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 CONDOMINIUM MARKET 66 TRANSPORTATIONSea 68 Technology 10 Air 58 70 Hotels 28 New Condo Construction Land 34 Resale Condo Inventory 60 CULTURAL AND72 Arts & Culture Condo Rental Trends 62 ECONOMIC74 Film GROWTH 76 Sports Education

FEATURED120 Transformative STORY Years 4 ISG CITY WATCH - SUNNY ISLES BEACH CONTENTS 82 Billionaires' Row

Population 50

SOUTH FLORIDA 2020 LANDSCAPE OF 86 THE FUTURE 88 Downtown Miami 80 90 Brickell

CORE SECTORS On the Ground Miami: On a Global Level 92 Biscayne Corridor 40 94 Sunny Isles Beach 98 44 96 Doral Residential 46 Office Fort Lauderdale 48 Retail Industrial

INTERNATIONAL

54 Key Factors for Foreign Buyers 55 International Market Spotlight: China 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. played at the Doral Super Bowl in Biscayne. and most well- back-to-back NBA completed a railroad to link Golf Resort & Spa. 1972 with a perfect known festivals championship wins Miami to Northern Florida University of Miami, one season. of its kind in in 2012 and 2013. and the East Coast of the of the top universities for 1984 the country, United States. academics and athletics, Miami’s Metrorail System launches. established in Coral Gables. opens, connecting the urban centers of Miami.

* The above represents a sampling of Miami's historic events 8 NEW CONDO CONSTRUCTION

Total New Construction Condo Units Available for Sale Since Mid-2011

Photo Credit: Paul Morris 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 Total new condo construction condominium developments east of I-95 and available for sale since mid-2011 (Edgewater, Wynwood, Midtown, Design District, Omni), Downtown Miami, The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach), Aventura, North Miami Beach, Coconut Grove and Key Biscayne since mid-2011

Status Total Buildings Total Units Total Sold % Sold Total Unsold

TOTAL PROJECT UNITS DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD Delivered 42 5,802 5,456 94% 346

Under Construction 62 11,158 8,924 80% 2,234

Sub Totals 104 16,960 14,380 85% 2,580

Pre-Construction 26 2,574 521 20% 2,053

19,534 4,633 Totals *130 19,534 14,901 76% 4,633 Total Unsold *List upon request

-YEAR ANNUAL ABSORPTION ANALYSIS

10 11 Condos built from 2012 - 2016 Submarkets consist of Brickell, Biscayne Corridor (Edgewater, Midtown, Design District, Omni), Downtown Miami, The Beaches, (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach), Fort Lauderdale, Aventura, North Miami Beach, Coconut Grove and Key Biscayne

AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2012-2016

BRICKELL & MIAMI RIVER 645 PER YEAR

BISCAYNE CORRIDOR / 437 PER YEAR DOWNTOWN MIAMI

THE BEACHES 775 PER YEAR

NORTH MIAMI BEACH, 95 PER YEAR KEY BISCAYNE, COCONUT GROVE

AVENTURA 145 PER YEAR

14,901 FORT LAUDERDALE 200 PER YEAR 76% SOLD TOTAL 2,297 PER YEAR AS OF NOVEMBER 1ST, 2016

Sources: Integrated Realty Information System (Iris); Miami-Dade & Broward County Property Appraiser and Multiple Listing Service (MLS) NEW CONDO CONSTRUCTION ABSORPTION ANALYSIS UNDER CONSTRUCTION/RECENTLY DELIVERED MIAMI’S DEVELOPMENT CYCLE BY SUBMARKET

PRE-SALE CONTRACTS GROUND- TOP OFF COMPLETION SOUTH FLORIDA CONDOS BUILT EAST OF I-95 FROM MID 2011 - 2016 BREAKING Total Units: 16,960 / Total Sold: 14,380 / Total Unsold: 2,580 Avg. Yearly Absorption: 2,297 per year 0 6 Months 1 Year 1.5 Years 2 Years 2.5 Years 3 Years 3.5 Years more than 40 stories Please see page 18 for individual project status

Sources: Miami-Dade and Broward County Tax Records Multiple Listing Service (MLS)

BRICKELL DOWNTOWN MIAMI Total Unsold Units Delivered/Under Construction: 518 units | 5 Year Avg. Absorption (2012 - 2016): 645 units Total Unsold Units Delivered/Under Construction: 279 units | 5 Year Avg. Absorption (2012 - 2016): 279 units Projected Sellout: 12 Months Projected Sellout: 12-18 Months

PROJECTED PROJECTED INVENTORY INVENTORY 518 SELL OUT SELL OUT 500 300 279

400 250 12 200 13 300 150 200 100 UNDER CONSTRUCTION UNDER CONSTRUCTION 100 50

TOTAL UNSOLD UNITS DELIVERED/ TOTAL 0 UNSOLD UNITS DELIVERED/ TOTAL 0 0 0 2017 Q1 2018 2019 2020+ 2017 2018 Q2 2019 2020+ 2018

BISCAYNE CORRIDOR (WYNWOOD, DESIGN DISTRICT, EDGEWATER, MIDTOWN) SOUTH BEACH | MIAMI BEACH | BAL HARBOUR | SURFSIDE | BAY HARBOR ISLANDS Total Unsold Units Delivered/Under Construction: 614 units | 5 Year Avg. Absorption (2012 - 2016): 424 units Total Unsold Units Delivered/Under Construction: 285 units | 5 Year Avg. Absorption (2012 - 2016): 212 units Projected Sellout: 18-24 Months Projected Sellout: 12-18 Months

PROJECTED PROJECTED INVENTORY INVENTORY 600 614 SELL OUT 300 285 SELL OUT

500 250

400 200

300 150

200 100

UNDER CONSTRUCTION 100 UNDER CONSTRUCTION 50 TOTAL UNSOLD UNITS DELIVERED/ TOTAL UNSOLD UNITS DELIVERED/ TOTAL 0 0 0 0 2017 2018 2019 Q2 2020+ 2017 2018 Q2 2019 2020+ 2019 2018 AVENTURA Total Unsold Units Delivered/Under Construction: 116 units | 5 Year Avg. Absorption (2012 - 2016): 145 units NEW CONDO CONSTRUCTION ABSORPTION ANALYSIS Projected Sellout: 12 Months

UNDER CONSTRUCTION/RECENTLY DELIVERED PROJECTED BY SUBMARKET INVENTORY SELL OUT 150 SOUTH FLORIDA CONDOS BUILT EAST OF I-95 FROM MID 2011 - 2016 116 Total Units: 16,960 / Total Sold: 14,380 / Total Unsold: 2,580 100 Avg. Yearly Absorption: 2,297 per year

Please see page 18 for individual project status 50 UNDER CONSTRUCTION

Sources: Miami-Dade and Broward County Tax Records UNSOLD UNITS DELIVERED/ TOTAL 0 0 Multiple Listing Service (MLS) 2017 Q1 2018 2019 2020

SUNNY ISLES BEACH NORTH MIAMI | KEY BISCAYNE | COCONUT GROVE Total Unsold Units Delivered/Under Construction: 249 units | 5 Year Avg. Absorption (2012 - 2016): 235 units Total Unsold Units Delivered/Under Construction: 180 units | 5 Year Avg. Absorption (2012 - 2016): 95 units Projected Sellout: 12-18 Months Projected Sellout: 24 Months

PROJECTED PROJECTED INVENTORY INVENTORY SELL OUT SELL OUT 14 15 300 200 196 249 250 150 200

150 100

100 50 UNDER CONSTRUCTION UNDER CONSTRUCTION 50

TOTAL UNSOLD UNITS DELIVERED/ TOTAL 0 UNSOLD UNITS DELIVERED/ TOTAL 0 0 0 2017 2018 Q2 2019 2020 2017 2018 Q1 2019 2020 2018

HALLANDALE | HOLLYWOOD BEACH FORT LAUDERDALE Total Unsold Units Delivered/Under Construction: 123 units | 5 Year Avg. Absorption (2012 - 2016): 218 units Total Unsold Units Delivered/Under Construction: 228 units | 5 Year Avg. Absorption (2012 - 2016): 200 units Projected Sellout: 12 Months Projected Sellout: 12-18 Months

PROJECTED PROJECTED INVENTORY INVENTORY 150 SELL OUT 250 228 SELL OUT 123 200

100 150

100 50

UNDER CONSTRUCTION UNDER CONSTRUCTION 50 TOTAL UNSOLD UNITS DELIVERED/ TOTAL UNSOLD UNITS DELIVERED/ TOTAL 0 0 0 0 2017 Q1 2018 2019 2020 2017 2018 Q2 2019 2020 2018 PRE-CONSTRUCTION ANALYSIS

The majority of today’s pre-construction condo projects, assuming they reach their pre-sale requirement of 60 – 75 percent, will not break ground until 2018. Given a minimum three-year construction cycle, most of the condo inventory currently listed as 24 DEVELOPMENTS CURRENTLY IN PRE-CONSTRUCTION PHASE pre-construction will not be delivered until 2021. SOUTH FLORIDA CONDOS BUILT EAST OF I-95

With the majority of condo projects that are currently under construction expected to be 2,030 TOTAL UNITS delivered by 2018, it stands to reason that the South Florida market will see very little new - 459 SOLD condominium supply added between 2019 and 2020. This two-year gap in substantial new condo supply is rare, and quite significant for a region like South Florida. 1,571 UNSOLD

MIAMI’S DEVELOPMENT CYCLE | PRE-CONSTRUCTION SNAPSHOT

EXPECTED GROUNDBREAKING 16 PRE-SALE COMPLETION 17

2016 2017 2018 2019 2020 2021+

0 BUILDINGS 11 BUILDINGS REMAINING DELIVERED DELIVERED BUILDINGS Under 12 stories DELIVERED NO NEW MINIMAL INVENTORY INVENTORY 2021-2023

*Aston Martin Residences excluded from the pre-construction pipeline as pre-sales are not required for project groundbreaking. BRICKELL - MIAMI RIVER 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 (Wynwood, Design District, Edgewater, Midtown and Omni)

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

100% SOLD D 1100 MILLECENTO 382 TOTAL UNITS D WYNWOOD 250 WYNWOOD 100% SOLD 11 TOTAL UNITS 94% SOLD 100% SOLD U 1010 BRICKELL 387 TOTAL UNITS DESIGN DISTRICT D BALTUS HOUSE 167 TOTAL UNITS 95% SOLD D BRICKELL CITY CENTRE TOWER I - REACH 390 TOTAL UNITS D 23 BISCAYNE BAY 100% SOLD 96 TOTAL UNITS 50% SOLD D BRICKELL CITY CENTRE TOWER II - RISE 390 TOTAL UNITS P 25 EDGEWATER 10% SOLD 93 TOTAL UNITS 99% SOLD U BRICKELL HEIGHTS EAST 367 TOTAL UNITS U 26 EDGEWATER 94% SOLD 86 TOTAL UNITS

99% SOLD D U BRICKELL HEIGHTS WEST 332 TOTAL UNITS BAY HOUSE 100% SOLD 165 TOTAL UNITS 99% SOLD 100% SOLD U BISCAYNE BEACH 399 TOTAL UNITS D BRICKELL HOUSE 374 TOTAL UNITS 98% SOLD D THE CRIMSON 73% SOLD 90 TOTAL UNITS U BRICKELLTEN 155 TOTAL UNITS 56% SOLD P ELYSEE 40% SOLD 100 TOTAL UNITS U BRICKELL FLATIRON 548 TOTAL UNITS BRICKELL U EMILIA EDGEWATER 85% SOLD 30 TOTAL UNITS U CASSA BRICKELL 85% SOLD 81 TOTAL UNITS EDGEWATER 18 100% SOLD 19 D ICON BAY 300 TOTAL UNITS 97% SOLD U ECHO BRICKELL 180 TOTAL UNITS 75% SOLD U GRAN PARAISO 321 TOTAL UNITS D LE PARC 91% SOLD 128 TOTAL UNITS P MISSONI BAIA 10% SOLD 146 TOTAL UNITS 100% SOLD D NINE AT MARY BRICKELL VILLAGE 390 TOTAL UNITS P NARANZA 11% SOLD 137 TOTAL UNITS 100% SOLD D MY BRICKELL 192 TOTAL UNITS 99% SOLD U ONE PARAISO 272 TOTAL UNITS

