Jonathan Goldstein, chief executive of London-based Cain International, discussed on Apr. 1 his firm’s approach to Miami’s real estate market, the evolution of branded condominiums, and the current challenges facing office development in an interview with The Real Deal.
Goldstein said that taking an outsider’s perspective allowed Cain to see potential in Miami’s Brickell area before it became a major destination for out-of-state firms. “Sometimes it takes an eye that is not ingrained in the locality to see the potential,” Goldstein said. He explained that their decision to build 830 Brickell on speculation was driven by confidence in demand for Class A office space: “A new, environmentally appropriate, great height of ceilings, great views, great light, great air. I felt that would be the right thing for the marketplace.”
The 57-story tower was completed fully pre-leased in 2024 after a surge in demand during the pandemic era. Initially leased by WeWork at about $60 per square foot, new tenants such as Citadel and Santander replaced WeWork at rates above $100 per square foot. “Now the top rent in the building is well-north of $200 a foot, triple net,” Goldstein said.
Discussing broader market conditions, Goldstein noted volatility due to global events such as Covid-19 and geopolitical conflicts affecting supply chains and financing markets. He described funders as nervous amid ongoing uncertainty: “We are all desperate for a period of being able to say, ‘God, it’s boring.’”
On branded condominiums—a growing trend particularly strong in Miami—Goldstein cautioned against superficial branding efforts: “If you are going to take a brand, you want to make sure that brand has the DNA. Because your buyer doesn’t want something that’s veneer thin.”
Looking ahead, Cain plans further development with a multifamily tower next to Missoni Baia in Edgewater and continues renovations at Delano Miami Beach with plans for reopening aligned with major local events like Formula 1 Grand Prix.
Reflecting on investment trends amid technological shifts and economic uncertainty—including private credit fluctuations—Goldstein suggested real estate remains attractive compared to more volatile assets like cryptocurrency or technology stocks: “People understand the class and they want their money to be at work. This will play well for real estate.”
