Featured ExpertIn the News 8/ 23/ 2023

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.

Read the full article.