Jeremy Larkin, Co-Chairman, NAI Miam

Invest: spoke with Jeremy Larkin, co-chairman of NAI Miami, about how the firm is navigating shifting market expectations, where liquidity is showing up, and why he believes 2026 could be a stronger year for deal activity. “We’re rolling into 2026, and we’re seeing all cylinders firing, and we’re expecting 2026 to be a strong year,” Larkin said.

What changes over the past year have had the biggest impact on the company’s strategy and performance, and how has the firm adapted?

Internally, we had a shift in management, which has driven a more cohesive direction and, most importantly, a focus on getting through 2025, which was a rather bumpy year. We saw significant ups and downs driven by tariff uncertainty, and the uncertainty created hesitation across multiple parts of the market.

The way we adapted was staying close to clients, staying disciplined, and keeping the organization aligned so we could respond quickly as conditions changed. We tried to manage through volatility while still paying attention to what the market was doing underneath the headlines.

We’re rolling into 2026, and we’re seeing all cylinders firing, and we’re expecting 2026 to be a strong year.

What recent transactions, partnerships, or initiatives stand out as particularly meaningful for you?

As we got into the third quarter, we had the largest sale we have ever had, which was $52 million. A client bought a warehouse that was just being completed, and they were going to be using the entire facility. It was meaningful because it reflected an owner-user making a confident, long-term commitment at scale.

Because we offer a wide range of services, we have also been able to secure new clients with multiple needs. That lets us begin in one area and continue supporting the same client as conditions change. For example, we can start in distressed-asset services and then move into liquidation mode when that becomes the right path.

We also brought an 83,000-square-foot warehouse in the Airport West area to market for sale. We expected activity to be good, and the activity has been amazing. That kind of response is indicative of a substantial amount of liquidity in the Miami market that is ready to put money to work.

What do these developments signal about where the market is heading?

They point to an uptick in the market across virtually all sectors, including the ones that were most influenced by tariffs. People are starting to get used to the ebb and flow of threatened increases and decreases and have accepted it as part of the political structure at the moment, so they are moving forward again instead of waiting.

More broadly, we are seeing a strong foundational growth in the economy. I am not sure how, why, or where, but it is showing up in activity and willingness to transact. The influx of wealth continues to matter, from the Northeast, from offshore, and now from California as well, and that has a massive impact on demand and confidence.

Another factor people are not paying enough attention to is the cruise industry. We are getting more cruise ships and more cruise terminals. When you add that kind of recurring visitor volume to the market, it drives demand for hotel rooms, restaurants, transportation, and the basic services that support the ships. The impact of just one ship is probably in the hundreds of millions, if not the billions.

In a competitive market like Miami, how are you attracting and developing top brokerage talent to sustain long-term growth?

During the COVID era, the founders and shareholders decided to bring the next generation into ownership and put together a 10-year transition plan. Ownership will be transferred by essentially 2031, and that continuity matters for recruiting and culture because people can see a long-term path.

Where we have had the most success is hiring out of college, hiring young, and training from day one. You will lose people doing that, but we have also been able to secure good young talent that grows with us and develops into productive brokers.

When a commercial broker hits stride early, the incentives are real. When you are in your early to mid-20s and suddenly making $150,000 to $300,000 a year, it has a positive impact. Not everyone is going to do it, but we have identified markers we look for on resumes and in interviews that tell us who could be successful.

What major trends are you seeing in Miami’s commercial real estate market, and how are you positioning the company to capitalize on them?

For the last few years, there has been a disconnect between buyers and sellers on income-producing investment property. Sellers had exuberant expectations, and buyers were positioned more realistically based on interest rates. Interest rates are starting to drop a little bit, and sellers’ expectations are starting to drop a little bit, too, so we are getting closer to a match between bid and ask.

The other major trend is that, over the last two and a half to three years, most assets we brought to market ultimately sold to owner-users, even when they were income-producing properties. The owner-user segment has been getting deeper, and more businesses are choosing to purchase rather than rent.

Even with the warehouse we brought to market in Airport West, investment groups are looking at it, but we think an owner-user is going to end up buying it. That owner-user behavior is shaping how deals trade and what types of assets are in demand.

How is the company engaging with the local business community and contributing to Miami’s economic development?

We do that in multiple ways. Quarterly, we have a Give Back to Miami Day where we pick a local charity and spend time supporting it, including projects like Habitat for Humanity and working with the Humane Society. During Christmas, we adopt several families and buy presents for them.

We also have shareholders and employees serving on boards. I am on the CF Miami board, and my partner, Ed, is on the Citizens board.

On the industry side, we are members of FIU and participate on its real estate council, and we teach there at least once a semester. We give students a detailed immersion into how commercial brokerage works and then spend time helping them with practical skills, including how to write a better resume and how to interview. We also work with foreign national students who want to stay in the U.S. after graduating on what they need to do and when they need to do it to have a fighting chance to find a job.

What are your key goals and priorities for the next two to three years?

Over the next year, we want to continue to grow and expand in the tri-county area, improve profitability, and continue to transition control of the operating business to others so I can do what I do best, which is get out on the street.

Market-wise, people need to start paying attention to South Dade and Deep South Dade. A lot of investors have overlooked that area, but the amount of population building there is massive. There are going to be tremendous opportunities down there for probably a good three to five more years.

It is one of the last areas where we have available vacant land, and there is going to be a lot of multifamily development. That growth also brings a larger labor force, and given the traffic issues, putting your business down there and being able to access a great, educated, highly desirable workforce is going to be a fantastic opportunity.