Keeping His Eyes On The Next Cycle

CBC Miami’s managing principal and a former two-term municipal mayor in Miami-Dade County Jim McCoy

MIAMI—Two Coldwell Banker Commercial powerhouses just merged. Coldwell Banker Commercial Advisors  (CBC Advisors) and Coldwell Banker Commercial Alliance (CBC Alliance) together employ 500  commercial real estate  professionals in 10 states. All told, the network operates 30 office locations in America with a transaction volume exceeding $3.7 billion. In Miami, CBC is especially active. The firm was voted “ Best Commercial Real Estate Brokerage Firm ” in Miami. Jim McCoy , CBC’s managing principal for the Miami office, sees plenty of opportunities in Miami’s commercial real estate market. Specifically, he tells GlobeSt.com the Miami market continues to mature and come into its own on a global stage. “There are rapid shifts underway in both the property markets as well as in the brokerage community,” McCoy says. “We, as a team, see that as a great opportunity to continue expanding our footprint while demonstrating our capabilities and strong client service platform.” What about the challenges. As for McCoy, his eyes continue to focus on the next cycle and how to best navigate it. “The current challenge in our industry is to properly address the convergence of some of the macroeconomic elements,” McCoy says. “Those include capital costs and strength of the dollar, and the unique micro patterns within our region that you see in the continued emergence of neighborhoods and the resulting performance of given product types.” Wynwood is one of those neighborhoods. But it also faces a challenge as four cases of the Zika virus have turned up there. In terms of the strength of the dollar. While no market is ever immune to economic fluctuations, a mature market is one that can react and adapt quickly with less volatility. At least for now, despite foreign currency depreciation against the U.S. dollar, Miami’s urban core sustained pricing appreciation across all market segments including pre-construction sales, resales and rentals, according to the latest Miami Downtown Development Authority residential market report. “We are seeing, as we navigate the challenges of these trends and their influence on the South Florida and Florida markets, that the primary submarkets continue to have appeal, but it’s the secondary and tertiary markets that have a good portion of the investors’ interest,” McCoy says. “With the size of our national and international footprint, we continue to be well positioned to help guide our clients to fundamentally sound properties.”