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An In-Depth Analysis of South Florida's New Condominium

2018 TM

AN IN-DEPTH ANALYSIS OF SOUTH ’S NEW CONDOMINIUM MARKET Welcome to the 2018 edition of the ReportTM

For over 25 years, ISG has proudly served the real estate industry. During that span, we’ve analyzed the market and borne witness to the unprecedented growth of our city from primarily a vacation destination to one of the fastest growing and emerging areas of global significance.

Additionally, for over eight years, ISG has produced our Miami Report. In our reports, we have chronicled the growth of our area and noted the reasons and the people who have contributed to the expanding landscape and the influence of our community on the world stage.

With constant change in the Miami skyline, tracking the latest high-rise condominium supply and demand seems like a daunting task. Our market research department has worked diligently to track new development and present a clear and comprehensive analysis of the current state of the condominium market. What we have assembled and graphically provided in this report is, what we believe, critical information to the members of our industry who are making investment decisions that will have a profound effect on the future of our area.

It is undeniable that there have been several political and economic factors that have and continue to have an adverse effect on the sales and absorption of developer inventory. The strength of the U.S. dollar against most foreign currencies and the changing political climate in South America and Europe have recently slowed the investment of foreign capital in real estate.

These events caused a dramatic shift in the South Florida housing market. The slowdown of new condominium construction, the reluctance of South American real estate purchasers and the robust demand for rental housing has shifted the focus from condominium development to multi-family rental developments. In 2017, The Real Deal noted that for the first time ever in the history of South Florida, more new rental apartments were delivered than condominiums. To that end, our research will demonstrate that developers have been winding down their plans to launch new condominium developments until 2019 or perhaps even later.

Despite 2017’s slowdown of new condominium construction starts, condominium developer price reductions and continued reluctance of South American buying, condominium sales have continued, even if at a slow to moderate rate, causing a continual reduction in unsold developer inventory. As a result of the dearth of new pre-construction condominium supply and the continued sales of new condominiums, we believe an upward pressure on condominium pricing will happen in 2019, perhaps igniting the next condominium development cycle in South Florida.

Once again, we hope that you find the information in this report informative and that you can use it as a guide to understand and explain our area’s continued growth.

Sincerely, 02 03

MIAMI REPORTTM CONTENTS

PRINCIPALS FEATURED STORY Craig Studnicky & Philip Spiegelman 04 - 09

PRESIDENT NEW CONDO CONSTRUCTION Michael Ambrosio 12 - 21

PRESIDENT, RELATEDISG INT'L REALTY MLS RESALE INVENTORY Alex Vidal 24 - 25

CHIEF MARKETING OFFICER POPULATION Veronica Escobedo Gorson 28 - 29

CREATIVE DIRECTOR CONDO RENTAL TRENDS Edward Trelles 32 - 33

DIRECTOR OF MARKET RESEARCH COMMERCIAL SNAPSHOT Athena Rossano 36 - 37

EDITORIAL Rebecca Stella INTERNATIONAL Senior Marketing & Communications Associate 40 - 41

DESIGNERS TRANSPORTATION Emiliana Zelkowicz 44 - 49 Graphic Designer

Maria Latorre CULTURAL AND ECONOMIC GROWTH Graphic Designer 52 - 67

CONTRIBUTORS SOUTH FLORIDA OF TOMORROW Rowena Luna 70 - 83 Marketing Manager, RelatedISG Int'l Realty

Chrystal Lozano ON THE GROUND Marketing Assistant 84

The Miami ReportTM is produced for general interest only. It is not definitive and is not intended to give advice. Although high standards have been used in the preparation of the information, analysis and views presented in the Miami Report, no responsibility or liability whatsoever can be accepted by ISGWorld for the contents. We make no express or implied guarantee of the accuracy of any of the contents. As far as applicable laws allow, we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly or indirectly from reliance on or use of its contents. Readers should not take or refrain from taking any action as a result of information in the Miami Report.

MIAMI REPORT 2018 MIAMI REPORT 2018 04 05 FEATURED STORY

25 Years of Transformation Over the last quarter century, the downtown Miami skyline filled in, the region experienced exponential expansion and Miami evolved into one of the most desirable places in the world not just to visit, but to live and conduct business in. Today, Miami is a cultural, commercial and entrepreneurial hub that validates its status as a world-class city.

Freedom Tower

Brickell / Downtown Miami 1993

Image provided by: Morphoto Inc.

MIAMI REPORT 2018 MIAMI REPORT 2018

Brickell / Downtown Miami 2018

Image provided by: Morphoto Inc. 08 07 FEATURED STORY

25 Years of South Florida's Appreciation METHODOLOGY

25-Year Closed Sales Macro* Analysis For Condos ISG’s in-house Market Research Division completed an extensive analysis of 428 condominium buildings that have been Built Since 1993 and East of I-95 developed in South Florida from 1993 through 2017. The geographical area for our study included condominium buildings east of I-95, including the beaches, from Coconut Grove in the south to Fort Lauderdale in the north. The total number of *(Brickell, Biscayne Corridor, Downtown Miami, South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, condominium apartments in the 428 condo buildings in our study contained a total of 74,888 units. Sunny Isles Beach, Hallandale Beach, Hollywood Beach, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale) Our methodology relied upon recording the sales prices for every sale in those 428 buildings, both original and resale, culled from county records. Analyzing every one of these transactions enabled ISG to track the changes in selling prices within each of these buildings from 1993 through 2017. This exercise created the database that allowed us to determine the actual AVERAGE CLOSED SALES PRICE appreciation for all closed sales in these buildings over the last 25 years. The graphic below summarizes our findings.

$1MIL $913,492

$900K 229% increase $800K $809,291 since 1993

$700K $666,380 Average:

$600K 9% per year $526,494

$500K $423,182 CLOSED SALESCLOSED PRICE

$400K

$300K $277,380

$200K

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: MLS Matrix, Integrated Realty Information Systems and Miami-Dade and Broward County Tax Records

MIAMI REPORT 2018 MIAMI REPORT 2018 08 09 FEATURED STORY

Groundbreakings / Future Supply MIAMI’S PRE-CONSTRUCTION DEVELOPMENT CYCLE Total New Macro* Construction Groundbreakings By Year for Condos Built Since 2012 and East of I-95 Based on previous project cycles, the typical high-rise condominium’s development cycle, *(Brickell, Biscayne Corridor, Downtown Miami, South Beach, Miami Beach, Surfside, Bal Harbor, Bay Harbour Islands, from inception to delivery, is a 2 to 3 year process. Sunny Isles Beach, Hallandale Beach, Hollywood Beach, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale) Condo Developments with 20 units or less not included

TOTAL GROUNDBREAKINGS

25 24 23 23

22 Pre-Sale Pre-Sale Requirement Achieved/ Top-Off Completion Groundbreaking 40 Stories More than 40 Stories 21 20 20 0 0.5 Years 1 Year 1.5 Years 2 Years 2.5 Years 3 Years 3.5 Years 4 Years 19 18 18 2019 2020 2021 2022+ 17 16 15 15 14 14

13

12 11 10

GROUNDBREAKINGS 10

9

8

7 6 5 5 4 3* 3* 3

2

1

2012 2013 2014 2015 2016 2017 2018 2019 2020 *Projected *Projected

MIAMI REPORT 2018 MIAMI REPORT 2018 NEW CONDO CONSTRUCTION 12 13 NEW CONDO CONSTRUCTION

New Condo Construction Summary New Condo Construction Status Analysis

Total new construction condo units to be built, sold and currently available for sale in Brickell, Biscayne Corridor (, Wynwood, Midtown, Total new condo construction condominium developments east of I-95 and available for sale since mid-2011 Design District, Omni), Downtown Miami, The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach), Aventura, North Miami Beach, Coconut Grove and Key Biscayne since mid-2011

DELIVERED AND UNDER CONSTRUCTION

Total Buildings Total Units Total Sold % Sold Total Unsold Units TOTAL DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS Delivered 74 11,182 10,504 94% 678

Under Construction 43 7,486 5,745 77% 1,741

Totals 117 18,668 16,249 86% 2,419

20,008 3,294 PRE-CONSTRUCTION Total Units Unsold Units Total Buildings Total Units Total Sold % Sold Total Unsold Units (2,419 Delivered and Pre-Construction 13 1,340 465 35% 875 Under Construction + 875 Pre-construction) TOTAL UNSOLD SUMMARY 2,419 + 875 = 3,294 Delivered and Under Pre-Construction Total Unsold Units Construction

DEVELOPMENTS THAT SOLD OUT IN 2017

Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale 8 3 4 1 2 Chateau Beach Echo Aventura Aqua Luna East The Crimson Regalia Gale Hotel & Residences Brickell Heights West Centro Sage Beach 16,714 Sold Units Brickell Ten Harbor Park Le Parc SLS Lux 83% SOLD SLS Hotel & Residences AS OF APRIL 2018 The Bond 18 TOTAL

MIAMI REPORT 2018 MIAMI REPORT 2018 14 15 NEW CONDO CONSTRUCTION

Brickell Biscayne Corridor - Downtown Miami

Total new construction condo units available for sale since mid-2011 Total new construction condo units available for sale since mid-2011

SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS (Wynwood, Design District, Edgewater, Midtown and Omni)

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION

100% SOLD D 382 TOTAL UNITS WYNWOOD D 250 WYNWOOD 100% SOLD 11 TOTAL UNITS 100% SOLD D 1010 BRICKELL 100% SOLD 387 TOTAL UNITS DESIGN DISTRICT D BALTUS HOUSE 167 TOTAL UNITS

D P UNA RESIDENCES 20% SOLD 135 TOTAL UNITS 23 100% SOLD 96 TOTAL UNITS

95% SOLD U D (TOWER I) - REACH 390 TOTAL UNITS 26 EDGEWATER 94% SOLD 86 TOTAL UNITS

55% SOLD D D BRICKELL CITY CENTRE (TOWER II) - RISE 390 TOTAL UNITS BAY HOUSE 100% SOLD 165 TOTAL UNITS 100% SOLD 100% SOLD D BISCAYNE BEACH 399 TOTAL UNITS D BRICKELL HEIGHTS EAST 367 TOTAL UNITS 100% SOLD D THE CRIMSON 100% SOLD 90 TOTAL UNITS D BRICKELL HEIGHTS WEST 332 TOTAL UNITS 100% SOLD U ELYSEE 45% SOLD 100 TOTAL UNITS D 374 TOTAL UNITS 100% SOLD D EMILIA EDGEWATER 97% SOLD 30 TOTAL UNITS D BRICKELL TEN 155 TOTAL UNITS EDGEWATER 100% SOLD D ICON BAY 300 TOTAL UNITS 75% SOLD U 548 TOTAL UNITS BRICKELL 89% SOLD U GRAN PARAISO 333 TOTAL UNITS D CASSA BRICKELL 85% SOLD 81 TOTAL UNITS U MISSONI BAIA 25% SOLD 249 TOTAL UNITS 97% SOLD D 180 TOTAL UNITS 100% SOLD U ONE PARAISO 280 TOTAL UNITS D LE PARC 100% SOLD 128 TOTAL UNITS 96% SOLD 100% SOLD U PARAISO BAYVIEWS 396 TOTAL UNITS D NINE AT MARY BRICKELL VILLAGE 390 TOTAL UNITS

