Miami’s office sector saw the greatest dropoff, registering just $6 million in sales in the first quarter of 2023, compared with $226 million in 2022, a 97 percent decrease.
Between August 2021 and July 2022, foreigners invested US$6.8 billion in the purchase of properties in Miami Dade, which implies an increase of 34% compared to the previous twelve months.
Among other things, the bill grants developers the ability to build the maximum amount of units a local jurisdiction allows – and at the maximum allowed height within a mile of a project’s site – on almost any property zoned commercial, industrial, or mixed-use.
The only startup hub worldwide that grew faster than Miami over the past five years was Tokyo, according to the ranking.
Premiums for commercial insurance at the end of 2022 in places like Texas, Florida and California jumped 30% to 50% or more, according to the institute.
There is evidence that electric vehicles and EV charging stations are significantly impacting real estate in terms of property values, spurring higher rental and resale values.
Most of the corporate headlines in 2023 so far have focused on layoffs and cost-cutting, but just like in 2022, the news in Miami is playing a different tune.
The unnamed company, which has 820 employees already in Miami-Dade County, is looking to hire 3,400 more and open a 100K SF headquarters, according to the Miami-Dade Beacon Council, which is pursuing $4.5M in financial incentives on behalf of the company.
South Florida added thousands of new businesses in 2022, putting the region in the top three metropolitan areas nationwide for openings of everything from retailers to law offices.
Preliminary plans for what will become the Southplace City Center include a 150-key hotel, 60,000 square feet of medical office space, a terraced community amphitheater, golf cart trails, a trolley system, restaurants, retail and approximately 4,400 housing units to be built over a seven-year period.