MIAMI— Luxury retail is all the rage in South Florida. Of course, that doesn't mean challenges aren't arising in the midst of the boom.
GlobeSt.com caught up with Adam Lustig, a partner in Miami-based Bilzin Sumberg, to get more insight into this topic in part two of this exclusive interview. You can still read part one: Retail Brokers Agree This Is A Big Concern.
GlobeSt.com: Which submarkets are seeing the highest level of activity in South Florida?
Lustig: Brickell, Wynwood, Midtown, the Design District and South Beach.
GlobeSt.com: What retail sector is commanding the highest rent values right now and what external factors do you think might be impacting this?
Lustig: Luxury retail. It's simple. Luxury retailers generate the highest sales per square foot and can afford to pay the highest rents. The challenge is for developers to balance luxury retail with mid-level and affordable retail and restaurants to generate the foot traffic necessary for retail projects to be successful.
GlobeSt.com: How do you think national brands are viewing Miami right now?
Lusting: National retailers view Miami as one of the most desirable markets in the world. It is now on the map as a major international city.
GlobeSt.com: Has Latin American instability played a role in this perception?
Lusting: Latin American instability is not a new issue. I think retailers are watching what is happening in some of the major Latin American cities carefully but that is it not having a negative impact on their desire to be in Miami.
MIAMI— Luxury retail is all the rage in South Florida. Of course, that doesn't mean challenges aren't arising in the midst of the boom.
GlobeSt.com caught up with Adam Lustig, a partner in Miami-based
GlobeSt.com: Which submarkets are seeing the highest level of activity in South Florida?
Lustig: Brickell, Wynwood, Midtown, the Design District and South Beach.
GlobeSt.com: What retail sector is commanding the highest rent values right now and what external factors do you think might be impacting this?
Lustig: Luxury retail. It's simple. Luxury retailers generate the highest sales per square foot and can afford to pay the highest rents. The challenge is for developers to balance luxury retail with mid-level and affordable retail and restaurants to generate the foot traffic necessary for retail projects to be successful.
GlobeSt.com: How do you think national brands are viewing Miami right now?
Lusting: National retailers view Miami as one of the most desirable markets in the world. It is now on the map as a major international city.
GlobeSt.com: Has Latin American instability played a role in this perception?
Lusting: Latin American instability is not a new issue. I think retailers are watching what is happening in some of the major Latin American cities carefully but that is it not having a negative impact on their desire to be in Miami.
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