U 99% SOLD 91% SOLD SLS HOTEL AND RESIDENCES 453 TOTAL UNITS U PARAISO BAYVIEWS 388 TOTAL UNITS 99% SOLD U SLS LUX 450 TOTAL UNITS 100% SOLD U PARAISO BAY *360 CONDO TOWER ONLY 98% SOLD *BAY HOMES NOT INCLUDED D THE BOND 323 TOTAL UNITS U SPARK 40% SOLD 56 TOTAL UNITS P *ONE RIVER POINT EAST 25% SOLD 193 TOTAL UNITS 75% SOLD MIAMI RIVER MIDTOWN U HYDE MIDTOWN 365 TOTAL UNITS

P *ONE RIVER POINT WEST 25% SOLD 193 TOTAL UNITS 72% SOLD OMNI U ARIA 648 TOTAL UNITS *Sales Office and Developer will not release sales information therefore, project is being shown as 25% sold and 75% available P AUBERGE RESIDENCES & SPA MIAMI 11% SOLD 413 TOTAL UNITS 65% SOLD 5,908 Units Total / 5,101 Units Sold (86%) / 807 Unsold U CANVAS 513 TOTAL UNITS COMING SOON AVG. ABSORPTION: 645 UNITS ANNUALLY OVER THE LAST 5 YEARS P ASTON MARTIN RESIDENCES 390 TOTAL UNITS 99% SOLD D CENTRO 352 TOTAL UNITS DOWNTOWN MIAMI U 1000 MUSEUM 60% SOLD 83 TOTAL UNITS 52% SOLD U PARAMOUNT MIAMI WORLDCENTER 513 TOTAL UNITS SIGNATURE TOWER

Biscayne Corridor: 5,156 Units Total / 3,776 Units Sold (70%) / 1,380 Unsold Downtown Miami: 1,338 Units Total / 668 Units Sold (69%) / 670 Unsold AVG. ABSORPTION: 437 UNITS ANNUALLY OVER THE LAST 5 YEARS 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 and Hollywood Beach)

DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION

U 80% SOLD U 87 PARK* 50% SOLD 66 TOTAL UNITS SURF CLUB FOUR SEASONS PRIVATE RESIDENCES 150 TOTAL UNITS

D 321 OCEAN 100% SOLD 21 TOTAL UNITS SURFSIDE U FENDI CHATEAU 88% SOLD 58 TOTAL UNITS P 3900 ALTON 15% SOLD 78 TOTAL UNITS 82% 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 P AURORA 43% SOLD 61 TOTAL UNITS D FAENA HOUSE 47 TOTAL UNITS 100% SOLD 66% SOLD U RESIDENCES BY ARMANI CASA 308 TOTAL UNITS P FASANO SHORE CLUB 35% SOLD 75 TOTAL UNITS 96% SOLD D CHATEAU BEACH 81 TOTAL UNITS D GLASS 100% SOLD 10 TOTAL UNITS 92% SOLD U JADE SIGNATURE 192 TOTAL UNITS U L’ATELIER 60% SOLD 23 TOTAL UNITS MIAMI BEACH / 35% SOLD P THE ESTATES AT ACQUALINA 242 TOTAL UNITS SOUTH BEACH U LOUVER HOUSE 50% SOLD 12 TOTAL UNITS 100% SOLD D MAREA SOUTH BEACH 100% SOLD 30 TOTAL UNITS SUNNY ISLES D MANSIONS AT ACQUALINA 79 TOTAL UNITS BEACH D ONE OCEAN 100% SOLD 50 TOTAL UNITS U MUSE 70% SOLD 68 TOTAL UNITS D PALAU SUNSET HARBOUR 45 TOTAL UNITS 93% SOLD 20 100% SOLD U PARQUE TOWERS 310 TOTAL UNITS 21 D PELORO ON THE BAY 114 TOTAL UNITS 95% SOLD 100% SOLD U PORSCHE DESIGN TOWER 132 TOTAL UNITS U RITZ-CARLTON RESIDENCES 60% SOLD 111 TOTAL UNITS D REGALIA 98% SOLD 39 TOTAL UNITS D THE RESIDENCES AT FAENA HOTEL 7% SOLD 13 TOTAL UNITS 67% SOLD U RITZ CARLTON RESIDENCES 212 TOTAL UNITS U THREE HUNDRED COLLINS 80% SOLD 19 TOTAL UNITS U BAY BREEZE RESIDENCES 65% SOLD 17 TOTAL UNITS P TURNBERRY OCEAN CLUB* 40% SOLD 154 TOTAL UNITS P BAY HARBOR ONE 36 TOTAL UNITS 100% SOLD 50% SOLD HALLANDALE BEACH D BEACHWALK 84 TOTAL UNITS U HARBOUR PARK 88% SOLD 17 TOTAL UNITS D APOGEE BEACH 100% SOLD 49 TOTAL UNITS U KAI AT BAY HARBOR 82% SOLD 57 TOTAL UNITS 65% SOLD U KASA BAY HARBOR 11% SOLD 9 TOTAL UNITS HOLLYWOOD U HYDE BEACH HOUSE 342 TOTAL UNITS BEACH (NOW INCLUDING ALL RESIDENCES) U LE JARDIN 53% SOLD 30 TOTAL UNITS U HYDE RESORT AND RESIDENCES 100% SOLD 40 TOTAL UNITS D O RESIDENCES 100% SOLD 41 TOTAL UNITS D SAGE BEACH 85% SOLD 24 TOTAL UNITS U PEARL HOUSE 73% SOLD 15 TOTAL UNITS *Approx. % Sold - Sales Office will not release information U SERENO BAY HARBOR 100% SOLD 40 TOTAL UNITS BAY HARBOR ISLANDS U THE IVORY 85% SOLD 42 TOTAL UNITS 4,330 Units Total / 3,205 Units Sold (74%) / 1,125 Unsold P VISTA 27% SOLD 11 TOTAL UNITS AVG. ABSORPTION: 775 UNITS ANNUALLY OVER THE LAST 5 YEARS Faena Mar removed from list. Project on hold. P BIJOUR BAY HOUSE 41 TOTAL UNITS 60% SOLD *87 Park updated as of 12/12/2016 P CASA VERDE 50% SOLD 30 TOTAL UNITS D CLUB BAY HARBOR 100% SOLD 42 TOTAL UNITS U THE PALM RESIDENCES 30% SOLD 42 TOTAL UNITS P ONE BY TROSS 50% SOLD 17 TOTAL UNITS 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

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

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

U AVENTURA PARK SQUARE 68% SOLD 131 TOTAL UNITS P 32ONE 13% SOLD 23 TOTAL UNITS

P AVVA 20% SOLD 5 TOTAL UNITS P 33 INTRACOASTAL 50% SOLD 11 TOTAL UNITS

AVENTURA D BELLINI 90% SOLD 70 TOTAL UNITS D ADAGIO ON THE BAY 100% SOLD 12 TOTAL UNITS

D ECHO AVENTURA 93% SOLD 190 TOTAL UNITS P ADAGIO FORT LAUDERDALE BEACH 25% SOLD 31 TOTAL UNITS

U PRIVÉ 65% SOLD 158 TOTAL UNITS U AQUABLU FORT LAUDERDALE 54% SOLD 35 TOTAL UNITS

554 Units Total / 434 Units Sold (78%) / 120 Unsold U AQUALUNA LAS OLAS 94% SOLD 16 TOTAL UNITS AVG. ABSORPTION: 145 UNITS ANNUALLY OVER THE LAST 5 YEARS U AQUAMAR LAS OLAS 80% SOLD 20 TOTAL UNITS

D AQUAVITA LAS OLAS 100% SOLD 22 TOTAL UNITS

P AQUAVUE LAS OLAS 50% SOLD 8 TOTAL UNITS

22 23 NORTH MIAMI BEACH, KEY BISCAYNE U AUBERGE BEACH NORTH TOWER 89% SOLD 57 TOTAL UNITS AND COCONUT GROVE U AUBERGE BEACH SOUTH TOWER 28% SOLD 114 TOTAL UNITS P FOUR SEASONS PRIVATE RESIDENCES* 11% SOLD 42 TOTAL UNITS Total new construction condo units available for sale since mid-2011 *EST. NUMBER SALES U GALE HOTEL & RESIDENCES 65% SOLD 129 TOTAL UNITS DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD

D RECENTLY DELIVERED U UNDER CONSTRUCTION P PRE-CONSTRUCTION U GALLERIA LOFTS 58% SOLD 48 TOTAL UNITS

U THE HARBOUR 79% SOLD 425 TOTAL UNITS U PARAMOUNT FORT LAUDERDALE 85% SOLD 95 TOTAL UNITS NORTH MIAMI D U BEACH MARINA PALMS TOWERS I & II 468 TOTAL UNITS 95% SOLD U RIVA 60% SOLD 100 TOTAL UNITS

KEY BISCAYNE D OCEANA 100% SOLD 154 TOTAL UNITS P WAVE 65% SOLD 18 TOTAL UNITS

P FAIRCHILD RESIDENCES JUST RELEASED 26 TOTAL UNITS 781 Units Total / 456 Units Sold (58%) / 325 Unsold

D GROVE AT GRAND BAY 100% SOLD 97 TOTAL UNITS AVG. ABSORPTION: 200 UNITS ANNUALLY OVER THE LAST 5 YEARS

COCONUT GROVE U ONE PARK GROVE 30% SOLD 72 TOTAL UNITS

U TWO PARK GROVE 92% SOLD 73 TOTAL UNITS

U PARK GROVE CLUB RESIDENCES 100% SOLD 152 TOTAL UNITS

1,467 Units Total / 1,261 Units Sold (86%) / 206Unsold AVG. ABSORPTION: 95 UNITS ANNUALLY OVER THE LAST 5 YEARS *One Park Grove and Club Residences updated as of 12/12/2016 1

A1A

FORT LAUDERDALE NEW CONSTRUCTION SUMMARY BY SUBMARKETS

595 ( PERCENT SOLD )

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

(Includes pre-construction, under construction and recently delivered)

E

K

I NP

UR

T

S

A’

ORID 100% SOLD L F HOLLYWOOD BEACH 1 75% - 99% SOLD

50% - 74% SOLD

A1A FORT LAUDERDALE ...... 59% SOLD

HALLANDALE BEACH HOLLYWOOD BEACH ...... 72% SOLD

AVENTURA AVENTURA ...... 77% SOLD

95 SUNNY ISLES BEACH HALLANDALE BEACH ...... 100% SOLD

2224 SUNNY ISLES BEACH ...... 74% SOLD 25

BAL HARBOUR ...... 82% SOLD BAL HARBOUR

BAY HARBOR BAY HARBOR ISLANDS ...... 70% SOLD ISLANDS SURFSIDE

1 NORTH MIAMI BEACH SURFSIDE ...... 82% SOLD

NORTH MIAMI BEACH ...... 86% SOLD

95 MIAMI BEACH / SOUTH BEACH ...... 66% SOLD

DESIGN DISTRICT MIDTOWN BISCAYNE CORRIDOR BISCAYNE CORRIDOR ...... 70% SOLD EDGEWATER WYNWOOD A1A OMNI MIAMI BEACH / SOUTH BEACH DOWNTOWN MIAMI ...... 50% SOLD

