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Miami Herald: Leader's Columns

  • Major Retailers, Developers Investing in Miami Commercial Market

    by | Jul 09, 2016

    Print Version: English | Spanish

    Maria G. Juncadella, CCIM, MBA
    2016 Commercial President
    MIAMI Association of Realtors®

    Major retailers and developers are choosing South Florida for significant projects as the region’s brand and population grows, local market experts said at the recent Realtors Commercial Alliance (RCA) Midyear Update hosted by the MIAMI Association of REALTORS® (MIAMI).

    Miami and Fort Lauderdale are the top two retail markets in the United States, according to a recent 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.

    REITs Boosting Miami 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. REITs invest across a broad array of sectors, from office buildings to shopping malls and hotels.

    Developers are buying and building new malls because of South Florida’s population growth and increased tourism. Miami-Dade added 7.8 percent more residents in the last five years and has a population of 2.69 million, according to U.S. Census Bureau data.

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