Welcome back to the work week, investors. In today’s commercial real estate news, a panel on how Miami can deal with rising sea levels, a city’s commercial real estate is flying high after approving medical marijuana, and a heated-up hotel market it damaging some areas.
Rising sea levels threaten the future of beach-side Miami. Those on the panels believed charging developers with creating ‘clean’ energy buildings and fixing the zoning laws around high grounds to allow for more varied services were part of the solutions.
Another anecdote for why commercial investors should be excited about more cannabis legalization across the United States. Since allowing medical marijuana, the city of Coalinga has been inundated with requests for commercial development projects, according to the mayor. “Things are looking good,” he said. “We’ve had a great start, and we expect to continue.”
Experts are predicting a pretty good year for hotels in 2017, but a too-hot market may damage some cities. Oklahoma’s occupancy rate was a mere 48% last year. Austin, TX had lower occupancy rates as well, but demand for hotel rooms remains strong there.