{"id":9576,"date":"2024-04-17T17:24:47","date_gmt":"2024-04-17T21:24:47","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9576"},"modified":"2024-04-17T17:24:47","modified_gmt":"2024-04-17T21:24:47","slug":"prime-location-drives-doral-commercial-realty-boom","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2024\/04\/17\/prime-location-drives-doral-commercial-realty-boom\/","title":{"rendered":"Prime location drives Doral commercial realty boom"},"content":{"rendered":"
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Miami Today Discusses Doral Market with Lee & Associates South Florida Senior Vice President, Conner Milford<\/h3><\/div><\/div>
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'Prime location drives Doral commercial realty boom'<\/h1>\n
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By Janetsky Lug<\/a>o \u00a0\u2013\u00a0<\/span> Miami Today<\/div>\n
April 16th, 2024<\/div>\n

 <\/p>\n

Doral\u2019s prime location continues to drive the city\u2019s high demand for commercial real estate.<\/p>\n

\u201cThe demand in Doral has been steady for years,\u201d said Lee & Associates Senior Vice President Conner Milford<\/a>. \u201cI haven\u2019t seen any sort of real drop...\u201d<\/p>\n

Doral is a premier location due to its proximity to PortMiami and Miami International Airport, Mr. Milford said. \u201cI would say the majority of Class A products that\u2019s being delivered in the market is either in Doral or just north of there.\u201d<\/p>\n

Doral is probably the most in-demand market in South Florida, he said.<\/p>\n

Similarly, other professionals in the field have noticed the city\u2019s growth being closely related to its centralized location.<\/p>\n

\u201cWhen it comes to the Doral\u2019s commercial market, it has certainly experienced significant growth and development over the past several years,\u201d Carlos Villanueva, district sales manager for the Coral Gables and Coconut Grove office at the Keyes Company. \u201cThe main driver for that has been the access to highways to Miami International Airport, as well as access to Port of Miami. It\u2019s really an ideal hub when it comes to business.\u201d<\/p>\n

...<\/p>\n

Pricing in the city has also impacted the commercial real estate scene.<\/p>\n

\u201cWe\u2019ve seen pricing pretty much remain the same for maybe about 12 months,\u201d said Mr. Milford. \u201cI think what happened is when interest rates rose, we saw cap rates also rise; and if it weren\u2019t for rising rents, we probably would have seen pricing decline a bit \u2013 like some other markets have \u2013 but due to the strong rent growth that South Florida has, mostly due to constrained supply, we\u2019ve seen prices just kind of remain steady.\u201d<\/p>\n

\u201cSo even though cap rates are rising, we\u2019re still seeing kind of the same level of pricing due to the rent growth that we continue to see,\u201d he said, \u201calthough that\u2019s also slowed down a bit, but we\u2019re still seeing some positive rent growth.\u201d<\/p>\n

On the industrial side, said Mr. Villanueva, the asking rents are just under $23 a square foot and \u201crents have actually grown year over year on the asking 6.8% up and we\u2019re seeing vacancy rates under 5%, 4.7% for industrial.\u201d<\/p>\n

...<\/p>\n

Some of the hottest markets in the US are seeing rent growth slow and possibly even some decline, said Mr. Milford. However, \u201cwe\u2019re not seeing that, mostly due to the fact that we have the Everglades on one side and ocean on the other side and it\u2019s not a lot of land to continue building, so the supply is constrained.\u201d<\/p>\n

Doral\u2019s commercial real estate market is allowing users to join the conversation.<\/p>\n

\u201cInvestors are not as aggressive right now because they just don\u2019t have that delta between their interest rate and the cap rate that they\u2019re buying in, and what that has done is allow users to have a chance to compete to buy properties that they need,\u201d said Mr. Milford. \u201cI think we\u2019ll see more of that, where users are going to continue throughout this year to have a chance to purchase some of these properties, where in the past they probably would have gotten outbid by investors.\u201d<\/p>\n

Mr. Milford says this year, there\u2019s an opportunity for users to come in while interest rates are still high. The high interest has cooled off investors and allowed users who need the property for their own use and \u201cnot just to make income for themselves passively, they need to use it to operate their business and they\u2019re finally having a chance to compete for these properties without having so many investors trying to outbid them.\u201d<\/p>\n

Users have a need; this has an impact when it comes to deciding on purchasing.<\/p>\n

...<\/p>\n

Read More...<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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About Lee & Associates South Florida<\/strong><\/h3>\n

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/h3>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Lee\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

‘Prime location drives Doral commercial realty boom’ By Janetsky Lugo \u00a0\u2013\u00a0 Miami Today April 16th, 2024   Doral\u2019s prime location continues to drive the city\u2019s high demand for commercial real estate. \u201cThe demand in Doral has been steady for years,\u201d said Lee & Associates Senior Vice President Conner Milford. \u201cI haven\u2019t seen any sort of real drop…\u201d Doral is a premier location due to its proximity to PortMiami and Miami International Airport, Mr. Milford said….<\/p>\n","protected":false},"author":76,"featured_media":8889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,1817],"tags":[172],"class_list":["post-9576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-investment-sale","tag-conner-milford"],"yoast_head":"\nPrime location drives Doral commercial realty boom - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Miami Today Discusses Doral Commercial Real Estate Market with Lee & Associates South Florida Senior Vice President, Conner Milford\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2024\/04\/17\/prime-location-drives-doral-commercial-realty-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prime location drives Doral commercial realty boom\" \/>\n<meta property=\"og:description\" content=\"Miami Today Discusses Doral Commercial Real Estate Market with Lee & Associates South Florida Senior Vice President, Conner Milford\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/southflorida\/2024\/04\/17\/prime-location-drives-doral-commercial-realty-boom\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee & Associates South Florida\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-17T21:24:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/02\/PR-Banner_Miami-Today_Conner-Milford.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"521\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"ssabatier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ssabatier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/\"},\"author\":{\"name\":\"ssabatier\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"headline\":\"Prime location drives Doral commercial realty boom\",\"datePublished\":\"2024-04-17T21:24:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/\"},\"wordCount\":959,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2023\\\/02\\\/PR-Banner_Miami-Today_Conner-Milford.png\",\"keywords\":[\"Conner Milford\"],\"articleSection\":[\"All News\",\"Industrial\",\"Investment Sale\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/04\\\/17\\\/prime-location-drives-doral-commercial-realty-boom\\\/\",\"name\":\"Prime location drives Doral commercial realty boom - 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