South Florida Real Estate Trends: What to Watch for in 2016

By Sunny Isles Real Estate Expert on February 2nd, 2016

Miami real estate for sale

In virtually all industries, January is the time to look into the future and make a prediction regarding what the next 12 months has in store. This allows businesses and industry leaders to take the right steps so they can capitalize on the trends that are anticipated.

If you are interested in the South Florida real estate market (view website here), then the trends to watch for in 2016 that are highlighted here.

The Rental Market will Start to Stall

After the 2007 crash of the condo market in South Florida, one of the main benefits that residents saw was cheap rental rates. This was the result of easy financing and overbuilding. At that point in time, owners of new construction were converting condos and slashing lease prices to help and attract tenants, which would generate more revenue. When the units were inhabited, the economy began to stabilize.

This also resulted in landlords increasing prices at an aggressive pace to get back some of the money that was lost. The higher rental rates that are now seen in South Florida have resulted in quite a bit of new construction in 2015 and this is a trend that is going to continue for, at least, the next three years. With more rental units available, it will likely mean lower costs for rent in the near future unless the economy in South Florida adds an industry that will result in higher paying jobs.

Increase in Real Estate Commissions

Due to the supply of resale and preconstruction condos in Miami being high, developers are at a point where they need and want to sell the planned and existing units. The last element that most are willing to revise is the price. Watch for commissions in the real estate market to increase in 2016 thanks to an early attempt to sell the units prior to having to reduce prices.

Cancellation of Proposed Projects

Since the current real estate cycle started in 2011, the plans for almost 20 new condo towers in South Florida, which hold over 2,800 units have been changed. These are projects that were revised for a number of different reasons, which range from the changing market conditions to the developers being able to flip the land to get a big return.

Chances are there are going to be more proposed projects that will pivot if they do not meet the pre-sale requirements.

Financing for Mortgages is Increasing

The current real estate cycle in South Florida has mainly benefited because of the cash investors that are coming in from out of town and buying up the property with the intention of renting them out to the local residents who are unable to purchase due to financial limitations.

The main question that needs to be answered is whether or not 2016 is going to be a time of transition to a period of slower growth for the real estate market in South Florida.

December saw Impressive Home Price Growth for Miami & South Florida Real Estate

By Sunny Isles Real Estate Expert on January 28th, 2016

Miami real estate for sale

While the residential real estate market in South Florida is experiencing a slight battle with the global economic crisis, this has not put a damper on housing prices in the region. These prices are steadily appreciating and there is no end in sight for this upward trend.

The prices for Miami and South Florida homes grew by 8.1 percent year over year in November. This data was gathered from a report published by S&P/Case Shiller.

In Palm Beach County, the median price for pre-existing single-family homes hit $305,000, which was an 11 percent increase from the previous year, even more than the average of 8.1 percent. However, there were several other areas that saw this kind of growth, as well. Broward County had a median home price that was also $305,000, which represents a seven percent increase from the prior year. This was the first time that either of these county’s crossed the threshold of $300,000 since over the summer.

Faster Growth in SoFla

This means that the tri-county area saw a faster pace of price growth than almost all of the remainder of the United States. In fact, the only areas that were ahead of South Florida were Dallas, Texas at 9.4 percent, Seattle, Washington at 9.7 percent, Denver, Colorado at 10.9 percent, San Francisco at 11 percent and Portland, Oregon at 11.1 percent.

It is not the entire economy that is suffering. In fact, the consumer portion, which includes automobile sales and housing, was actually quite strong in the previous year. In fact, this improved economy has provided homebuyers with the confidence necessary to actually enter into the market; however, there are some who have been less than overjoyed with the options available, specifically in the range of $150,000 to $400,000 homes. Thanks to strong sales in the past few years, a large number of listings have been depleted all throughout the region. The current owners are still unable or unwilling to test the market, with some not understanding what they could actually get for their home currently.

Economic Struggles in Miami

However, other parts of the economy are not doing quite as well. For example, businesses in the energy and oil sectors have begun to suffer from the significant drop in oil costs over the past 18 months. The strong buying power of the U.S. dollar is also resulting in slower exports. Unfortunately, the housing market is not big enough to help and offset these weak areas.

In December, the national housing market also saw a number of similar gains. In fact, prices increased by 5.3 percent year over year, which accelerated quite a bit from the 5.1 percent jump seen in October.

