Industrial market remains strong
As rental rates in newer areas, such as Airport West and Northwest Miami-Dade/Medley, rise, there’s a movement back to older markets like Hialeah, according to the 2015 Commercial and Industrial Association of South Florida Industrial Market Report.
Also among the report’s highlights: new industrial projects are pre-leasing space during construction for the first time, and despite talks of the Panama Canal expansion and the railroad system’s renovation impacting trade in South Florida, an increase in price has not been recorded. [CIASF]
Home builder sentiment index falls despite positive outlook of sales conditions
There was a slight decrease in builder-sentiment index, according to the National Association of Home Builders/Wells Fargo. Monday’s index fell to 54, down from 56 in April and up nine points from a year ago. Index readings of 50 or higher reflect a positive outlook of sales conditions. [NYT]
30-year fixed mortgage rates down this week
Florida’s current 30-year fixed mortgage rate is at 3.81 percent, down from 3.87 percent last week.
“Rates fell late last week as a string of weak data raised concerns about the underlying strength of the U.S. economy,” Erin Lantz, vice president of mortgages at Zillow, said in a statement. “This week markets will look to a few Fed speeches and minutes from April’s Federal Open Market Committee meeting for further guidance.” [Zillow]