DOWNTOWN MIAMI BRICKELL ...... 86% SOLD BRICKELL COCONUT GROVE ...... 82% SOLD

KEY BISCAYNE ...... 100% SOLD COCONUT GROVE

1

KEY BISCAYNE 26 RESALE CONDO INVENTORY BRICKELL - MIAMI RIVER AVENTURA

New condos built since 2006 and available for sale 18 months ago, 12 months ago, 6 months ago and currently available New condos built since 2006 and available for sale 18 months ago, 12 months ago, 6 months ago and currently available

PRICE PSF ACTIVE LISTINGS PRICE PSF ACTIVE LISTINGS

1,400 $530 500 $485 $474 $516 $520 450 $480 1,200 1,249 1,231 $514 1,203 400 434 $475 $510 $464 1,000 350 $470 1,059 $500 362 300 326 $465 800 $490 $462 $482 250 $460 600 $480 200 220 $455 $470 $451 400 200 $450 $460 100 $445 200 $449 $450 50 $440 0 $440 0 $435 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago 6 Months Ago Currently Active

Source: Multiple Listing Service Source: Multiple Listing Service 28 29

BISCAYNE CORRIDOR - DOWNTOWN MIAMI THE BEACHES

New condos built since 2006 and available for sale 18 months ago, 12 months ago, 6 months ago and currently active New condos built since 2006 and available for Sale 18 months ago, 12 months ago, 6 months ago and currently active (Wynwood, Design District, Edgewater, Midtown, Omni) (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach)

PRICE PSF ACTIVE LISTINGS PRICE PSF ACTIVE LISTINGS

1,400 $521 $530 1,800 $1,300 $520 1,600 $1,249 1,200 1,266 $517 1,548 $1,250 $510 1,400 $1,204 1,000 1,118 1,066 $507 $500 1,200 1,283 $1,200 1,249 800 871 $490 1,000 $1,156 $1,150 $480 800 600 $1,126 770 $470 600 $1,100 400 $460 400 200 $451 $1,050 $450 200

0 $440 0 $1,000 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago 6 Months Ago Currently Active

Source: Multiple Listing Service Source: Multiple Listing Service FORT LAUDERDALE EAST PALM BEACH

New condos built since 2006 and available for sale 18 months ago, 12 months ago, 6 months ago and currently available New condos built since 2006 and available for sale 18 months ago, 12 months ago, 6 months ago and currently active (Delray Beach, Boynton Beach, West Palm Beach) PRICE PSF ACTIVE LISTINGS

PRICE PSF ACTIVE LISTINGS

450 $623 $700 700 $350 30 400 $552 31 $540 $600 $307 385 $283 350 $530 600 617 $277 $300 $500 300 $268 500 $250 250 270 $400 400 429 $200 200 $300 150 181 300 $150 150 $200 100 278 200 222 $100 $100 50 100 $50 0 $0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 0 $0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active Source: Multiple Listing Service Source: Multiple Listing Service 32 CONDO RENTAL TRENDS THE BEACHES

New construction condos built since 2006 (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach) $6,485

$4.59 VACANCY RATE HISTORY

$5,894 MIAMI BEACH RECORD-BREAKING ANNUAL RENTAL RATES $4.24 6%

LISTED/RENTED MONTHLY PRICE PRICE PSF

2016 $5,563 $90,000 $3.84 $80,000 $25.19 $70,000 $70,000 $60,000 $60,000 $17.91 $50,000 $17.87 $4,902 34 35 $50,000 $14.89 $40,000 $40,000 $40,000 14% $3.26 $10.45 $30,000 $30,000 $9.58 2010 $3.06 $20,000 $4,425 $10,000 2,792 Sq. Ft. 6,260 Sq. Ft 4,700 Sq. Ft. 2,872 Sq. Ft. 2,238 Sq. Ft. 1,588 Sq. Ft. $0 1 Hotel and Oceanside Fisher Faena House Continuum Faena House Setai Homes Island $2.63 LISTED/AVAILABLE RENTED 2016 $3,925 $3,936 18%

Source: Multiple Listing Service 2005 $2.49

2010 2011 2012 2013 2014 2015 2016

VACANCY RATE OCCUPANCY RATE AVG. PRICE AVG. PRICE PSF

Source: Multiple Listing Service BISCAYNE CORRIDOR BRICKELL

New construction condos built since 2006 New construction condos built since 2006

VACANCY RATE HISTORY $3,077 VACANCY RATE HISTORY $2.98 $2.89

4% 4% $2,858

2016 2016 $2,730 $2.81 $2.74

$2.61

$2,687 $2,781 $2,680

$2.61 $2.58 $2.57 36 37 $2,484

10% $2,568 9% $2,462 $2.42 2010 $2,425 2010 $2.33 $2.30 $2.32 $2,300 $2.28

$2,200 $2,283 $2,211

11% 15%

$2.19 2005 2005

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

VACANCY RATE OCCUPANCY RATE AVG. PRICE AVG. PRICE PSF VACANCY RATE OCCUPANCY RATE AVG. PRICE AVG. PRICE PSF

Source: Multiple Listing Service Source: Multiple Listing Service AVENTURA FORT LAUDERDALE $2.44 New construction condos built since 2006 New construction condos built since 2006

$3,058

VACANCY RATE HISTORY $3,925 VACANCY RATE HISTORY $2.03 $2.00 $2.01

$1.91 $2,657 3% 1% $1.82

2016 2016 $1.82

$3,538

$2,482

$1.69 $2,373 38 $3,306 39 $3,255 $2,226 9% 10% $1.59 $1.68

2010 2010

$3,056 $1.50 $1,974 $1.40 $1,935 $2,938

$1.53 $1.54 $2,820

15% 15%

2005 2005

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

VACANCY RATE OCCUPANCY RATE AVG. PRICE AVG. PRICE PSF VACANCY RATE OCCUPANCY RATE AVG. PRICE AVG. PRICE PSF

Source: Multiple Listing Service Source: Multiple Listing Service REAL ESTATE CORE SECTORS REAL ESTATE RULE OF THUMB 5% of inventory on the market or below = a seller's market Attributed to the proven desirability of the Miami market, as well as 10% of inventory on the market or above = a buyer's market. other factors, Miami’s core real estate sectors continue to be a healthy market. From all-time low vacancy rates and an influx of mixed-use projects slated for the commercial space, to historically low mortgage MIAMI-DADE COUNTY RESIDENTIAL SNAPSHOTT. rates driving solid residential sales, we can expect to see continued growth in the market’s fundamental real estate segments. SINGLE-FAMILY HOME, CONDO/TOWNHOME AND RENTAL UNITS AVAILABLE IN THE MLS

“There’s every indication rates have TOTAL HOUSING UNITS FOR SALE TOTAL HOUSING UNITS RESIDENTIAL further to fall and no indication that For the second consecutive year, and eight out of the last 10 1,010,556 years, 30-year, fixed-rate mortgage rates have dropped, hitting an they’ll rise any time soon.” average rate of 3.44% in August. This trend has played a major role - Redfin Chief Economist in the market’s consistently solid home sales. Nela Richardson

Source: FreddieMac.com

818,623 30-YEAR FIXED RATE MORTGAGE TREND ANALYSIS, 2006 - 2016

6.41% 6.34% 40 41

6.03%

Mortgage rates hit historic low LOW INVENTORY LOW INVENTORY

5.04% ONLY 3% ONLY 2% of total housing units of total housing units 4.69% are available for sale in are available for sale in 4.45% Miami-Dade County Broward County

4.17% 3.98% 3.85% Total Active Single- Total Active Single- 3.66% Family Homes 6,120 5,226 Family Homes Total Active Rentals 11,208 5,190 Total Active Rentals

Total Active Condos/ Total Active Condos/ 3.44% Townhomes 13,876 8,001 Townhomes

TOTAL 31,204 18,417 TOTAL 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 MIAMI-DADE COUNTY BROWARD COUNTY

Source: Nasdaq Global Newswire Source: Multiple Listing Service and Census Bureau THE EVOLUTION OF THE SINGLE-FAMILY HOME 1900 2 Story, 2-3 Bed, 0-1 Bath Tin ceilings, fir floors, fireplaces and chimneys REAL ESTATE CORE SECTORS Grand staircases and pocket doors Parlors become living rooms SINGLE-FAMILY HOMES 2 Story, 2-3 Bed, 0-1 Bath 1910 Older homes retrofitted with electrical wiring "Sleeping porches" are popular for health benefits of fresh air DAYS ON THE MARKET (DOM) SINGLE-FAMILY HOMES Clawfoot tubs, china cabinets and wardrobes are common fixtures 2014 vs. 2016 MLS Analysis for Closed Sales 1920 2 Story, 2-3 Bed, 1 Bath DOM 2016 2014 DOM European touches are popular; French windows and doors 2014 Gas stoves are now standard MIAMI-DADE COUNTY 23 DOM 2016 Built-in closets and built-in buffets are popular features 65 DOM 2 Story, 2-3 Bed, 0-1 Bath 2014 1930 BROWARD COUNTY 45 DOM 2016 Homes are wired with electricity and have detached garages 70 DOM Building code requires bathrooms to be indoors The living room moves to the front of the house Source: Multiple Listing Service 1940 1-1/2 Story, 3-4 Bed, 1 Bath MIAMI-DADE COUNTY SINGLE-FAMILY HOMES Attached garages begin to appear Available for sale 18 months ago, 12 months ago, 6 months ago and currently available The fireplace loses popularity Arched doorways and covered ceilings are popular

PRICE PSF ACTIVE LISTINGS 1 Story, 2-3 Bed, 1 Bath 1950 26,183 "U"-shaped kitchens, "L"-shaped homes, ranch style 25,000 $361 $400 Double ovens and kitchen islands in pastel colors Rambler homes feature side drives or enclosed garages $350 20,000 18,034 $300 1960 2 Story, 3-4 Bed, 1 Bath 42 $253 Some furniture and major appliances built-in 43 15,000 $238 $250 Vaulted ceilings, Terrazzo floors, dual paned windows $228 Sheetrock replaces plaster for interior walls 10,444 $200 $ PSF 10,000 $150

INVENTORY 1-2 Story, 2-3 Bed, 1-2 Bath 6,120 1970 $100 1 in 5 homes now has a laundry room 5,000 66% of homes now have central air $50 Split-level homes have floating staircases, sunken living rooms 0 $0 1980 2 Story, 3-4 Bed, 1 Bath 18 Months Ago 12 Months Ago 6 Months Ago Currently Active Finished basements become popular Source: Multiple Listing Service Electric heat in the early 1980s changes to gas in 1988 Cathedral ceiling skylights

BROWARD COUNTY SINGLE-FAMILY HOMES 1-2 Story, 2-3 Bed, 1-2 Bath 1990 Available for sale 18 months ago, 12 months ago, 6 months ago and currently available The fireplace regains earlier popularity Kitchens swell in size to largest yet, islands become popular again PRICE PSF ACTIVE LISTINGS Walk-in closets 30,848 2000 2 Story, 3+ Bed, 2.5 Bath 30,000 $300 Carpet replaced with hardwood floors $255 Stainless steel kitchens 25,000 $250 Infinity pools, snail showers, pre-wired surround sound 20,627 $202 2 Story, 3+ Bed, 1-2 Bath 2010 20,000 $193 $200 $186 Garage have multiple uses (including as "man cave") Open floor plans 15,000 $150