100% SOLD D 100% SOLD *360 CONDO TOWER ONLY D MY BRICKELL 192 TOTAL UNITS PARAISO BAY *Bay homes not included

100% SOLD MIDTOWN D 92% SOLD D SLS HOTEL AND RESIDENCES 453 TOTAL UNITS HYDE MIDTOWN 410 TOTAL UNITS

U 92% SOLD D 100% SOLD 648 TOTAL UNITS SLS LUX 450 TOTAL UNITS OMNI 75% SOLD 100% SOLD U CANVAS 513 TOTAL UNITS D THE BOND 323 TOTAL UNITS U 35% SOLD 390 TOTAL UNITS P SMART BRICKELL 60% SOLD 170 TOTAL UNITS 100% SOLD D CENTRO 352 TOTAL UNITS P ONE RIVER POINT EAST* 15% SOLD 224 TOTAL UNITS DOWNTOWN MIAMI U 1000 MUSEUM 60% SOLD 83 TOTAL UNITS P ONE RIVER POINT WEST* 194 TOTAL UNITS 70% SOLD 15% SOLD U PARAMOUNT MIAMI WORLDCENTER 513 TOTAL UNITS REMOVED FROM NEW CONSTRUCTION *Est. % Sold - Project won’t release the information Auberge Miami Residences & Spa (On hold) Naranze (On hold) 25 Edgewater (Converted to a rental) Brickell: 5,827 Total Units / 5,302 Sold Units (91%) / 525 Unsold Units Spark (Cancelled) Miami River District: 418 Total Units / 63 Sold Units (15%) / 355 Unsold Units Biscayne Corridor: 4,633 Total Units / 4,144 Sold Units (89%) / 489 Unsold Units Downtown Miami: 1,338 Total Units / 897 Sold Units (67%) / 441 Unsold Units

MIAMI REPORT 2018 MIAMI REPORT 2018 16 17 NEW CONDO CONSTRUCTION

The Beaches

Total new construction condo units available for sale since mid-2011 (South Beach, Miami Beach, Bay Harbor Islands, Surfside, Bal Harbour, Sunny Isles Beach, Hallandale Beach and Hollywood Beach)

SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION

U EIGHTY SEVEN PARK 75% SOLD 66 TOTAL UNITS D SURF CLUB FOUR SEASONS PRIVATE RESIDENCES 90% SOLD 150 TOTAL UNITS D 321 OCEAN 100% SOLD 21 TOTAL UNITS SURFSIDE D FENDI CHATEAU 90% SOLD 58 TOTAL UNITS P ALTON BAY 75 TOTAL UNITS - Just released 85% SOLD BAL HARBOUR D OCEANA 240 TOTAL UNITS D BEACH HOUSE 8 100% SOLD 8 TOTAL UNITS 100% SOLD D 400 SUNNY ISLES 230 TOTAL UNITS D EDITION RESIDENCES 85% SOLD 26 TOTAL UNITS U AURORA 61 TOTAL UNITS D FAENA HOUSE 100% SOLD 47 TOTAL UNITS 50% SOLD 73% SOLD D GLASS 100% SOLD 10 TOTAL UNITS U RESIDENCES BY ARMANI CASA 308 TOTAL UNITS 100% SOLD U L’ATELIER 91% SOLD 23 TOTAL UNITS D CHATEAU BEACH 81 TOTAL UNITS MIAMI BEACH / 96% SOLD D JADE SIGNATURE SOUTH BEACH D LOUVER HOUSE 92% SOLD 12 TOTAL UNITS 192 TOTAL UNITS 70% SOLD D MAREA SOUTH BEACH 100% SOLD 30 TOTAL UNITS P THE ESTATES AT ACQUALINA 242 TOTAL UNITS 100% SOLD U MONAD TERRACE 10% SOLD 58 TOTAL UNITS SUNNY ISLES D MANSIONS AT ACQUALINA 79 TOTAL UNITS BEACH D ONE OCEAN 100% SOLD 50 TOTAL UNITS U MUSE 87% SOLD 68 TOTAL UNITS 97% SOLD D PALAU SUNSET HARBOUR 100% SOLD 45 TOTAL UNITS U PARQUE TOWERS 320 TOTAL UNITS 96% SOLD D PELORO ON THE BAY 100% SOLD 114 TOTAL UNITS D PORSCHE DESIGN TOWER 132 TOTAL UNITS

U RITZ-CARLTON RESIDENCES 70% SOLD 111 TOTAL UNITS D REGALIA 100% SOLD 39 TOTAL UNITS D THE RESIDENCES AT FAENA HOTEL 13 TOTAL UNITS 73% SOLD 15% SOLD U RITZ CARLTON RESIDENCES 212 TOTAL UNITS U THREE HUNDRED COLLINS 85% SOLD 19 TOTAL UNITS U TURNBERRY OCEAN CLUB* 50% SOLD 154 TOTAL UNITS D BAY BREEZE RESIDENCES 88% SOLD 17 TOTAL UNITS P 2000 OCEAN 64 TOTAL UNITS - Just released P BAY HARBOR ONE 52% SOLD 36 TOTAL UNITS HALLANDALE BEACH 100% SOLD D BEACHWALK 84 TOTAL UNITS D HARBOUR PARK 100% SOLD 17 TOTAL UNITS

D KAI AT BAY HARBOR 96% SOLD 57 TOTAL UNITS D APOGEE BEACH 100% SOLD 49 TOTAL UNITS

U LE JARDIN 30 TOTAL UNITS 82% SOLD 50% SOLD HOLLYWOOD U HYDE BEACH HOUSE 342 TOTAL UNITS BEACH (Now including all residences) D O RESIDENCES 41 TOTAL UNITS 100% SOLD 100% SOLD D HYDE RESORT AND RESIDENCES 407 TOTAL UNITS BAY HARBOR U PEARL HOUSE 67% SOLD 15 TOTAL UNITS ISLANDS D SAGE BEACH 100% SOLD 24 TOTAL UNITS D SERENO BAY HARBOR 100% SOLD 40 TOTAL UNITS REMOVED FROM NEW CONSTRUCTION U THE IVORY 83% SOLD 42 TOTAL UNITS Casa Verde (Cancelled) Kasa Bay Harbor (Cancelled) U BIJOUR BAY HOUSE 68% SOLD 41 TOTAL UNITS Fasano Shore Club (Cancelled) *Est. % Sold - Project won’t release the information D CLUB BAY HARBOR 100% SOLD 42 TOTAL UNITS

U THE PALM RESIDENCES 86% SOLD 42 TOTAL UNITS The Beaches: 4,343 Total Units / 3,534 Sold Units (81%) / 809 Unsold Units

P THE WATERS 9 TOTAL UNITS - Just released

P ONE BY TROSS 52% SOLD 17 TOTAL UNITS

MIAMI REPORT 2018 MIAMI REPORT 2018 18 19 NEW CONDO CONSTRUCTION

Aventura Fort Lauderdale Total new construction condo units available for sale since mid-2011 Total new construction condo units available for sale since mid-2011

SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION R NEWLY RENOVATED

U AVENTURA PARK SQUARE 85% SOLD 131 TOTAL UNITS U 321 AT WATER’S EDGE 35% SOLD 23 TOTAL UNITS

D BELLINI 93% SOLD 70 TOTAL UNITS P 33 INTRACOASTAL 82% SOLD 11 TOTAL UNITS AVENTURA

D ECHO AVENTURA 100% SOLD 190 TOTAL UNITS D ADAGIO ON THE BAY 100% SOLD 12 TOTAL UNITS

D PRIVÉ 85% SOLD 158 TOTAL UNITS U ADAGIO FORT LAUDERDALE BEACH 30% SOLD 31 TOTAL UNITS

U AQUABLU FORT LAUDERDALE 80% SOLD 35 TOTAL UNITS Aventura: 549 Total Units / 501 Sold Units (91%) / 48 Unsold Units D AQUALUNA LAS OLAS 100% SOLD 16 TOTAL UNITS

D AQUAMAR LAS OLAS 99% SOLD 20 TOTAL UNITS

D AQUAVITA LAS OLAS 100% SOLD 22 TOTAL UNITS

North Miami Beach, Key Biscayne U AQUAVUE LAS OLAS 75% SOLD 8 TOTAL UNITS and Coconut Grove U 100 LAS OLAS 25% SOLD 121 TOTAL UNITS Total new construction condo units available for sale since mid-2011 U AUBERGE BEACH NORTH TOWER 96% SOLD 57 TOTAL UNITS

SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS U AUBERGE BEACH SOUTH TOWER 114 TOTAL UNITS D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION 70% SOLD

U FOUR SEASONS PRIVATE RESIDENCES* 40% SOLD 90 TOTAL UNITS U THE HARBOUR 90% SOLD 425 TOTAL UNITS U GALE HOTEL & RESIDENCES NORTH MIAMI 100% SOLD 129 TOTAL UNITS BEACH D MARINA PALMS TOWERS I & II 95% SOLD 468 TOTAL UNITS D GALLERIA LOFTS 70% SOLD 48 TOTAL UNITS KEY BISCAYNE D OCEANA 100% SOLD 154 TOTAL UNITS D PARAMOUNT FORT LAUDERDALE 97% SOLD 95 TOTAL UNITS P GLASSHAUS IN THE GROVE 39% SOLD 23 TOTAL UNITS D RIVA 70% SOLD 100 TOTAL UNITS P FAIRCHILD RESIDENCES 60% SOLD 26 TOTAL UNITS 47% SOLD R THE CONRAD D GROVE AT GRAND BAY 100% SOLD 97 TOTAL UNITS 290 TOTAL UNITS COCONUT GROVE R W RESIDENCES FORT LAUDERDALE 55% SOLD 171 TOTAL UNITS U ONE PARK GROVE 54% SOLD 71 TOTAL UNITS

