As Miami has edged up the Knight-Frank list of cities most imporant to Ultra High Net Worth Investing, in 2015 moving just ahead of Paris to the number six spot overall, its real estate market has moved almost in lockstep. Although most media attention has been directed to residential, there also is much talk about commercial real estate in Miami. Among commercial properties, development sites, either vacant land or underdeveloped tracts, frequently with older or smaller structures upon them, have been particularly hot. However, just behind this is the remainder of commercial real estate in South Florida, drivin by a belief that Miami is in a long-term development trend, on its way to being even more of a center of culture and commerce than it already is.
The city has several things going for it. First, there is its geographic location, nicely centered between Latin America, North America, and Europe. Culturally it mirrors this position, comfortably straddling and welcoming all comers. If you’re at a restaurant in Miami and there are less than four or more languages being spoken, you are in a dump. The weather is also a plus, as is the city’s “edge,” an urban attidude, Miami style, internationally influenced. Some hate it, and never return, but many like it, and can’t get enough of it.
Among the Miami area commercial properties being pursued by international investors are multifamily (apartment) buildings, office buildings, including medical office buildings, industrial buildings (warehouses), and retail properties, including large shopping centers, strip centers, and standalone retail properties. Many Miami Commercial Realtors are expecting strong if not record years as buyers inside and outside of the country increasingly perceive the city’s growth potential.
Some worry about when the party will end, or more specifically, if it is about to end. Time will tell, of course, but for the moment, many things are going right for the city, and in turn, its real estate market.