11,452 $ PSF INVENTORY 10,000 $100 2020 5,226 5,000 $50 2020s 2,600 Sq. Ft. 0 $0 Homes projected to grow nearly 3x in size from 1900 18 Months Ago 12 Months Ago 6 Months Ago Currently Active Two master bedrooms (up & downstairs) Water and energy conservation systems Home automation technology Source: Multiple Listing Service Source: MiamiAgentMagazine.com REAL ESTATE CORE SECTORS CLASS A OFFICE CONDO MARKET AVERAGE RENT PSF ANALYSIS PRICE PSF OFFICE $60 As the Miami market continues to grow as a hub for international “The office markets in Florida ended 2015 on a $48 $50 $46 finance and trade, the demand for office space has increased. This high note...rents grew across the board with $45 demand, combined with a lack of quality available options, has the vacancy rates approaching levels not seen $40 driven Miami’s office rental rates up over the last year. Tightening since before the financial crisis. New construction, $34 market conditions and positive economic trends are expected to particularly in South Florida, is being fed by maintain the strength of Miami’s office real estate sector. $30 strong confidence in the positive market fundamentals." $20 - Senior Managing Director, Cushman & Wakefield

Larry Richey $10

0 CLASS A OFFICE CONDO MARKET VACANCY RATES (2012-2016) BRICKELL DOWNTOWN AVENTURA MIAMI BEACH MIAMI VACANCY Source: Costar and CBRE

BRICKELL DOWNTOWN MIAMI

25% 25% 2015-2016 RECORD-BREAKING TRANSACTIONS 44 45 18% 20% 20% MIAMI BRICKELL SOUTH BEACH 9100 & 9130 S. Dadeland Blvd. 800 Brickell Ave. 1674 & 1688 Meridian Ave. 15% 15% 12% 10% 10% $150 MILLION $112 MILLION $48 MILLION 500,000 SQ. FT. / $300 PSF 290,122 SQ. FT. / $400 PSF 119,966 SQ. FT. / $406 PSF 5% 5% Source: MiamiHerald.com Source: Law360.com Source: BizJournals.com

0% 0%

2012 2013 2015 2015 2016 2012 2013 2015 2015 2016

CLASS A OFFICE CONDO MARKET SOLD PRICE PSF ANALYSIS (2013-2016)

PRICE PSF AVENTURA MIAMI BEACH $386 $400 25% 25%

$300 $275 20% 20% $250 $220 15% 15% $200

10% 10% 5% $100 5% 4% 5%

0 0% 0%

2012 2013 2015 2015 2016 2012 2013 2015 2015 2016 2013 2014 2015 2016

Source: Costar and Loopnet

Source: Costar and CBRE MIAMI REAL ESTATE CORE SECTORS “ South Florida’s economic growth since the #1 recession and the number of new people moving ON THE HORIZON RETAIL have really ramped up retail.” Developers and mall operators across the region are FORT LAUDERDALE to the state building new shopping centers, as well as expanding A healthy demand and tightening availability for Miami retail - Senior Economist at TD Bank properties have resulted in rapidly growing rents and low Micheal Dolega and renovating exisiting ones, particularly in the city’s vacancy rates, making retail among the strongest sectors of #2 hottest retail hubs. Miami’s commercial real estate market. TOP MARKETS IN THE U.S. FOR INVESTORS LOOKING TO BUY RETAIL ASSETS IN THE NEXT 3 YEARS Source: Reis, Ten-X Report - 2016 MIAMI OUTSELLS NEW YORK & LOS ANGELES The Miami metro area, which includes Broward and Palm Beach MIAMI VS. U.S. EFFECTIVE RENTS PSF FORT LAUDERDALE VS. U.S. EFFECTIVE RENTS PSF counties, has more sales per square foot for non-anchor tenants MIAMI U.S. FORT LAUDERDALE U.S. than any other metro area in the U.S.

$28 $26.78* $21 1 Miami: $768 $20.16* Brickell City Centre $26 $20 2 Washington, D.C.: $608

3 New York: $581 $24 $22.81 $19 $19.43* 4 Denver: $579 $22 $18 $17.53 5 Los Angeles: $566 500,000 SQ.FT. $20 $19.43* $17 NEW RETAIL SPACE $17.38 46 $17.53 47 $18 $16 125 $16 $15 NEW RETAILERS 2015-2016 RECORD-BREAKING TRANSACTIONS 2010 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019* 2010 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019* DELIVERED FALL 2016

*Projected *Projected SOUTH BEACH Sources: Reis, Ten-X research forecasts Sources: Reis, Ten-X research forecasts 1021 Lincoln Road

MIAMI VS. U.S. VACANCIES % FORT LAUDERDALE VS. U.S. VACANCIES % $370 MILLION MIAMI U.S. FORT LAUDERDALE U.S. 48,000 SQ. FT. / $7,700 PSF Source: MiamiHerald.com 315,000 SQ.FT. 12% 12% EXPANSION

10% 9.2%* 10% 10% WYNWOOD $200 MILLION 10% 2600-2630 N.W. Second Avenue TOTAL VALUE 8% 8% 2017 ESTIMATED COMPLETION 6% 9.2%* 6% 6% $53.5 MILLION 4.2%* 9.2% 42,800 SQ. FT. / $1,250 PSF 4% 4% Source: TheNextMiami.com

2% 2% 6.7%*

0% 0% DOWNTOWN MIAMI 888 Biscayne Boulevard 2010 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019* 2010 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019* 400,000 SQ.FT. EXPANSION *Projected *Projected $14.94 MILLION Sources: Reis, Ten-X research forecasts Sources: Reis, Ten-X research forecasts 11,090 SQ. FT. / $1,347 PSF $400 MILLION Source: TheRealDeal.com TOTAL VALUE

TBD COMPLETION REAL ESTATE CORE SECTORS INDUSTRIAL SOLD PRICE PSF ANALYSIS (2013-2016) 2.47 MILLION PRICE PSF SQ.FT. UNDER CONSTRUCTION INDUSTRIAL $200 $181

Low vacancy rates, increasing lease rates and a growing demand $150 $125 $115 by both U.S. and foreign companies have made Miami one of $105 85% $100 the country’s strongest markets for industrial development. DELIVERED IN 2016 Demand for new Class A industrial facilities is so high in this $50 gateway market that many buildings are pre-leased before construction is even completed. 2016 RECORD-BREAKING TRANSACTION 0 2013 2014 2015 2016 MIAMI 2015 VS. 2016 CLASS A INDUSTRIAL SPACE Source: Costar and Loopnet INDUSTRIAL PROPERTY NEAR MIAMI INTERNATIONAL AIRPORT Industrial real estate has always been the steady and less glamorous cousin of TOTAL VACANCY (LOW) LEASE RATE COMPLETIONS $209 MILLION office real estate, but now it is looking more attractive than ever. The strong 3.6% $8.61 PSF 687,000 SQ. FT. 867,343 SQ. FT. / $241 PSF macroeconomic climate has positioned the U.S. as a safe and stable environment ARROWS INDICATE CHANGE FROM PREVIOUS YEAR Source: TheRealDeal.com for investors who may be experiencing economic volatility.

Source: NREIonline.com

48 49 TOTAL VACANCY VS. AVERAGE DIRECT ASKING LEASE RATE INDUSTRIAL SPACE UNDER CONSTRUCTION AND COMPLETIONS

PRICE PSF VACANCY UNDER CONSTRUCTION COMPLETED

7% $10 3,000,000 2.5 million sq. ft. 6.4% $8.61 under construction 2,500,000 6% $8

2,000,000

5% $6 $5.38

1,500,000 $ PSF

VACANCY % VACANCY 4% $4 3.6% 1,000,000 SQ. FT. UNDER CONSTRUCTION SQ. FT.

3% $2 500,000

2% $0 0 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q2 2016 2011 2012 2013 2014 2015 2016 YTD

Source: CBRE Research, Q2 2016 Source: CBRE Research, Q2 2016 POPULATION

Florida’s Growth “Florida remains a national leader STATES WITH THE LARGEST DAILY POPULATION INCREASE (2014 - 2015) Florida ranked second nationally for population growth, with an in population growth. This is driven average of over 1,000 new residents a day, ahead of much larger #2 NATIONALLY RANK STATE P/DAY California and behind only Texas. by excellent employment numbers, IN POPULATION GROWTH 1 Texas 1,343 FLORIDA POPULATION GROWTH lagging home prices and favorable 2 Florida 1,002 consumer sentiment. All of the 3 California 966 FLORIDA POPULATION GROWTH = 1 MILLION relevant indicators suggest Florida 4 Georgia 323 will remain one of the nation’s 5 Washington 294 2040* 26 MILLION premier live-work-play destinations." 6 North Carolina 281 2020* 21.2 MILLION 7 Colorado 277 1,002 - Florida Research Manager, Cushman & Wakefield Source: U.S. Census Bureau 2016 20,636,975 MILLION NEW RESIDENTS Chris Owen PER DAY 2006 18 MILLION

1967 6.6 MILLION 1914 882K STATE POPULATION GROWTH 1914 1967 2006 2020* 2040* *Projected Source: U.S. Census Bureau 2016

1. New York 1. New York 1. California 1. California 1. California 1. California 50 51 5. Texas 2. California 2. Texas 2. Texas 2. Texas 2. Texas UNITED STATES POPULATION GROWTH 400* 12. California 6. Texas 3. New York 3. Florida 3. florida 3. florida 400 MIL 336* 300 321 33. Florida 15. Florida 4. Florida 4. New York 4. New York 4. New York 300 MIL 200 *Projected 200 MIL Source: U.S. Census Bureau MILLIONS 100 100 MIL

1800 1914 1967 2006 2016 2020* 2040* *Projected Source: WorldPopulation.com Bye, Bye New York Between its harsh winters and even harsher tax burden, it’s no wonder that New Yorkers are leaving the state in big numbers WORLD POPULATION GROWTH for more appealing places like Florida, and that the number of 10 BIL 9.5* residents moving to New York everyday has been on the decline. 1002 9 BIL 7.8 FLORIDA NEW YORK 8 BIL 7.450 803 7 BIL 6.6 701 671 645 6 BIL 522 5 BIL BILLIONS 4 BIL 3.5 233 238 243 3 BIL 188 1.8 152 2 BIL 128 1 1 BIL

2010 2011 2012 2013 2014 2015 1800 1914 1967 2006 2016 2020* 2040* *Projected Source: WorldPopulation.com 52 INTERNATIONAL REPORT INTERNATIONAL REPORT INTERNATIONAL MARKET SPOTLIGHT: CHINA There are a number of factors that lure foreigners to buy in Miami. TOP COUNTRIES OF ORIGIN OF A market that offers incredible value compared to other popular INTERNATIONAL BUYERS IN MIAMI destinations in the U.S., South Florida also boasts an amazing Chinese investors continue to expand their residential purchases in South Florida MIAMI footprint in the U.S. and South Florida doubled from 2012 to 2015. Interest, climate, diverse cultural landscape and a secure economic and 1. Venezuela political environment. The combination of these factors makes real estate markets, leading all nations in population and investment in South Florida 2. Brazil buyers feel confident in investing here. international investment in the country. from China will continue to increase with the #4 3. Argentina The dollar volume of Chinese real estate recent expansion of the Panama Canal and the IN ASIAN INVESTMENT promise of a nonstop, scheduled service flight AMONG U.S. MARKETS FLORIDA 4. Colombia investment in the country is up 19 percent year-over-year according to the Wall Street from China to Miami in the very near future. Source: CBRE IN 2016 U.S. FOREIGN 5. Mexico BUYER SALES Journal, while the percentage of Chinese #1 6. Peru Source: National Association of Realtors Source: Miami Association of REALTORS® MOTIVATING FACTORS FOR THE EMERGING CHINESE REAL ESTATE BUYER: “ Regardless of what happens in the world, international and domestic buyers are always interested in Miami for its multicultural affinity, strategic location, excellent weather, THE PURSUIT OF A HEALTHIER THE REGION’S LEADING DIVERSIFICATION OF exciting lifestyle and friendly global business environment.” ENVIRONMENT & LIFESTYLE EDUCATION CENTERS INVESTMENT PORTFOLIO

COB, MIAMI Association of Realtors Christopher Zoller 54 55

Why Foreign Buyers Invest in Miami

ON THE HORIZON...

