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South Florida has always been in a class apart from the rest of the state in terms of real estate development. The South Florida real estate market has lead the state in real estate investment and growth. Despite it’s ups and downs the South Florida real estate market has historically been a market indicator in terms of development and investment activity. South Florida’s unique positioning and heavy influence of foreign investment makes this market an interesting and dynamic one.
Brian Bandell is a senior journalist with the South Florida Business Journal covering real estate, transportation and logistics. For over a decade, Brian has served the South Florida business community. With an expert ear for news, Brian gives us a brief, but detailed overview of the South Florida real estate market and what is in store for future developments in the area.
- $7.5 billion in construction starts in Miami and South Florida
- South Florida economy driven by tourism and foreign investment
- Heavily dependent on international markets
- Strengthening of USD may adversely affect South Florida investments
- Miami moving towards transit city
- Metrorail connects major points in Miami
- Metromover connects Downtown Miami
- Trirail connects Miami to West Palm Beac
- All Aboard Florida rail project will connect Miami to Orlando
- Commuting is still difficult in South Florida for those who don’t live near transit stations or commute by car
- Development in South Florida does not represent demographics
- Developments are for high-end/luxury spaces
- Middle-income bracket job growth not suited to high-end developments
- Rapid rent increases
- Multi-family rent increases: 8.8% in Miami-Dade, 7.1% in Broward and 5.8% in Palm Beach
- Weekly wage increase: 2%
To find out more about Brian’s work with the South Florida Business Journal visit their website
In addition to his journalistic successes, Brian is also a published author of fiction! Look for his books on Amazon