MIAMI Association of REALTORS

     

                

News

Miami's Wall Street Emerges as Epicenter for International Banking

by | Sep 26, 2015
Thanks to increased capital from Latin American and European nations, Miami's anancial district of Brickell has emerged as one of America's top banking hubs.

Print Version

John Dohm,
SIOR, CCIM, CFP
2015 Chairman of the Board MIAMI
Association of REALTORS®

Thanks to increased capital from Latin American and European nations, Miami's anancial district of Brickell has emerged as one of America's top banking hubs. More than 53 banks from North America, Europe and Latin America do business in Brickell: "the Wall Street of Miami." The proliferation of international and domestic banks in this anancial district south of downtown has not only created hundreds of local jobs, but it has fueled unprecedented residential and commercial development.

The Brickell oface market, which boasts South Florida's highest oface rental rates, offers true state-of-the-art space including the area's only LEED Platinum building. And more stunning oface buildings are on the way.The $1.05 billion Brickell City Centre, one of the nation's biggest private construction projects, will feature two Class A oface buildings, totaling 260,000 square feet.The buildings are part of the Centre's massive mixed-use development, which will also deliver 565,000 square feet of retail space.

Miami's tremendousmulticulturalism, a growth-oriented governmental approach, andMiami's freeMetromover train systemthat runs through Brickell have all played roles in growing the area. Today, Brickell's average household income of $125,000 is more than double the City of Miami.

South Florida's multiculturalism is a key feature in Brickell's development into a banking powerhouse. About 51.3 percent of Miami residents are foreign born, which is more than double the national average. Miami's reach extends beyond South America as students in Miami-Dade public schools speak more than 56 different languages and come from 160 countries.The ability to speak multiple languages is key in global banking. Foreign investors feel conadent moving their capital to Brickell banks.

Miami's development push has also fueled Brickell's growth. Unlike other cities that decline new development, Miami's government has allowed massive projects and ofaces in Brickell.The result is a fastgrowing population with valuable real estate. Espirito Santo Plaza, a 36-story oface tower in Brickell, recently sold for $142 million. Brickell's oface market is only gaining strength, promising to add jobs and tax dollars to the South Florida economy.

Print Version

Market Focus

Media Contacts

Lynda Fernandez,
SVP of Public Relations
lynda@miamire.com 
(305) 468-7040

Teresa King Kinney
Chief Executive Officer
tkinney@miamire.com 
(305) 468-7000

Chris Umpierre
Director of Communications
chris@miamire.com
(305) 468-7047


State &
National News

National Association of REALTORS®
National Association Press Releases, Statistics, and other Media Resource.

Florida REALTORS®
Florida Association Press Releases, Statistics, and other Media Resources.