Whether it be rental or retail, the real estate market is buzzing and it has everyone moving again. During the residential condominium market boom, several buildings were converted from rental to condominium, thereby reducing the supply of rental units on the market. The long-established developers that were able to make it through the recent storm, coupled with international investors’ thirst for Miami, has created a mini-boom for new rental apartment buildings in the city.
Further enhancing the market supply are properties previously tied up with banks or in some form of litigation that are now up for sale. Miami’s retail market is also shifting, as we have new retailers coming into Miami’s design district, Midtown and downtown Miami. The current cost of land per square foot is more affordable for retailers, and the increased population density within walking distance to their stores incentivizes major retailers to invest in our community. So, from all of us (realtors, attorneys, architects, landscapers, contractors and many others) who thrive on the Miami real estate market, Welcome! Bienvenido! Bem-vindo!