The REALTORS® Commercial Alliance of the Miami Association of Realtors (RCA MIAMI) presented the Commercial Midyear Market Update at the Coral Gables Country Club on May 24.
Speakers highlighted various market segments –including office, retail, industrial, and international – and the impact of the national economy on the local commercial real estate market.
Speakers included Charlie Barton of Cresa South Florida, Seth Gadinsky of Gadinsky Real Estate, LLC, Edward Redlich or ComReal, Michael Silver of CBRE and Gerard Yetming of CBRE.
“The RCA Midyear Update was a key event for commercial real estate professionals in South Florida to learn more about the outlook and current state of the market,” said Edward Redlich, 2014 Realtors Commercial Alliance of MIAMI president. “Participants expanded their knowledge of current trends in the Miami commercial real estate market, including the increasing presence of international investors and those from New York.”
Speaker Seth Gadinsky also emphasized Miami’s connection to buyers and investors from New York. “Miami has become the sixth borough of New York City,” he said.
Other trends addressed by the speakers included: the constraints and increase in land prices, the continued influx of international buyers, many of whom are paying all cash, the strength industrial market with mid-single digit vacancy rates, alternative work spaces in office and the constantly evolving retail market.
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