We caught up with the brilliant and insightful Jemea Kingsby a few weeks ago and have shared our conversation below.
Jemea, looking forward to hearing all of your stories today. So, let’s start with trends – what are some of the largest or more impactful trends you are seeing in the industry?
One of the biggest commercial real estate trends in Miami and the overall South Florida market is in the Multifamily sector. With interest rates on the rise, there are two tenant groups growing: 1) tenants that are not able to or do not want to purchase at higher interest rates than what we saw 2020-2021. 2)And potential home buyers who are holding out for their definition of the perfect time to buy. Both types of renters fuel the rental property demand and create a market advantage for real estate investors. Renters may be asking why rent costs are soaring, and its supply and demand. If they didn’t purchase a home, rental vacancy is low, while the South Florida population has continued to increase. Its the perfect combination for a multifamily investor. Multifamily assets can then produce strong returns, provide protection against inflation, plus some great tax benefits.
The other trend in commercial real estate is the number of corporate headquarters relocating their base of operation to South Florida. Since 2020, Miami started to see a spike in population, driven mostly by remote work, our tropical weather, beaches, and the overall lifestyle. But we are a small ‘big’ city. The Miami Metro area has a population of about 6.2 million compared to other big cities like New York City with over 18 million people or L.A. with 12+ million. I guess as people began to work here they realized they wanted to stay long-term. And who can blame them? Miami has become a hub for various industries like Tech and the corporate tax benefits make Miami an ideal location for headquarters. Employees are happy to be relocated to the sunshine state, it’s a win-win. Office and retail leasing is trending up, however it is a hybrid model, there has to be a creative workspace environment. The best trending example is the warehouse conversions in Wynwood. Warehouses are being gutted into amazing eco-friendly architectural structures, flex spaces, and multifamily complexes fused together with dining, entertainment and the work elements.
That leads to the last trend I’m seeing, which is design-intentional office complexes. I think the DCOTA (Design Center of the Americas) in Dania Beach is a benchmark for the office sector. The DCOTA’s $30 million renovation of the campus, has a hotel on-site with a pool, conference rooms, ample parking, valet, and restaurants. If you have a corporate headquarters your guest need to be in proximity to the venue and it also needs to look the part. I’m seeing similar models, perhaps on varying scales, across South Florida: boutique hotels and luxury residential accommodations in close proximity to the workspace, training or meeting venues with dining and retail all easily accessible.
Jemea, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
I’ve been a licensed realtor since 2020 and I got into the business for two simple reasons: 1) to create wealth for myself and my family, 2) to teach others how to create generational wealth. I worked in the real estate industry previously aligned with my marketing background. So once I chose to fully commit to being a realtor I knew commercial real estate was the best fit for me. I found the perfect alignment with J+ Group at Compass in Miami Beach. J+ Group is a Commercial team and I serve as a Commercial Advisor and the Team Operations Manager. The Principal of J+ Group, Jesse Spencer is my mentor. Working with him in just the last 12 months I’ve been directly involved in about $24+ million in sales volume. As a team, we are currently at a $300M+ overall sales volume. We prioritize analysis and assessment of our client’s needs and I believe that has been the key to our success. There are many variables in a commercial transaction whether a development site, multifamily property, a restaurant location, or an office lease. Several of our clients come in knowing the location and size they want. However, we provide guidance to navigate planning processes that can affect their buildout or rehab timelines and budget how long they’ll hold the property, and inform them on neighborhood details, municipal permitting, and discuss their exit strategy. It’s something I am very proud to have achieved in working with J+ Group. Anyone can show a building, the deep dive knowledge of making sure that investment is solid for clients to financially thrive is how I exceed expectations.
Where do you think you get most of your clients from?
Real estate is known for being a relationship-based industry. The best source of new clients is referrals, especially from Residential Real Estate Agents; of course with a referral fee!
Any stories or insights that might help us understand how you’ve built such a strong reputation?
Something that’s helped me build my reputation within the market is my thorough detail and adding value to my communications. I go out of my way to go above and beyond. I make it a point to provide valuable information, whether it’s on a property or info about the neighborhood or recent press on the area. If I’m speaking with a co-broker then I share with them some additional details that they can take back to their client more informed. I provide answers and solutions to the questions they didn’t know to ask. Both my clients and colleagues have mentioned their appreciation for the level of service I provide. I am dedicated to doing more.
Contact Info:
- Website: http://www.meamiamirealestate.com/
- Instagram: https://www.instagram.com/meamiami_realestate/
- Facebook: https://www.facebook.com/meamiamirealestate
- Linkedin: www.linkedin.com/in/jemea-kingsby-9756a717
- Youtube: https://www.youtube.com/channel/UCjw-VKYRBGSQ7LLCKMGiAyQ