103 NE 59th St 103 NE 59th St OM - Final | Page 32

AREA OVERVIEW
Market Summary
Miami‘s Global Postion
Miami has long been the number one location for well-heeled Central
and South Americans to invest/preserve their wealth. Canada, Europe
and Asia’s prosperous also consider Miami a safe haven for their capital.
With no state income taxes, affluent domestic buyers from high tax cities
like New York are finding Miami to be a very economically friendly place
to not only relocate themselves but also their businesses. (More and
more hedge funds are being relocated to Miami.)
According to Knight Frank’s 2015 “Global Wealth Report,” Miami is
ranked as the sixth most important global city for the world’s super rich,
ahead of Paris, Dubai, Beijing and Zurich, which round out the top 10.
Similarly, Miami also makes Christie’s International Real Estate “Top 10
City in the World for Luxury Real Estate.”
GREATER DOWNTOWN MIAMI AT A GL ANCE
Population (Share of Miami-Dade County 65,307 (2.5%)
Projected Population Growth (2013-2018) 14.97%
Average Household Income $97,671
Households with income over $75,000 30.6%
Households with Bachelo'rs Degree of Higher 50.7%
Average Housing Value $323,867
Miami has always been the commercial and cultural center for Florida
and the Caribbean, but in the last 30 years it has emerged as a
world-class international hub and a gateway for all of Latin America.
Miami serves as the center logistical and cultural hub of the Eastern
Seaboard. The inevitable result is a diverse and invigorating Latin
culture superimposed upon what was already a major commercial,
resort, and retirement area dating back to the 1920s.
Many think of it as a tourist center, but import/export and international
financial trade, with Latin countries, make up a far larger part of the
economy. These activities bring a large banking industry, as well as
cargo transport and warehouse. The manufacturing and corporate
headquarter rosters are also growing. High tech giants are opening
offices in Miami in greater numbers including: Facebook, Google, Twitter,
Uber, Square and Shyp. They realize that by locating in Miami, they gain
a comparative advantage to Latin American markets. Adding high tech
jobs to Miami’s predominantly financial and legal jobs base should lead
to a more diverse local economy and a wealthier urban resident.
103 NE 59TH STREET | OFFERING MEMORANDUM
COLLIERS INTERNATIONAL P. 32