Miami International Airport welcomed the “ I’m hopeful we will get something to Asia in first nonstop flight from Asia this year – a major step in the process to secure regular the next 24 months." nonstop service to and from the region. - Miami-Dade Aviation Director Emilio T. González

FINANCIAL SECURITY WEATHER LUXURY LIFESTYLE International buyers view Miami as Miami’s fantastic weather attracts A global city with world-class amenities, a safe, secure place to invest their foreign buyers looking to get away shopping, dining and nightlife, Miami money, offering physical, legal, and from the cold winter in their homeland. offers international buyers a unique place economic security. to live, work, and play. • 16.5 HOURS ILES • NO 8 M NS 62 TO 8, P

MIAMI TAIWAN

HEALTHY LIVING FAVORABLE TAX CLIMATE From its abundance of green space and With no personal income tax, no property good air quality, to the excellent quality taxes, and countless other tax breaks, Florida's of life it offers, Miami appeals to those stable and highly favorable tax climate make seeking a setting that supports health Miami a desirable location for investors, and well-being. business owners and homebuyers alike. TRANSPORTATION

56 57 PORTMIAMI

Past: Future:

Early in the 1900’s, a powerful hurricane hit Royal Caribbean Cruises Ltd. recently terminal will serve as homeport to Royal Miami, splitting the southern end of Miami announced an agreement with Miami- Caribbean International ships, including a Beach and creating Government Cut and Dade County to construct and operate a 5,400-passenger Oasis-class ship, the world’s what is now known as Fisher Island. The cut dramatic new cruise terminal at PortMiami, largest and most innovative cruise ships. was dredged, along with a new channel, to on land leased from the County. The new what now is known today as Bicentennial Park in Downtown Miami. This new access to the $500 MILLION 4,000 mainland created the Main Channel which ECONOMIC IMPACT NEW JOBS greatly improved the shipping access to the

new port. Dodge Island (Port Miami) circa 1960s Source: Yahoo Finance

Present:

Serving 4.9 million passengers a year, PortMiami is the world’s busiest cruise ship port, and ships more than 7.4 million tons of freight around the world. PortMiami’s $2 billion-plus renovation has prepared it 58 for the growth in traffic resulting from the 59 Panama Canal expansion. It is now the only port south of Virginia that can accommodate mega-cargo vessels.

Source: Miami’s Great Inflection - FIU-Miami Creative City Initiative

PORTMIAMI IS THE SECOND LARGEST ECONOMIC ENGINE IN MIAMI-DADE COUNTY

$28 BILLION ECONOMIC IMPACT Neopanamax ship Rendering of Royal Caribbean's proposed new cruise terminal

In July of 2016, PortMiami officially joined the Neopanamax era, when the MOST POPULAR LUXURY CRUISE DEPARTURE PORTS IN THE WORLD 207,000 MOL Majesty became the first ship to arrive at the port after transiting the newly expanded Panama Canal. It also received honors as the first U.S. port to JOBS 1. Miami receive a Neopanamax ship. 2. New York 4,915,576 “ The megaship era is here, and yes, PortMiami is proud 3. Southampton CRUISE PASSENGERS and ready — very ready.” 4. Barcelona - Commissioner José Díaz 5. Istanbul 1,007,782 CARGO TEU’S Source: Forbes.com

Source: MiamiDade.gov MIAMI INTERNATIONAL AIRPORT FORT LAUDERDALE- HOLLYWOOD Past: INTERNATIONAL PASSENGERS Miami International Airport circa 1960s INTERNATIONAL In 1927, executives at Pan American Airways purchased 116 acres along NW 36th Street 21,206,557 AIRPORT for the purpose of building an airport. When

completed in 1928, the airfield boasted a 20,201,503 passenger terminal, two hard-surfaced runways 20,096,541 5.52% With Fort Lauderdale’s current international and domestic and two hangars. The $50,000 terminal building passenger growth came a $2.3 billion proposal to was the first passenger facility of its type to 19,371,680 provide faster check-in times, decrease delays, and provide become operational in the United States. 18,417,513 additional restaurant and retail options. This proposal, known as the FLL Airport Improvements and Renovations 1927 1928 1931 1945 1959 1970 1988 2014 Program, will modernize terminals, add gates for international and domestic destinations and make MIA is founded (formerly The City of Miami Nonstop transatlantic American Airlines Pan American Field) purchases the airport from flights begin announces that it will way for additional commercial tenants in efforts Pan Am establish a base at MIA 16,891,958 to enhance the passenger experience. Pan American Airways Eastern Airlines begins to The airport’s modern moves its operations to service the airport passenger terminal opens MIA welcomes its 100th air carrier, Miami and purchases making it the only U.S. airport to land to build an airport offer passenger and cargo service on 100 different carriers $2.3 BILLION IN RENOVATIONS

South Runaway Expansion $791MIL Complete 60 61 2010 2011 2012 2013 2014 2015 Terminal 4 Redevelopment and Expansion $450MIL West 2015 / East 2017 In-Line Baggage System $100MIL Terminal 1 & 2 Complete Terminal Concourse A $150MIL Early 2017 #10 AIRPORT IN U.S. Terminal Renovation Program $300MIL Early 2017 for Terminals 1,2 & 3 VOLUME OF DOMESTIC PASSENGERS Noise Mitigation Program $175MIL Ongoing

In-Progress Projects $334MIL Ongoing DOMESTIC PASSENGERS

Source: Capa - Centre for Aviation

23,143,690 ANNUAL INTERNATIONAL PASSENGER GROWTH 18% from 2014 11.03% 30%

25% Present

20,845,338 20% Miami International Airport ranks second U.S. AIRPORTS - INTERNATIONAL PASSENGERS 20,361,445 20,095,764 only to New York’s John F. Kennedy Airport in 44.3 MILLION 15% TOTAL PASSENGERS 1. New York (JFK) 19,896,876 the number of international flights departing 10% the U.S. It also serves as the hub for the 2. Miami (MIA) region’s growing aviation cluster, which 18,806,069 5% includes more than 466 companies offering 21.2 MILLION 3. Los Angeles (LAX) services in airfreight, flight simulators, flight 0% INTERNATIONAL 4. Newark (EWR) training, aircraft parts and assembly. PASSENGERS 2010 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 5. Hartsfield Atlanta (ATL) Source: Miami’s Great Inflection - FIU-Miami Creative City Initiative Source: Capa - Centre for Aviation BRIGHTLINE

BY ALL ABOARD FLORIDA “With Brightline, we are reimagining what it means to travel by train in Past: America and have taken a thoughtful and innovative approach to how In the late 19th century, Henry Flagler began first passenger train. The system’s famous MIAMICENTRAL developing the railroad system that would extension to Key West, later deemed the we designed our trains.” link the entire east coast of Florida. Officially Overseas Railway, and one of the most daring - President of All Aboard Florida named the Florida East Coast Railway in infrastructures attempted at the time, was Michael Reininger 1895, the system historically made its way to completed in 1912 with the start of passenger Miami in April of 1896 with the arrival of the service on that route.

Present:

All Aboard Florida’s Brightline is a great step forward at compressing time traveled and distance. The express train service connecting Miami, Fort Lauderdale, West Orlando - Palm Beach and Orlando will essentially make 3 Hours this mega-region one integrated economic

62 unit and commuting shed. Envision the 63 power that could come from an integrated Southern Florida economy the size and scale West Palm Beach - 60 Min. of the Netherlands. Fort Lauderdale - 30 Min. Miami Source: Miami’s Great Inflection - FIU-Miami Creative City Initiative

Future: SERVICE BEGINS SUMMER 2017

30 MIN 60 MIN 3 HR

MIAMICENTRAL FORT LAUDERDALE WEST PALM BEACH ORLANDO

PHASE 1 PHASE 2

An express, intercity train service arriving in 2017, Brightline will leverage a 100-year-old infrastructure backbone built by Henry Flagler, marking the beginning of a new era in Florida’s rich rail history. Designed to serve tourists, business travelers and Florida residents, Brightline will improve the overall commuting experience in South Florida and beyond. 64 65

&

CULTURAL ECONOMIC GROWTH TECHNOLOGY MIAMI TECH PROGRAMS

Between its desirable weather, tax incentives generated a solid tech workforce. An influx FROM 2013 TO 2015, TECHNOLOGY ACCELERATORS and proximity to Latin America, South Florida of businesses including software developers, has drawn a growing number of tech biotech firms, telehealth companies and FIRMS DOUBLED THEIR FOOTPRINT IN • Building.co companies and startups to its shores. The shared workspaces have made the region MIAMI/SOUTH FLORIDA • Cambridge Innovation Center area’s supply of technical talent, from coders a prominent player in the tech sector, surely Source: CBRE • EchoTech Visions and programmers to designers, is also a lending to Tech Americas Cyberstates major draw. Top-ranked institutions including ranking Florida fourth in the nation for tech • Venture Hive FIU, UM and Miami Dade College, as well as employment. • Emerge Americas boot camps and fellowship programs, have • Endeavor Miami • The Lab Miami TOP FIVE STATES BY TECH EMPLOYMENT (2015) SOUTH FLORIDA TECH SECTOR NEW OFFICE LEASES • Win Lab • Healthbox 1,250,000 1,000,000 1,149,988 848,500 • Miami Entrepreneurship Center (MEC) 261 • Startup Bootcamp Miami

1,000,000 Up 83% • Watsco Ventures 750,000 in one year eMerge Americas 2015

66 750,000 67 585,614 500,000 463,000* 500,000 369,533 S.Q. F.T. 389,089 311,807 294,615 250,000 250,000

0 0 CALIFORNIA TEXAS NEW YORK FLORIDA MASSACHUSETTS 2013 2014 2015

Source: CBRE *Approximate Source: U.S. Cyberstates Report #4

TECH SCHOOLS AND PROGRAMS “WeWork to open four-floor co-working center in • The Idea Center at Miami Dade College Sampling of global tech brands that have expanded to Brickell City Centre” • LaunchCode Miami in the last year: Source: Miami Herald 2016 • CS5OX Miami • Wyncode Academy • Girls Who Code “Venture Hive accelerator lures tech firms from 40 nations” • Iron Hack Source: Miami Today 2016 • 4GeeksAcademy • Code Fever • 01 “Knight Foundation fuels tech ecosystem” • Girl Develop It Source: Miami Today 2016 • CodeKids HOTEL EVOLUTION MIAMI: THE GATEWAY FOR INTERNATIONAL HOTEL BRANDS

Hotels have always played a uniquely very beginning, contributed to the shaping of A recent influx of international hotel significant role in the story of Miami. From the Miami’s identity. Today, the boutique hotels brands launching their first U.S. locations city’s first luxury hotel, the Royal Palm Hotel, and luxury resorts that fill Miami and Miami in Miami absolutely confirms its status as which established Miami as a tourist mecca, Beach are some of the most desirable vacation a well-positioned global city. This global to the iconic art deco hotels that helped put destinations in the world. recognition, combined with its diverse South Beach on the map, hotels have from the clientele, unbeatable weather, convenient Royal Palm Hotel location, comparably affordable prices, and burgeoning arts scene is prompting hoteliers from around the world to choose the Magic City over other top markets like LUXURY ROOMS WITHIN THE MIAMI REGION ARE EXPECTED TO INCREASE BY 9.10% BY 2017 New York and Los Angeles. EAST Miami at Brickell City Centre

