Robert Kaplan, Executive Managing Director, Cushman & Wakefield

Invest: spoke with Robert Kaplan, executive managing director at Cushman & Wakefield, about how ultra-high-net-worth migration, infrastructure constraints, and climate resilience are reshaping Miami’s real estate market. Kaplan, whose work centers on investment sales, structured finance, and joint ventures, described a region hitting historic highs at the top of the market while grappling with equally significant pressure on schools, transit, affordability, and resiliency. “We’re just at the tippy-top right now, and 2026 looks like it’s going to take it to the next level,” Kaplan said.

What key changes over the past year have most impacted your work in Miami?

It is a tale of two cities. At the top end of the market, Miami is stronger than it has ever been. That strength is tied to ongoing in-migration of the mega-wealthy and the personal and professional ecosystems they bring with them. This began during COVID and has continued forward, persistently, up to the present.

When you look across asset classes, the numbers are striking. In single-family, we’re now regularly seeing homes priced north of $100 million. Before COVID, that simply didn’t exist here. In oceanfront condominiums, you’re seeing sales north of $5,000 per square foot. Before COVID, $2,000 per foot was the top mark.

In office, the high end is approaching $200 per square foot. Before COVID, $70 to $100 per foot was typically the ceiling. In high-end retail, rents are exceeding $250 triple net, and in some cases, pushing toward $300 or more for smaller tenants. Industrial rents are also at all-time highs for top-tier product. Beyond pricing, the pace matters too. At that level, leasing and sales activity are moving quickly.

How has that top-end demand changed what developers and investors prioritize?

It has narrowed the focus toward the highest-quality product and the best locations. In residential, that means oceanfront condominium proposals, top-tier multifamily rentals, and the kinds of sites where the revenue potential supports exceptional design and execution.

What we’re seeing is a new level of architecture, a new level of design, a new level of construction quality, and a new level of amenities. The push into health and wellness, the rise of international restaurant concepts, and more sophisticated branding have become part of the baseline for luxury product. We’re just at the tippy-top right now, and 2026 looks like it’s going to take it to the next level.

That clearly benefits Miami: the market is producing housing and commercial space that appeals to the wealthiest people in the world, and as that product comes online, it supports the next wave of in-migration.

Where are the biggest challenges showing up as the market grows?

Education is a major issue, especially K-12. To sustain this level of in-migration, Miami needs several large, world-class private school campuses. Demand is there, and many of the best schools are already full. Some are trying to grow, but many are reaching a point where they can’t expand further, or they’ve chosen not to because they believe campus scale is tied to what makes a school special.

The difficulty is land. There is little infill land suitable for a major K-12 facility in the band of locations that would be proximate to the highest-end neighborhoods. A good example is the former Archbishop Curley site, roughly a 15-acre property north of the Design District. It was a site that could have supported meaningful capacity, but it has sat idle without immediate plans for a school. That kind of delay becomes a real constraint.

Affordability is another pressure point. South Florida was historically a lower-cost environment relative to the Northeast and many global cities. The cost of living in Miami has increased precipitously, including insurance, housing, and entertainment. Dining has changed, too, as world-class restaurants have arrived and set a new bar that raises costs across the market. It’s no longer cheap to live here, and there are limited close-in options for the workforce that supports growth.

How is affordability pressure materializing on a daily basis?

Commutes are getting longer, and that has become a quality-of-life issue. It’s increasingly common for working- and middle-class residents to live an hour or even two hours away by car from their jobs. Miami has not historically been a place where two-hour commutes were normal. Now it can happen, especially during rush hour, from farther western areas into employment centers like Brickell or the medical district.

That points directly to infrastructure. South Florida has an unlimited need for additional mass transit capacity. Progress is being made, but demand is still ahead of supply. Some people can use bus systems and accept that commute, but many need the mobility of a car, which adds to congestion and further stresses infrastructure.

How is climate resilience influencing development and investment decisions?

Resilience is now shaping land use and design decisions in a direct way. Miami’s low-lying land means it doesn’t take much to disrupt daily life, particularly in areas close to the water. Flooding and storm readiness are not abstract considerations.

One major dynamic is the value of high ground. There is a ridge that runs through parts of the county, and historically, the rail corridor followed that high ground. Development is increasingly clustering along and near those tracks, and the county has encouraged this through transportation-oriented development programs. Those programs support density and reduce parking requirements, with the idea that residents in these nodes will rely more on transit.

It’s a notable reversal. The rail corridor historically carried industrial uses and lower-income housing. Now, because of elevation and transit access, those areas are becoming focal points for new residential nodes. In many cases, it’s development driven by necessity: future growth paired with long-term protection from flooding risk.

What does resilience look like in practice on the barrier islands and waterfront areas?

At the high end, new development is being elevated dramatically. You’ll see the first habitable level pushed eight to fifteen feet above grade. In some places, homes are being conceived with breakaway ground floors so floodwaters can pass under the structure.

You’re also seeing infrastructure upgrades in wealthy communities on islands in Biscayne Bay. Through coordinated funding models, communities are elevating streets, raising seawalls, improving bridges, and moving utilities underground. Those investments are expensive, but they reflect how seriously the market is treating resilience in the built environment.

How is this shift affecting the look and character of places like Miami Beach?

There has been a meaningful policy response where health and safety take precedence over aesthetics. Historic architecture is part of what made Miami Beach famous, but many older buildings were not built with resiliency in mind. Outside of specifically designated historic areas, regulations have changed in ways that can allow structures to be replaced to make room for new, more resilient buildings.

That means the aesthetics of Miami Beach, particularly in non-designated areas, may change significantly over time. The market is balancing preservation with the reality of a coastal environment and the need to build for long-term viability.

What other trends are you watching at the top end of the market?

Security has become more visible, especially as ultra-high-net-worth individuals consolidate property on the barrier islands. You see buyers acquiring multiple neighboring homes, which can set up a future where estate-scale properties become far more valuable than anything historically associated with Miami. That also brings private security considerations into everyday life.

Another major effect is office demand. Nationally, post-pandemic office construction has slowed, but Miami is an exception at the ultra-high end. As wealthy individuals and firms move here, many want bespoke, high-design office buildings located near where they live. That has helped drive a niche but powerful office construction market, with rents that can rival premier assets in New York City.

Looking ahead, what will define Miami’s next phase?

Miami is undergoing a structural transformation. The influx of global wealth and talent is real, and it is reshaping expectations for quality across residential, retail, and office. At the same time, the region must address the foundations that sustain long-term growth: schools, affordability, transportation capacity, and resilience.

The opportunity is extraordinary, but so is the challenge of building a city that can support this pace and scale. How Miami invests in its underlying infrastructure will determine how durable this growth cycle becomes.