A few weeks ago we shared news of Miami-Dade County’s mayor Carlos Gimenez’s expectation to make an impact on real estate, and most recently the City of Miami’s mayor is speaking out on the subject.
Mayor Tomas Regaldo was recently interviewed at the opening of theB University of Miami Life Science and Technology Park where he commented on the impact of the park,B the city’s development andB foreign buyers. When asked about what has been drawing in foreign buyers and how can more interest be generated Mayor Regaldo responded with,
I think it’s about that their investment is safe here. Number one, taxes are low, and their perception is that we have a city that is growing and growing, and investors want to take chances with bargains — and we have seen a lot of bargains. In downtown only, the [residential] occupancy level is 85 percent now, so you don’t see any more dark condos at night in downtown Miami.
To read the entire interview with Mayor Regaldo discussing the Miami real estate market visit The Real Deal, then head back over and share your thoughts with us.
Image from examiner
Last week the University of Miami Life Science and Technology Park officially opened marking the beginning of a major biotech center in South Florida. When completed in its entirety the project will be composed of five buildings totaling 2 million square feet; possibly making it the largest building in all of South Florida.B Phase one, which is currently complete includes 252,000 of the projected 2 million square feet.
According to Mayor Gimenez the biotech center will provide Miami-Dade County with the ability to take a firm stance in the biotech industry. He also stated that it will bring diversity to the local economy and create much needed new jobs.
Although a hub for biotech and health the park will also include tenants. A few of the 14 that have already signed on includeB Andago, a Spain-based information technology firm,B Novak Druce + QuiggB an intellectual property firm, and Community Blood Centers of South Florida. Currently there are also two retail tenants the UPS store and Balan’s.
What are your thoughts on the opening of theB Life Science and Technology Park?
Soure: The Real Deal
A few weeks ago we shared the news of south Florida being 10th in the nation for adding jobs and there seems to be more job creation on the way. Hopeful to receive permission to begin gambling operations at the Omni International Mall the Genting Group predicts that they can bring 5,000 jobs to Miami by fall 2012.
The Omni, which would be the first part of the proposed World Resorts Miami, is a 12-acre siteB which includes 650,000 square feet of shopping mall space, 350,000 square feet of office space, a 525-room Hilton hotel and a 2,300 space parking garage. Genting also has plans to create a 10 million square foot resort, entertainment and residential complex south of the Omni on land that is owned by the Miami Herald. The complex which could be complete by the fall of 2014 will cost $3 billionB and create 15,000 direct and indirect jobs during construction and another 30,000 once completed.
What are your thoughts on the amount of jobs that can be created by allowing gambling operations to take place in Miami, as well as the creation of World Resorts Miami?
Source: South Florida Business Journal
Have you been hearing updates ever so often regarding the MIA Mover since construction began in January of this year? Well the wait is finally over; the Miami International Airport (MIA) recently unveiled the finished Automated People Mover.
As a part of the Miami Intermodal Center Project the elevated mover will transportB travelers and workers 1.25 miles from the airport terminal to the MIA Rental Center.B It is comprised of eight train cars that will be able to transport up to 3,000 passengers an hour helping to reduce the airport’s fuel emissions by 15 percent.
In addition to easing passenger traffic at terminal curb-fronts and the roads going in and out of MIA, the Mover has createdB 1,000 new jobs. It was also completed on time, under the proposed budget by $5 million and it has even earned the nationb s top safety recognition Voluntary Protection Program Star status from the Occupational Safety and Health Administration.
What are your thoughts on the MIA Mover? Let us know what you think in the comments section below.
Image by MDAD via Miami International Airport
News recently broke that Brazil could be saving the Miami real estate market, but how could that be when it is so far way? It first began when upper middle class Brazilians began purchasing property in Orlando and Miami in the 1990s due to high taxes and interest rates, as well as to avoid tax authorities. Now it has trickled down to the middle class. Given Brazil’s strong currency and increased spending power their middle class is purchasing a large number of Florida properties, according to aB Folha de SC#o Paulo study.
