PWC / PriceWaterhouse Coopers Emerging Trends in Real Estate® 2016 United States & Canada
PWC, also known as PriceWaterhouseCoopers, has published is 2016 Emerging Trends in Real Estate® report, covering commercial real estate of all types in the United States and Canada. Miami is mentioned throughout the report in many of the tables and charts as well as in the text of the report.
Below are some excepts specific to Miami area commercial property:
A REIT executive with assets across the Sun Belt remarked, “We are looking for good growth, good tenant mix, rents moving upward in markets like Charlotte, Atlanta, Miami, Austin, and Phoenix.”
Notwithstanding the geographic spread of offshore investment, the “salty six” still get the lion’s share of inbound capital flows. From New York to Los Angeles, as well as in other coastal markets from Seattle to Miami, international investors know and covet U.S. cities with air and sea ports.
Florida’s Resurgence Continues: In last year’s survey, Miami made it back into the top 20. This year, the entire state of Florida is being viewed in a very positive light.
Miami (19). Miami remains in the top 20 this year, and the outlook from survey respondents and interviewees alike seems to be more optimistic. Interviewees cited the potential for continued growth in the Miami economy along with comparatively strong supply.
The retail sector has the strongest outlook in the Miami market. Retail is seen as benefiting from good population and income growth as well as the strong tourism component in the market. It remains to be seen if the strong dollar and an economic slowdown in Latin America will be a headwind to Miami’s continued improvement. Local market participants feel very good about the local economy in Miami and rate overall prospects as good to excellent. If an area of concern exists, it is one of success: the lowest-rated component of the local market t is the availability of development opportunities.
Los Angeles, Chicago, D.C., San Francisco, Miami, Dallas, and Austin also are target markets for coworking.
The average local market outlook score for the South region is the second highest for all four U.S. regions, trailing only the West region. The markets with the top local outlook scores for 2016 are Dallas/Fort Worth, Austin, Charleston, Nashville, Miami, Raleigh/Durham, and Palm Beach.