U TWO PARK GROVE 93% SOLD 73 TOTAL UNITS U WAVE 78% SOLD 18 TOTAL UNITS

*Est. % Sold - Project won’t release the information U PARK GROVE CLUB RESIDENCES 100% SOLD 152 TOTAL UNITS Fort Lauderdale: 1,411 Total Units / 905 Sold Units (64%) / 506 Unsold Units North Miami Beach, Key Biscayne and Coconut Grove: 1,489 Total Units / 1,368 Sold Units (92%) / 121 Unsold Units

MIAMI REPORT 2018 MIAMI REPORT 2018 20 21 NEW CONDO CONSTRUCTION

1

A1A 75 New Construction Summary by Submarkets Percentage Sold FORT LAUDERDALE

595 100% SOLD 75% - 99% SOLD 50% - 74% SOLD 0% - 49% SOLD

% Remaining Units

FLORIDA’S TURNPIKE FLORIDA’S 1 HOLLYWOOD BEACH SOLD UNSOLD

Fort Lauderdale 64% Sold 506 A1A

Hollywood Beach 86% Sold 63 HALLANDALE BEACH

Hallandale Beach 57% Sold 64

AVENTURA Aventura 91% Sold 48 95 SUNNY ISLES BEACH

Sunny Isles Beach 83% Sold 353

Bal Harbour 85% Sold 36 BAL HARBOUR

BAY HARBOR ISLANDS SURFSIDE Bay Harbor Islands 79% Sold 78

1 NORTH MIAMI BEACH Surfside 90% Sold 21

North Miami Beach 95 93% Sold 58

DESIGN DISTRICT Miami Beach / South Beach 73% Sold 195 MIDTOWN BISCAYNE CORRIDOR EDGEWATER WYNWOOD A1A OMNI MIAMI BEACH / SOUTH BEACH Biscayne Corridor 89% Sold 489 DOWNTOWN MIAMI MIAMI RIVER DISTRICT Downtown Miami 67% Sold 441 BRICKELL

Miami River District 15% Sold 355

COCONUT GROVE Brickell 91% Sold 525

1 KEY BISCAYNE Coconut Grove 86% Sold 62

Key Biscayne 100% Sold 0

MIAMI REPORT 2018 MIAMI REPORT 2018 MLS RESALE INVENTORY 24 25 MLS RESALE INVENTORY

Miami-Dade & Broward County “Buyers are snatching up homes in the U.S. at the fastest pace in 30 years, with the Residential Snapshot typical home now spending just three weeks on the market.”

Single-Family Home, Townhomes, Condos and Rental Units available on the MLS

October 2017

What is Total Housing Units? Real Estate Rule of Thumb Total single family homes, townhomes, condos and 5% of inventory on the market or below = a seller's market apartments for rent that have been delivered in 10% of inventory on the market or above = a buyer's market. Percentage of Total Housing Units Available For Sale on the MLS in Miami-Dade & Broward Miami-Dade and Broward County County from 2010 - 2017

% OF INVENTORY (MIAMI DADE COUNTY) % OF INVENTORY (BROWARD COUNTY) MIAMI-DADE COUNTY 10%

TOTAL HOUSING INVENTORY 1,021,527 LOW INVENTORY 9% ONLY 3.13% 8% of total housing units are available for sale or rent 7%

in Miami-Dade County 6%

3.13% 5% 96.87% 3.59% 3.13% (unavailable) Total Active Single-Family Homes...... 5,845 0.57% available of 989,435 available of 1,021,527 4% Total Housing Units Total Housing Units Total Active Condos / Townhomes...... 14,999 1.47% 3% Stable for the last Total Active Rentals...... 11,088 1.09% 2% 7 years 2.16% 2.15% TOTAL ACTIVE LISTINGS...... 31,932 3.13% 1% available of 810,388 available of 822,931 Total Housing Units Total Housing Units

2010 2011 2012 2013 2014 2015 2016 2017

BROWARD COUNTY

TOTAL HOUSING INVENTORY 822,931 LOW INVENTORY Total Listings Added to the MLS Yearly and Absorbed in Miami-Dade & Broward County ONLY 2.15% (Consisting of Single-Family Homes, Townhomes, Condos and Rentals) of total housing units are available for sale or rent in Broward County Total MLS Listings Added % SOLD 2013 99,604 99.97% 97.85% 2.15% Total Active Single-Family Homes...... 4,762 0.58% (unavailable) 2014 103,268 99.93% Total Active Condos / Townhomes...... 7,568 0.92% 2015 112,119 99.56%

Total Active Rentals...... 5,382 0.65% 2016 90.119 97.33%

TOTAL ACTIVE LISTINGS...... 17,712 2.15% 2017 109,655 81.09%

Source: US Census Bureau and MLS Matrix

MIAMI REPORT 2018 MIAMI REPORT 2018 POPULATION 28 29 POPULATION

Population #2 NATIONALLY Florida Daily Population Growth As the secondt-fastest-growing state in population, Florida’s daily IN POPULATION GROWTH Of the 900 people that move to Florida each day, 45 percent of them increase of residents is very much in line with the rapidly growing (2014-2017) make Miami-Dade, Broward and Palm Beach counties their home. U.S. and world populations. % Scan the QR code for a real-time look at the population of 900 45 Source: U.S. Census Bureau people per day of Florida’s daily migration the U.S and the world. is in South Florida

STATES WITH THE LARGEST DAILY FLORIDA POPULATION GROWTH = 1 MILLION POPULATION INCREASE (2016 - 2017) 12% Broward PEOPLE TOTAL (Fort Lauderdale) 2040* 26M RANK STATE PER DAY POPULATION 8% 25% Palm Beach Miami-Dade 2020* 21.2M 1 1,095 28.3M

2 Florida 900 20.6M 2017 20,6M 55% 3 658 39.5M rest of state 2006 18M 30 36 19.8M 1967 6.6M

Source: U.S. Census Bureau Source: Demographics for the Bureau of Economics and Business *Projected Source: U.S. Census Bureau

U.S. POPULATION GROWTH - 25-YEAR ANALYSIS WORLD POPULATION GROWTH - 25-YEAR ANALYSIS “More people are planning a move to Florida over any

500M 10B 9.5B* November 2017 other state, according to a new study by LendingTree.”

450M 9B

400M 8B 7,6B

350M 326,3M 380M* 7B

300M 6B

250M 5B February 2017 BILLIONS MILLIONS 200M 4B

150M 3B 8 of the top 15

100M 2B fastest-growing cities by 50M 1B population, employment

1993 1997 2002 2007 2012 2017 2020 2040 1993 1997 2002 2007 2012 2017 2020 2040 and wages of 2017 are MIAMI *Projected Source: WorldPopulation.com *Projected Source: WorldPopulation.com in Florida.

MIAMI REPORT 2018 MIAMI REPORT 2018 CONDO RENTAL TRENDS CONDO RENTAL TRENDS 3 3 3 5 3 3 REMAINING NO. MONTHS OF INVENTORY

97.37% 96.77% 97.06% 94.49% 97.47% 99.19% % OCCUPIED

2.63% 3.23% 2.94% 5.51% 2.53% 0.81% % VACANCY 66 27 33 323 266 560 TOTAL ACTIVE 33 March, 2017 MIAMI REPORT 2018 8,237 2,247 1,069 4,075 12,260 10,167 (2006-2017) DELIVERED TOTAL UNITS TOTAL vacancy rates—2.2%” Miami renters are seeing “extremely low Biscayne Corridor The Beaches North Miami Beach/Key Biscayne/ Coconut Grove Fort Lauderdale Brickell

Aventura

2017 Condo Vacancy Rates by Submarkets Rates Condo Vacancy 2017 VACANCY 3.35% AVERAGE ACTIVE AVERAGE 4 Months INVENTORY REMAINING INVENTORY VACANCY 32 UNITS (3.35%) 1,275 MIAMI REPORT 2018 TOTAL ACTIVE OCCUPANCY OCCUPANCY

* 96.65%

(96.65%) (2006 - 2017) (2006 38,055 *Under construction/pre-construction projects not included, only those with a Certificate of Occupancy. 2017 AVERAGE VACANCY RATES FOR CONDOS DELIVERED SINCE 2006 VACANCY RATES FOR CONDOS 2017 AVERAGE TOTAL UNITS DELIVERED Condo Rental Trends Rental Condo Midtown, Design (Edgewater, Wynwood, Brickell, Biscayne Corridor and east of I-95 in delivered since 2006 Total new condos Islands, Sunny Isles Bal Harbor, Bay Harbor Miami Beach, Surfside, Beaches (South Beach, Downtown Miami, The District, Omni), Coconut Grove, Key Biscayne and Fort Lauderdale. Hollywood Beach), Aventura, North Miami Beach, Beach, Hallandale Beach, COMMERCIAL SNAPSHOT 36 37 COMMERCIAL SNAPSHOT

Commercial Snapshot OFFICE

A combination of population and job growth are driving South Florida’s strong commercial sectors, As more people choose to live and work in the same neighborhood to avoid Miami's urban core, consisting of with even more growth expected. traffic congestion, growth in suburban markets like Coral Gables, Doral, Aventura Brickell, Edgewater, Midtown Miami and Coconut Grove is fueling the hot office markets in those areas. and Wynwood, accounted for RETAIL MIAMI-DADE COUNTY TOTAL RETAIL SALES MARKET INDICATORS (OVERALL, ALL CLASSES) 40% Retail sales growth has resulted in incredibly strong demand for * Q4 2016 Q4 2017 12-Month of all new office construction retail space. Over the past five years, the Miami market has had Forecast in Miami since 2010, the lowest availability rate in the U.S. and one of the fastest rates 34% 23% Vacancy 12.8% 12.1% 2010 - 2015 2015 - 2020 higher than 10 other major of rent growth. Net Absorption 47K 588K U.S. cities including Los Angeles, * Projected additional retail sales growth Source: CBRE Research Average asking rent* $35 $38 Chicago and Dallas. *Rental rates reflect gross asking $psf/year

MIAMI-DADE RETAIL ASKING RATES AND TOTAL MARKET AVAILABILITY RATE OVERALL VACANCY Availability Rate Availability Rate 20% ($PSF) ASKING RATE AVAILABILITY 40% $40 $39* 6% URBAN CORE OFFICE RENT $38 16% GROWTH 2010 - 2017

$35 12.1% 5% HISTORICAL AVERAGE: 14.1% Q4 12%

4.3%* $30 3.8% 4% 8% OFFICE SALES316% PER SQUARE FOOT GROWTH ($120 TO $500) $25 3% 4% 2010 - 2017 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 * Projected Source: CBRE Research Source: Cushman & Wakefield Source: The Real Deal

BRICKELL CITY CENTRE AVENTURA MALL INDUSTRIAL E-commerce and a growing population are driving industrial rents and construction in Miami, with rental rates jumping by 35 percent since 2010.

