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.
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.
In total, 15 restaurants in the Miami area made the top 100 list in 2021. That is more than all of the restaurants in both New York (10) and California (11).
While the property is currently in the final stages of planning, a number of tenant selections have already been secured and two floors fully renovated.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services