MIAMI—Is cost of living slowing growth in Downtown Miami? What about walkability? GlobeSt.com caught up with Sarnoff to get his take issues impacting the growth of the commercial real estate market in the urban core in part two of this exclusive interview. You can still read part one of the interview: "What Foreign Investors Really Want From Miami."

GlobeSt.com: Given the steady rise of real estate land values and prices, is cost of living in downtown becoming an issue that needs to be addressed?

Sarnoff: Luxury condo high-rises are capturing the bulk of the headlines these days as the next construction boom takes off, but in reality there is still a good amount of market-rate housing available. Areas like the Central Business District and West Brickell are seeing the rise of new projects catering to middle-income buyers who want an urban lifestyle.