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Miami Commercial Real Estate Market Is Expected To Grow Despite Coronavirus

Life moves on in South Florida’s commercial real estate market, regardless of rain, shine or the coronavirus.

Avra Jain, the chief executive officer of the MiMo-based adaptive reuse consultancy firm Vagabond Group, and Scott Sherman, co-founder of the Brickell-based commercial property management firm Tricera Capital, see a steady market.

Jain and Sherman said in a Bisnow webinar on Thursday that new leases continue to be signed and construction is moving forward despite the coronavirus pandemic.

“The city of Miami has been functional in reviewing sites,” Jain said. “The city being functional says a lot about the city’s ability to move forward in a crisis.”

New adaptive use, boutique projects are moving forward, Jain said.

“I’m getting ready to sign another lease. Tenants are looking six-to-nine months out.”

Vagabond will move forward with a new adaptive use project soon, Jain said, with an added benefit of sliced prices for materials. Prices decreased for several construction materials, including copper and oil, she said. She expects to save about 10% on construction costs for her new project.

Vagabond completed two projects on time in recent days, she said. City officials reviewing job sites made changes to ensure safety and precaution, she said, including banning portable toilets and requiring the firm to allow construction workers to use the bathroom in the building, provide masks and hand sanitizer.

“I don’t see the construction industry being shut down,” Sherman said. “DeSantis and Trump have it in their interest to keep it going.”


Source:  Miami Herald

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