Moshe Popack, Chairman & CEO, YMP Real Estate Management

In an interview with Invest:, Moshe Popack, chairman and CEO of YMP Real Estate Management, highlighted South Florida’s growth that continues to attract high-earning residents. He noted that multifamily and commercial real estate properties have seen the largest uptick in demand lately, and discussed why the company is investing in assisted living facilities.

What have been the main highlights for YMP Real Estate Management in the last 12 months?

In general, our company has been making significant moves, particularly in the office segment. Despite the narrative that the office market has been struggling due to remote work trends, especially after COVID-19, we have been actively acquiring properties. We have also seen a lot of mergers and acquisitions over the past 12 months and we have also purchased a considerable number of office spaces, especially in South Florida.

Florida, overall, continues to see a net migration of 1,000 people daily, and South Florida is leading the nation in the return to office rates. I believe remote work is not a sustainable long-term solution. People are social beings, and there will always be a need for an environment where they can collaborate in person.

While some banks and financial institutions remain cautious, our strategy is to identify value opportunities. Real estate is fundamentally about the price you pay. If you can secure properties at favorable pricing, as we have done, it positions you well for the future. Of course, it requires calculated risks, but that is the essence of business.

What are the trends and dynamics in Broward County’s commercial real estate market?

From a business perspective, the key is identifying where the opportunities lie. Real estate markets in Dade County and Palm Beach County have experienced a significant surge, but Broward County, being geographically positioned between the ocean and the Everglades, still has untapped potential.

A friend of mine made an interesting comparison: the distance from Manhattan to The Hamptons is 118 miles, and the distance from Homestead to Jupiter is also 118 miles. Yet, while New York has a population of 8 million, South Florida has 6.5 million. This comparison highlights the growth potential in South Florida.

Florida is also attracting high-earning individuals, which drives economic growth. Our GDP has increased by over 50% since 2019, making Florida’s economy one of the fastest-growing in the nation. Not everyone can afford Miami or Palm Beach, which creates opportunities in more affordable areas like Broward County.

For instance, we recently acquired nearly 400,000 square feet of property in Miramar. Many residents prefer living and working closer to home rather than enduring long commutes to Miami’s Brickell area. By focusing on developing offices and properties where people reside, we align our investments with current trends.

What are the primary opportunities for growth for YMP Real Estate Management in Broward County and South Florida overall?

A significant development is the passing of the Live Local Act, which allows commercial-zoned properties to be repurposed for workforce housing at the highest zoning levels. We are uniquely positioned because we own and manage properties for the long term, unlike many other real estate owners in Florida who do not adopt a buy-and-hold approach.

We own land that we have held for a long time, and with these zoning changes and the increasing demand for workforce housing, we plan to begin ground-up development. While our past projects have focused on gut rehabs and stabilizing distressed properties, we see an opportunity to build from scratch now.

Which types of commercial real estate properties have seen the largest increase in demand?

Multifamily and commercial real estate properties have seen the largest uptick in demand lately. 

For the long term, assisted living and senior housing are poised for growth. Florida is home to 10% of all U.S. seniors, which amounts to over 5 million people. With the baby boomer generation retiring and South Florida being an attractive destination, there will be increasing demand for independent and assisted living facilities.

In the short term, the greatest demand is for workforce housing. In Dade County alone, approximately 100,000 units are needed. This demand is driven by two primary concerns: one is that people are seeking areas with low crime, cleanliness, and reasonable affordability, and second, they want better insurance options.

At YMP Real Estate Management, we aim to provide maximum value in this space. We already own land, and given the shortage of available land and the high demand for workforce housing, we are in an excellent position to deliver much-needed units to the market. Multifamily housing is a critical focus for us, and we believe it represents a sustainable and impactful business model.

Given the population growth and business expansions in the region, have you seen an increase in demand for your services, or for certain projects?

Over the past 12 months, we have seen probably the highest amount of leasing activity for office spaces that we have ever experienced. While there is a lot of talk nationally about vacancies and related issues, we have been leasing office space at record levels. On the multifamily side, we see a continued need for reasonably priced living spaces in good locations. As a result, we are slowly able to increase rents and occupancies, which is a testament to the strength of the market.

The market’s momentum is only growing. New restaurants are opening, art exhibits and cultural activities are thriving, and many schools are launching. Whether they are public, charter, or supported by school voucher programs, there is a noticeable improvement. This shift is largely due to the influx of people from the Northeast who were previously dissatisfied with the quality of K-12 education. With the school voucher program in place, it has been easier to attract talented educators to South Florida. That is a significant step forward for the region.

What are the primary challenges in the commercial real estate sector in Broward County and South Florida, and how are you addressing these?

The most important factor in this business is your team. You are only as strong as the people you work with. I am very proud of my team and how we have adapted through various changes. My wife and I started this company together, focusing on aligning people’s strengths and weaknesses while fostering transparency and collaboration.

In commercial real estate, resilience and grit are essential because challenges arise daily. I often refer to myself as the “chief problem officer” because problem-solving is a constant. You can project all you want on a spreadsheet, but real-world success requires comfort with navigating uncertainty.

To address these challenges, we emphasize training across all levels of our organization, from our senior executives to other team members. We foster an environment where overcommunication and adaptability are key to handling any issues that arise.

Over the next two to three years, what will be the main priorities and goals for YMP Real Estate Management?

We take immense pride in our strong track record of delivering consistent returns and managing successful projects. While we’ve sold certain properties, we’ve strategically retained others, guided by a contrarian approach. What truly excites us is the launch of our inaugural real estate fund—an opportunistic initiative targeting multifamily and office spaces. Our vision is to partner with family offices, pension funds, and sovereign wealth funds to generate significant wealth over the next decade. Remarkably, real estate accounts for approximately 70% of global wealth, equivalent to an estimated $400 trillion. Florida, as one of the leading states for economic growth, presents an ideal landscape for this endeavor.

As a vertically integrated company with our own management team, this fund represents a transformative shift in our growth strategy. Until now, the majority of our projects have collaborated with a select group of high-net-worth partners. With this new institutional focus and the next iteration of our management team, we are well-positioned for expansion and look forward to the exciting opportunities that lie ahead.