Why The Miami CRE Has Nothing To Fear
A new report by the Miami-Dade Beacon Council reveals one of the main reasons the Miami commercial real estate market is trending in the opposite direction of the contracting residential market. Demand for condos has decreased significantly while interest in commercial space is projected to grow.
At the heart of the demand for CRE is job creation. Miami-Dade County added nearly 12,000 jobs from August 2015 to August 2016 with growth leading in the construction sector (11.2 percent), followed by the financial activities sector (4.3 percent) and professional services (1.7 percent), according to statistics recently released by the Beacon Council, the county’s private-public economic development agency.
“Year over year we continue to add jobs across sectors with two out of the three leading sectors providing higher than average paying jobs,” said the Beacon Council President & CEO Larry K. Williams. “The increase of construction jobs at projects around Miami-Dade is a strong indicator of widespread growth throughout our county and a continually improving economy.”
The top five industries that generated significant job creation in the past 12 months (ending August 2016) are:
Construction: 4,600 jobs
Financial Activities: 3,400
Professional & Business Services: 2,700
Retail Trade: 2,500
Leisure & Hospitality: 1,100
To read the full Beacon Council report, click here.