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Miamireport-16-ISG-Watermarked FALL 2016 TM AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET CELEBRATING 120 YEARS OF MIAMI’S 1896 - 2016 New Condo Construction Resale Condo Inventory Condo Rental Trends International Market Cultural & Economic Growth ISG City Watch South Florida 2020 On the Ground WELCOME TO THE FALL 2016 EDITION OF THE MIAMI REPORT For over seven years, the ISG World Miami ReportTM has served as the go-to “But if sheer size source on the state of the Miami market, and in that time, it has expanded. Once solely a statistical analysis of the current market conditions, today’s report is your yardstick, examines so much more: what’s drawing so many people to Miami’s shores, the factors that have made Miami a global city, news on the current and future hap- penings in South Florida, comprehensive market data and trends, of course, and nothing beats information to guide you in understanding where the market is headed. America’s housing The last seven years have also seen a major evolution of Miami itself. A myriad of trendy neighborhoods have blossomed. The arts and entertainment landscape market. has exploded. The skylines of Brickell, downtown Miami and the Biscayne Corridor have filled in with some of the most luxurious and architecturally impressive condominium towers the world has ever seen. It is the world’s In this edition of the Miami Report, we take a look back through the 120-year history of this inspiring city, and how the various elements that make it up have largest asset class, developed. Compared to the other top cities in the country, Miami is quite young, and yet, has accomplished so much. In a little over a century, Miami has progressed from a sleepy town on the Miami River, then to a popular tourist worth $26 trillion, destination known almost exclusively for its hotels, beaches and nightlife, and now, to one of the most desirable international cities in the world. Based on the more than America’s range and acceleration of change Miami has experienced thus far, we can only imagine where the city will be 120 years from today. stock market.” It’s undeniable that it’s an exciting time in the world of real estate. America’s hous- The Economist ing market is the world’s largest asset class, worth $26 trillion, more than America’s Principals | Craig Studnicky & Philip Spiegelman 2016 stock market. So what is South Florida’s role in the largest asset class in the world? President | Michael Ambrosio The tight supply of homes paired with the exponential population growth in the Vice President | Sergio Pintos region has resulted in a South Florida real estate economy that has never been as robust as it is now. More ultra high-net-worth individuals are discovering Miami as EDITORIAL a place they want to live work and play, and this is only the beginning. Chief Marketing Officer | Veronica Escobedo Gorson Communication Coordinator | Rebecca Stella We hope you’ve enjoyed reading the Miami Report over the past seven years and Marketing Coordinator | Melissa Tello that you continue to find it an invaluable resource in telling the story of Miami. RESEARCH Sincerely, Director of Market Research | Athena Rossano Market Research Coordinator | Daniella Aragon Craig Studnicky Philip Spiegelman Micheal Ambrosio ISG Principal ISG Principal ISG President DESIGN Creative Director | Edward Trelles Graphic Designers | Amanda Cabassa, Emiliana Zelkowicz, Maria Latorre ISG TEAM CONTRIBUTORS Alex Vidal, Andres Valdivieso, Raquel Kaufman, Rowena Luna, Ying Peng 66 Technology 68 Hotels ISG CITY WATCH - SUNNYBillionaires' ISLES BEACH Row 70 Arts & Culture 82 72 Film 74 Sports CULTURAL AND CULTURAL ECONOMIC GROWTH 76 Education Land Ground the On Air Sea 98 98 TRANSPORTATION 58 60 62 SOUTH FLORIDA 2020 86 Downtown Miami 88 Brickell 90 Biscayne Corridor 92 Sunny Isles Beach 94 Doral 96 Fort Lauderdale LANDSCAPE OF THE FUTURE 80 Miami: On a Global Level CONDOMINIUM MARKET 10 New Condo Construction 28 Resale Condo Inventory Population 34 Condo Rental Trends 50 120 Transformative Years 120 Transformative FEATURED STORY FEATURED 4 INTERNATIONALKey Factors for Foreign Buyers 54 International Market Spotlight: CONTENTS 55 China CORE SECTORS 40 Residential 44 Office 46 Retail 48 Industrial TRANSFORMATIVE YEARS WEALTH REPORT 2015 TOP GLOBAL CITIES THAT MATTER TO The Magic City has come a long way. Few cities have a history as exciting and impactful as Miami, and in only 120 years. From its start as ULTRA HIGH-NET-WORTH INDIVIDUALS a small town along the Miami River, to the thriving global city it is today, Miami has stood as a symbol of new beginning, hope and prosperity for generations. This symbolism continues