On the 8th of July 2016, the CCIM Miami-Dade-Monroe District hosted its monthly meeting at Morton’s Steakhouse in Coral Gables.
There were two key presentations: The first was by John Dohm, CCIM, SIOR, of Infinity Commercial Real Estate who is a highly-respected commercial broker nationwide. Dohm is a past regional director of SIOR and CCIM chapter president, past president of the Realtor's Commercial Alliance, and is currently Chairman of the Board of the Miami Association of Realtors. http://www.realcommercialproperties.com/
The second was by John Guitar of All Aboard Florida AllAboardFlorida.com Guitar is the Senior Vice President of Business Development for All Aboard Florida. He is responsible for the development and leasing activities for the stations and transit oriented development in Miami, Fort Lauderdale and West Palm Beach.
“The only thing Miami cannot mess up is geography” – John Dohm
Dohm gave a comprehensive presentation entitled, “Ready for Globalization: South Florida’s Infrastructure and the Expanded Panama Canal.” He detailed the contributing factors that make Miami unique.
Immigration: According to the U.S Census Bureau, in 2013 there were 1.3 million people living in Miami-Dade County who were born outside of the United States. 1.2 million were from Latin America.
International Real Estate Sales: 50% of all International sales in the entire state of Florida are from Miami and Ft. Lauderdale.
Population Growth: From 2010 to 2015, the Miami-Dade county population grew from 2,496,435 to 2,693,117 representing a 7.88% increase.
Tourism: In 2014, the total overnight visitors to Miami-Dade was 14,563,200. In 2015, the total grew to 15,496,300, for an increase of 6.4%.
Infrastructure: South Florida has invested billions of dollars in key global infrastructure. There are the two international airports: Miami International and Ft. Lauderdale/Hollywood International. And there are the two international seaports: Port Everglades and Port Miami.
Miami International Airport: In 2015 there were 44.3 million passengers.
PortMiami: In 2015, PortMiami posted an increase of 15% in containerized cargo movements.
PortMiami is the closest U.S. port to the Panama Canal.
Train Transportation. All Aboard Florida is developing Brightline, an express, intercity train service arriving 2017. It will connect the tri-county area of Miami-Dade, Broward and West Palm bringing a total of 4 million square feet of new transit oriented development around the South Florida stations.
And what does this all mean for the commercial real estate world? In London, the number of square meters $1 million USD can buy of prime residential real estate is 22. In New York, it is 27. As Miami becomes a more globalized city, its prices will become more “globalized” as well.
Carlos Rodriguez Jr. // KW Commercial
CCM Sponsor / Jay Pelham, President, TotalBank