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Local Restaurants Fight for Their Place

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development

Chain restaurants come from every point on the map to be in South Florida. But how can homegrown restaurants compete? Cushman & Wakefield senior director Greg Masin tells us how.

Local Restaurants Fight for Their Place

"Successful local operators often see the tapestry of the marketplace with a far keener eye than the nationals," Greg says. (We think that's a fancy way of saying they can make a place where everybody knows your name.) For national brands, "It often takes them multiple attempts to execute because they underestimate both the capacity of the Miami customer to spend and the tightness of the supply-constrained market," he explains. Opportunities need to be seized given the lack of available product.

Local Restaurants Fight for Their Place

Recently, Greg repped the landlord and the tenant in the 1,500 SF lease by Spris, a locally based Italian restaurant, at Southeast Financial Center in the Miami CBD. "We sought out the the owners, Graspa Group, because they offer a high-quality product at favorable prices," he says, adding that the company has operated several successful concepts in Miami for over 20 years.