In many ways, Miami is a paradise: nice weather, cultural diversity, excellent geographical location, low taxes, quality education, and many opportunities for businesses.
With these features, Forbes Magazine described Miami in a recent report in which the city stands out as the best place to create new businesses.
Does this recognition make Miami is a good destination for investors? Is this a good time to invest? The short answer to these two questions is: it depends on the industry in which you want to invest, how you want to do it, and in what areas.
South Florida developers tend to hone in on one or two areas they know best, and if you’re talking about Doral, there is no bigger honer than Codina Partners Executive Chairman Armando Codina, who built a master-planned community with schools, a city hall, 5,000 residential units, a Publix and 1M SF of commercial space.
Codina, who will be a speaker at Bisnow‘s upcoming South Florida State of the Market event, shared some of his thoughts on the outlook for Miami‘s commercial real estate market. And while some developers are fretting about a downturn, Codina doesn’t sound too worried.
The cranes are everywhere in Doral.
The city is experiencing an unbelievable construction boom never seen before in its 16-year history. Commercial spaces, new hotels, industrial warehouses, residential communities, and more. Demand from businesses and residents is at an all time high, and as a result, Doral is the fastest growing city in Florida and one of the fastest in the nation. Growth is in the DNA of the city.
The key industry sectors leading the charge are real estate and construction.