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Sky Club Slated for Curation by Hotelier Adrian Zecha

By Sunny Isles Real Estate Expert on January 26th, 2016

Miami real estate

Adrian Zecha, a prominent Indonesian hotelier, will be the curator of an exclusive Miami members-only club that he himself designed. The club is being integrated into the construction of two ultra-luxurious condominium buildings on the Miami River, impressive 60-story towers called One River Point that are being developed by KAR Properties.

Luxury Club: Extreme Edition

The club promises to be over the top, calling to mind the days of the Bath Club and the Miami Club, representing a modernized take on hotspots like Caribou in Aspen and London’s Soho House. One caveat though – if you’re afraid of heights, this probably won’t be the place for you. The three-story Sky Club will be perched inside a glass sky bridge between the two condo towers, housing 35,000 sq. ft. of pure luxury.

Among the indulgences planned for the Sky Club:

• Two indoor/outdoor restaurants
• Cigar lounge
• Craft cocktail bar
• Wine cellar with tasting room
• Library
• Media Room
• 10,000 sq. ft. terrace and garden
• Chef’s kitchen

As for the condos themselves, One River Point will feature 350 units that run between a paltry $850,000 and $12 million, with penthouses costing even more. Residents of the condos will be have the choice to become automatic members of the Sky Club, and outside applicants will also have a chance at membership.

The Developers and a New Miami Vibe

Zecha and KAR Properties seem to be the perfect match for this project. Zecha, founder of the upscale luxury resort chain Amanresorts International, is credited with being a major player in the boutique hotel craze. KAR, owned by Shahab Karmely, has extensive property holdings in Southeast Asia, Europe, and the United States, but One River Point marks the company’s first South Florida project.

The choice of site for the condos and club may seem like a curious one, but it’s all part of a shift in South Florida from beach luxury living, to urban extravagance. The Sky Club represents a conceptual return to Miami’s lively past, when such exclusive clubs were havens for the elite to rub shoulders and party heavily. The developers see this as an updated, full-service facility that can offer members the extravagant, intimate feel of clubs past, along with functional amenities like a business center.

Raphael Viñoly, known by the coy, trendy term “starchitect”, is the mastermind behind the design of the condo buildings, adding to the allure and exclusivity of the entire project. One River Point will sit on the north bank of the Miami River, west of the Miami Avenue Bridge. Construction is slated to begin late 2016 and wrap up about two years later.

KAR isn’t alone in its quest to attract buyers using ultra-premium urban luxury living. Other developers are riding the wave, including Jules Trump (no relation to Donald) who has announced plans for a 45,000 sq. ft. entertainment compound called Circus Maximus. The complex will be located at the Estates at Acqualina, Sunny Isles.

Graduate College, Get a Condo

By Sunny Isles Real Estate Expert on December 30th, 2015

Paramount Miami Worldcenter

Few children receive a college graduation gift as extravagant as Shahab Namin, whose father Bruce Namin, an architect and president of Namin construction, has already secured for him – an apartment in the prestigious Paramount Miami Worldcenter.

The luxurious present is in anticipation of Shahab’s future graduation in pharmacy from Nova Southeastern University. Shahab’s sister also received a condo from their father while attending medical school. Says Namin of the purchase, “I believed it was a good investment, I liked the design and the building.” According to The Real Deal, a magazine focused on South Florida real estate news, Namin commented “They said it will be ready by 2019, and this is my graduation gift for him.”

A Unique Marketing Tactic

Sheri Pasqual, president of New York’s Strategy Media Services, a real estate advertising agency that works with national media, says that this strategy of targeting parents such as Bruce Namin has been working well in cities like Chapel Hill and Boston. Luxury developers are banking on the same tactic paying off in South Florida – specifically when it comes to affluent parents of foreign students.

Pasqual points out that many colleges now cater to a large international student base. Boston University is one such school, and Pasqual handled the campaign for that location, as well as one in Chapel Hill. Paramount Miami Worldcenter is one of Pasqual’s 11 South Florida projects. She also represents Lennar International. She told The Real Deal that “Miami is absolutely one of those markets” and considering the huge Chinese student population at University of Miami, she thinks the area represents a “huge opportunity”.