OVERALL VACANCY MARKET INDICATORS 10% (OVERALL, ALL CLASSES)

Q4 2016 Q4 2017 12-Month Forecast 8% Vacancy 4.3% 4.7% Net Absorption 2.2M 1.3M 6% TOP 3 SHOPPING MALLS Average $1B $214M IN AMERICA BY VISITORS - 2017 4.7% asking rent* $8.55 $8.45 ECONOMIC IMPACT EXPANSION HISTORICAL AVERAGE: 5.9% Q4 November 2017 1. Mall Of Americas, MN - 40M *Rental rates reflect gross asking $psf/year 4% Brickell City Centre Stands 2. Aventura Mall, FL - 28M As A New Model For Retail 3. Del Amo Fashion Center, CA - 27.6M 2% 2013 2014 2015 2016 2017

MIAMI REPORT 2018 MIAMI REPORT 2018 INTERNATIONAL 40 41 INTERNATIONAL Where the World Wants To Be Americas-Asia Trade Center & PHASE 1 - OVERVIEW With its incredible climate, central location, great value and diverse cultural landscape, International Financial Center it’s no wonder that so many foreigners choose to make Miami their home. In 2017, 22 FLORIDA #1 IN U.S. FOREIGN BUYER SALES percent or $24.2 billion of U.S. foreign sales occurred in Florida, up 25 percent from In 2017, developer Moishe Mana revealed plans for the main piece of a mixed-use project 4.6M SQ. FT. the previous year. 53 percent of foreign sales in Florida occurred in South Florida. 2017 located in Wynwood, a center that would facilitate trade and business between China/Asia, Source: National Association of Realtors Latin America, the Caribbean and North America. Designed to attract international companies, 8.5 ACRES Source: Florida Realtors the trade center project would feature 2 million square feet of showrooms for importers, BREAKING GROUND MID 2018 exporters, manufacturers and other groups to display their goods and trade. INTERNATIONAL BUYER PROFILE

TOP COUNTRIES OF ORIGIN TOP MARKETS SEARCHING TYPE OF RESIDENTIAL PROPERTY FOREIGN 2M Sq. Ft. 1M Sq. Ft. 75K Sq. Ft. 90K Sq. Ft. 400-Room OF INTERNATIONAL BUYERS FOR MIAMI ONLINE BUYERS PURCHASED SHOWROOMS “CLASS A” OFFICE SPACE RETAIL & RESTAURANTS PARKS, GARDENS & WALKWAYS Hotel 3% 1. Venezuela 1. Colombia

14% 2. Argentina 2. Venezuela 55% "Lots of work has been done in Asia and

3. Brazil 3. Canada South America in order to make this project 27% possible. We are ready to move forward. 4. Colombia 4. Brazil Our purpose is to take Miami from its historic

CONDOMINIUM SINGLE-FAMILY HOMES TOWNHOMES role as a tourist destination to its next chapter. 5. Mexico 5. Argentina LAND Our goal is to make Miami a global trading Source: Miamirealtors.com business hub servicing all industries and trades on an interactive basis.” FLORIDA #1 FOR THE LAST NINE YEARS Moishe Mana TOP DESTINATIONS AMONG FOREIGN BUYERS Developer 2016 - 2017

PERCENTAGE OF ALL FOREIGN BUYERS WHO PURCHASED U.S. RESIDENTIAL PROPERT Y

25% 22% A Milestone Year for AREAA Direct Flights to Asia 20% Greater Miami in the Next Two Years 53% in South Florida In 2017, the Asian Real Estate Association of America’s (AREAA) Greater Miami With passenger and cargo demand for a direct 15% chapter was selected to host the annual Global & Luxury Summit, signaling flight from Miami to Asia at an all-time high, 12% 12% South Florida’s ever-strengthening ties to Asia. Miami International Airport, committed to being a global airport, is exploring all Asian air carriers that 10% might have an interest in a direct flight to Miami. RECORD-SETTING EVENT 6.5 HOU PERCENTAGE SHARE TO ALL FOREIGN OF STATE’S BUYERS The single largest gathering of Asian real estate • 1 RS 5% 4% MILES • NON 28 STO professionals ever in Miami, 8,6 P

MIAMI TAIWAN 800 Members / 35 National Chapters Florida Texas California New York

Source: National Association of Realtors Source:

MIAMI REPORT 2018 MIAMI REPORT 2018 TRANSPORTATION 44 45 TRANSPORTATION

MIAMI INTERNATIONAL AIRPORT IN GOOD COMPANY Miami International Airport FLORIDA AIRPORTS RANK MOST INTERNATIONAL Fort Lauderdale-Hollywood #2 IN U.S. FOR AIRPORT MIA is the country’s third-busiest airport for international passengers and the top U.S. airport ROUTES ADDED IN U.S. International Airport for international freight, offering passenger and cargo service with over 100 air carriers. PASSENGER VOLUME 2016 - 2017 MIA is also one of the top economic engines for Miami-Dade County and the state of Fort Lauderdale-Hollywood International Airport continues to grow #1 CALIFORNIA / #3 TEXAS Florida, generating business revenue of $33.7 billion annually. Source: Industry Analyst Airline Network News and Analysis – June, 2017 its airline portfolio, welcoming major international airlines including Source: Federal Aviation Administration Emirates Airlines and British Airways in the last year alone. Additionally, the airport’s top three carriers, JetBlue, Spirit and Southwest, have “We are proud to be recognized committed to expanding their route schedules, with JetBlue to increase for our international route growth, from 85 departures a day last year, to 140 departures a day by 2020. #1 #3 #10 $33B Southwest’s new 5-gate international concourse at Terminal 1 recently INTERNATIONAL INTERNATIONAL TOTAL ANNUAL and particularly for our expansion launched service to Belize, a new international route for the airport, and FREIGHT PASSENGERS PASSENGERS ECONOMIC IMPACT the airline has plans to increase service to 50 destinations from FLL over into new markets throughout the next five years. Europe and the Middle East,” 2016

Emilio T. González Miami-Dade Aviation Director

LAUNCH OF SERVICE TO THE MIDDLE EAST MIAMI INTERNATIONAL AIRPORT $100M direct economic impact to the region #1 in Number of Airlines Servicing a U.S. Airport 2017 Source: Miami Herald

Miami International Airport NONSTOP SERVICE TO LONDON BEGINS MIAMI INTERNATIONAL AIRPORT

INTERNATIONAL PASSENGERS TOTAL PASSENGERS $1.1B 2020 10-YEAR TERMINAL IMPROVEMENT PLAN 31.8M 80.9M 30M 80M (to be completed in 2025) 140 DAILY DEPARTURES 70M 25M (up from 85 daily departures in 2016) 22.1M 59.1M 21.4M 60M MIA Becomes World’s First 20M 50M 44.6M to Implement Mobile ANNUAL PASSENGER INCREASE 15M 40M Passport Control MILLIONS MILLIONS 2010 - 2017 30M U.S. citizens and Canadian visitors can now 10M clear passport control by using MIA’s mobile 1 Los Angeles International Airport +43% 20M application. It’s the first airport in the world Fort Lauderdale-Hollywood 5M authorized by U.S. Customs and Border 2 +43% International Airport 10M Protection to integrate the technology, which enables visitors approved to clear passport control 3 San Francisco International Airport +42% MIA LAX JFK MIA JFK LAX to present a receipt and pass through a quicker Miami, FL Los Angeles, CA New York, NY Miami, FL New York, NY Los Angeles, CA mobile passport control queue. National Ranking #3 #2 #1 #10 #5 #2

MIAMI REPORT 2018 MIAMI REPORT 2018 46 47 TRANSPORTATION

PortMiami WORLD’S BUSIEST CRUISE PORTS ARE IN FLORIDA Known around the world as the Cruise Capital of the World, PortMiami welcomes more cruise PORTMIAMI SET THE passengers to its terminals than any other port in the world. It is also the largest container port $41.4B 1. PortMiami - 5.3M Passengers 2016 ECONOMIC IMPACT WORLD RECORD IN 2017 WITH in the state of Florida. With its incredible accessibility to the Caribbean and Latin America, 2. Port Everglades - 4.4M Passengers as well as Asia and Europe by way of the Panama Canal, it’s no wonder that PortMiami is ($28B in 2015) 3. Port Canaveral - 4.0M Passengers Miami-Dade County's second most important economic engine. Source: miamidade.gov 5.3M CRUISE PASSENGERS 4. Puerta Maya, Cozumel, Mexico - 3.6M Passengers (previously reported 4,98M)

5. Shanghai International Port - 2.8M Passengers Source: miamidade.gov 324,000 1.03M TEU'S $25.5B JOBS IN 2016 BEST CARGO PERFORMANCE WATERBORNE CARGO Source: Los Angeles Times, 2017 (207,000 in 2015) IN 11 YEARS VALUE (TEU - 20ft Equivalent Unit which can be used to measure a ship's cargo carrying capacity) PORTMIAMI YEARLY CRUISE PASSENGERS

PortMiami 6.0M 6.0M+* 5.9M 5.8M 5.7M 5.6M 5.5M 5.4M* 5.4M 5.3M

YEARLY CRUISE PASSENGERS 5.3M

5.2M 5.1M 5.1M 5.0M

2016 2017 2018 2019 * Projected

PORTMIAMI WELCOMES LARGEST SHIP EVER TO CALL AT A FLORIDA PORT

On June 14, 2017, the Maersk Shanghai arrived at PortMiami, making it the largest container ship to ever dock at a Florida port.

