(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-After Macy's Inc. announced a total of 7,000 job cuts across the country Monday, local experts have been drafting responses to the effect the company's restructuring could have on Downtown Miami, where the retailer operates an 840,000-square-foot store and its regional headquarters. While the retail portion of the Macy's-owned building will remain the same, its Florida headquarters located on the top floors of the structure will be shut down--a move that will impact 600 jobs, not to mention create a ripple effect for business surrounding the property.

"The businesses in the immediate area of Macy's could be impacted because the corporate employees were customers of those business," says Neisen Kasdin, vice chairman of the Miami Downtown Development Authority and chair of Akerman Senterfitt's land use and entitlements practice group. Miami-Dade County's economic development partnership, the Beacon Council, released a statement that the retailer's decision will be severely felt in the community, stating that "this is not good news for Miami-Dade County," but pledging its commitment to create new employment opportunities and backing Macy's "with any business assistance they may require."

However, the news will not deal a devastating blow to the market, Kasdin tells GlobeSt.com. "Downtown Miami has almost 200,000 workers and is not dominated by any one large employer. Up until now, employment has held pretty steady here and thousands of new residents are moving into the condo units that are turning into rentals," he adds.