What Does The Current Economy Mean For The Miami Commercial Real Estate Market?

The beginning of the year predictions that interest rates would drop, has not happened and the current inflation rate actually indicates that there will probably be a rate increase before the year end. The war with Iran and the mid-term elections all add continued uncertainty in the market.That being said, retail vacancies are still low, shopping centers are in high demand with investors, Class A office space in many Miami markets is being absorbed, and immigration to Florida, while slower than it was, is still a positive.There is pressure on industrial and multi-family rental rates, but there investors are still bullish on the area, building housing under the Live Local Act or converting office to residential. In summary, Miami fundamentals are strong and capital is still flowing into CRE.