In the early 1990s, Ugo Colombo saw the investment opportunity in Miami real estate, and now it is starting to reach its full potential. According to Norada Real Estate Investment, Miami real estate appreciated 57.70% over the last ten years, which is an average annual home appreciation rate of 4.66%, putting Miami in the top 10% nationally for real estate appreciation. Despite the downward motion nationwide in the housing market, Miami real estate appreciation rates are strong and have continued to appreciate in value faster than most places. The real estate market in Miami is doing well and has seen a dramatic increase in office locations.
Offices are Taking Over
Office development in Miami has hit its highest level since 2009, which is partially caused by the relocation of tenants from high-tax states. According to The Real Deal, 1.9 million square feet of office space is expected to be completed in the next two years. As of 2011, only 500,000 square feet of office space was expected to be completed, as opposed to the nearly 2 million square feet that is now expected. On top of the relocation of tenants from high-tax states causing this change, it is thought that corporations wanting to expand their Latin American business could also be another reason for this shift.
If you are thinking of investing in Miami real estate, especially in office space, it seems as though the statistics and numbers are on your side. Miami continues to become a “mini-Manhattan” and is seen as a good investment opportunity for the future.