Foreign Students by the Numbers

In 2013 the University of Miami hosted Miami-Dade’s largest percentage of international students, who accounted for a whopping 15% of the student population. Florida International University also weighed in with significant numbers, at 4.8% of their population being international students.

Chinese students represented the highest percentage of foreign students at both FIU and UM. The CEO and president of Paramount’s listing agent, OneWorld Properties – Peggy Fucci – says that part of their strategy is finding “angles of what Paramount has to offer”. In addition to developer marketing materials produced specifically in Chinese, OneWorld also plans to use a national Chinese holiday known as “Golden Week” (which takes place in early October) to market to the foreign population.

PMW focuses their marketing efforts on others besides the Chinese as well. They recently held an event with Northern Trust, a wealth management firm that has many clients with college-age kids. Considering Paramount’s average listing price sits at $1.1 million, this multi-faceted marketing makes sense.

A Spreading Trend

Shoma Group President Masoud Shojaee is developing a luxury multi-use project near UM’s main campus. When marketing to foreigners, Shojaee highlights the fact that The Collection Residences meet two of their needs – a luxury home, and a school for their kids.

Shojaee is not alone. The Melo Group markets its Oak Plaza Tower to medical students in the Health District. Melo and other developers emphasize that while these projects aren’t initiated specifically with college students in mind, the fact is – according to Fucci – “If you come from a family that can afford to buy a $1.5 million condo, I don’t think it’s a typical rowdy college student. It’s a different level of sophistication.”

Matthew Whitman Lazenby Answers Bal Harbour Expansion Questions

By Sunny Isles Real Estate Expert on December 25th, 2015

Bal Harbour Real Estate

The Real Deal recently had the opportunity to ask Whitman Family Development CEO Matthew Whitman Lazenby some questions about the firm’s attempts to facilitate a $400 million expansion and renovation of the Bal Harbour Shops. In order to accomplish the project, the Bal Harbour Village Council would have to put a land swap proposal on the ballot. Otherwise the expansion will not happen.

The project would involve Whitman funding a new entrance, canopy, and exterior walls, as well as landscaping and wider sidewalks. Some retailers would be expanded, with a couple of new additions as well, such as Barneys New York. According to Lazenby, Neiman Marcus would get a boost from 90,000 sq. ft. to 140,000, and Saks Fifth Avenue would move to another spot on the property, increasing its space from 130,000 sq. ft. to 180,000. The old Saks would become Barneys. In total, the shops would go from 450,000 sq. ft. to 700,000.

The Church

When asked about the Church by the Sea, which has a long and not always amicable history with Whitman, Lazenby said that the Church has “become a fantastic partner” and that they are flexible in their willingness to move to a different location in the Village.

In addition, Whitman has included plans for green space in their renderings for the expansion project. Even though it is hard to come by in tiny Bal Harbour, Lazenby pointed out that the Village (see website here) is in need of community space, and if the land swap is successful the company will help facilitate the development of such space.

Why Expand?

Lazenby also addressed the question of the motivation for expansion. He explained that the trend in the luxury retail industry is moving toward larger and larger physical spaces. A store that is housed in a 2000 sq. ft. space soon wants to be in 4000 sq. ft. or larger. Whitman is focusing its plans on reallocating space to allow existing stores in Bal Harbour Shops to expand, rather than considering a huge influx of new retailers.

About 30 additional stores would be leased out. Whitman wants to retain an intimate, exclusive shopping experience rather than renovate themselves into being just another mall. There is a balance that must be reached between giving residents access to the right stores for their needs and wants, and not going overboard.

TRL also touched on Whitman’s cohorts in the development of Brickell City Centre in Miami, Simon Property Group and Swire Properties. Lazenby indicated that the demand in the area was evident, and that Whitman’s experience as a retail developer gives them an edge in the luxury market.

Paramount Miami Worldcenter Getting Closer to Completion

By Sunny Isles Real Estate Expert on October 21st, 2015

Miami real estate for sale

One of the most anticipated upcoming condominium towers, the 60-story Paramount Miami Worldcenter, which will be attached to Miami Worldcenter, is getting closer to completion…slowly but surely. They recently announced that they are starting to convert their reservations to contracts, which should be great news for buyers who can’t wait to get into the new property.

What Does the Building Offer?

