Brickell City Center is about to be complete, Miami World Center in downtown is launching off and the 225 acres American Dream Miami project will be coming to north west Miami Dade soon. If you look around Miami, there are countless projects under construction. Now some people are asking will there be enough money and people to fill up all these new buildings and
retail centers? Well I don’t have a crystal ball, but I think it’s crystal clear there are plenty of opportunities in Miami and people are flocking here.
Why? Well besides the obvious wonderful weather and the incredible melting pot of culture, which seems to never miss a beat, believe it or not, Miami’s unemployment rate is dropping and according to a recent survey by the Greater Miami Chamber of Commerce, 55% of Miami-Dade business leaders expect to increase staff this year (2016). Miami also benefits from the favorable pro – business climate Florida creates. With its state tax policies and the competitive cost of doing business here, it is no wonder why big corporations like American Airlines, Carnival Corporations and Ryder Systems call Miami
home, with many more businesses to follow.
Let’s not forget our tourist and their spending. Miami Dade County hit record high tourism numbers in 2014 and it is expected to grow in 2015 and 2016.
And guess what?
Miami is not only a top tourism destination; it is also a popular destination for international business investment. Miami is well known for being a leader in international banking and the gateway to Latin America, but don’t think it’s just Latin America investing here. There is a lot of money coming in from the United Kingdom, Germany, China and surprisingly according to the federal reserve bank of Atlanta 24% of foreign capital that came into Miami in 2014 was from Qatar, that was more than Canada, which came in second at 23%. So is it only foreign money that is being invested here? Not really, recently I have noticed a lot of investors from other states, like Arizona, California and New York investing here. Now most of us Miamians think that real estate prices and the cost of living here has just gotten ridiculous, but when I ask these investors from other states why they’re investing here, they say because Miami is so cheap. And when you do your research, you will find that the cost of labor, capital and land is much more affordable here than these other States. More and more these out of town investors want in on the discount!
As of today, Miami is definitely still experiencing a boom, will a bubble form and burst?
I can’t tell you, but with the city’s deep international linkage and a population growth creating a unique work force, I have an optimistic view of the future economy and the investment opportunities that are being created in this unique city, called Miami.
Trajan Investments, assisting CRE Investors to prosper!