Principal Michael T. Fay along with John K. Crotty, Jay A. Ziv and Ron W. Osborne spearhead deals spanning 7 million sf and 108 acres, $100 million more under contract
Miami, FL – September 15, 2015 – (RealEstateRama) — Since joining Avison Young in December 2014, the Capital Markets team led by Michael T. Fay, Principal and Managing Director with Avison Young in Miami, has completed investment sales valued at more than $190 million and spanning more than 7 million square feet and 108 acres. Additionally, the team has $100 million worth of deals under contract and $150 million more in the pipeline.
“Investors have taken note of South Florida’s strengthening office and retail markets as an opportunity to bolster their real estate portfolios, particularly in advance of imminent interest rate hikes,” said Fay. “Our team’s keen understanding of market topography has resulted in the rapid interest of qualified buyers and continued the firm’s trend of expedited sales throughout South Florida. We are thankful for strong relationships with clients that continue to trust us to create value across multiple product types and areas.”
Avison Young’s Miami Capital Markets team of Fay, John K. Crotty, CCIM, Principal, Jay A. Ziv, CCIM, Senior Vice President, and Ron W. Osborne, Senior Associate, have navigated the successful sale of office, retail and land assets on behalf of institutional and private clients including LNR, FPL, CEMEX, Colony Capital, FDIC and Florida Community Bank.
Office demand for investment properties in Miami is outpacing supply as the market’s office vacancy rate is among the lowest in Florida and outperforming the national vacancy rate of 13.5 percent, according to 2Q 2015 market reports. “Today’s market fundamentals are leaning in favor of property owners, an advantage that almost ensures that asking prices are attained,” remarked Crotty. “Due to decreasing vacancy rates experienced throughout the South Florida’s office markets, office properties are being acquired quickly by investors seeking value-add assets conducive to capitalizing on rising rental rates.”
In line with the uptick in the office market, Miami’s retail sector is also performing significantly above the national average, and the vacancy rate is among the lowest in the country. Combined with impending interest rate hikes, which a recent SIFMA survey found respondents nearly unanimous would occur in the third quarter of 2015, market dynamics are motivating investors to seek investment opportunities in Miami-Dade and driving prices higher.
“Our position as the gateway to the Americas and our national footprint as retail’s second-most desirable location after New York has South Florida in a unique position to be attractive to the investor community at large,” continued Fay.
Avison Young’s operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young in Miami, please contact Mr. Fay or Mr. Crotty at (305) 446-0011 or visit http://www.avisonyoung.com/offices/miami.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,000 real estate professionals in 69 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.