How Miami-Dade’s unique characteristics are creating an optimistic investment environment
Gerald Greenspoon Co-Managing Director – Greenspoon Marder
How do you assess the business climate for Miami?
We are quite optimistic and very positive about the continued growth of Miami’s economy. The real estate sector has been strong for several years, for both residential and commercial development. However, some of the high-end residential development could possibly be overbuilt, which could create a market correction and an opportunity for investors. In addition, we have seen strong commercial development, which is exciting to see because it generates additional growth, attracting businesses and creating jobs. This means there are new people joining the market looking for residential housing opportunities. The commercial and residential markets go hand in hand. We feel that the new administration is going to create more opportunity. Less regulation on the business world will create a more attractive business environment. We see Miami continuing to be one of the fastest growing regions of the U.S.
What is the current demand for legal services coming from international investors into Miami?
Miami is an attractive location and a hub for foreign investment. Whenever we think foreign investment is slowing down, another part of the world becomes interested. We continue to have strong investment and trade ties with South America and Central America. It all starts at PortMiami. The expansion of the Panama Canal created incredible opportunities in Miami, South Florida and the State of Florida. In addition to that, the reach has become even broader over the years. The European influx of interest and investors in real estate and business has taken off and continues. We are also seeing the same from parts of Asia. We have a tremendous transportation hub in South Florida and Miami that makes it extremely attractive and simplifies the access into our region.
What are some of the main challenges for Miami as an investment destination?
As with any major city with people visiting, we should watch out for the increase in the cost of living. The price of condominiums and residential property in prime areas has increased dramatically. Miami recovered very quickly from a major real estate recession in 2008 to 2009, and has now achieved the highest prices that we’ve ever seen. That is always problematic. In addition, we always want our political atmosphere in the region to be welcoming. We have to promote and fund the infrastructure that is required in order to handle the large increase in population and investment. This includes transportation and mass transit. These are all critical issues.