The Miami area is not only a great place to live and to buy residential property, but also a fantastic place to buy retail space and office property. In fact, a number of people from Latin America, and other countries, have been looking for both office buildings and properties with just a single-tenant building all around Miami, as well as in other parts of the county. The number of purchases and clients looking for these properties has skyrocketed over the course of the last year and a half or so.
Why Are These Properties So Popular?
While we certainly know that the real estate market for residential homes is doing well, the other parts of the Miami economy are growing just as quickly. Smart businesspeople want to get in on this action, and that has set them racing toward buying up these office properties as fast as they can. In fact, they are buying at a rate that’s faster than what even many of the real estate experts in the Miami area had anticipated. Many of the buyers seem to be coming from Latin America, as there have been an increasing number of purchases made by people from Argentina, Brazil, and El Salvador.
International investors from all around the world see the potential that Miami is offering. It is a multicultural city that is a major hub for all types of business, and the area is continuing to grow quickly. They realize that investing now and holding onto those retail and office spaces has the potential to provide them with a nice return on their investment.
Many of the buyers already have at least one home in the Miami area. They might be using this as an investment rental, or as a vacation home. They have the money to buy – with the average investor able to purchase retail and office properties between $3 and $5 million in most cases. Some of the wealthier buyers are even able to buy property and build their own. In other cases, developers are looking at the need for more of these types of properties and are building them for clients, knowing that they will be able to sell them. The Solution Group said that they are building an office condo in Coral Gables to meet the demands of their customers. Others are doing similar things to help increase their sales.
It Keeps Growing
The power of commercial property in Miami and the surrounding area is growing quickly, and foreign investors do not want to waste time getting properties in the country that they can then lease, or even start their own business. The commercial market has seemingly limitless potential right now, so you should expect to see even more investors from other countries snapping up properties as soon as they become available. Since there are limited properties now, it is a seller’s market. However, with developers starting to build new properties, this could change in the future.