sales of retail property were cut nearly in half. Office sales were down by 61 percent in Miami-Dade and by 14 percent in Broward. Industrial property sales in Miami-Dade were down 48 percent, but up by 96 percent in Broward.Read More