Miami Ranks No. 3 in ULI/PwC 2027 Real Estate Outlook as Griffin Deals, Tyko Lending Fuel Demand

Miami placed third among U.S. real estate markets to watch in 2027 for the second consecutive year, according to the Urban Land Institute and PwC's Emerging Trends in Real Estate 2027 report, cited corporate relocations, international capital and large-scale development as drivers. Dallas-Fort Worth ranked first, followed by Nashville. The report ties Miami's commercial appeal to its finance and tech sectors, citing Ken Griffin's Citadel, which began construction in March on a planned 1.7 million-square-foot Brickell headquarters, a $2.5 billion project. Griffin paid $1.1 billion for Mana Wynwood and nearby properties for a 35-acre Carnegie Mellon University campus, and partnered with Goldman Properties to buy the 545wyn office building for $181 million. Office demand totaled 2.8 million square feet, with vacancy falling to 13.7 percent in the third quarter, the lowest since late 2020, per Cushman & Wakefield data. Average rents approach $68 per square foot; Class A space fetches $100 to $120. Tyko Capital, a venture of Adi Chugh and Paul Singer's Elliott Investment Management, has provided over $2 billion in South Florida construction financing within a year, including a record $817 million loan to Fortune International Group and KAR Properties. South Florida investment sales reached $6.9 billion through August, down 4.3 percent year over year.