New Office Towers Disappearing?
New office towers will be rare in parts of South Florida—especially Brickell—with any office space there instead being folded into mixed-used projects.
Rents in Class-A spaces are approaching $60/SF in Brickell, JLL managing director of capital markets Jeff Morris says, adding that he doesn't see traditional office space being developed there in the future, but rather only as part of mixed-use going forward. That was one of the predictions made at the company's inaugural Pulse360 event, a panel discussion held recently at the InterContinental Miami to a group of invitation-only attendees. “I don't think we will see new office space in Brickell until probably Phase 2 of Brickell City Centre,” which Jeff said will probably happen around 2019.
 Nitin Motwani, principal and managing director of Miami Worldcenter, talked about Miami's retail appeal. “International retailers are looking to open new locations in Miami,” he says, including global restaurant brands like Cipriani and Zuma, which are enjoying success here. He added that Miami Worldcenter will be a pedestrian-friendly project with big sidewalks, public parks and restaurants that flow onto the sidewalks—exactly the kind of amenities that shoppers want now. The event brought together institutional property owners, lenders, developers and brokers.
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Top stories on Bisnow.com
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Birthday Cake & Snake Charmers for Gil Dezer
Snapped at Dezer Development president Gil Dezer's 40th birthday barefoot beach bash, Lorena Dezer and Gil. The fete was held behind the Trump International Beach Resort, one of eight luxe residential and condo-hotel projects that Gil has done. Entertainment included aerial acrobats, fire dancers, ballerinas and snake charmers. The evening concluded with a presentation of Gil's birthday cake, a replica of his Porsche Design Tower, underneath a display of fireworks. |
RedSky Snaps Up Another Wynwood Property
RedSky Capital of New York ponied up $29.5M for Wynwood Block, a retail complex at 2621 Northwest Second Ave. That's the second property in Wynwood for the investor—it bought a gallery at 2407 Northwest Second Ave for $11M earlier this year—and it's also been active in the Design District. Counting the Wynwood Block deal, RedSky has invested in South Florida real estate to the tune of nearly $100M this year so far, reports The Real Deal. RKF repped RedSky in all of these recent deals. [TRD] |
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More Renters Than Ever in Miami
The Miami apartment market's doing better than ever and one reason is that there are so many more renters here than there used to be. A report by the NYU Furman Center For Real Estate & Urban Policy, "Renting in America's Largest Cities," says that Miami's rental population grew 25% between 2006 and 2013. Reasons for the sizable increase include a large influx of newcomers—who tend to be apartment dwellers, at least for a while—and the relatively high prices for houses in a relatively low-wage market, according to Miami Today, which cited the Furman study. [MT] |
NAIOP Names George Pino Industrial Broker of the Year
Congrats to State Street Realty president George Pino, who was tapped recently as the South Florida Chapter of NAIOP's 2014 Industrial Broker of the Year—the fourth time George has taken home that prize. The award acknowledges his portfolio of deals for State Street clients in 2014, including brokering more than 80 new sale and lease deals totaling more than 1M SF and worth over $80M, the company record for the year. |
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Fed Delivers Dovish Rate Hike Forecast to Surprise of Many
The Federal Reserve released a statement yesterday that suggested an interest rate hike may come later than widely expected. At the end of a two-day meeting the US central bank said unemployment could fall further without leading to the sort of inflation that would trigger the first rate hike in a decade. Wage growth would also likely have to grow for the Fed to move rates away from historic lows. At the same time, by failing to mention "patience" regarding benchmark rate increases the organization hinted at a potential increase later this year rather than in June as many had expected. The surprise move pushed the Dow Jones Industrial Average up 194.04 points and S&P 500 up 23.79 points with minutes left until market close. [AP] |
Negotiating Guidance
You Can Use Now
 The art of commercial real estate negotiation is not easily taught in a book. That's why Bisnow Education offers One on One With David Adelman, featuring real-world insight and practical, applicable advice concerning our industry's most tricky component. Campus Apartments CEO David Adelman shares his knowledge and experience with host Peter Linneman, chairman of the Wharton School of Real Estate. The conversation presents usable information about buying, selling, vendor contracts and everything else that requires give and take. Also revealed is the biggest lesson David has learned, which may inspire all of your negotiating going forward. Find out exactly what negotiating is: Winning? War? Marriage? All of the above?
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Doing Retail Business in
DC, Maryland, Virginia?
 Headed to ICSC's annual expo in Las Vegas this spring? If so, we hope you'll join our party for the Metro Washington DC region at the Wynn Hotel's incomparable Tryst Nightclub from 5:30 to 8:00 PM on May 18.
We're honored to announce that our supporting firms include these top retail players of the DC region:
Founding Partners
Acadia Realty Trust
ASB Real Estate Investments
Calkain Companies
Combined Properties
Cushman & Wakefield
Douglas Development
Federal Realty Investment Trust
JBGR Retail
McCaffery Interests
Miller Walker Retail Real Estate
Peterson Companies
Potomac Development
Roadside Development
Streetsense
Vornado/Charles E. Smith
Washington REIT (formerly WRIT)
Presenting Sponsors
Papadopoulos Properties
Founding Sponsors
CohnReznick
Continental Title Group
Divaris Real Estate
Goulston & Storrs
Renaud Consulting
Rosenthal Properties
Shulman Rogers
Washington Gas
TEEL Construction
christopher consultants
More information? Please check out our event page, or contact Chris.Wainwright@Bisnow.com
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