5-STAR HOTEL ANALYSIS OVER THE PAST 20 YEARS (South Florida hotels located east of I-95) Source: HMD Index 11,997* 55 NUMBER OF HOTELS 12,000 A WAVE OF NEW HOTELS COMES TO DOWNTOWN MIAMI NUMBER OF HOTEL ROOMS 10,996 52 68 69 50 11,000 A drastic evolution of Downtown Miami in drawing major hoteliers. Once home to 47 the last few years, driven by a significant just a few established hotels, including the 10,000 45 population surge, has brought a myriad of InterContinental Miami and Miami Marriott trendy restaurants and attractions to the Biscayne Bay, both built in the 1980s, 9,000 40 area. It’s transformed the once sleepy, nine- Miami’s downtown is now welcoming a new to-five part of town into an urban core that’s generation of hotels. 8,000 35 Source: Miami Herald

7,000 30 5,936

HOTELS 6,000 DOWNTOWN MIAMI’S NEWEST HOTELS

25 HOTEL ROOMS 5,000 Now

20 1. The Langford Hotel 4,000 2. ME Miami 16 3. W Miami 15 3,000 Future 8 10 4. Yotel 2,000 1,404 5. Marriot Marquis Miami Worldcenter

5 1,000 ME Miami

0 0 “We started having more residents that came to downtown, 1996 2006 2016 *2017 and we started having more offerings. Downtown started developing its own flavor as a destination.” *Projected Source: Hotel Market Data Index (HMD Index) & Five Star Alliance -Executive director or the Miami Downtown Development Authority Alyce Robertson 3 ARTS AND CULTURE 5

4 THE DEVELOPERS WHO SHAPED MIAMI’S ARTS AND CULTURAL SCENES From the founding fathers who had hands in these individuals to thank, not only for their Miami’s creation, to the visionaries who’ve put contributions of museums, art collections Miami on the map, Miami’s leading developers and urban art and design hubs, but also for have also played a major role in influencing driving Miami’s recognition as a center for the city’s arts and cultural sectors. We have culture and creativity.

HENRY M. FLAGLER Henry Flagler’s founding of the Florida East Coast Railway and continuation of the railroad into the area 1 today known as Miami was the catalyst for the development of the Magic City. Fittingly named the “Father of Miami,” Henry Flagler’s monumental contributions to South Florida also include his beautiful 55-room Beaux Arts-style mansion built in 1902, which would become Florida’s first museum in 1960, Flagler Museum.

6 CARL G. FISHER Carl Fisher or “Mr. Miami Beach” was one of the best-known and active developers during Miami’s land boom in 2 the 1920’s. He cleared mangroves and built solid land, developing Lincoln Road, casinos and luxury hotels and resorts that solidified Miami as a tourist destination. Unknown to many, Fisher developed and built the Miami Beach Garden in 1924, a Beaux Arts-style amphitheater located on 41st Street between Alton Road and Garden Avenue, 1 and was the largest building in the city at the time. 70 71 2 MARTIN MARGULIES For over three decades, Martin Margulies has developed luxury condominiums in South Florida, including Grove 3 Isle in Coconut Grove and Bellini Williams Island. From a small sculpture garden on Grove Isle, Margulies, always passionate about the art world, has grown his art collection into a major institution. The Margulies Collection at the Warehouse, now located in Miami’s Wynwood Arts District, includes works by first rate artists and is considered one of the most important collections of its kind, with an estimated worth close to $1 billion.

TONY GOLDMAN A real estate developer known for turning neglected urban neighborhoods around the country into thriving 4 international destinations, Tony Goldman was an artist too, in his vision and ability to add life and color to lifeless and bland communities. Tony Goldman and his company, Goldman Properties, transformed Miami Beach from an unappealing and undervalued city into a celebrity playground, and Wynwood from a gritty warehouse district into Miami’s vibrant arts center, complete with perhaps one of his most iconic masterpieces, the Wynwood Walls.

CRAIG ROBINS Throughout his career as a real estate developer, Craig Robins has nurtured the growth of Miami neighborhoods 5 that combine commerce, culture, creativity and a strong sense of community. His unique approach to real estate development and passion for art and design have undeniably transformed Miami, most recently with the once- abandoned Miami Design District, which has been transformed into one of the most important global centers for cutting-edge design, fashion, food and art.

JORGE PEREZ Rightfully dubbed Miami’s “Condo King,” Jorge Perez of the Related Group has spent his career transforming 6 Miami’s skyline, developing some of the most luxurious buildings the world has ever seen. From his work with world-class architects and the installation of acclaimed artwork in his developments, to his donations and pledge to the Perez Art Museum Miami, Perez has shifted his focus more so to his artistic and philanthropic contributions. His work as a developer and arts advocate has shaped Miami into the international cultural capital it is today. FILM GLOBAL MEDIA BRANDS UTILIZING VIACOM'S NEW DOWNTOWN MIAMI STUDIO Past: Present: Last year, Viacom launched a new two-stage, Lights, Camera... Miami! 88,000-square-foot facility in Downtown Miami. Between the incredible weather and sunshine and Miami’s versatile The new studio is home to premier global media geography, TV and film producers have been using the Magic City brands that create television programs, motion as the backdrop for their productions for decades. pictures and other entertainment content for Miami Vice, circa 1984 audiences in 180 countries.

Iconic films and TV shows shot in Miami

Flipper Show The Godfather II 1964-1957 1974 Goldfinger Jackie Gleason Show Black Sunday 1960 1970 1964 1966-1970 1977 1980

Future: In early 2018, NBCUniversal Telemundo Enterprises will open the doors to its brand new global headquarters in West Miami-Dade, which will 72 house several of the company’s divisions, offices 73 The Birdcage Miami Vice (show) and production operations. Currently under 1996 1984-1990 construction, the build-to-suit building will include Ace Ventura state-of-the-art TV production soundstages and Bad Boys Pet Detective Golden Girls Scarface Caddyshack

1990 house 1,100 to 1,300 employees. Expected to 1995 1994 1985-1992 1983 1980 create 3,000 jobs and generate an estimated $400 million in sales for Florida businesses, it is one of the largest investments in a broadcast facility in South Florida history.

There’s Something $250 MILLION About Mary Burn Notice INVESTMENT 1998 2007-2013 Ali 2 Fast 2 Furious Bad Boys 2 Miami Vice (movie)

2000 2001 2003 2003 2006 400,000 SQ.FT. FACILITY " Miami boasts the talent and capacity to be a thought leader in the arena of media. Over many years, the city 1,100 has also created a community of very talented creators EMPLOYEES and programmers and talent in front and behind the Ballers camera. Those two dynamics allow us to be successful." 2015-Present – Chairman of NBCUniversal Telemundo Enterprises Ride Along Bloodline Pain & Gain Step Up Revolution Marley & Me 2018 and NBCUniversal International Group 2016 2016 2015-Present 2013 2012 2010 2008 ESTIMATED COMPLETION Cesar Conde

Source: Miami Herald SPORTS

Past: Present:

Miami’s eventful sports history began with its football teams, and at the The current home of the Miami Dolphins, 92 percent of the crowd from sun and rain, LED center of it all is the Miami Orange Bowl. It was the home to the Orange Miami Hurricanes and Orange Bowl just lighting and four high-definition video boards Bowl game from 1938 to 1995 and served as the home field for Miami received a major facelift, making it a true that are among the largest in the NFL. It will Hurricanes football from 1937 until 2007. Home to the Miami Dolphins world-class stadium. Formerly Sun Life play host to premier events including Super for their first 20 seasons and host site of five Super Bowl games, the Stadium, the refreshed Hard Rock Stadium is Bowl LIV, College Football Championships, Orange Bowl is an iconic piece of Miami and American football history. a global entertainment destination, featuring international soccer matches, festivals and Orange Bowl Stadium, circa 1950s a state-of-the-art shade canopy that shields concerts.

SOUTH FLORIDA PROFESSIONAL SPORTS TEAMS STADIUM IMPROVEMENTS 1966 1988 1993 Coming Soon 65,326 56 16 SEATS FEET FROM THE UNIQUE SEATING Miami Dolphins Miami Heat Florida Marlins Florida Panthers Soccer FIELD TO THE EXPERIENCES SIDELINE SEATS

92% 22,400 OF FANS IN TOTAL VIDEO BOARD SUPER BOWL HOST CITIES THROUGH 2021 74 THE SHADE SQUARE FOOTAGE 75 11 10 MIAMI TO HOST Future: 2021 SUPER BOWL MIAMI'S MAJOR LEAGUE SOCCER FRANCHISE AND SOCCER STADIUM “We have the right site, the right ownership group, 5 and a loyal base of fans counting down the days 4 until our first match...we’re all-in on Over- 3 3 town, and we couldn’t be more excited about moving forward with plans to deliver the most responsible stadium in Miami history.”

Glendale, San Diego, Tampa, Pasadena, New Orleans, Miami, - CEO of Sprint and David Beckham Partner Florida Arizona California Florida California Louisiana Marcelo Claure

“ Miami has hosted more Super Bowls than any other city, and it's clear why. This is the place to live, work and play, and hosting the Super Bowl at Dolphins’ stadium once again serves as further evidence that Miami is a major event community.”

- Miami Dade County Mayor Carlos Gimenez EDUCATION

RANKED #1 COLLEGE IN FLORIDA MASSIVE EXPANSION OF HIGH SCHOOLS SOUTH FLORIDA UNDERGOES BY U.S. NEWS & WORLD REPORT'S 2017 BEST COLLEGES PLANNED IN NORTHEAST MIAMI-DADE BOOM IN MEDICAL EDUCATION

The school district wants to make room for about more students. MAST Academy would replace South Florida's medical schools are rapidly 1,000 more high school students by expanding portables with a permanent, $12.5 million building expanding and upgrading, in hopes of turning #2 UNIVERSITY OF FLORIDA | #3 FLORIDA STATE UNIVERSITY Dr. Michael M. Krop senior and MAST Academy big enough for 500 students. the region into a major hub for health care. at FIU. The district plans to put a new building on the Krop campus that would house 550 students Source: Sun Sentinel VENEZUELAN AND BRAZILIAN in a separate iPrep Academy – a successful, high- tech program, as well as spend about $3 million STUDENTS TOP UM'S INTERNATIONAL $27 MILLION SOUTH FLORIDA MEDICAL SCHOOLS ENROLLMENT FOR THE LAST 15 YEARS to remodel existing buildings to fit up to 200 IN HIGH SCHOOLS EXPANSION

Source: Miami Herald 1952 1979 2009 2011 2016 2018

University of Miami Nova Southeastern University Florida International University Florida Atlantic University of Miami's Nova Southeastern MIAMI-DADE SCHOOLS EXPANDING CHOICE Miller School of Medicine College of Osteopathic Herbert Wertheim University Charles E. Schmidt The Lennar Foundation University College of AND MAGNET PROGRAMS Medicine College of Medicine College of Medicine Medical Center Allopathic Medicine

New Magnet and Choice Programs:

76 77

Cybersecurity Coding Botany Visual Arts

Gaming Sports Medicine Forensic Science Zoology

Source: NBCMiami.com

“ What we’re doing differently this year is not just creating choice that attracts students. We are strategically embedding choice in neighborhood schools yet again to University of Miami's The Lennar Foundation Medical Center University of Miami's Miller School of Medicine keep students closer to where they live.”

– Miami-Dade Schools Superintendent 200,000 SQ. FT. NEW MEDICAL SCHOOL Alberto Carvalho AMBULATORY CENTER COMPLEX The outpatient center will provide easy access to The ultra-modern facility will include flat screens, state-of-the-art UHealth’s leading physicians for surrounding communities wireless technology, a media production facility, a teleconferencing as well as UM students, faculty, and staff. center, flexible workstations and a large auditorium.

