Miami Positively Impacting Real Estate Investors
Commercial and residential real estate developers as well as capital marketssages remain categorically optimistic on Miami. South Florida’s commercial and residential real estate markets remain hot for international investors as well as for homeowners moving from suburbs to downtown cores according to panels of industry leaders.
The third annual University of Miami Real Estate Impact Conference was held last Thursday at the recently open Perez Art Museum with more than 200 industry pundits. UM President Donna Shalala moderated a keynote session with Starwood Capital Group CEO Barry Sternlicht, but that was merely the finale of a day that left event-goers walking away perhaps more bullish than they came in. Sternlicht pointed to Miami’s red-hot hotel market, which he said was arguably the best in the nation. He also likes Florida’s low tax structure, including no income tax, and predicts Northeasterners would begin moving to the Sunshine State if tax structures in New York, Massachusetts, and Connecticut did not change.
South Florida’s Rental Market also remains robust, Camden Property Trust President Keith Oden said, sharing the stage with Perez, Lennar Corp. CEO Stuart Miller, Witkoff Group CEO Steven Witkoff, and Vector Group CEO Howard Lorber. Camden Property Trust owns 70,000 multifamily units in 15 U.S. markets and South Florida is the fifth-best-performing market in the U.S. Camden is building multifamily in Planation and Boca Raton in 2014, signaling a 5% growth rate in its South Florida portfolio this year. “We love this market,” Oden said. “We think there is a lot of underlying strength here, and 2014 looks to be another strong year.”
Younger generations are looking to experience a true urban lifestyle. Oden and Miller noted this trend in homeowners moving from suburban neighborhoods to downtown cores. Miller called it a “change in appetite” of people wanting to live in urban areas. “Today’s younger generations have been more inclined to postpone marriage and having children,” Miller said. “Instead, there is a desire to live inside the city, have less dependence on an automobile, be more able to walk and shop and attend the central events that they want.”
Jorge Perez, CEO of The Related Group, made his voice heard in a panel entitled, “The Power of the Residential Real Estate Market to Change a City’s Future.” Outside investments are good, but Related Group CEO Jorge Perez said one thing Miami needs is more local buyers. Miami has no problem attracting international money, he said.
In a panel called “Think Differently: Innovation, Entrepreneurship and Leadership in Commercial Real Estate,” Jodie W. McLean, president and Chief Investment Officer of EDENS, the retail guru explained how her company’s business model has evolved to find more ways to engage with communities. EDENS is moving to reclaim and rebuild places that give communities gathering places where people can slow down in a convenient, safe, and vibrant atmosphere. Sternlicht agrees stating that a mix of high-rent, downtown high-rises and affordable single-family suburban homes will continue to drive the market in the foreseeable future,.“Look what’s happening here. It’s vibrant, and I don’t see any reason it shouldn’t accelerate now. Not flatten or plateau, but actually accelerate,” he said.
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