"I expect we'll see some announcements in the next few months of tenants leaving Brickell and downtown to go to Wynwood," Colliers International Executive Managing Director Stephen Rutchik said.

"Without Section 1031, people will simply hold onto their properties instead of repurposing them."

Certain asset classes like hospitality and multifamily can respond quickly to inflation since leases tend to be shorter.

Braemar Hotels & Resorts entered into an agreement to acquire the 138-room hotel in a deal that will close this summer.