Commercial Investment Real Estate September/October 2018 | Page 14

CCIM
Q& A
Runaway Growth
by Sarah Hoban
C
CIRE: How has the South Florida market changed
during your career?
Thomas: We are seeing more financial and other professional
service businesses interested in office space in multiple locations
— Miami, Fort Lauderdale, and West Palm Beach. West Palm
is the smallest of the three, but it is growing rapidly. There are
opportunities for businesses to expand or to start a new com-
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September | October 2018
pany. We have several colleges and universities that provide an
educated workforce.
With the recent tax law changes, we have seen more CEOs
from the Northeast relocating headquarters or opening a sat-
ellite office in South Florida. The concerns regarding higher
business taxes along with already higher income taxes in the
Northeast have stimulated our office leasing. I leased several
small to midsize office spaces in the first quarter of this year in
Palm Beach County. In addition, we’ve seen more business own-
ers from California than we have in past years. Miami is the most
cosmopolitan of all three counties; there’s more leasing and sales
of commercial properties to businesses from Central and South
America. The new Brightline commuter train started service
from West Palm Beach to Miami this year, and that’s bringing
the counties together.
CIRE: Do you see the three counties blending together or
will they remain distinct markets?
Thomas: All three counties will continue to have their own
identity and charm. There are many micro-markets within each
that offer unique opportunities. As transportation improves, the
three markets will blend more.
CIRE: How has the commercial real estate practice
changed during your career?
Thomas: Technology has become more and more important.
When I started, I drove around with a handheld tape recorder,
COMMERCIAL INVESTMENT REAL ESTATE
onstance “Connie” Thomas, CCIM, has practiced
real estate in South Florida for her entire career of
more than 30 years. A Miami native, she’s now senior
director at Tower Commercial Real Estate in West
Palm Beach, specializing in office leasing and investment sales.
South Florida’s commercial real estate market, Thomas points
out, offers lots of opportunities. Flor-
ida’s population is the third largest in
the nation, and its population growth
was the second largest in the country
in 2017. U.S. News and World Report
ranks Florida’s economy fifth among
the states this year; Forbes named it the
seventh best state for business in 2017.
Thomas spoke to CIRE about the
South Florida market — particularly
Palm Beach, Broward, and Dade coun-
ties — as well real estate professionals’
Constance “Connie”
contributions to an expanding market.
Thomas