to hold true today more than ever. MIAMI: YOUNGEST OF THE BIG CITIES Years Founded 6. Miami 2,400 SQ.FT. 1. London 1630 1653 1682 1776 1781 1790 1803 1896 900 SQ.FT. $833 PSF* $2,222 PSF* DOWNTOWN MIAMI 5. Shanghai Boston New York Philadelphia San Francisco Los Angeles Washington, D.C. Chicago Miami 1,650 SQ.FT. 9. Beijing $1,212 PSF* 2. New York 1,800 SQ.FT. 1,050 SQ.FT. $1,111 PSF* $1,905 PSF* “Even after 100 years, we’ve only just begun. This is a fantastic time 8. Dubai 3. Hong Kong to be in Miami. We are making history for the next 100 years at a pace 1,500 SQ.FT. 800 SQ.FT. $1,333 PSF* never before experienced. The best is yet to come.” 7. Paris $2,500 PSF* 1,300 SQ.FT. - Jorge Perez, Chairman and CEO, Related Group $1,538 PSF* 4 5 4. Singapore 1,000 SQ.FT. 10. Zürich $2,000 PSF* 1,750 SQ.FT. $1,143 PSF* *Estimated average WHAT DOES $2 MILLION BUY IN THE LUXURY CONDOMINIUM MARKET AROUND THE WORLD? Sources: LuxuryRealEstate.com, SRX.com.sg, Century21Global.com, GlobalSteamNY.com, PropGoLuxury.com For the past decade, Knight Frank has distributed the annual Wealth Report, 2015 a collection of data about the global UHNWI (ultra high-net-worth individuals) community, defined as those with US$30 million or more in net assets. 2014 2013 In 2015, Miami moved up in rank to the sixth most important city in the world to ultra high-net-worth individuals. Sources: Knight Frank Wealth Report 2011 MIAMI: THE FUTURE SHOCK Miami is in a state of “future shock.” Alvin Toffler’s idea suggests “Never in previous history has the ratio that the scope, scale and acceleration of technological and between old and new been transformed societal change has increased radically over time, with the greatest and most significant changes occurring just in the last lifetime, out so radically in so brief a flick of time.” of man’s 200,000 years on earth. This idea explains how and why - Alvin Toffler, Author, Future Shock Miami’s drastic evolution has occurred in just 120 short years, and how its revolutionary growth and development that lies ahead will occur in just a fraction of that time. 1959 Miami International Airport is dedicated. 2002 Art Basel begins in 1979 Miami Beach. 2016 A one square mile of Miami welcomes 2003 1916 South Beach, popularly the first known as the “Art Deco Miami begins its five- Neopanamax ship Villa Vizcaya, the District,” is listed on the year “Manhattanization” that transited the 1897 villa and estate of National Register of real estate development newly expanded 1870 businessman James Historic Places. Panama Canal, 6 The city’s first true luxury 1964 wave that brought the 7 Deering is built. and is the first William Brickell, hotel, The Royal Palm, construction of more 2006 U.S. port to do so. who would later be opens and becomes Cassius Clay than 50 high rise known as a co-founder a popular resort for 1912 1920 (Muhammad Ali) buildings throughout Miami Heat win their of Miami along America’s Gilded Age defeats Sonny Liston 1984 1987 the city. first NBA Championship. The six–story Burdine's John Collins and Carl Fisher begin developing for heavyweight with Julia Tuttle, princes, including John Department Store, Miami Beach’s “Millionaire’s Row,” which attracts establishes a trading D. Rockefeller, Andrew champion of the The annual Miami Tower, the city’s Miami’s first high-rise the rich and famous seeking a vacation destination world at the Miami Miami Film iconic 47-story, landmark post on the south side Carnegie and the or skyscraper, is and part-time homes, and is still home to some of of the Miami River. Vanderbilt family. Beach Convention Festival debuts. office skyscraper, is built. completed. Miami’s most luxurious real estate. Center. 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 1896 1913 1925 1966 1987 1999 2002 2006 2010 Miami is incorporated. The first bridge The peak of Miami’s 1962 The Miami Dolphins The annual Miami Open American The annual The Adrienne Arsht Center Lebron James & Chris to Miami Beach first land boom, which enter the American tennis tournament, one Airlines Arena South Beach for the Performing Arts Bosh join Dwayne Motivated by a vision of is constructed, resulted in nearly 1,000 The inaugural Doral Football League as an of the premier events opens. Wine & Food opens. Wade and the Miami’s future potential allowing Miami’s subdivisions being built in Open PGA Tour expansion franchise, in tennis, relocates to Festival, one Miami Heat, which or by the desire for more continued the Miami area and entire golf tournament is and go on to win the its current home in Key of the largest ultimately leads to civilization, Henry Flagler expansion. new cities like Coral Gables.
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