The units in the building have been selling quite well, and they’ve already sold about 40% of the 512 units in the building. They are currently mailing out the contracts to buyers. Many of the buyers are actually from other countries, including those in Latin America. A number of Russians have also purchased units in the building. The developer of the building believes that they will have a very good conversion. In addition, a large number of buyers (about 13%) are from China.

In the past couple of years, the number of sales to buyers in Latin America has been dropping because they’ve had dips in the economy in many countries. However, China has stepped up significantly when it comes to buying real estate in the Miami area, including at this building. There’s actually another reason that the sales to Chinese buyers have been so high. The developers have actively been marketing to the wealthy Chinese audience, going as far as to bring in Feng Shui consultants to help ensure the units would appeal to a Chinese buyer.

They had a sales model that was typical for many properties in recent years. They required a 50% deposit to hold the unit for them. The buyers put down about 10% at various stages of the development until they’ve reached 50%. The size of the units in the building varies from around 1,180 square feet to about 2,300 square feet. The price averages to be about $700 per square foot.

How Long Before It Is Finished?

They haven’t actually broken ground at the site, 950 Northeast 2nd Avenue yet, but they are getting nearer now that they have their demolition permits. This was actually what was holding up the building. Work on the site will actually start very soon, and they believe that they will be able to get the entire building finished in about three years, give or take. While three years might seem like a long time, other projects sit in limbo for far longer. Most of the buyers already have homes in the area, while others are still in their native countries. While everyone is excited to get into the building, they know that quality and luxury takes time. They are willing to wait to ensure the property is perfect and meets their expectations.

Since they’ve already sold about 40% of the units in the building, they still have plenty of time to sell other properties at Paramount Miami in the coming years. Given the hype and popularity of this upcoming property, you can be sure that the units will be selling briskly.

Conrad Miami Offers a Great Investment Opportunity

By Sunny Isles Real Estate Expert on September 18th, 2015

Brickell City Centre Condo for sale

Conrad Miami is a luxury hotel in the heart of Miami’s Brickell neighborhood that features 203 units. Located at 1395 Brickell Avenue in Espirito Santo Plaza, the hotel is now up for sale, although there is not currently a listing price attached. It’s believed to be priced at over $120 million though, and given the potential of the property, a price that his is certainly not out of the question. The property offers 103 luxury condominiums, as well as retail space.

Some of the other features of the property include a spa and a gym, as well as 20,000 square feet of areas specifically for meetings. In addition, it offers the Atrio Restaurant and The Bar at Lvl 25. Those who live or stay in the property will also be able to enjoy two tennis courts located outside, as well as a whirlpool and a pool located on the roof.

It’s all of these features that make potential visitors interested in the property, and it is that potential that is driving the interest from the investors. They see that the hotel has a lot of potential. It’s in a great area and the economy of Miami is continuing to grow stronger. Investing in this building could be a very smart move, as you will see.

Why Is the Hotel a Great Investment?

For starters, it is more than a hotel. It has retail opportunities as well, which means leasing opportunities for the owner. Also, consider the hospitality market in the Miami area. People love Miami and flock to it for vacations, work, and more. When people visit, they want to stay in the best possible locations and properties, and they are willing to pay a premium to stay at a luxury hotel such as Conrad Miami.

The commercial properties in the Brickell area have relatively high prices because of the potential that they offer. It was only a couple of months ago that an office building in the area (777 Brickell) went to investors from Brazil for $140 million. Investors who are looking for great properties and who are willing to pay for them are not rare in today’s world. The investors who bought the office building at 777 Brickell were from Brazil, and you’ll find that a large number of investors are from out of the country. Latin America, as well as China and parts of Europe have a number of investors who are very interested in the Miami area.

They can see the potential that the area has to bring in a good return on their investment, and they are snapping up properties as quickly as they can. While $100 million may seem like a lot of money, for investors and investment groups, it is easily feasible, and you can be relatively sure that this hotel will not stay on the market for too long. The only question is who the buyer might be and how much they will finally end up paying for the property.

Soon after this announcement last week, Dallas, Texas-based Gaedeke Group has purchased the Espirito Santo Plaza in the Brickell Financial District for $142 million, Miami-Dade County records show.

Estoril Inc. sold the 36-story office building at 1395 Brickell Avenue. EXAN Capital was marketing the property. It was developed in 2004 and spans 659,753 square feet, according to Miami-Dade property records.