Source: Miami Herald

“We welcome the MAERSK SHANGHAI to PortMiami, Its arrival is a milestone for PortMiami as it also makes history by RCCL Terminal A RCCL Terminal A being the largest cargo container ship ever to visit a Florida port. Bigger ships represent the movement of more MAERSK SHANGHAI Royal Caribbean Cruises last year broke ground on a new $247 million mega terminal project to accommodate the company’s Oasis-class ships, FUTURE HOMEPORT TO THE goods in and out of the port, which translates to growth and 1,063 feet long (three football fields) among the biggest in the world. The state-of-the-art glass facility, nicknamed WORLD’S LARGEST CRUISE SHIP, prosperity for our economy.” 159 feet wide the “Crown of Miami,” will accommodate ships as long as 1,300 feet, and is HARMONY OF THE SEAS expected to increase Royal Caribbean’s share of PortMiami cruise passengers Carlos Gimenez 115,000 gross tons from 15 to 30 percent. Mayor of Miami-Dade County Source: Miami Herald

MIAMI REPORT 2018 MIAMI REPORT 2018 48 49 TRANSPORTATION

Ground Transportation THE NEXT TRANSPORTATION FRONTIER: $6B HIGH-TECH BUSES IN DIRECT ECONOMIC IMPACT “I believe we are on the cusp of unbelievable transformation, UPDATE: BRIGHTLINE TO FLORIDA’S ECONOMY OVER Could high-tech buses be the future of commuting in Miami? Perhaps. driven by new technology that will place us ahead of other THE NEXT 8 YEARS The launch of Brightline’s service between Fort Lauderdale and West Palm Proposed as an alternative to more costly rail transportation options, the cities because we are in the midst of creating a transportation Beach has been well received. The country's first private high-speed rail rapid-transit electric buses with interlocking cars are capable of holding infrastructure with those new technologies in mind,” service has seen ridership numbers that have exceeded the company’s initial 3M about 300 people and can use autonomous steering to follow painted projections and riders are pleased to be out of traffic. After the train begins VEHICLES REMOVED FROM THE lines on regular highways alongside automobile traffic. The "trackless trains” Carlos Gimenez ROADS EACH YEAR service to Miami, the next expansion will be to Orlando. can also be implemented much faster than a traditional rail system. Mayor of Miami-Dade County

Miami Central

MIAMI TO ORLANDO COULD BE FIRST HYPERLOOP 25 MIN 35 MIN 1.5 HOURS ONE ROUTE The ultra-fast autonomous transportation system, Hyperloop One, last year announced a Miami to Orlando route as one of the 10 finalists around the world as part of the Hyperloop One Global Challenge. Miami to Orlando is one of only four U.S. routes to make the cut. The high-speed transit system would use pressurized tubes to transport commuters in pods.

MIAMI TO ORLANDO ROUTE

MIAMICENTRAL FORT LAUDERDALE WEST PALM BEACH ORLANDO Recently added to the region: Opening Mid-2018 Open Open Under Construction ORLANDO 257 Miles DISTANCE 19 8 1 Charging Superchargers Mobile Service SPEEDING UP 700 MPH Partners Vehicle A sampling of the world's fastest commuter trains SPEED

China (Shanghai): Shanghai Maglev 267 mph World’s fastest Florida's Green Impact Italy: Trenitalia Frecciarossa 1000 220 mph Europe’s fastest non-magnetic 25 Minutes TIME America: Amtrak Acela Express 150 mph America’s fastest (Northeast corridor) MIAMI America: Brightline 125 mph 71, 347 Source: Miami Herald & South Florida Business Journal Tons of CO2 Saved Source: www.cntraveler.com

MIAMI REPORT 2018 MIAMI REPORT 2018 CULTURAL AND ECONOMIC GROWTH 52 53 CULT URAL AND ECONOMIC Economic Landscape

From its international workforce and low business taxes, to its strategic location and "It's wonderful to see validation for what we already know about connectivity, Miami continues to be a top business destination, drawing companies Miami-Dade County -- that it is a successful, global business destination, that are investing in the local economy. We will continue to build on our business assets to ensure we maintain GROWTH MIAMI #2 FLORIDA #2 FLORIDA #4 our competitiveness throughout the world." Fastest Growing U.S. Metro Area Best State for Business on the Business Tax Climate Index for Job Growth according to U.S. corporate executives Sheldon T. Anderson Interim President & CEO of the Miami-Dade Beacon Council Source: Chief Executive Magazine and Enterprise Florida Source: Tax Foundation

U.S. CORPORATE EXECUTIVES RANK TAX FOUNDATION'S STATE BUSINESS BEST STATES FOR BUSINESS TAX CLIMATE INDEX

Florida is ranked No. 2 best state for business and is home to Index enables business leaders, government policymakers, and 29 Fortune 500 corporate headquarters taxpayers to gauge how their states’ tax systems compare.

TOP 5 STATES TOP 5 STATES 1. Texas 1.

2. Florida 2.

3. 3.

4. 4. Florida

5. 5.

Source: Chief Executive Magazine and Enterprise Florida California and New York ranked at #48 & #49

TAX COMPARISONS: METROPOLITAN AREAS

MIAMI RANKED AMONG THE TOP TEN “MAJOR AMERICAN CITIES OF THE FUTURE” Personal Corporate Income Tax % Income Tax % Sales Tax % Foreign Direct Investment Magazine, a publication of the Financial Times of MIAMI VS. U.S. JOB GROWTH IN 2017 London, ranked Miami as one of the top ten “Major American Cities of the % GROWTH City State Local State Local State Local Future 2017-18.” The data sets considered in Miami’s review included cost effectiveness, connectivity, major investment wins and the city’s focus on 3% Miami 0.00 0.00 5.50 0.00 6.00 1.00 growing global investments, among others. 2.40% New York 4.0-8.9 2.9-3.6 7.10 8.85 4.00 4.50 MIAMI'S TOP-10 CLASSIFICATION 2% Nearly Los Angeles 1.0-9.55 0.00 8.84 0.00 8.25 1.50 Double Rest #5 #6 #9 1.40% of U.S. Foreign Direct Connectivity Economic Chicago 5.00 0.00 9.50 0.00 6.25 3.00 Investment Strategy Potential 1% Houston 0.00 0.00 1.00 0.00 6.25 2.00 #10 #10 U.S. Miami Business Foreign Direct Friendliness Investment Source: U.S. Bureau of Labor Statistics

Source: The Beacon Council

MIAMI REPORT 2018 MIAMI REPORT 2018 54 55 CULT URAL AND ECONOMIC FIVE REASONS WHY MIXED-USE “What Brickell lacked was a very cool heart…somewhere where City Within a City DEVELOPMENTS ARE ON THE RISE people would actually like to live, work and play all at once. As the popularity of urban living has increased among millennials and baby boomers alike, a 1. More Dynamic Communities I think the mixed-use concept brings that to heart, particularly The -designed, LEED® certified development has real estate development trend has emerged throughout the U.S. and the world. Mixed-use 2. Walkability/Access to Transportation reinvented downtown living in Miami. Spanning three city blocks and if it’s done with good design intent and on the scale that we developments, pedestrian-oriented properties that blend various uses, public amenities and comprised of two condominium towers, two mid-rise office buildings, have done it.” utilities together in a concentrated area, have become the answer to the demand for walkable 3. Existing Amenities 80+ shops and 15 restaurants, bars and cafes, this urban oasis is Kieran Bowers GROWTH neighborhoods. Typically comprised of residential, retail and commercial spaces, as well as access 4. Greater Exposure to Customers conveniently located in the center of the Brickell financial district. President, Swire Properties to public transit, these developments allow people to live, work, play and shop – all within walking distance, creating a more lively and interesting community for everyone to enjoy. 5. Sustainability 780 352 Room 260,000 500,000 Source: Fortunebuilders.com Residential Units Luxury Hotel Square Feet Square Feet in two towers including 8 suites and of Class-A of retail space in open MOST IMPORTANT MIXED-USE DEVELOPMENTS IN THE U.S. 89 residence suites office space air shopping center ACCORDING TO MILLENNIALS

1. The Wharf - , D.C. 6. City Point Brooklyn - New York, NY 2. 3 World Trade Center - New York, NY 7. Comcast Innovation and Technology Center - WHAT A MIXED-USE DEVELOPMENT IS COMPRISED OF 3. American Dream Meadowlands - , NY Philadelphia, PA 4. Brickell City Centre - Miami, FL 8. Seaport Square - Boston, MA 5. - Boston, MA 9. Capitol - Washington, D.C. 10. - Los Angeles, CA Source: Bisnow

SOUTH FLORIDA’S MIXED-USE DEVELOPMENTS $8.5B* From downtown to the suburbs, some of the hottest and most COMBINED COST OF SOUTH FLORIDA’S exciting mixed-use developments in the country can be found MAJOR MIXED-USE DEVELOPMENTS throughout the region. (Brickell City Centre, Miami Worldcenter, *Approximate estimates Midtown Miami, Metropica and Downtown Doral)

Miami Worldcenter - $1.77B* Downtown Doral - $1B+

RESIDENTIAL HOTEL COMMERCIAL RETAIL

MiamiCentral Midtown Miami - $1B* Metropica - $1.5B*

Reach & Rise Residences EAST Miami WeWork The Shops at Brickell City Centre

MIAMI REPORT 2018 MIAMI REPORT 2018 56 57 CULT URAL AND ECONOMIC Technology eMERGE AMERICAS

South Florida’s status as a hot startup market combined with an increasing eMerge Americas is an annual conference that provides a platform for the demand for office space continues to transform the region into a hub for the MIAMI #1 advancement of technology, a forum for idea exchange, and a launch pad for technology industry. The area’s ever-growing ability to attract and grow tech talent IN THE U.S. FOR NEW START-UP ACTIVITY innovation connecting Latin America, North America, and Europe. means businesses will continue to flock to South Florida for its solid AUSTIN #2, TEXAS & CALIFORNIA #3 GROWTH tech workforce. Source: Kauffman Foundation

TOP FIVE STATES BY TECH EMPLOYMENT IN 2016 ECONOMIC IMPACT JOB OPPORTUNITIES

1,186,471 1,250,000 $2B 20,000 18,632* $1.68B*

1,000,000 $1.5B 15,000

750,000 592,960 $1B 10,000

500,000 377,736 $630M* 6,817* 300,632 318,343 $500M 5,000 250,000 $18M 176 0 $0 0 Florida New York Texas California 2014 2018* 2019* 2014 2018* 2019*

Source: US Cyberstates Journal Source: Washington Economic Group Source: Washington Economic Group *Projected *Projected

