MIAMI—South Florida's market is hot. No doubt. The real question is this: Is South Florida's commercial real estate market too hot? Are we about to see a repeat of the crash that left condos in default and office space dark?

GlobeSt.com caught up with Ken Krasnow, the new executive managing director for Colliers International South Florida, to get his thoughts on this question. If you missed part one of this interview, you can still read it here: Ken Krasnow Makes 'Catches its Breath' Prediction.

“Demand is now catching up with the supply created over the past few years, and we're starting to see more conservative and rational thinking among investors,” Krasnow says. “That being said, they—and we—are still bullish and optimistic about the future of the South Florida market, especially because the growth has not just been driven by residential development as has been the case with historical bull markets.”

On the upside, Krasnow says, the area has real job growth, a truly diversified economy, positive demographic trends and global cultural and entertainment appeal. In fact, according to a PNC Financial Group survey, South Florida will outperform the U.S. economy in 2016 as the region's job growth surpasses the nation's.

So what's Krasnow's bottom line? “To bring the market to truly world class stature, infrastructure will require significant investment and attention for the next five, 10 and 20 years, as we hopefully address the need for better public transportation.”