Invest: Miami speaks to Jeffrey Gouveia, President and General Manager, Southeast Region
Miami is a progressive market when it comes to construction and development. The proof can be seen in the amazing projects that have gotten approvals and are under construction. Buildings in Miami are getting more complex. They are not just functional, but they are making bold statements. This is a testament to the creative environment that Miami fosters. This creativity allows for a broad diversity of products to be developed. You don’t see much conformity here like you might in other cities.
One challenge to this market’s growth potential is labor costs. We have seen these surge tremendously, and it is a concern for the industry at large. Fortunately, we at Suffolk have a consistent group of trade partners that we work with on many of the larger projects that draw the most labor, allowing us to come up with the most efficient design and make decisions that are calculated, rather than reactive. Intensive planning is key. Part of our strategy is to get people involved as early as possible so that we can make the best plans and begin assembling our teams and allocating labor before construction begins.
The South Florida market continues to show strong potential. High-end luxury residential product remains viable, mostly because there is a limited number of the super high-end units, and these projects are intended for a select group of buyers. So long as the balance remains consistent, that market will continue to see strong performance. Another high-performing area is retail. The fact that there are two giant mixed-use projects— Brickell City Centre and Miami Worldcenter—with massive retail components being built so close to each other speaks to the level of demand for more shopping options in this city. When people think of Miami they think of style; they think of high-end brands. All of these things speak to the fact that Miami is an international city—a true global destination. There is a certain energy here. And because of these factors, people continue to come in droves.