Family-owned Fisher Brothers, a real estate firm with over a century of experience, continues to adapt to evolving market trends. Right now, it is finding success, according to Kenneth Fisher, partner of the real estate firm.
At ULI New York - NYU Stern-Chen Institute’s Real Estate Outlook 2025 conference, he described the activity in Fishers' portfolio as "robust."
"We've seen some pent-up demand," Kenneth said.
"We're tracking some of the biggest and best tenants out there, and we're getting very, very healthy rents."
CLASS A AND IMPROVING ASSETS MAKING A DIFFERENCE
To no surprise, Fisher, whose portfolio includes commercial assets such as retail, residential, and office, is getting a boost from its Class A properties.
Kenneth said that the firm's Class A vacancy rate is hovering around 10 percent and is trending downward.
Plus, Fisher has also made upgrades to its properties.
"We have modernized our buildings, we're incorporating AI, we're crunching data, we're data mining, Kenneth explained.
But it's a different story with Class C and B properties, which often aren't as amenity-rich as Class A's. The question is whether those assets will be modernized or converted into a residential project?
FOCUSING ON MIAMI
Right now, Fisher is focused on Miami. Particularly — Kenneth spoke highly of Wynwood and the potential it has.
"We believe that Wynwood is going to be the next spot in terms of Miami and Miami multi-family," he said.
In fact, it has one project in development in the submarket called Joule House, a mixed-use site set to feature 308 rental units and 26,000 square feet of ground-floor retail and paseo space. Plus, it is set to feature almost 25,000 square feet of both outdoor and indoor amenities. Joule House is set to launch this Spring.
IMPROVING NEW YORK
Meanwhile, Kenneth spoke on New York City, a place where consumers and high-wealth individuals and businesses have left since the pandemic in favor of markets like Florida.
Kenneth suggested the city, which is known for higher taxes and tougher regulations, should adapt.
"New York has to compete, and it's only going to do that if we start to become a little bit more business-friendly," he said.
"It's up to everybody in government to start thinking about ways to work with us (developers) so that we can attract tenants and business, which will ultimately lead to higher to greater tax revenues and better quality of life."
But Kenneth acknowledged that NYC remains a vast market opportunity, which hasn't changed. Sure, tenants may leave — but he believes the firm will still see growth in that area, regardless. It's more about improving the landscape for business, which he believes will lead to a better experience for everyone.