With Miami’s office, retail and hospitality industries seemingly at their peaks, many in the marketplace are wondering how long the good times will last — and whether they’re already behind us.
The Real Deal put together a panel of five commercial real estate heavyweights to riff on the market’s health, Miami’s next hottest neighborhoods, as well as how the Zika virus and millennials are disrupting the industry.
One of the major points of agreement is that Miami is still ripe for development, depending on where you look. Tony Cho, founder and CEO of brokerage Metro 1 said there’s a big hospitality gap to fill in Wynwood, and he’s already in talks with several operators. Donna Abood, principal of Avison Young’s Miami branch, said the city is still in dire need of new office space. Condo developers ate up much of the buildable land in the urban core this cycle, and the upcoming projects that include major office components — such as Brickell City Centre and MiamiCentral — have already preleased much of their space.
Abood and Cho were joined by Keith Menin, principal of Menin Hospitality; Lyle Stern, president of the Koniver Stern Group; and Steven Kamali, founder of Hospitality House. Their panel was one of five discussions hosted by TRD at our biggest-ever South Florida Showcase & Forum on Oct. 20, located at Wynwood’s Soho Studios. More than 4,500 movers and shakers attended for a chance to network, check out the newest developments and find potential deals.