We continue to hear about a commercial office recovery. Yes, it is true, but that could be misleading. While reports suggest improvement, much of the office market remains distressed, with properties selling at steep discounts—due to the lasting impact of remote work. High-end office spaces are doing good, but the real transformation is happening elsewhere: office-to-residential conversions.
A Surge in Conversions – Despite high interest rates, developers are moving forward with office-to-residential projects at an unprecedented pace. Manhattan leads the way, with a significant number of …
by Riccardo Ravasini 
PortMiami broke its cruise traffic record in fiscal year 2024, welcoming 8.23 million passengers—a 12.79% increase from the previous year. This achievement keeps PortMiami as the world’s busiest cruise port, leading over Port Canaveral.
In environmental progress, PortMiami activated shore power in June, cutting pollution by allowing ships to use electricity while docked. Additionally, major infrastructure projects are underway, including the world’s largest cruise terminal by MSC Cruises and a new Royal Caribbean terminal starting construction in 2025.
Port Everglades in Fort Lauderdale also saw …
by Riccardo Ravasini 
Florida continues to be a hotspot for international real estate investors, with significant interest from abroad despite market challenges. Between August 2023 and July 2024, international buyers contributed a total of $7.1 billion in residential purchases.
During this period, 10,900 existing homes were purchased by international buyers, accounting for 3% of all existing home sales. Notably, 69% of these buyers had their primary residence outside the United States, highlighting the state’s allure as a global destination.
Canadian buyers led the way, making …
by Riccardo Ravasini 
Florida remains desirable for many, with its warm climate, no state income tax, and extensive coastline.
However, the real estate market is shifting. According to Realtor.com’s September Housing Market Report, four of the ten U.S. metro areas with the most significant year-over-year declines in home prices are in Florida. Miami experienced the steepest drop at 12.4%, with Jacksonville, Orlando, and Tampa also seeing major price reductions.
These declines follow a post-pandemic population boom. Since 2020, Florida’s population has grown from 21.5 million to …
by Riccardo Ravasini 
Manhattan is experiencing a surge in office-to-residential conversions, boosting the rental supply. With the 421a tax break expiring in 2022, new construction slowed, but conversions like Vanbarton Group’s 77 Water Street and Bushburg Properties’ 80 Pine Street are adding thousands of rental units. By 2028, around 7,500 apartments are expected from these projects, making up over 40% of new rentals.
This trend is crucial given Manhattan’s housing shortage, although issues remain, such as wage requirements and rent restrictions that could deter some developers. Notably, the former Pfizer headquarters …
by Riccardo Ravasini