Northmarq’s Bob Harrington connects with the South Florida Sun Sentinel to talk rising multifamily costs
FORT LAUDERDALE, Fla. (Aug. 23, 2023) — Bob Harrington, vice president in Northmarq’s Fort Lauderdale Debt + Equity office, recently spoke with the South Florida Sun Sentinel for an article titled, “Inflation waves keep sweeping South Florida economy amid post-pandemic rebound.”
Harrington pointed to soaring insurance costs as an obstacle for multifamily housing construction, and rising costs will be passed to renters. As the cost of living rises, Harrington said some residents are leaving South Florida for cheaper, northern cities and towns.
“You certainly see folks have moved farther north up the east coast to Martin County and the Treasure Coast,” Harrington said. “The cost of living is so much less there. Sometimes it’s costs that are out of the renters’ or homeowners’ control that are pushing them to other markets.”
Other topics covered in the article include:
- Labor market and costs.
- Marine industry demand.
- Consumer bankruptcies.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.