November 19, 2014
Metro 1 Commercial has entered Broward County with Palm Beach County on deck.
Tony Cho, the president of the Wynwood-based brokerage, said his company has 25 listings in Broward and it’s seeking office space of about 2,500 square feet there. With two brokers already in Broward, Metro 1 wants to hire four to six more, he said.
“With the market changes in Miami you have to look for new opportunities and new prime areas and create value there,” Cho said. “We are looking to expand our market share and footprint. We can be more regional, covering all three counties.”
Cho said Metro 1 would pursue listings in Palm Beach once it opens the Broward office.
Metro 1 is one of the fastest growing independent brokerages with a significant market share in the emerging neighborhood of Wynwood and experience in the Design District and other urban areas. Cho has helped reposition industrial buildings with art galleries, retail and restaurants. It also has a capital division that helps buyers secure financing.
The brokerage is on target for about $300 million in sales this year, Cho said. It manages 1 million square feet of commercial space and his goal is to manage 3 million square feet.
Cho said he’s focusing on the urban areas of Broward, east of Interstate 95.
“There are many urban pockets of Broward that we believe are ripe for redevelopment and investment,” Cho said. “I see all along the eastern corridor along the FEC [Florida East Coast railway] transit-oriented development popping up, and the closer you are to the core, the more intense the development will be. Thanks to All Aboard Florida, more trollies and bike paths, I hope to see more of a pedestrian environment emerging.”