Land Sales Show No Sign of Cooling Down under the South Florida Sun, Says JLL
Developable land in South FL is in high demand and selling at record prices due to in-migration to the state that includes not only individuals but employers, capital sources and developers, says JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
Two record-setting land transactions that passed through JLL’s hands include the $363-million sale of 1201 Brickell Bay Dr., which is slated for Citadel’s new headquarters, and the $94-million sale of 700 North Miami Avenue, a 4.7-acre site.
In addition, compared to the broader US market, South FL land sales totaled $3.2 billion in 2022, up 49% year-over-year, while the US land sale volume equaled $28 billion, down 10% year-over-year. The JLL Capital Markets team sold more than $6 billion in South FL land sites over the past 25 years, $1.6 billion of which was sold in the last three years.
“Land is only becoming more and more coveted throughout the entire state, and that demand should continue for the foreseeable future,” said Maurice Habif, managing director of JLL Capital Markets.