The commercial Real Estate industry in Miami has a very promising future for international investors looking for investment opportunities in Miami. A recent study concluded that the construction of new office establishments is on the decline. This is because of the demand for commercial real estate as a result of increasing population and a sparked interest from Latin America in Miami as a business hub. The research concluded that prime office space in Miami could rise by as much as 15% to 20% in the coming two years.
Miami’s economy is diversified and continuously growing. With increasing investment interest from investors based in Latin America, New York and Europe, Florida’s tourism industry is also booming and there are increasing hotels, world-class restaurants and retail stores that are increasing Miami’s popularity as an investment hub. As proof of Miami’s increasing popularity as a business center, three of the United States top 10 retail destinations are currently under construction in Miami. These are Miami’s Design District, Brickell City Center and Miami World Center.
The demand for office, business and residential space in Miami has lured both local and international retailers to Miami. This has resulted to the creation of Venture Hive which is a shared entrepreneurial workspace located close to Downtown, Miami. Venture Hive has sparked interest from developers and investors and entrepreneurs in creating similar spaces all over the city. With only a limited number of commercial spaces, shared office space is increasing becoming a popular option and changing the face of many offices. A good example is Wynwood, Miami Beach and the Design District that have witnessed millennial entrepreneurs flocking to these urban centers. Resis, one of the nations most trusted research firms predicted this forecast on Miami’s Commercial Real Estate sector.
Almost all of Miami’s new large-scale developments are mixed-use developments. The demand for community based neighborhood is expected to continue dropping as commercial investments take center space.