In June, Gaedeke announced plans to invest $300 million in “larger office properties exclusively in primary markets.” The full service real estate firm, which has regional offices in West Palm Beach, also closed a $65 million mortgage from JPMorgan Chase, records show.

EXAN’s Juan Jose Zaragoza and Juan Arcila worked on the deal, a spokesperson told The Real Deal. There was no listing price, “but we were obviously aware of what’s going on in the market,” the spokesperson said.

Not included in the acquisition was the Conrad Miami, which is on site. The hotel was listed for sale earlier this year and expected to sell for more than $100 million. CBRE is marketing the luxury 203-key hotel.

“There is enough capital interested in acquiring Brickell Avenue office properties for each property to sell many times over,” Chris Lee, vice chairman of CBRE Capital Markets told The Real Deal. “It is among the most difficult markets in the world for a buyer to win a deal.”

The property is in the heart of Brickell, near Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. Check out available commercial real estate in Miami here

In February, the 13-story SunTrust office building at 777 Brickell sold to Brazilian investors for $140 million.

Brickell City Centre to Add Valentino and Chopard

By Sunny Isles Real Estate Expert on September 16th, 2015

Brickell City Centre Condo for sale

Since its inception, Brickell City Center has had a reputation for getting high quality, upscale retailers onto the property. The 500,000-square foot shopping center is set to add two more powerhouses to its lineup – Valentino and Chopard. Valentino is an Italian fashion house, while Chopard is a Swiss jewelry and watch designer. Both of these stores will be on the first floor of the building which is accessible from the street.

According to reports, Valentino will have 1,800-square feet of space, and Chopard will have 1,500-square feet of space. While they haven’t announced all of the stores that will be in the building, you can be sure that there will be plenty of other luxury shops and boutiques.

The Importance of Luxury at Brickell City Centre

The stores at the shopping center are luxury stores without a doubt, and they are not the types of stores that you will find in most local malls. Why does the area feel the need to have luxury stores? It’s a simple matter of economics. Brickell, and many parts of Miami for that matter, have some very wealthy residents and visitors that expect nothing less than the best. Brickell City Centre is striving to meet the needs and demands of their customer base, and that’s why they are adding these types of stores.

Many of the area shoppers have second homes in Miami – high value homes at that. So they expect to find luxury brands when they are shopping. Brickell also happens to be part of the financial district in Miami, so it simply makes sense to have these types of stores in the area.

Miami is starting to become known as a destination for luxury shopping. Other popular shopping spots, such as Bal Harbour Shops, have done well enough in recent years that they are considering expanding. People in the area are already excited about the benefits that this center can bring, including more jobs, which can help the overall economy in the area.

What Else Will Brickell City Centre Offer?

It’s already been established that Saks Fifth Avenue will be the anchor of the shopping center. However, there will be quite a few other shops and amenities in the building as well. They will have a dine-in movie theater, which will be on the fourth floor of the building. In addition, there will be a hotel, two office buildings, and two condo towers that are a part of Brickell City Centre. These should all be open by the end of 2015 if everything goes according to plan.

The shopping center doesn’t open until late 2016, but this will give the developers enough time to make sure they have all of the spaces leased to the best quality businesses that makes the most sense for their clientele.

It’s still too early to know all of the shops that will make their home in Brickell City Centre (SEE SITE HERE). It will be interesting to keep watch and see what other stores they will add over the course of the coming months.

Foreign Real Estate Investors in the US

By Sunny Isles Real Estate Expert on August 13th, 2015

Miami condos for sale

The top five foreign retail investors in United States real estate have invested over $17 billion as of the first quarter in 2015, but the numbers show that Singapore is overall leader.

First Quarter Investments

Real estate in the US has become a major investment for foreign countries, with Manhattan proving to be the most popular choice. The current NGKF Capital Markets report shows the breakdown of the more than $17 billion, and the results are surprising:

• Germany – $1.4 billion
• Australia – $1.7 billion
• China – $2.5 billion
• Canada – $3.6 billion
• Singapore – $8.1 billion

Singapore’s massive investment is staggering on its own, but considering they did not make it to the top five list at all in 2014, these rankings become even more impressive. At the current investment pace, and with Singapore’s stunning investment increase, 2015 could prove to be a record year for foreign real estate investment.