GLOBAL TECH COMPANIES WITH REGIONAL OR TOP FIVE TECH MOMENTUM unbound MIAMI LATIN AMERICA OFFICES IN SOUTH FLORIDA / MIAMI MARKETS The technology and startup gathering founded five years ago in London made its U.S. debut in 1. Madison, WI South Florida last year, drawing a crowd of 3,500 innovators to Mana Wynwood. Companies in REAL ESTATE-BACKED 2. Fort Lauderdale, FL attendance included Google, Oracle and Visa, as well as several local startups and entrepreneurs. CRYPTOCURRENCY IS HERE

3. Salt Lake City, UT “...unbound Miami’s success is a clear demonstration of the thriving industry Aperture Real Estate Ventures, a startup out of Los Angeles, launched a real estate-backed 4. Miami, FL here and the appetite for Miami to become a tech hub for innovation from cryptocurrency at the end of February 2018. This 5. City, MO LatAm and beyond.” and other cryptocurrencies could transform the Source: South Florida Business Journal Daniel Seal way real estate brokers do business. While a few Founder & CEO of unbound cryptocurrency sales have been reported in Los Angeles, Austin, New York City and Miami, it OVERALL TECH TALENT still remains to be known how much this payment POOL GROWTH system will be utilized in property transactions. (2015 - 2017) London Miami Bahrain

Singapore $6M First U.S. city to host unbound Most expensive Bitcoin-to-Bitcoin real estate 22.8% 21.3% sale in the U.S. MIAMI FORT LAUDERDALE The transaction was for a 9,400-square-foot Source: South Florida Business Journal luxury residence in Miami

Source: South Florida Business Journal

MIAMI REPORT 2018 MIAMI REPORT 2018 58 59 CULT URAL AND ECONOMIC Hotels Culinary Scene Even as South Florida gains popularity for other sectors of its economy, tourism has and MIAMI #2 From the slew of James Beard Award-nominated eateries, to MIAMI #5 always will be among the most vital of the region’s industries. Last year, Miami received TOP DESTINATION IN NORTH AMERICA countless celebrity and world-famous chef-led restaurant concepts, (out of 180 cities) record-breaking expenditures from a record-breaking number of overnight visitors (after New York) South Florida’s food scene is on the map, and has transformed the 2017' BEST FOODIE CITIES (Sept. 2016 – Aug. 2017), according to the Greater Miami Convention and Visitors Bureau, region into a true culinary destination. IN AMERICA

Source: Mastercard Destination Cities Index GROWTH indicating that this thriving hotel market is only getting stronger. Quinto La Huella, Brickell City Centre

U.S. AND WORLD RANKINGS FOR TOTAL NUMBER MIAMI #2 2017BEST FOODIE CITIES IN AMERICA OF LUXURY HOTELS (LH) IN OVERNIGHT INTERNATIONAL VISITOR SPENDING IN NORTH AMERICA TOP OVERALL MOST RESTAURANTS MOST GOURMET SPECIALTY- TOP CITIES IN THE U.S. TOP CITIES IN THE WORLD (after New York) RANKINGS PER CAPITA FOODS STORES PER CAPITA

1. New York – 114 LH 1. New York – 114 LH Source: Mastercard Destination Cities Index 1. San Francisco, CA 1. New York, NY 1. New York, NY 2. Miami – 62 LH 2. Miami – 62 LH 2. Portland, OR 2. Miami, FL 2. Miami, FL 3. Los Angeles – 51 LH 3. Los Angeles – 51 LH FASTEST GROWING 3. New York, NY 3. Orlando, FL 3. Los Angeles, CA 4. Chicago – 39 LH 4. Bali – 47 LH CITY BY INTERNATIONAL OVERNIGHT 4. Los Angeles, CA 4. Las Vegas, NV 4. San Francisco, CA 5. San Francisco – 34 LH 5. Shanghai – 44 LH VISITORS IN NORTH AMERICA 5. Miami, FL 5. San Francisco, CA 5. Honolulu, HI Source: thenextmiami.com Source: Wallethub Source: Five Star Alliance

SOUTH BEACH WINE & FOOD FESTIVAL HOT, HOT, HOT HOTELS Known as the international food event of the year, the star-studded, 5-day event draws the Healthy tourism throughout Florida drove increases in occupancy rates and best of the best from the wine & spirits, culinary and entertainment worlds, and is put on each boosted growth in revenue metrics last year year by The Food Network and Cooking Channel. ANNUAL OCCUPANCY YEARLY REVENUE MEASURES $26M+ FLORIDA U.S. RevPAR ADR SOUTH BEACH WINE & FOOD FESTIVAL ATTENDANCE BENEFITING FLORIDA INTERNATIONAL UNIVERSITY ATTENDEES 80% $120 $148 70K 65,000 $100 $136

75% ADR ANNUAL 60K 70% $80 $124 116% 50K increase in 90+ ANNUAL RevPAR OCCUPANCY RATE 65% $60 $112 10 years FESTIVAL EVENTS 40K 30,000 60% $40 $100

ATTENDEES 30K 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 20K Source: Marcus & Millichap 7,000 10K 350+ 0 TALENT 2002 2007 2017

WORLD-RENOWNED RESTAURATEURS/CHEFS

STEPHEN STARR GLORIA & EMILIO ESTEFAN MICHAEL SCHWARTZ Steak 954 / El Vez Estefan's Kitchen Michael's Genuine Food & Drink W Fort Lauderdale Design District Design District

EAST Miami MIAMI REPORT 2018 MIAMI REPORT 2018 60 61 CULT URAL AND ECONOMIC Arts & Culture ART BASEL THE BASS RECORD-BREAKING Miami Beach’s only contemporary art institution reopened last year after In the midst of an arts and cultural renaissance, Miami has recently seen several major ATTENDANCE a two-year, $12 million dollar expansion. The completely transformed additions and expansions to the city’s blossoming scene. interior space, housing 2,000 pieces of arts, now offers nearly double the programmable space, a new café and a Creativity Center for children ART BASEL MIAMI BEACH 82,000 and teens. The first art-exhibition space in all of Miami, the building is one 2017 GROWTH Miami’s most popular annual art fair will return to its Miami Beach home for 5 more years, of the earliest Art Deco structures in Miami Beach. through 2023, as the city agreed to spend an additional $2.8 million on the Miami Beach Convention Center expansion. Held on Miami Beach since its premiere in 2002, the fair’s 77,000 organization also took an option to hold the event in Miami Beach from 2024 to 2028. 2015 $12M IN RENOVATIONS Source: The Real Deal Source: Miami Herald 4,100 S.F. 5,200 S.F. OF NEW EXHIBITION WING FOR EDUCATIONAL SPACE PROGRAMMING The Bass Museum Basel, Switzerland Miami Beach, United States Hong Kong, China 291 Galleries / 35 Countries 268 Galleries / 32 Countries 240 Galleries / 32 Countries Source: Miami Herald

Source: Artbasel.com

PEREZ ART MUSEUM MIAMI INSTITUTE OF CONTEMPORARY ART (ICA) MIAMI Pérez Art Museum Miami The private, free-admission museum opened its first permanent home in a new 37,500-square-foot building in the Design District at the 1 million visitors and counting end of 2017. Miami Herald “You have a lot of synergies from having a “In the three years since PAMM opened in its new private collection and alternative space and building, downtown Miami has transformed into a central destination on Miami’s cultural map. The museum has also a brand new art museum. Only in Miami strengthened Miami’s reputation as a global capital of could that happen” contemporary art year round.” Dennis Scholl Tomás Regalado President and CEO of ArtCenter/South Florida Former Miami Mayor Institute of Contemporary Art

PHILLIP AND PATRICIA FROST MUSEUM FAENA DISTRICT OF SCIENCE FAENA THEATER & FORUM Miami’s groundbreaking new science museum opened last year and Opened in 2016, the intimate, 150-seat cabaret-style theater located has received an overwhelming response from the community, with inside of the Faena Hotel Miami Beach showcases an array of artistic stronger than expected visitor attendance in its first year. It’s one of live shows, including stunning cabaret performances. the only institutions in the world to have a state-of-the-art planetarium The Forum has been described as “Miami’s new cultural cornerstone” and cutting-edge aquarium, and features exhibitions dedicated to and opened in late 2016, the 43,000-square-foot art and South Florida’s biodiversity, among others. performance center designed by Pritzker Prize-winning architect 529,800 Visitors 250,000-S.F.-Facility Rem Koolhaas/OMA plays host to some of the region’s most creative in its first 6 months since sitting on 4 acres of land collaborations, with the building itself being a work of art. opening overlooking Biscayne Bay Frost Museum of Science Faena Theater

MIAMI REPORT 2018 MIAMI REPORT 2018 62 63 CULT URAL AND ECONOMIC

Sports & Recreation Best of the Best Boat Shows WORLD’S LARGEST BOAT SHOWS

From its full roster of professional sports teams and venues, to its optimal climate, vast BOAT SHOW ATTRACTS GLOBAL ENTHUSIASTS selection of green spaces and unbeatable access to the water, South Florida offers The Fort Lauderdale International Boat Show and Miami International #1 #2 #3 incredible year-round athletic and recreational excitement. Fort Lauderdale The Dusseldorf Miami International Boat Show each year draw thousands of boating, yachting and fishing International Boat Show International Boat Show aficionados from around the world and are key economic drivers, with

Boat Show GROWTH IT’S OFFICIAL: MLS IS COMING TO MIAMI! each show creating an economic impact greater than that of a Super Bowl. Early this year, Major League Soccer officially granted Miami an MLS expansion team that will be led by owner and former MLS player David Beckham and other entrepre- $1.78B $858M 205,000 neurs. The team will begin play in 2020 in a temporary venue before opening a new, TOTAL ECONOMIC IMPACT TOTAL ANNUAL SALES TOTAL ATTENDANCE world-class stadium, proposed in Miami’s urban core, in 2021. Miami: $854M / Fort Lauderdale: $875M Miami: $350M / Fort Lauderdale: $508M Miami: 100,000 / Fort Lauderdale: 105,000 35+ countries 50 countries “When I was awarded the team Source: Boating World Magazine there was only one city for me and it was here. I was drawn to this city for the same reasons millions of people are - the diversity, the culture, the people, the weather, the beaches.”

