The World Comes to Coral Gables
Miami is an international city, but Marcus & Millichap associate director Ben Silver, in the Miami office, calls Coral Gables an international city within a city known not only nationally but also around the world. (If someone in Coral Gables made a scale model of Chicago, we'd have a genuine geographic Russian doll.) Its headquarters for more than 140 multinational companies serving over 100 countries, he tells us, with many of those transnational businesses seeking space here as a cost-effective alternative to Downtown or Brickell.
Increasing demand for space in Coral Gables has sparked a rise in rental rates and new projects, including 396 Alhambra, The Building on Ponce De Leon Circle, and Agave Holding's future major mixed-use project at the Old Spanish Village, Ben says. Moreover, investors are paying attention to the city, with Latin American capital actively looking for low-vacancy properties in high-demand submarkets such as this. Coral Gables is a major target with no slowdown in sight, he notes. Recently Ben facilitated the sales of 1000 Ponce, the Kendar office building and the Minorca Executive Center in the market, and recently has listed La Palma at 116 Alhambra (pictured) and Alcazar Plaza.