Manhattan Foreign Investment

Even though Singapore has seen a drastic increase in their US real estate investments, they don’t come close to any of the other major players when it comes to investing in Manhattan. A majority of the top five, as well as several other countries, spend their money in Manhattan, which made up 31.6 percent of the overall foreign investment capital. Over the past 12 months, investments in the city are as follows:

• Malaysia – 2.4%
• Germany – 3.3%
• Qatar – 3.7%
• Japan – 5.3%
• Brazil – 5.8%
• Norway – 12.3%
• Canada – 25.6%
• China – 26.6%

China and Canada are the foremost investors in Manhattan, and they have made a number of lucrative investments in premier skyscrapers in the city. January saw the Ivanhoe Cambridge investment firm spending $2.2 billion on the 3 Bryant Park office building in a deal with Blackstone. During the month of February, the Chinese Anbang Insurance Group closed a deal on the iconic Waldorf Astoria for $1.95 billion, making it the largest single Manhattan property investment for China.

Record New York Investment Levels Expected

According to the Preqin research firm, sovereign wealth funds have already shown a major increase in investments in the past year, with a staggering $6.31 billion growth. New York’s, and most importantly, Manhattan’s, popularity as an investment destination for sovereign wealth funds has already climbed to over $2 billion within the past 12 months. Those figures are expected to continue rising.

New York’s popularity as an investment destination is based on two things: its stability overall, and its ability to soak up massive sums of money quickly. Recent purchases in the Big Apple, such as the Norway-based Norges Bank Investment Management investing $1.74 billion in office buildings and the $337 million investment by Abu Dhabi Investment Authority on the Ian Schrager New York Edition Hotel, are impressive. These investments, along with others that are currently in negotiations, show that there is plenty of potential for a major increase in the amount of money that could be heading into New York in the coming year from foreign investments.

South Florida Commercial Real Estate Looking Bright

By Sunny Isles Real Estate Expert on July 15th, 2015

Miami Brickell City Centre

The JJL’s Pulse360 2015 panel members provided predictions about South Florida’s commercial real estate (view all commercial listings), and the outlook is looking very bright. Among these predictions were:

• 2015 is looking to be a strong year for commercial real estate in Florida due to steady investments and a strengthening economy.
• Prime office spaces may see an increase rental rates from 15 to 25% over the next two years as new workplace construction slows, and absorption rates begin increasing.
• South Florida is continuing to grow in popularity thanks to the tourism boom, and world-class hotels, restaurants, and retail locations.
• Millennial entrepreneurs and their rush to the urban core, including in places such as the Design District, Miami Beach, and Wyndwood, along with the increasing popularity of shared office spaces, will cause changes in the face of work sites.
• The Miami Worldcenter, Brickell City Centre, and the Design District, which are three of the top ten retail destinations in the nation, are all currently being built in Miami.
• Currently, the only prime office tower that is slated to be built is the Brickell City Centre by Swire Properties, and it will not be completed until 2019.

All of these predictions and findings show that South Florida is poised to take advantage of the increasing demand for space required by national and international retailers who are choosing to take advantage of the tourist base in Miami. This tourist base, which includes international travelers from locations such as Brazil, arrive in Miami with empty suitcases that they plan to pack with purchases to take back home with them. Major retailers want a piece of that pie.

Land Price Increases

Another driving force behind the increase in office rental prices is the high land prices. This is causing many developers to abandon office sites, and change their focus to the popular luxury condominiums that are being bought up by foreign buyers, many of whom pay in cash.

Considering that the Swire project is the only one expected to occur between now and 2019, JJL’s Pulse360 members believe that this will result in one thing – rental rates will go sky high. These rates will be driven by the lack of additional supply of office spaces in a market that is already tight, and according to the predictions, this is going to be a major push to getting those rental rates even higher.

While there are no other projects currently under development, Nitin Motwani, who assisted with the creation of Venture Hive, a shared workplace for entrepreneurs close to downtown Miami, has said that there have been other developers who are interested in the concept, and creating sites that are similar. However, the problem with creating those sites is that financing is not as easy to secure since it is outside of the typical office space. Motwani believes that this will change as well, although it may take up to 10 years for that type of financing to become the norm.

All of these predictions show that South Florida is a prime location for retail rentals, and it is only going to get better.