MIAMI—Transit-oriented development is redefining Miami's city landscape and the commercial real estate industry. That's the perspective of Tere Blanca, founder, chairman, CEO and president of Blanca Commercial Real Estate, as well as many others.

“Increasingly, companies are flocking to transit hubs that ease the day-to-day commute times of their employees and are connected to vital amenities,” Blanca tells GlobeSt.com. “A case in point: The All Aboard Florida passenger rail system, which will connect Miami to Orlando with stops in other key markets like Fort Lauderdale and West Palm Beach and have its hub in a multiuse project in Downtown Miami called MiamiCentral.”

Too be sure, the development of MiamiCentral is sparking massive investment in the area. In advance of the rail system's 2017 arrival, one of its office buildings, Blanca points out that Two MiamiCentral is already 60% pre-leased and robust pre-leasing is now underway at Three MiamiCentral.

“Out-of-state investors are snapping up older buildings in Downtown Miami that are located near All Aboard Florida's MiamiCentral train station like the iconic Courthouse Tower and spending millions to renovate them, understanding companies' desire to lease office space in close proximity to this mass transit hub,” Blanca says. Some are calling it the New Yorkization of Downtown Miami.

As Blanca sees it, companies are committing to MiamiCentral for many reasons. First, they can recruit and retain talent across the South Florida region and attract the millennial generation which prefers access to public transit. Second, regional and national professional services firms that have offices and clients across the state in all four markets that All Aboard Florida will serve will have easy access to their other locations, without having to worry about major losses of productivity due to unexpected traffic congestion or flight delays.

Her conclusion: “By locating at a transit hub like MiamiCentral, companies can provide employees transit passes in lieu of parking spaces, which are scarce in downtown, increase employees' quality of life while reducing parking costs and improve productivity.”

Instant Insights /

Tere Blanca Points to One Big Trend in Downtown Miami

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