Happy New Year! Let’s start 2024 with the latest insights in commercial real estate, focusing on local and national landscapes.
Local Update: Jaxport’s Blount Island Modernization
In Florida, Jaxport’s Blount Island terminal is undergoing significant modernization. This project will enhance the terminal’s capacity by 150%, enabling it to handle nearly 500,000 containers annually. Jaxport’s total capacity will rise to 2 million shipping containers per year, doubling its cargo throughput. The upgrade allows the port to accommodate larger container ships, up from a limit of 12,000 to 14,000. This development suggests a potential increase in demand for warehouse and distribution spaces in the vicinity, impacting the local commercial real estate market positively.
National News: U.S. Housing Affordability Crisis
On a national level, housing affordability in the U.S. has plummeted to the lowest level on record in 2023. Only 15.5% of homes for sale were affordable for the typical American household, a significant drop from 20.7% in 2022 and 40% before the pandemic. This decline in affordability, driven by rising mortgage rates and a drop in listings, impacts the residential real estate market considerably, potentially influencing commercial real estate, especially in the housing and construction sectors. For more information, visit [Fox Business](https://www.foxbusiness.com/economy/housing-affordability-plummeted-to-lowest-level-on-record-in-2023).
Inside Beyond Commercial: Performance Mindset Podcast Milestone
Closer to home, December 21st marked the 45th episode of the “Performance Mindset” podcast, hosted by our very own Amy Calandrino. This podcast is a treasure trove of business and real estate insights. If you haven’t already, give it a listen at [Performance Mindset Podcast](http://performancemindset.show).
The start of 2024 emphasizes the need to stay informed and adaptable in the commercial real estate landscape.