Question of the Week: What’s the outlook in 2021 for mixed-use development in South Florida?
Eddie Garcia, principal of TREO Group, surveys the challenges and opportunities.
“The CRE market in 2021 will continue to expand and transition to fulfill a demand toward non-retail tenants, including micro-fulfillment centers, logistic warehouses, and curated mixed-use, as e-commerce trends continue to prosper,” Garcia says. “As individuals emphasize open-air environments and ‘live, work, play, gather’ concepts, the commercial real estate environment is undergoing a transition, posing questions about what a space should be and how we move and interact in public places post-pandemic. In 2021, mixed-use developments will include outdoor spaces with ample greenery and enhanced safety measures such as touchless technology into design, creating vibrant, pedestrian-friendly lifestyle destinations. Additionally, to stabilize the food and beverage industry, operators must look into ways to increase their outdoor dining capabilities or relocate to developments with expansive outdoor space and waterfront views, such as Regatta Harbour in Coconut Grove. Given the substantial demand for boating, South Florida marinas are getting denser, placing an added emphasis on a project’s accessibility by sea and land.”