Miami’s Target MarketsJuly 27, 2011
In today’s Miami Herald, journalist Douglas Hanks reported that Florida emerged as something of a stand-out student in the Federal Reserve’s latest report on real estate in the Southeast. And that Florida is bucking the trend and reporting a positive with sales of Florida homes outperforming the rest of the South. The Greater Miami Visitors and Conventions Bureau reported that last year Brazilians spent $1.1 billion. Last month, Miami’s economic development group, The Beacon Council, travelled to France to speak with interested prospective investors in the real estate market, specifically hotels and apartment complexes.
Miami commercial real estate has improved over last year and continues to show promise. This years’ largest commercial real estate sale, McClatchy Co. sold the home offices of the Miami Herald which is located on 14 acres of prime waterfront real estate, to an international Malaysian resort developer. In general review, it appears that the motivation in the commercial real estate market is for the value of the land and not the building.