Overall, Miami’s improving real estate market has even been linked to the rising GDP in Brazil which was reported by the Association of Foreign Real Estate Investors (AFIRE).B As real estate prices here in South Florida are continuously decreasing and those in Brazil are increasing, foreign buyers are continuously looking to purchase across the border. AFIRE EVEN believes Miami could become dependent on the foreign buyers from Brazil as well as other countries.
To read up on more news surrounding the commercial real estate market be sure to subscribe to Morris Southeast Group on the right side of the blog!
Image: The Real Deal
Have you recently heard someone gripe about the company they work for cutting or completely eliminating some of the benefits? Within the past year many employers have reduced the benefits and perks they offer employees. Most are only offering the basic necessities such as healthcare, dental insurance, retirement plans and paid holidays.
According to the SHRM 2011 Employee Benefits Research ReportB 77 percent of employers reported to have reduced the benefits they offer, which is a 5 percent increase from the previous year. The report also found that:
- Financial and compensation benefits have experienced considerable declines throughout the past five years. The most significant decreases were in educational assistance programs, incentive bonus plans and life insurance for dependents.
- Paid-time-off plans continue to gain in popularity. 81% of organizations review their benefits programs annually.
- 79% of full-time employees have the option to receive preventive health and wellness benefits.
- Organizations spent on average 19% of an employeeb s annual salary on mandatory benefits, 19% on voluntary benefits and 11% on pay for time-not-worked benefits
Have directly experienced having your benefits cut back; if so what are your thoughts?
Source: The Miami Herald
Image: Military Times Edge
A few months ago we shared that unemployment was on the rise in South Florida considering the rate which was set at 11.4 percent in May jumped to 11.8 percent in June. It decreased some for the month of July settling around 11.3 percent, which may be a result from the increase in the amount of jobs. South Florida was recently ranked 10th in the nation for adding 25,000 raw jobs according toB data released byB theB U.S. Bureau of Labor Statistics.
The data also stated that South Florida ranks 8th when compared to the other large metro areas throughout the nation. But although the region has a good ranking when it comes to the raw number of jobs and as a large metro area, when it comes to percentage growth South Florida’s 1.35 ranks 47th.
For more information on the South Florida job market continue to check back with us, or visit our website Morris Southeast Group.
Source: South Florida Business Journal
Back in Early August we shared how South Florida Buildings Are Going Green and many local projects were recently honored by the U.S. Green Building Council (USGBC). The commercial real estate community here in South Florida turned out in large numbers to attend the annual banquet which included the following awards:
- 2011 Outstanding Green Business: Weston-based Spinnaker Group
- 2011 Outstanding Community LEEDer: Principal Robert Hink
- LEED for new construction: Florida Atlantic University, College of Engineering and Computer Science
- LEED for commercial interiors (tie): Lexus Florida Training Center in Miramar and DHL Global Forwarding Center in Plantation
- LEED core and shell (tie): 1450 Brickell and Wells Fargo Center office towers in downtown Miami
- LEED for existing buildings: 110 Tower in Fort Lauderdale
- LEED for schools: St. Stephenb s Episcopal Day School, Coconut Grove
- LEED for retail: Pizza Fusion, Weston
- LEED multifamily: Northwest Gardens Apartments, Fort Lauderdale
- LEED for homes: Glass House by Zahn Development, Lighthouse Point
- Outstanding green government: City of Boynton Beach
- Outstanding green elected official: Broward County Commissioner Kristin Jacobs
In addition to guests celebrating the projects being honored, they also reveled in the fact that there are currentlyB 109 LEED certified projects in the South Florida chapter of the USGBC’s region, all of which were certified within the last four years.
For more news on the commercial real estate community subscribe to our Morris Southeast Group blog!
Source: South Florida Business Journal