On Sept. 23, Bisnow brought together the commercial real estate professionals helping to shape Miami’s real estate market for its Miami State of the Market. 

Some of the discussions at the event revolved around Miami’s diverse housing market, including its multifamily assets. In the second quarter, the region’s multifamily market was marked by “renter demand absorbing new deliveries as completions moderated.”

Panelists also discussed how developers are working to make deals pencil as well as navigating financing.

Javier Vazquez, a land use and zoning attorney and shareholder for Florida-based law firm Gunster’s real estate practice, moderated the panel on Miami’s Next Residential Cycle: Positioning for the Supply Shift, which covered financing strategies for multifamily properties and the considerations that go into how developers position their properties.

In a conversation with Bisnow, Vazquez shared key takeaways from the panel, including how developers view today’s multifamily market.


Bisnow: What were some of the topics discussed at this event?

Vazquez: The panelists discussed the amenities that are needed and the concessions that have to be provided in order for a deal to work today versus what worked in the past.

The developers on the panel have seen the Miami market when it’s both hot and cold and shared what they learned from their experiences. They discussed where the market is today, where they see it going and the challenges they are facing from a financing perspective.


Bisnow: What stood out to you in the conversation?

Vazquez: There was consensus on Miami still going in an upward direction regardless of the increase in interest rates. Miami is like a unicorn, thanks to the boom that has taken place post-pandemic, with so many companies moving into Miami.  

Things are still on the up-and-up, but developers have to remain vigilant about changes in the market that can literally happen overnight. 

They also spoke about the amenities that are being offered. Developers who are charging much higher rents in downtown Miami, for example, may have to increase their amenity offerings to attract renters.

Overall, the South Florida market is still doing well, notwithstanding gas prices and rising interest rates. 


Bisnow: How do you work with developer clients in Florida?

Vazquez: I’m an entitlement attorney. I get to see the developer on the very front end of a deal when they’re getting their entitlements, and I handle all the work that goes along with this.

Some of the governmental approvals, which are necessary for development, are for building projects in the multifamily sector, but I also work with commercial developments, including senior living facilities and industrial developments, and help with the process of getting the developer's proposed project approved by local governments. I also address challenges that may come up when working with regulatory agencies throughout Florida. 


Bisnow: How does Gunster work with developer clients?

Vazquez: Real estate is one of the strongest components of Gunster’s law firm, which services all industries in Florida. Our real estate team includes a land use and zoning team, which is primarily located in our Miami office and assists our developer clients with entitlements in all of the municipalities in Miami-Dade County as well as others throughout the state.

This article was produced in collaboration between Studio B and Gunster. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.