The Weekly Dirt: Developers bail on South Florida’s multifamily boom
The cycle for new multifamily construction is ending, and owners of multifamily development sites are looking for an out. It makes sense. Many developers are putting their sites up for sale following a period of rapid growth fueled by the pandemic boom. Then came the slowdown, brought by unsustainable costs for land, financing and construction. On top of that, developers have to offer more concessions to tenants to lease units at their buildings, commercial broker Tony Arellano tells Lidia Dinkova. A deluge of completed projects in 2023 and 2024 suppressed rent growth. And rents are falling in some neighborhoods. Developers […]This article originally appeared on The Real Deal. Click here to read the full story.
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