The City of Miami continues to emerge as a top global destination for the über-wealthy. According to Knight Frank’s annual Wealth Report (2015), Miami is ranked 6th globally, 2nd in the U.S. and will remain among the world’s top 10 most important cities to Ultra High Net Worth Individuals for the next decade. The wealth report … Continue Reading
Renowned economist Hugh F. Kelly (PhD, CRE), Clinical Professor in New York University’s Schack Institute of Real Estate and the 2014 national Chairman of The Counselors of Real Estate, led a discussion at a CREW-Miami luncheon regarding issues affecting the commercial real estate market in 2015 and gave his annual economic predictions. Some of the … Continue Reading
Urban Development: Faster Greener Commutes Key to Sustained City Growth, a report released in October 2014 by Cushman & Wakefield, provided insight into Transit-Oriented Development as it explored “the consequences of rapid population growth in 10 major North American cities”—with Miami being one. The study found that the majority of these major cities’ workforce is burdened … Continue Reading
All Aboard Florida broke ground on the first phase of the development this week, beginning construction on the Fort Lauderdale station and generating even more excitement around what is already a highly anticipated project. All Aboard Florida is an express passenger rail service unlike any other in the country. Offering services connecting major Florida metropolitan … Continue Reading
Lincoln Road property values are soaring to new heights with tenant rents and property prices at record highs. Dating back to the 1920s, Lincoln Road has seen its share of transitional decades, but experts say this time it’s noticeably different: “[i]n the realm of commercial real estate, Lincoln Road has taken its place among the … Continue Reading
With all the current and planned building projects taking place in South Florida, it seems the recent real estate crash has largely been forgotten. However, the collapse still haunts traditional lending institutions, many of whom are unwilling or unable to finance Miami’s present building boom. Further, as Jeff Bartel, chairman of Benworth Capital Partners LLC … Continue Reading
Miami, once the poster child for the recent housing bubble and subsequent crash, now has the strongest housing market in the U.S. and is one of the exclusive high-end real estate “export” economies in the world. This remarkable transformation is due largely to the huge influx of foreign cash, according to a recent Miami Downtown … Continue Reading
The Port of Miami Tunnel’s opening on Sunday, August 3, 2014 marked a rousing day for Miami. Not just because police cruiser sirens, motorcyclists and tractor trailers inaugurated new, underwater lanes for thousands of vehicles to soon follow, but because it signaled a great accomplishment in the world of public-private partnerships that will benefit Miami … Continue Reading
TREPP Analytics recently provided the U.S. commercial real estate industry some positive news – both the CMBS delinquency rate and seriously delinquent loans are down. The delinquency rate as of June 2014 is 6.05% (compared to 8.65% a year ago), with seriously delinquent down to 5.92% from 8.37% last year. This decrease is seen across … Continue Reading
While the rest of the country is slowly pulling itself out of recession, Miami is in the midst of a building boom that not only signifies its strong recovery, but is putting South Florida on par with New York City as a global power center. At the time of the 2008 economic downturn, Miami had … Continue Reading
Port Miami and Port Canaveral, two of the busiest ports in Florida, are preparing to get busier as both equip to undergo major expansion projects. The current endeavor that plans to widen and deepen the Panama Canal is slated to be completed at the end of 2015. The Port of Miami is making changes so that it … Continue Reading
Though the multi-billion dollar medical tourism industry is dominated by Asia, it is on the rise in the United States, with many wealthy international patients eyeing the U.S.’s innovative treatments in areas such as orthopedic and cosmetic surgery and cancer treatments. American hospitals are increasingly recognizing that, in addition to prestige, this niche industry can … Continue Reading
An exciting announcement was recently made in South Florida – between May 2011 and today more than 200 new condo towers east of I-95 in Miami-Dade, Broward and Palm Beach counties have been scheduled to be built. Yes, this is no April Fool’s joke, you read that correctly. New condo buildings are being planned all across the … Continue Reading
Recently, we hosted the 2014 Kislak Real Estate Market Strategies Forum, presented by the Florida State University Center for Real Estate Education & Research, of which I am a member of the Executive Board. This yearly, invitation-only forum provides leaders with a platform to discuss market conditions, vet strategies, and identify emerging opportunities, and is … Continue Reading
A recent report published by commercial brokerage company Marcus & Millichap, projects an improved financial environment for owners of office buildings in the second half of the year as a result of lower vacancy and increased rents. By the end of the fourth quarter, the office vacancy rate in Miami-Dade County is projected to be … Continue Reading
Miami’s financial district has deservingly earned itself a reputation for being a bustling neighborhood with great places to live, dine and work. Not surprisingly, Brickell will be home to three fresh new residential condominium projects: Related Group’s myBrickell – an innovative 28-story condo development with 192 units to be located at 30 SE 6th Street, within … Continue Reading
The talk of re-bound, recovery and strength in the real estate market is growing and now we have further evidence from one of Miami’s own. Miami-based Lennar Corporation, the largest U.S. homebuilder by market value, reported last month that not only did it exceed analysts’ expectations for its fiscal fourth quarter, it crushed them- citing … Continue Reading
Miami’s real estate market has always been the topic of dinner table conversations – with the ebbs and flows of its success closely tied to the economy. Not surprisingly, as the economy starts to (slowly) pick itself back up, the conversations about investment and opportunity are also on the rise. Are we faring better…or worse? … Continue Reading
The Related Group continues to be active in the Miami real estate market. The Daily Business Review reported last week on Related’s recent purchase of the Infinity II property, located at 1300 S. Miami Ave for $18.5 million. The purchase by Related, a company known for developing Brickell’s Icon and 500 condo buildings, shows that … Continue Reading
With 2 1/2 miles of sandy beaches and proximity to Bal Harbour Shops, downtown Miami, business centers, fine dining and entertainment, Sunny Isles Beach is attracting an impressive amount of luxury residential oceanfront development. The barrier island, bordered by the Atlantic Ocean on the east and the Intracoastal Waterway to the west, is experiencing a … Continue Reading
The increasingly significant office market is just one of the many sub-sections of Miami’s real estate market that is making its way back. The 2012 report on Miami’s office market, prepared by Jones Lang LaSalle for the Commercial Industrial Association of South Florida (CIASF), provides great insight into Miami’s office market. In the report’s summary, … Continue Reading
The resurgence of Miami’s real estate market continues apace. From high-profile office deals to high-priced residential closings, the market is vibrant. Here are three significant deals that have taken place recently in Miami’s office sector: 1. In the largest office deal since 2008, Crocker Partners purchased the 34-story, 786,267-square-foot Miami Center located at 201 S. Biscayne Blvd. … Continue Reading
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