Cushman and Wakefield is heading to Long Island, Conn., to lead South Florida

Cushman & Wakefield is sending a New York-based executive to Miami to lead brokerage operations in South Florida.

Courtesy of Cushman & Wakefield

Joseph Caridi has been with Cushman & Wakefield since 2014 and takes over in South Florida on June 24.

Joseph Caridi will assume the role of managing director in South Florida for Cushman & Wakefield, overseeing more than 450 employees across four offices. His first day in the role will be June 24, and he is currently retiring from his job as managing director overseeing New York’s Long Island and Westchester County, along with Connecticut.

“We have a great region, but I honestly think we’re just scratching the surface” in South Florida, Caridi said Bisnow Wednesday. “With the right leadership and the right people, brokers and collaboration, I truly believe we can get the ball rolling. It’s the perfect time and the perfect market to do it.”

Caridi will be based in the firm’s Miami office and will also oversee operations in Fort Lauderdale, Palm Beach and Boca Raton. The brokerage is looking to increase its headcount in the region, Caridi said.

He is still in New York ahead of the transition, but said he is flying to Miami on Thursday to tour a dozen apartments and sign leases. After a year in Miami, he plans to decide if the centrally located office in Fort Lauderdale is a better place to put down roots.

Cushman & Wakefield is looking to grow its market share in South Florida, and Caridi acknowledged that it was a strategic choice to bring in a New York broker who can leverage its client base as Northeast tenants continue to pursue Florida expansions.

“Connecting those dots is really important,” he said. “You’ve got a lot of people transplanting from the northeast to the south — and if people are doing it, companies are doing it — and that’s something we need to focus more on.”

Caridi has been with Cushman & Wakefield since 2014 and has more than 25 years of experience in commercial real estate, having previously served as Tri-State Colliers Regional Director of Operations. He replaces Gian Rodriguez, who left in January to lead CBRE’s Miami office. Caridi will report to Wanda Riley, the company’s managing director for Florida.

A graduate of the City University of New York School of Law, according to the South Florida Business Journal, Caridi said his main focus early on will be to make sure the office culture reflects Cushman & Wakefield’s values ​​and that the best teams are gathered to watch. every project.

“I’m not saying it doesn’t exist, but we will have an inclusive and entrepreneurial culture with a winning attitude,” he said.

Caridi is like many other New Yorkers in that he first considered a move to South Florida three years ago. He waited for the right opportunity to open up, he said, finishing classes to get his Florida broker and real estate licenses in the meantime.

“Known as New York’s sixth borough, South Florida has seen significant migration from the Northeast, and Joe is a perfect example of that trend in action,” said Roberta Liss, Southeast Region President of Cushman & Wakefield, in a statement. “His experience in New York and deep familiarity with our businesses and clients, along with his proven track record of recruiting top talent, sets up our South Florida region in an excellent way for continued growth.”

CRE activity in South Florida exploded during the pandemic as work-from-home trends, changes in tax policy and state lockdown restrictions propelled a wave of business and people relocating.

But that growth has slowed in recent quarters, with many performance metrics returning to pre-pandemic levels. Office leasing activity declined year-over-year at the end of the first quarter in Palm Beach and Broward counties and rose 3.2 percent in Miami-Dade.

Office rents remain high and trending upward, but the shrinking footprint and fewer companies looking to relocate have kept several proposed office towers from moving forward as developers look for anchor tenants.

However, Caridi said South Florida is a thriving market where Cushman & Wakefield sees opportunities. He studied market data before the move, but is waiting to get to know his new team and build relationships before deciding the best way to push down for regional growth.

“I’ve done my homework and I could tell you we want to get stronger in the industrial industry or we want to be stronger in tenant representatives, but I really have to get in and put my heels on it first.” he said.