76 EDUCATION

Miami is home to the fourth-largest public K-12 schooling, offering an expanding list In recent years, charter schools have grown increasingly popular for the unique benefits school district in the nation, several major of choice programs, as well as a rapidly that they can provide over traditional public schools, without the high price-tag of enrolling universities and some of the region's finest growing roster of undergraduate and a child in a private institution. Charter schools have been known to provide a number continuing education resources. Miami, as graduate program options at its various of benefits to students, from smaller class sizes and distance learning opportunities, well as the entire state of Florida, continues post-secondary institutions. to curriculum flexibility and specialty education. to rank highly in both public and private Charter school graduates in Florida were more likely to stay in college and earn higher salaries than their district school peers. MASSACHUSETTS - Study published in the Journal of Policy Analysis and Management 2016 BEST PUBLIC HIGH SCHOOLS 5 BY STATE

FLORIDA 2 CONNECTICUT TOTAL NUMBER OF FLORIDA CHARTER SCHOOLS 1 MARYLAND CALIFORNIA 3 #4 656 650 80% 579 78 LOCATED IN MIAMI-DADE, 79 Source: USNews.com 4 600 BROWARD AND/OR FLORIDA PALM BEACH COUNTY

550

500 STATES WITH THE HIGHEST NUMBER NEW YORK 459 OF NEW CHARTER SCHOOLS (2015-2016) 5 450 FLORIDA

CALIFORNIA 1 400 #3 4 2010-2011 2012-2013 2015-2016 2 ARIZONA Source: South Florida Department of Education

Source: USNews.com TEXAS 3 FLORIDA NUMBER OF CHARTER SCHOOLS BY STATE STATE NEW CHARTER SCHOOLS ADDITIONAL STUDENTS 1. California 1,234 California 80 36,1000 Texas 53 17,200 2. Texas 723 3 Florida 38 31,900 3. Florida 656 Arizona 19 17,000 4. New York 257 New York 12 19,3000

Source: National Alliance for Public Charter Schools Source: PublicCharters.org LANDSCAPE OF THE FUTURE WHY MIAMI IS AMONG THE TOP GLOBAL CITIES

The 3 T's of Economic Development: Miami: On a Global Level

Miami’s incredible growth and progress in the last 120 technology, banking and the arts, positions Miami for a TALENT TOLERANCE TECHNOLOGY years have proven that it’s got what it takes to be counted bright and diversified economic future. The city is becoming among the great global cities of the world. Its transition increasingly recognized for its international, creative from an economy traditionally based solely on tourism, and tolerant talent pool, making Miami one of the most TALENT hospitality and real estate development, to one that’s attractive cities in the world to not only live and play, but to expanded and become more rooted in business creation, do business in as well. #1 #2 With nearly six million residents and a gross regional product topping HAPPIEST PLACES TO WORK METROPOLITAN AREA IN THE U.S. $300 billion, Greater Miami is now comparable in size and economic power FOR NEW BUSINESS CREATION to Singapore or Hong Kong. Source: Forbes Source: Kauffman Foundation’s 2016 Index of Startup Activity

Source: Miami’s Great Inflection – FIU-Miami Creative City GREATER MIAMI HIGHEST PERFORMING SECTORS

6 MILLION LEGAL HEALTHCARE BUSINESS & FINANCE RESIDENTS Talent base Talent base Talent base 80 81 75% 8% 6% $300 BILLION greater than the U.S. avg. greater than the U.S. avg. greater than the U.S. avg. GROSS REGIONAL PRODUCT Talent base to grow by Talent base to grow by Talent base to grow by 24% 11% 11% by 2024 by 2024 by 2024

Source: Miami’s Great Inflection – FIU-Miami Creative City

Miami is poised to become the next great American city for entrepreneurship. After all, it is a major U.S. city, as well as a gateway to South and Central America and Europe. It is quite the global city in its own right, and now it is about to be known in our own country for what it can do in entrepreneurship.

TOLERANCE TECHNOLOGY #1 #4 MELTING POT INDEX FLORIDA'S RANK IN THE U.S. Share of immigrants and foreign-born nationals FOR TECH EMPLOYMENT Source: U.S. Cyberstates Report

#2 SOUTH FLORIDA TECH SECTOR OVERALL TOLERANCE INDEX NEW OFFICE LEASES UP A composite index which combines the Melting Pot Index, Bohemian Index and Gay and Lesbian Index 83% in one year

Source: Miami’s Great Inflection – FIU-Miami Creative City Initiative Source: CBRE ISG CITY WATCH RICH HISTORY Purchased and developed as a tourist destination and collection of exclusive waterfront properties back in 1920, Sunny Isles Beach, deemed “Florida’s Riviera,” has always attracted a privileged crowd. A massive wave of themed, uniquely-designed beachfront motels sprang up along Collins Avenue in the 1950s and Miami's "Billionaires' Row" ‘60s, creating the famous “Motel Row.” The most iconic of these motels was of course The Castaways and From its stunning beaches and opulent condominiums, to its association with all its famous Wreck Bar, which amassed an international reputation for being a celebrity hotspot, hosting the things luxury, it’s easy to see how Sunny Isles Beach has become the “Billionaires' $11 BILLION+ likes of The Beatles, The Monkees and Jimmy Hendrix. The real estate boom of the early 2000s brought IN NEW DEVELOPMENT a new wave of iconic structures: the luxury high-rise condos and hotels that the city is known for today. Row” of the South. Five-star resorts and dining and $11.5 billion in new developments round out the appeal of this high-end haven to the elite.

LUXURY TOYS No opulent lifestyle would be complete without convenient access to the best luxury toys money can buy. From the hottest exotic cars on the market to over-the-top sports yachts, Sunny Isles Beach’s streets and waterways are filled with the most desirable vehicles and boats in the world, with dealers of the best names and brands in exotic cars, speedboats and yachts just minutes away.

GLAMOROUS BEACHES Probably the area’s largest draw for its affluent residents is the city’s two miles of pristine, white sandy beaches. Sunny 82 83 Isles Beach’s clean, un-crowded, private beaches and turquoise, crystal clear waters are ideal for those looking to lounge poolside in a luxurious ocean- front cabana, sink their toes in the sand or enjoy activities like snorkeling, diving and fishing.

UNBEATABLE ACCESSIBILITY Sunny Isles Beach’s perfectly central location, the midpoint between Miami and Fort Lauderdale, is reason enough to want to live there year round. Only a few miles from two major international airports, and South Florida’s trendiest cultural, shopping, dining, fitness and recreational venues, Sunny Isles Beach is in proximity to every DESIGNER SHOPPING luxury one could need. MUSE Residences If there’s one thing the rich and famous love, it’s luxury CARLOS OTT shopping. Sunny Isles Beach is just minutes away from "STARCHITECTS" Miami’s most high-end retail destinations. Just across the A slew of award-winning architects have landed on the shores of Sunny Isles Beach, designing some of the sleekest and Causeway is the Aventura Mall, the largest conventional most technologically-advanced oceanfront condos the world has ever seen. These opulent sky-high residences complete shopping mall in Florida, and home to countless upscale with white-glove services and amenities (and record-breaking price tags) have attracted the wealthiest of the wealthy stores from Louis Vuitton and Cartier, to Givenchy and from all over the world to live and play. Missoni. Just to the South is the Bal Harbour Shops, known internationally for its exquisite collection of designer boutiques and restaurants. Carlos Ott Herzog & de Meuron Bernardo Fort-Brescia/ César Pelli Sieger Suarez (Muse Residences, (Jade Signature) Arquitectonica (Residences by Armani/Casa) Architects Jade Beach, Jade Ocean) (Regalia) (Porsche Design Tower) 84 SOUTH FLORIDA

With the extensive construction and expansion taking place in our region, what will Greater Miami actually look like by the end of this decade?

Photo Credit: Photographer: Nick Garcia DOWNTOWN MIAMI

Downtown Miami: $12 billion in new development throughout 20 blocks

1 MET (MDM) - JW Marriott Hotel / Beaux Arts Hotel / MET Square 12 Paramount Miami Worldcenter (Falcone) - 12 million sq. ft. / 27 Acres / Hotel, Retail, Civic Space, Office, Residential / $4 Billion 470 Hotel Rooms / 1,700 Seat Theatre / 4 Story Retail / 41,000 Sq. / Ft. Restaurant / Whole Foods 749 Ft. Signature Tower / 513 Condos 2 One Bayfront Plaza (FECR) - 4.2 million sq. ft. / 72 Story Tower / Mixed-use, / Office, Hotel, Retail / $2 Billion 13 1000 Museum (Covin) - 63 Stories / 83 Condos Design by Zaha Hadid / $300 Million

3 Biscayne Boulevard Beautification - Grand Boulevard Landscaping & Baywalk Links Streets, Parks and Bay 14 Museum Park - 29 acres. / Perez Art Museum Miami / Patricia & Phillip Frost Museum of Science / $500 Million

4 CENTRO (Newgard) - 37 Stories / 352 Loft Style Condos / $90 Million 15 Adrienne Arsht Center - 48,000 sq. ft. / Film Production Studio / $13.6 Million

5 Flagler on the River (MELO) - 32 Stories / 300 Condo Residences 16 Auberge Residences & Spa Miami (Related) - 60 Stories / 143 Condos

6 Skyrise Miami Tower (Berkowitz) - 1000 Ft. Observation Tower / Mixed Use Retail and Hospitality / $400 Million 17 Omni (Genting) - 1.5 million sq.ft. / Hilton Hotel, Office, Retail & Potential Casino / $400 Million

7 Vizcayne - Two 49 Story Towers / 849 Condos / 55,000 s.f. Retail / $265 Million 18 Canvas (NR Investments) - 37 Stories / 513 Condos

8 300 Biscayne (Property Markets Group) - Residential and Commercial 19 Resorts World Miami (Genting) - 14 acres / Destination Resort / Hotels & Residences / $3 Billion / Proposed

9 Brightline's MiamiCentral Station - Mixed-use / 9 Acres / 1.5 Million Sq. Ft. Office,Residential, Retail and Hotel

10 LAMM Nader Latin - American Art Museum at MDC / 50 Floors / 270 Units

12 600 Biscayne - TBD

86 87

2 8 13

1 3 4 5 6 7 9 10 1012 1015 18

11 14 16 17 19

Photography courtesy of:

Amounts are an estimate. BRICKELL

Brickell: $6 billion in new development

1 Landscape Park - Public / Bayfront Park / Proposed 11 Panorama Tower (Florida East Coast) - 821 Condos / 128 Hotel Rooms / 81 Stories / 82,000 Sq. Ft. Retail / 38,000 Sq. Ft. Office

2 Cassa Brickell (TSG) - 10 Stories / 81 Condos 13 1010 Brickell (Key International) - 387 Condos / 47 Stories / Design by Sieger Suarez

3 Le Parc at Brickell (ALTA & Strategic) - 128 Boutique Condos / 12 Stories 12 Brickell Flatiron (Ugo Colombo) - 548 Condos - 65 Stories / Design By Luis Revuelta

4 Atton Hotel - 270 Rooms / 12 Stories / Design by Luis Revuelta 16 NINE at Mary Brickell (Starwood Capital & Lynd) - 390 Condos / 48 Stories / Design by ADD

5 Echo Brickell (Property Markets Group & JDS) - 180 Luxury Residences / 57 Stories / Collaboration by Carlos Ott + yoo Studio 14 Brickell Heights (Related) - 2 Towers / 699 Condos / 48 Stories / Design by Arquitectonica

