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Will Zika Virus In Wynwood Hurt Commercial Real Estate?

October 26, 2016

GlobeST

“I predict this will last a few more weeks and then things will subside…”

“I predict this will last a few more weeks and then things will subside…”

MIAMI—Wynwood is in the nation’s spotlight—but not for its commercial real estate evolution. Rather, it’s because there are four non-travel related Zika virus cases in the artsy neighborhood.

According to the Centers for Disease Control, Zika is spread mostly by the bite of an infected Aedes species mosquito. These mosquitoes are aggressive daytime biters. They can also bite at night. There is no vaccine or medicine for Zika.

GlobeSt.com caught up with Tony Cho, founder and CEO of Metro 1, to get his insights into the potential fallout. Cho does considerable work in Wynwood.

GlobeSt.com: How do you feel the current situation has affected area businesses and residents?

Cho: It has raised a lot of awareness about the virus and residents and business owners have been super proactive in addressing it.

GlobeSt.com: As a business owner yourself in the area, what precautions or changes have you made in your own company?

Cho: We have notified all tenants, clients, partners, employees and agents of all the updates and steps that have been taken by local, regional, state and national government and non-government agencies. We have made sure that all the properties we own and represent are properly sprayed and that trash does not sit and make sure there is no standing water.

GlobeSt.com: How do you feel the current situation has affected real estate in the area, both leases and sales?

Cho: I don’t believe real estate has been affected in the least, in fact I think all the media exposure has brought a lot of new attention to Wynwood and ultimately I think it will help increase activity and values.

GlobeSt.com: Do you think tourism has been affected?

Cho: In the short term yes, but the streets are still busy for this time a year. It is busier that it was a year ago in Wynwood even with the warnings and being in the middle of the off season.

GlobeSt.com: How long do you predict that the ramifications will last?

Cho: I predict this will last a few more weeks and then things will subside as residents, business owners and the community at large sees how proactive everyone has been in addressing this concern.

GlobeSt.com: What is your personal view on what is happening and what this will mean to the future of the area?

Cho: I think that the media attention Wynwood received was a bit blown out of proportion and am certain that there are other cases in other parts of Miami-Dade and Broward counties as well as other parts of the state and country, but I think that the cluster findings was a result of targeted testing. I strongly believe Wynwood benefited greatly from the rapid response to contain Zika and I believe that it is getting under control quickly.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

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