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The only constant in the Miami area is change, it seems.
In the mid-1900s, Miami Beach was a paradise for retirees. Then came the Mariel boatlift (when Fidel Castro let 125,000 Cubans, including criminals and mental patients, head to the U.S.), Scarface, crack cocaine and Miami Vice. Underground nightclubs and party culture kept the region alive through the 1990s and made South Beach a destination.
Fast-forward through the Great Recession and recovery; now, problems include jammed streets and too many luxury properties.
At a Bisnow event last week, hospitality executives gathered to discuss the industry's challenges, including the rising costs of insurance, taxes and wages, changing technology and competition from within: Miami Beach versus downtown Miami. All this is in the backdrop of a hotel market that, by the…
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Top Stories on Bisnow.com
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Chinese Fast-Fashion Brand YOYOSO Launches U.S. Expansion With Miami Store
When one fast-fashion door closes, another one opens. Retail chain Forever 21 might be shuttering a 41K SF space on Lincoln Road, Miami Beach's high street retail mecca, but another brand is setting up shop.
Chinese-based YOYOSO has leased space in a landmark building as part of its entree into the U.S. market. The move is part of a massive — and very cute — retail invasion coming this way from Asia.YOYOSO will take over 5,600 SF at 1111 Lincoln Road, a 145K SF property…
Read the full story here.
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Approval For David Beckham's Miami Stadium Deal Delayed
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‘The Sprint Became A Marathon’: Coworking Firms Slow Growth After WeWork Meltdown
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U.S. Senators Want Less NIMBYism, More Agency Lending To Support Affordable Housing
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The issue of housing affordability has increasingly become a national priority as more people across the country struggle to afford the cost of living, and federal policymakers are pursuing a range of strategies to try to spur affordable housing development from Washington. A U.S. senator from each side of the aisle and a Trump administration official came together at Bisnow's Multifamily Annual Conference Thursday and discussed various ways to tackle housing affordability, from shaping local policies to prevent NIMBYism to allowing Fannie Mae and Freddie Mac to finance more residential projects. Read the full story here.
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After NorCal's Fires And Shut-Offs, Investors Re-Evaluate Regional Risks
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SAN FRANCISCO — As the third straight year of catastrophic wildfires in Northern California winds to a close, the outlook adopted by the region's investors and developers has a lot do with the property type in which they specialize. For instance, Pigman Cos. CEO Kris Pigman, owner and developer of the 34-acre Napa Commerce Center and its distribution buildings, is confident that the region's wine industry will need industrial space to store its barrels for the foreseeable future. "We're not relying on trying to attract tenants to the market," Pigman said. "We're anticipating that the tenants that will fill our buildings are already in the market and are expanding or consolidating their space." For a variety of reasons, hospitality and retail investment, on the other hand, seem like less of a sure bet to Zapolski Real Estate Director Andrew Mazotti. One of Napa County's largest private landowners, Zapolski Real Estate has drawn in tenants like Lululemon and Spaces to its major downtown Napa renovation project, First Street Napa , in the last year or so. "[But] leasing and marketing efforts have been hugely affected by the outages and fires," Mazotti said. Read the full story here.
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Want To Get Ahead In CRE? Power Women Share The Top 4 Rules For Success
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The ability to mentor while also being mentored yourself without giving up your own identity is the secret to success in commercial real estate, according to women who were honored at Bisnow’s 2019 Power Women event Tuesday in Dallas. Several of Bisnow's honorees shared their personal rules for success, strategies that have carried them into high-level executive positions or through the founding and operation of bustling CRE firms. Click here to read a few of the rules Bisnow Power Women live by.
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