David Beckham Proposed 25,000-seat soccer stadium Owner, Miami MLS Team

MIAMI’S PROFESSIONAL SPORTS TEAMS

Miami International Boat Show

MIAMI DOLPHINS MIAMI HEAT MIAMI MARLINS FLORIDA PANTHERS MIAMI MLS FLORIDA’S LUXURY YACHT SALES 5-YEAR SALES ANALYSIS OF POWERBOATS, HOTTER THAN EVER ENGINES TRAILERS AND ACCESSORIES Founded in 1966 Founded in 1988 Founded in 1991 Founded in 1993 Officially launched in 2018 TOTAL SALES IN BILLIONS 2 Super Bowl Wins 3 Championships 2 World Championships 1 Finals Appearance Scheduled to begin play Last year was the best selling year for the luxury yacht industry in 5 Super Bowl Appearances 18 Playoff Appearances 2 Playoff Appearances 1 Playoff Appearance in 2020 Florida, with record numbers of boats sold, according to the National Marine Manufacturers Association. Increased demand and sales in $2.5B 20-20 Playoff Record $2.5B the state are attributed to Florida’s excellent weather and fishing, as $2.3B well as its stable economy. Up 4.7% $2.25B Source: Miami Today since U.S. CITIES WITH ALL FIVE MAJOR PROFESSIONAL 2015 SPORTS LEAGUES “This year has been the most amazing year $2B $1.9B $1.9B Miami Chicago Denver we have seen in selling boats,” Mr. Maldonado Miami is the youngest city to $1.75B $1.6B New York Washington D.C. Minneapolis have all five major professional said. “Everyone in our industry is benefiting Los Angeles right now.” $1.5B sports leagues. 2012 2013 2014 2015 2016 Antonio Maldonado President, The Advantaged Source: miamitodaynews.com

MIAMI REPORT 2018 MIAMI REPORT 2018 64 65 CULT URAL AND ECONOMIC Education 7 A LEADING HIGHER EDUCATION SYSTEM FLORIDA #1 From Miami-Dade County’s wide selection of public, private, magnet and charter K-12 MIAMI-DADE COUNTY Florida’s low tuition rates for colleges and universities and on-time graduation rate by STATE NATIONALLY FOR schools, to the state’s and region’s highly ranked universities, the educational offerings SCHOOLS ARE RANKED students seeking two-year degrees attribute to the state’s high ranking in college costs HIGHER EDUCATION in South Florida are among the best in the country, with the area’s strong educational and the top ranking in higher education overall. Source: U.S. News & World Report foundation yielding a high-quality talent pipeline and workforce. AMONG BEST IN NATION

Source: U.S. News & World Report GROWTH

MIAMI-DADE COUNTY PUBLIC SCHOOLS – A GLOBAL COMMUNITY TOP STATES IN THE U.S. FOR BEST STATES FOR The internationality and diversity of Miami-Dade County Public Schools’ student body HIGHER EDUCATION COLLEGE COSTS make it one of the most unique school districts in the country. 1. Florida 1. Wyoming 392 56 160 2. 2. Florida PUBLIC SCHOOLS DIFFERENT COUNTRIES 3. California 3. Nevada LANGUAGES SPOKEN REPRESENTED 4. Wyoming 4. Utah Source: The Beacon Council’s Advantage Miami 5. Washington 5.

University of Miami FLORIDA’S GRADUATION RATES, 2003-04 THROUGH 2016-17* Source: U.S. News & World Report

90% 85% 82.3% New York: 79% 80.7% California: 83% 77.9% A nationally recognized community college, Miami Dade College is the largest institution of higher 80% 76.1% 75.6% education in the United States. Led by Presidential Medal of Freedom recipient Eduardo Padron, 74.5% who has built the school into a four-year college, Miami Dade College offers a wide selection of 75% 70.6% degree paths and programs that prepare graduates for in-demand professions, including the new 69.0% 70% College Credit Certificate program. 65.5% LED BY YEARLY GRADUATION % RATE 65% 62.7% 59.2% 59.3% 58.8% 59.8% PRESIDENTIAL MEDAL 60% #1 300 LARGEST INSTITUTION OF PROGRAMS OF STUDY OF FREEDOM

55% HIGHER LEARNING IN THE NATION RECIPIENT EDUARDO PADRON 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 Source: The Beacon Council’s Advantage Miami Source: fldoe.com

TWO NEW SCHOOLS SLATED FOR BRICKELL

To accommodate Brickell’s and downtown Miami’s population growth over the last few years, as well as the anticipated growth once new residential condominium towers in the area are completed, two new downtown schools are likely coming to the area.

One of the proposed schools would be a traditional middle school and possibly high school located on SW 10th Street at The Gallery at West Brickell site, a partnership between Related Urban Development Group, Miami-Dade County and the City of Miami.

The other planned school would be a K-12 Mater Academy charter school for 3,000 students, to be named Brickell Preparatory Academy. Proposed Mater Brickell Preparatory Academy Miami-Dade College

Source: Miami Herald

MIAMI REPORT 2018 MIAMI REPORT 2018 I-95 66 67 CULT DESIGN

DISTRICT URAL AND ECONOMIC Landscape of the Future JULIA TUTTLE CAUSEWAY

Greater Downtown Miami’s transformational linear park, US 27 MIDTOWN US 1 public walkways and green space projects will transform WYNWOOD Miami into a city known for its connectivity, livability and I-395 Signature Bridge walkability. GREEN LANDSCAPE INITIATIVES

The $802 million project will completely reconstruct the GROWTH existing interstate and create a signature bridge that will span 1,025 feet. The structure will redefine the Miami $180M skyline with its six sweeping arches and transform the area Biscayne Line ESTIMATED TOTAL INVESTMENT beneath I-395 into 55 acres of vibrant open EDGEWATER Miami’s future bayfront walkway will connect Edgewater to communal spaces for the community to enjoy. downtown, bringing pedestrians right to the water’s edge on broad, beautifully landscaped pathways and floating MIAMI #4 docks, and providing places to sit, rest, and MOST WALKABLE CITY IN THE NATION reflect on Miami’s incredible natural beauty. (up from #5 in 2016) Source: BiscayneLineMiami.com

Source: Walk Score Source: Florida Department of Transportation US 1 VENETIAN ISLANDS

MIAMI DOLPHIN EXPY RIVER DISTRICT I-95 DOLPHIN EXPY

Miami River Greenway MACARTHUR CAUSEWAY The transformative pedestrian-friendly public pathway along the historic Miami River will extend approximately 5.5 miles along both banks of the river, from the mouth of the river in Downtown Miami towards the Miami International Airport. DOWNTOWN MIAMI W FLAGLER ST.

PORTMIAMI BRICKELL KEY

MIAMI

BRICKELL The Underline The 10-mile linear park, urban trail and living art destination will offer safer paths for pedestrians and bicyclists and include innovative public art installations by recognized national and Miami-based visual artists that will enrich the public realm and environment.

Source: TheUnderline.org US 1

I-95

RICKENBACKER CAUSEWAY COCONUT GROVE

VIRGINIA KEY MIAMI REPORT 2018 MIAMI REPORT 2018 SOUTH FLORIDA OF TOMORROW

Photo credit: Alton Bay Residences 70 71 SOUTH FLORIDA OF TOMORROW Downtown Miami $12 billion* in new development throughout 20 blocks

1 Aston Martin Residences (G&G Business Developments) - 66 Stories / 390 Units 11 Brightline’s Miami Central Station - Mixed-use / 9 Acres / 1.5 Million Sq. Ft. Office, Residential, Retail and Hotel

MET (MDM) - JW Marriott Hotel / Beaux Arts Hotel / MET Square / 470 Hotel Rooms / 1,700 Seat Theatre 2 12 LAMM Nader Latin - American Ar Museum at MDC / 50 Floors / 270 Units 4 Story Retail / 41,000 Sq. / Ft. Restaurant / Whole Foods 3 (FECR) - 4.2 million sq. ft. / 72 Story Tower / Mixed-use, / Office, Hotel, Retail / $2 Billion 13 600 Biscayne - TBD Paramount Miami Worldcenter (Falcone) - 12 million Sq. Ft. / 27 Acres / Hotel, Retail, Civic Space, Office, Residential / $4 Billion 4 Biscayne Boulevard Beautification - Grand Boulevard Landscaping & Baywalk Links Streets, Parks and Bay 14 797 Ft. Signature Tower / 513 Units

5 CENTRO (Newgard) - 37 Stories / 352 Loft Style Units / $90 Million 15 1000 Museum (Covin) - 63 Stories / 83 Condos Design by Zaha Hadid / $300 Million

6 Flagler on the River (MELO) - 32 Stories / 300 Units 16 Museum Park - 29 Acres / Perez Art Museum Miami / Patricia & Philip Frost Museum of Science / $500 Million

Skyrise (Berkowitz) - 1000 Ft. Observation Tower / Mixed Use Retail and 7 17 Adrienne Arscht Center - 48,000 Sq. Ft. / Film Production Studio / $13.6 Million Hospitality $400 Million 8 - Two 49 Story Towers / 849 Units / 55,000 s.f. Retail / $265 Million 18 Omni (Genting) - 1.5 million sq. ft. / Hilton Hotel, Office, Retail & Potential Casino / $400 Million

9 300 Biscayne (PMG) - Residential and Commercial 19 Canvas (NR Investments) - 37 Stories / 513 Units

10 400 Biscayne (PMG) - Residential and Commercial 20 Resorts World Miami (Genting) - 14 Acres / Destination Resort / Hotel & Residences / $3 Billion / Proposed

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 72 73 SOUTH FLORIDA OF TOMORROW Brickell $6 billion* in new development 11 Brickell Ten (IBGroup) - 155 Units / 22 Stories

Panorama Tower (Florida East Coast) - 821 Units / 128 Hotel Rooms / 81 Stories / 81 Stories 1 Una Residences - (OKO Group & Vlad Doronin) - 135 Boutique Units / 47 Stories 12 82,000 Sq. Ft. Retail / 38,000 Sq. Ft. Office

2 Landscape Park - Public / / Proposed 13 Brickell Flatiron (Ugo Colombo) - 548 Units - 65 Stories / Design by Luis Revuelta

3 Cassa Brickell (TSG) - 10 Stories / 81 Units 14 SLS Lux (Related) - 450 Units / 85 Hotel Suites / 57 Stories / Design by Arquitectonica

4 Le Parc at Brickell (ALTA & Strategic) - 128 Boutique Units / 12 Stories 15 NINE at Mary Brickell (Starwood Capital & Lynd) - 390 Units / 48 Stories / Design by ADD

5 Atton Hotel - 270 Rooms / 12 Stories / Design by Luis Revuelta 16 1010 Brickell (Key International) - 387 Units / 47 Stories / Design by Sieger Suarez

6 Echo Brickell (PMG & JDS) - 180 Luxury Units / 57 Stories / Conceptual Design by Carlos Ott 17 Brickell Heights (Related) - 2 Towers / 699 Units / 48 Stories / Design by Arquitectonica

