The Real Deal Miami

Multifamily, retail real estate to buoy Miami’s commercial sector in coming years

February 21, 2013 01:00PM

Retail and multifamily will lead recovery

Retail and multifamily values should buoy the region’s commercial real estate sector, as they are set to grow nine percent over this year and next, according to a report from the South Florida Business Journal.

The multifamily sector is currently perhaps the only asset class in South Florida where developers are currently able to get financing, the Journal said. However, even multifamily values will take about another year to stabilize, according to data from Miami-based commercial appraiser Integra, the publication said.

Industrial real estate should rise about 7 percent in value in the next two years; offices, which have been the most sluggish area, are slated to rise about 4 percent, per Integra’s numbers. [South Florida Business Journal] –Guelda Voien