International Council of the MIAMI Association of REALTORS

     

                

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The MIAMI Association of REALTORS® features a half-page article each week in The Miami Herald –International Edition, promoting MIAMI Members and the South Florida real estate market to affluent consumers in Latin America and Europe.

Commercial Real Estate Developers Investing in Broward County, South Florida

by | Jul 26, 2017

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Broward County’s location and educated workforce make it one of the nation’s most sought-after commercial real estate markets for international and domestic investors.

The state of Broward commercial real estate was addressed at the MIAMI Association of REALTORS® Commercial Alliance’s (RCA MIAMI) inaugural Broward-Miami Midyear Update in Fort Lauderdale.

More than 70 MIAMI members attended the half-day event, which began with Greater Fort Lauderdale Chamber of Commerce President & CEO Dan Lindblade detailing Broward County’s latest business and employment efforts. Broward has one of the state’s largest and most diverse labor forces with 30.12% of residents holding a Bachelor’s degree or higher.

Brightline — a proposed Miami-to-Orlando express train —was a top event topic. Julie Sharenow, the director of sales for Brightline, told Broward Midyear attendees how the 125 mph train can redefine South Florida transportation, business and real estate. Brightline plans to run 32 trains a day between Miami and Orlando with stops in West Palm Beach and Fort Lauderdale. The 325-mile Miami-to-Orlando trip is expected to take three hours compared to the four hours it takes driving.

Brightline will allow South Floridians to live in Broward, Palm Beach or Orlando and work in Miami, or vice versa. Brightline will launch service between Miami and West Palm Beach later this year, with service from Miami to Orlando following. Commercial and residential developments are being built around Brightline’s three South Florida stations in West Palm Beach, Fort Lauderdale and Miami.

The Broward Midyear Update also featured a powerhouse panel of Certified Commercial Investment Members (CCIM) and the Society of Industrial and Office Realtors (SIOR). The local panelists analyzed trends in Broward office, industrial, retail and multifamily.

Speakers discussed the growth of e-commerce and how it’s fueling a surging industrial asset class. South Florida’s improving infrastructure, transportation, housing and foreign investments were also addressed. Panelists included David Wigoda of CBRE, Gaston Reboredo of RE/MAX Commercial Associates, Michael Silver of CBRE and Sonny Maken of The Maken Group.

Earlier this year, RCA MIAMI held a Miami Midyear Commercial Update in Coral Gables. The Miami event addressed the impact of self-driving cars, the rise of e-commerce, the growth of industrial real estate and how Miami is the site of the largest proposed mall in the United States.

South Florida Retail
Miami and Fort Lauderdale are the top two retail markets in the United States, according to a long-term retail market outlook report by online real estate marketplace, Ten-X. Miami hospitality employment rose by nearly 5 percent in 2015 to 136,100 jobs — an all-time high, according to the Greater Miami Convention & Visitors Bureau.

Downtown Miami, which has more than doubled its population to 80,000 in the last decade, is the site of two major mixed-use projects: the $1.05 billion Brickell City Centre and the $1.7 billion Miami Worldcenter. The projects are just two of the various under construction projects in the region. The United States’ largest mall, the proposed 200-acre American Dream Miami, may also be coming to Miami-Dade, if approved by the county.

“Big name retailers see Miami as a must place to be,” said Juan Roberto DeAngulo of Elion Partners. “It’s less of an economic decision and more of a marketing decision.”

REITs Boosting South Florida CRE
Low interest rates and an improving jobs picture have escalated the importance of real estate investment trusts. REITs are having a major impact on the Miami commercial market.

REITs came to South Florida 15 years ago and altered the local commercial market, Wayne Ramoski of Cushman & Wakefield said during the 2016 RCA Midyear Update. REITs invest across a broad array of sectors, from office buildings to shopping malls and hotels. There also are health care, timber and infrastructure REITs.

Rising Demand for Miami Commercial Property
South Florida’s low commercial vacancy rates, population boom, tourist growth, infrastructure improvements and growing prominence as a world-class global city have each played roles in multiple major local commercial purchases.

Florida: Top Business Location
● No personal income tax
● Ranked No. 2 in the U.S. for best state for business (Chief Executive)
● Ranked No. 1 Tax Climate in the Southeast for Business (Tax Foundation)
● Ranked No. 3 in the U.S. for High-Tech Businesses (TechAmerica Cyberstates)
● One of every five U.S. companies that export is located in Florida (U.S. Census Bureau)

Florida’s Top-Rated Workforce
● Florida is ranked No. 5 in the U.S. in high-tech employment in the U.S. (TechAmerica Cyberstates)
● Florida has 5 million foreign language speakers (U.S. Census Bureau)
● 9.7M+ civilian labor force—more than double the population of Ireland. (Bureau of Labor Statistics)
● Ranked No. 1 in the U.S. in innovation (Fast Company)
● Ranked No. 3 in the U.S. in workforce size (Bureau of Labor Statistics)

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