Miami business leaders bullish on local real estate market: survey

Almost 60 percent of Miami business leaders recently surveyed by law firm Bilzin Sumberg expect to see investment pour into real estate over the next 12 to 18 months. According to the New Miami Investment Survey, which was commissioned by Bilzin and surveyed 200 local executives, condominium homes (33 percent of repondents) and multi-family rentals (38 percent) are the likely targets. Almost 48 percent of respondents also believed that individual investors would serve as the primary source of investment over the next 12 to 18 months, and nearly 60 percent believed the financing market had improved since 2011. “At a time when other parts of the country are still struggling, Miami is seeing a record level of activity on the part of major international players placing confidence in our city as a business center and investment target,” said John Sumberg, Managing Partner of Bilzin Sumberg Baena Price & Axelrod. “This can be attributed to a number of factors, including the city’s gateway status; the affordability and availability of quality assets; attractive climate; and Miami’s strong brand perception around the world.” — Alexander Britell