MIAMI—2008, when some commercial real estate pundits were predicting office buildings and condos would sit dark for a decade, almost seems like a distant memory. At the same time, though, some are now concerned again about overbuilding.
Tere Blanca, president and CEO of Blanca Commercial Real Estate, has never been part of the doom and gloom club. She's a realistic, but she's an optimistic realist—and her predictions panned out in the wake of the Great Recession, with Downtown Miami and South Florida rebounding much faster than many across the nation expected.
What is Blanca saying now? What does she predict for 2016 in the region?
"South Florida is now a top-tier market for domestic and international investors looking to acquire real estate, as well as multinational firms looking to enter the US," Blanca tells GlobeSt.com. She's not just issuing a Pollyanna statement, though. She's got strong data and examples to back her up.
"We experienced a record-level of real estate investment in 2015 and saw a significant uptick in absorption at the office buildings we lease during the second half of the year," Blanca says. Although the market will eventually slow as part of a natural cycle, it always does, Blanca is betting they won't slow in the immediate term.
"Those trends should continue well into 2016," she says. "Corporate consolidations will result in some office space right-sizing, but at the same time we are seeing many of our regional clients expand, which is a sign of confidence in South Florida's long-term economy."
Wiil capital keep flowing into Miami? Read one expert's opinion here.
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