Middle Market Digest: Early This Week in Florida

Early this week in Florida saw some interesting news come out of Miami Beach. Meanwhile, Pompano Beach saw something that hasn’t happened in Broward County in 15 years.

BY THE NUMBERS

Rental completions will reach a 15-year high in Tampa Bay this year, nudging vacancy up. The largest portion of the new units are in Central Tampa where a number of mixed-use redevelopment projects are adding multifamily rentals. The submarket will receive roughly 4,200 apartments by the end of 2018. Additional apartments are set to begin construction next year in the 53-acre development on Old Water Street. Dubbed Water Street, the mixed-use district will transform underutilized land along the waterfront into 3,500 residences, several office buildings and two new hotels over the next decade. (Source: Marcus & Millichap)