6 Brickell House (New Guard) - 374 Condos / 46 Stories 15 SLS Lux (Related) - 450 Condos / 85 Hotel Suites / 57 Stories / Design by Arquitectonica

7 SLS Brickell (Related) - 453 Condos / 120 Hotel Rooms / 52 Stories / Design by Phillipe Stark 17 Brickell City Centre (Swire) - 5.4 million Sq. Ft. / 9 Acres / 780 Condos / 93 Apartments / 243 Hotel Rooms / 520,000 Sq. Ft. Retail / 240,000 Sq. Ft. Office

8 The Bond (MDR) - 323 Condos / 43 Stories 18 My Brickell (Related) - 192 Condos / 27 Stories

9 1100 Millecento (Related) - 382 Condos / 42 Stories / Design by Carlos Ott + Pininfarina 19 One Brickell (Related) - 3 Towers / 80 Stories / 70 Stories / 55 Stories / 1,200 Condos / 200 Hotel Rooms / 200,000 Sq. Ft. Retail / Proposed

10 BrickellTen (IBGroup) - 155 Condos / 22 Stories

88 89

5 9 12 14 19

1 6 7 8 10 11 16 8

15 17

13 3

2 4

Photography courtesy of:

Amounts are an estimate. BISCAYNE CORRIDOR

Edgewater, Midtown & Design District: $4 billion in new development

1 The Filling Station Lofts (FLS Development) - 81 Condos / Was built and is now converting to condos 14 Icon Bay (Related) - 300 Condos / 42 Stories

2 Aria on the Bay (Melo) - 648 Condos / 50 Stories / 40,000 SF Commercial Space 15 Emilia Edgewater (Nicastro) - 30 Condos / 7 Stories

3 National Young Arts Foundation - Proposed New Campus / Designed by Frank Gehry at Historic Bacardi Building 16 Naranza (Prodesa) - 137 Condos / 20 Stories

4 25 Edgewater (Spider) - 93 Condos / 12 Stories / Proposed 17 Biscayne Beach (Eastview) - 399 Condos / 51 Stories

5 Elysee (Eastview) - 100 Units / 57 Stories 18 Paraiso Bay / Gran Paraiso (Related) - 2 Towers / 689 Condos / 55 Stories

6 23 Biscayne Bay (Melo) - 96 Condos / 18 Stories 19 Paraiso Bayviews (Related) - 388 Condos / 44 Stories

7 Biscayne Line - Public Bay Walk / Proposed from Venetian Cswy to Julia Tuttle Cswy 20 New Public & Private Bayfront Marina and Park

8 250 Wynwood (Fortis) - 11 Condos / 6 Stories / Mixed-Use Retail 21 Hyde Midtown (Related) - 40 Hotel Units / 365 Condos / 31 Stories / *Midtown

9 Wynwood Art - District Walls / On-going Art Movement 22 One Paraiso (Related) - 276 Condos / 53 Stories

10 26 Edgewater (Stripey) - 86 Condos / 10 Stories 23 Spark (Spider) - 56 Condos / 28 Stories

11 Missoni Baia - (Oko Group & Missoni) / 146 Condos / 38 Stories 24 Eve at the District (Mac Group) - 195 Units / Retail and apartments

12 Bay House (Melo) - 165 Condos / 38 Stories 25 Dacra Project (Craig Robins) / 540,000 Sq. Ft. Luxury Retail / *Design District / Proposed

13 The Crimson (Mckafka) - 90 Condos / 20 Stories 26 Baltus House (Related) / 167 Condos / 15 Stories

90 91

14 16 19 1 5 22 23 2324 2325

7 9 11 15 17 20 2 2 3 4 1 6 8 10 12 13 18 21 26

Photography courtesy of:

Amounts are an estimate. SUNNY ISLES BEACH

$11.5 billion in new development

1 Regalia (Regalia Beach Developers) - 46 Stories / 39 Units 8 Chateau Beach (Chateau Group) - 33 Stories / 81 Units

2 Residences by Armani Casa (Related/Dezer) - 60 Stories / 308 Units 9 MUSE ( S2 Development /Property Markets Group) - 49 Stories / 68 Units

3 Porsche Design Tower (Dezer) - 57 Stories / 132 Units 10 Jade Signature (Fortune) - 57 Stories / 192 Units

4 Turnberry Ocean Club (Turnberry Associates) - 54 Stories / 154 Units 11 Parque Towers (Milton) - 26 Stories / 310 Units

5 The Estates at Acqualina (GSF Acquisition) - Two Towers / 50 Stories / 265 Units 12 400 Sunny Isles (Key International) - 230 Units

6 Mansions at Acqualina (GSF Acquisition) - 47 Stories / 79 Units 13 The Ritz-Carlton Residences (FortUne/Chateau Group) - 50 Stories / 212 Units

7 Aurora (Verzasca) - 17 Stories / 61 Units

92 93

6 9 10 11

2 3 5 7 8 12 1 4

13

Photography courtesy of:

Amounts are an estimate. DORAL

$2 billion in new development

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

2 IVI Doral - 64 Condos / 12-acre development

3 Modern Doral (Terra) - 3 Phases / 316 Condos / Luxury Single Family / 27-acre development / 150,000 Retail Space

4 Midtown Doral (Optimus) - 3 Phases / Phase I + II / 509 Condos / Phase III TBD / 150,000 Sq. Ft. Retail / 90-acres

5 Isles at Grand Bay (Lennar) - 672 Condos / Luxury Single Family

6 City Place Doral (Related) - 48-acres / 22 Million Sq. Ft. / 300,000 Sq. Ft. Retail / 280,000 Sq. Ft. Office / 1,000 Residences

7 Oasis Park (Optimus) - 150 Condos / Single Family

8 Downtown Doral | 5252 Paseo + 5300 Paseo (Codina) - Mixed-use Community / 1 Million Sq. Ft. (Office) / 180,000 Sq. Ft. (Retail) / 2,840 Condos

9 Bel Air at Doral (ZOM) - 249 Condos / Luxury Rental Complex / Groundbreaking Aug. 2013 / 4.2-acres Lakefront

10 Trump National Doral - $250 Million Renovation / 100,000 Sq. Ft. Event Space / New BLT Prime Restaurant

94 95

6 7 8 9 10

3

1

2

4

5

Photography courtesy of:

Amounts are an estimate. FORT LAUDERDALE

$3 billion in new development

1 AquaLuna Las Olas (Roy & Eisinger) - Two Waterfront Buildings / 16 Condos 12 AquaBlu Fort Lauderdale (Roy & Eisinger) - 35 Condos

2 AquaMar Las Olas (Roy & Eisinger) - Three Waterfront Buildings / 20 Condos 13 Paramount (Encore Housing and Kodsi) - 18 Stories / 95 Condos

3 AquaVita Las Olas (Roy & Eisinger) - Two Waterfront Buildings / 22 Condos 14 Adagio on the Bay (Grupo Alco, Garcia Stromberg + GS4 Studio Architects) - 12 Condos

4 AquaVue Las Olas (Roy & Eisinger) - 8 Condos 15 RIVA (Premier) - 14 Stories / 100 Condos

5 32One (Sobelco) - 23 Pre-Construction 16 Auberge Beach Residences & Spa (Related) - Two Towers, 17-22 Stories, 171 Condos

6 Gale Hotel & Residences (Neward Development & Menin Hospitality) - 122 Condos 17 33 Intracoastal (Thirty Third LLC) - 11 Condos

7 The Residences at W Fort Lauderdale (Related Companies) - 171 Condos Airport and I-595 - $42.5 million / Expansion to I-595 / $791 million runway renovation at Fort Lauderdale-Hollywood International Airport

8 ICON Las Olas (Related) - 272 Residences / Under Construction

9 Adagio Fort Lauderdale Beach (ALCO Group International) - 31 Condos

10 Four Seasons (Nadim Ash & Fort Partners) - 65 Private Residences

11 Wave - 18 Residences / Pre-Construction

96 97

5 7 12

3

2 4 6 9 11 13 14

1 8 10 15 16 17

Photography courtesy of:

Amounts are an estimate. ON THE GROUND

EXPERT INSIGHTS ON THE SOUTH FLORIDA REAL ESTATE LANDSCAPE

Alex Vidal President RelatedISG International Realty

Q: 30-year, fixed-rate mortgage rates hit a historic Q: Based on what you’ve seen this last year, what do all-time low this year. Have you seen a direct impact you predict will be Miami’s next hot neighborhood? on the residential real estate market because of this? A: Downtown Miami is expected to be one of the A: Absolutely. Domestic buyers are at an all-time fastest growing neighborhoods in the country and high right now because of how inexpensive mort- it’s easy to see why. Major mixed-used, public/private gages are. As a result, inventory levels, primarily in projects like All Aboard Florida’s Brightline (begin- the single-family home market, are lower than most ning service next year) and residential developments buyers realize. like Brickell City Centre, Miami Worldcenter, One Thousand Museum, and Vice have led to downtown Q: There is a perception in the industry that South Miami’s 30 percent population increase since 2010. Florida’s real estate market has slowed down some- Proximity to recreational venues like PAMM, the what. Based on what you’re seeing at RelatedISG, do Frost Museum of Science, the Adrienne Arsht Center you see this is as reality? and American Airlines Arena is another import- 98 ant draw. The booming millennial population, the A: We have seen a slower sales pace with pre-con- biggest impact group in the region, is creating and struction condos, but commercial real estate, sin- attracted to the renewed nightlife, dining, shopping gle-family home sales and apartment rentals are and pedestrian-friendly experience in downtown. very active. From all-time low vacancy rates for both residential rentals and office space, to record-low Q: Given South Florida’s ever-changing real estate mortgage rates driving solid home sales, Miami’s climate, what do you foresee for the future of the core real estate sectors are on the rise. We’re also small-, mid- and large-scale real estate brokerage CELEBRATING seeing the high-end condo buyer negotiating great business? SEVEN YEARS deals on developments currently under construction. There is a window of opportunity right now that A: The brokerages that are diversified in their types OF THE ISG these buyers are taking advantage of. of sales will continue to do well. Usually these are brokerages that have multiple offices and a large MIAMI REPORT Q: What makes the Miami market so desirable to number of realtors and are able to capitalize on the TM invest in right now? segments of the market that are doing well at any The Miami Report is produced for general interest only. It is not definitive given time. Smaller brokerages, because of their size, and is not intended to give advice. A: Miami has long been known for its central, “gate- tend to focus on only one market segment, and if Although high standards have been way to the Americas” location, amazing climate and that slows for any reason, may find it difficult to -re used in the preparation of the infor- diverse cultural landscape. However, in the last few mation, analysis and views presented main in business. We have seen the trend of smaller in the Miami Report, no responsibility years, Miami’s population growth, which includes brokerages merging with larger ones for this exact or liability whatsoever can be accept- high-net-worth individuals and millennials, has reason; to learn and penetrate markets they other- ed by ISGWorld for the contents. We positioned Miami as a high-profile, global city. Its make no express or implied guarantee wise couldn't have. RelatedISG, for example, has of the accuracy of any of the contents. status as a thriving financial center with a broaden- done six acquisitions like this in the last year. As far as applicable laws allow, we do ing creative economy and growing startup and tech not accept responsibility for errors, ecosystem is fueling its residential, rental, cultural inaccuracies or omissions, nor for loss and social sectors. or damage that may result directly or indirectly from reliance on or use of its contents. The Miami Report does not reflect the views of ISGWorld. Readers should not take or refrain from taking any action as a result of information in the Miami Report. WORLD HEADQUARTERS International Sales Group, LLC Turnberry Plaza 2875 Northeast 191 Street • 2nd Floor Aventura, FL 33180 P: 305.931.6511 | isgworld.com

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