7 Brickell House (New Guard) - 374 Units / 46 Stories 18 Smart Brickell (Habitat Group) - 2 Towers / 26 Floors / 170 Units / Boutique Hotel

Brickell City Centre (Swire Properties) - 780 Luxury Units / 352 Hotel Rooms, including 8 suites and 8 SLS Brickell (Related) - 453 Units / 120 Hotel Rooms / 52 Stories / Design by Phillipe Stark 19 89 residence suites / 500,000 Sq. Ft. Retail / 260,000 Sq. Ft. Office

9 The Bond (MDR) - 323 Units / 43 Stories 20 MyBrickell (Related) - 192 Units / 27 Stories

One Brickell (Related) - 3 Towers / 80 Stories / 70 Stories / 55 Stories / 1,200 Units / 200 Hotel Rooms 10 1100 Millecento (Related) - 382 Units / 42 Stories / Design by Carlos Ott + Pininfarina 21 200,000 Sq. Ft. Retail / Proposed

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 74 75 SOUTH FLORIDA OF TOMORROW

Biscayne Corridor 12 The Crimson (Mckafka) - 90 Units / 20 Stories $4 billion* in new development throughout Edgewater, Midtown & Design District 13 Icon Bay (Related) - 300 Units / 42 Stories

1 The Filling Station Lofts (FLS Development) - 81 Units / Was built and is now converting to condos 14 Emilia Edgewater (Nicastro) - 30 Units / 7 Stories

2 Aria on the Bay (Melo) - 648 Units / 50 Stories / 40,000 SF Commercial Space 15 Biscayne Beach (Eastview) - 399 Units / 51 Stories

3 National Young Arts Foundation - Proposed New Campus / Designed by Frank Gehry at Historic Bacardi Building 16 Hyde Midtown (Related) - 40 Hotel Units / 410 Condos / 31 Stories / *Midtown

4 Elysee (Eastview) - 100 Units / 57 Stories 17 Paraiso Bayviews (Related) - 396 Units / 44 Stories

5 23 Biscayne Bay (Melo) - 96 Units / 18 Stories 18 Gran Paraiso (Related) - 333 Units / 55 Stories

6 Biscayne Line - Public Bay Walk / Proposed from Venetian Cswy to Julia Tuttle Cswy 19 Paraiso Bay (Related) - 360 Units / 44 Stories

7 250 Wynwood (Fortis) - 11 Units / 6 Stories / Mixed-Use Retail 20 One Paraiso (Related) - 280 Units / 53 Stories

8 Wynwood Art - District Walls / On-going Art Movement 21 New Public & Private Bayfront Marina and Park

9 26 Edgewater (Stripey) - 86 Units / 10 Stories 22 Eve at the District (Mack Group) - 195 Units / Retail and apartments

10 Missoni Baia (Oko Group & Missoni) - 249 Units / 38 Stories 23 Dacra Project (Craig Robins) / 540,000 Sq. Ft. Luxury Retail / *Design District / Proposed

11 Bay House (Melo) - 165 Units / 38 Stories 24 Baltus House (Related) - 167 Units / 15 Stories

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 76 77 SOUTH FLORIDA OF TOMORROW Sunny Isles Beach $11.5 billion* in new development

1 Regalia (Regalia Beach Developers) - 45 Stories / 39 Units 11 Jade Signature (Fortune) - 57 Stories / 192 Units

2 Residences by Armani Casa (Related / Dezer) - 60 Stories / 308 Units 12 Parque Towers (Milton) - 26 Stories / 310 Units

3 St. Regis Sunny Isles (Chateau Group / Fortune) - Proposed 13 400 Sunny Isles (Key International) - 230 Units

4 Porsche Design Tower (Dezer) - 57 Stories / 132 Units 14 The Ritz Carlton Residences (Fortune / Chateau Group) - 50 Stories / 212 Units

5 Turnberry Ocean Club (Turnberry Associates) - 54 Stories / 154 Units

6 The Estates at Acqualina (GSF Acquisition) - Two Towers / 50 Stories / 265 Units

7 Mansions at Acqualina (GSF Acquisition) - 47 Stories / 79 Units

8 Aurora (Verzasca) - 17 Stories / 61 Units

9 Chateau Beach (Chateau Group) - 33 Stories / 81 Units

10 MUSE (S2 Development / PMG) - 49 Stories / 68 Luxury Units

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 78 79 SOUTH FLORIDA OF TOMORROW Doral $2 billion* in new development

1 Vintage Estates (Terra) - 28-acre gated community / 110 Residences / Single Family

2 IVI Doral - 64 Units / 12-acre development Modern Doral (Terra) - 3 Phases / 316 Units / Luxury Single Family / 270-acre development 3 150,000 Retail Space Midtown Doral (Optimus) - 3 Phases / Phase I + II / 509 Units / Phase III - TBD 4 150,000 Sq. Ft. Retail / 90 Acres 5 Isles at Grand Bay (Lennar) - 672 Units / Luxury Single Family

City Place Doral (Related) - 48-acres / 22 Million Sq. Ft. / 300,000 Sq. Ft. Retail 6 280,000 Sq. Ft. Office / 1,000 Residences 7 Oasis Park (Optimus) - 150 Units / Single Family

Downtown Doral | 5252 Paseo + 5300 Paseo (Codina) - Mixed-use Community 8 1 Million Sq. Ft. Office / 180,000 Sq. Ft. Retail / 2,840 Units Bel Air at Doral (ZOM) - 249 Units / Luxury Rental Complex / Groundbreaking Aug. 2013 9 4.2-acres Lakefront 10 Trump National Doral - $250 Million Renovation / 100,000 Sq. Ft. Event Space / New BLT Prime Restaurant

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 80 81 SOUTH FLORIDA OF TOMORROW Fort Lauderdale $3 billion* in new development

1 AquaLuna Las Olas (Roy & Eisinger) - Two Waterfront Buildings / 16 Units 11 Four Seasons (Nadim Ash & Fort Partners) - 65 Private Units

2 AquaMar Las Olas (Roy & Eisinger) - Three Waterfront Buildings / 20 Units 12 Wave - 18 Units

3 AquaVita Las Olas (Roy & Eisinger) - Two Waterfront Buildings / 22 Units 13 Conrad Las Olas (Kolter Group) - 121 Units

4 AquaVue Las Olas (Roy & Eisinger) - 8 Units 14 Paramount (Encore Housing and Kodsi) - 18 Stories / 95 Units

5 321 at Water’s Edge (Sobelco) - 23 Units 15 AquaBlu Fort Lauderdale (Roy & Eisinger) - 35 Units

6 100 Las Olas (Kolter Group) - 121 Units 16 Galleria Lofts (Peak Seven) - 48 Lofts

7 ICON Las Olas (Related) - 272 Units 17 Adagio on the Bay (Grupo Alco, Garcia Stromberg + GS4 Studio Architects) - 12 Units

8 W Residences Fort Lauderdale (Related Companies) - 171 Luxury Units 18 RIVA (Premier) - 14 Stories / 100 Condos

9 Gale Hotel & Residences (Neward Development & Menin Hospitality) - 122 Units 19 Auberge Beach Residences & Spa (Related) - Two Towers, 17-22 Stories, 171 Units

10 Adagio Fort Lauderdale Beach (ALCO Group International) - 31 Units 20 33 Intracoastal (Thirty Third LLC) - 11 Units

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 82 83 SOUTH FLORIDA OF TOMORROW Miami Beach $9 billion* in new development

1 One Ocean (The Related Group) - Two Waterfront Buildings / 50 Units 11 Monad Terrace (JDS Development) - 58 Units

2 Glass (Terra Group) - 10 Units 12 Palau Sunset Harbour (SMG Management) - 45 Units

3 Three Hundred Collins (JHS Development) - Three Waterfront Buildings / 19 Units 13 Ritz Carlton (Lionheart Capital) - 111 Units

4 Louver House (Mast Capital) - Two Waterfront Buildings / 12 Units 14 Alton Bay (Mast Capital) - 75 Luxury Units

5 321 Ocean (Aria Development Group) - 21 Units 15 Eighty Seven Park (Terra Development) -66 Units

6 Marea South Beach (The Related Group) - 30 Units 16 L’atelier (SMG and W Capital Group) - 23 Units

7 Peloro on the Bay (SMG Development) - 1 14 Units

8 Edition Residences (Ian Schranger Company) - 26 Units

9 Faena House and Residences at Faena (The Faena Group) - 60 Units

10 Beach House 8 (Valerio Morabito and Ugo Colombo) - 8 Units

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Images provided by: MIAMI REPORT 2018 MIAMI REPORT 2018 *Amounts are an estimate. 84

On the Ground

EXPERT INSIGHTS ON THE SOUTH FLORIDA REAL ESTATE LANDSCAPE

Alex Vidal President RelatedISG International Realty

Q: General real estate sales were very strong Q: What neighborhoods do you see the in 2017. What is your prediction for the mar- biggest opportunities in this year? ket in 2018? A: People love to live where the action is, and A: Based on what we’re seeing in downtown with all of the new residential and commercial Miami and along the Biscayne Corridor, the developments in Miami’s urban core, like rental market will continue to be a very active Brickell City Centre, that area has become a segment of general real estate. Low inventory very exciting place to live. levels in these areas and others across South I also think that the neighborhoods with great Florida will keep rental demand strong. When public schools will continue to be in high it comes to single-family homes, those under demand for those buyers looking for $800,000 and over $3 million will do very well. single-family homes.

Q: For those buyers and investors that Q: You now have 550 agents with RelatedISG are looking more towards the luxury condo- International Realty. What do you attribute minium market, what trends are you seeing your high growth rate to? in that sector? A: It really breaks down to having two of the A: Almost every condominium developer in biggest names in South Florida real estate Miami is in a closeout mindset, and that will combined with an agent support system not lead to the closeout of the current found anywhere else in the industry. We offer development cycle. That mindset is helping my the tremendous advantage of the well-known agents, as it gives them more flexibility than and reputable Related brand coupled with a ever before to close deals. Basically, now is the company-wide drive to be a true partner with time to buy these types of properties, before our agents. That combination makes our agent the remaining inventory gets absorbed. partners raving fans of RelatedISG.

MIAMI REPORT 2018 HEADQUARTERS International Sales Group, LLC Turnberry Plaza 2875 Northeast 191 Street • 2nd Floor Aventura, FL 33180 305.931.6511 | isgworld.com

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