David Adler on Miami's Boom
When a market gets as hot as South Florida, people start to wonder if it can sustain itself. Adler Group president David Adler tells us that demand is still strong enough to keep the market blazing. That's why we're excited to hear from David and other expert panelists at Bisnow's 3rd annual South Florida State of the Market beginning at 7:30am on Sept. 22 at Soho Studios.
How would you describe the state of the market, especially residential—overheated or not?
The demand for rental apartments is supported by the influx of Millennials and the new jobs being created here for them, David says. Unlike some markets in which the tech sector is driving job creation, South Florida's expansion is more broad-based across the business services sector. One reason is that a lot of companies want a presence here, and while they might not headquarter in South Florida, they want to open sizable offices here to take advantage of regional and international opportunities.
Will international investors continue to be interested in South Florida, and if so, why?
Miami's now an international city, and from an investor's point of view, particularly an institutional investor, it's one of the least expensive places to invest, David explains, yet it offers high return. It's now an A-list market like London or New York, but without the same prices. Miami also draws investors for the lifestyle, and not just seasonally, but year-round. "We're getting calls from institutions around the world because we draw renters and people wanting to live in Miami, and they're recognizing that," he says.
What's one of the main challenges facing the market?
Even though there are more jobs, and demand for market-rate apartments is high, one of the biggest challenges is keeping up with the region's growth through investment in infrastructure. Right now, investment is lagging. "Transit, for example, is essential to the city's growth—not just my project Motion at Dadeland (pictured), but all of the residential projects underway now," David says. Currently, Adler Group has about 1,500 apartment units in various stages of construction, and "we're bullish about the sites we're working on," he adds. Hear more from David and our other speakers at our 3rd annual South Florida State of the Market beginning at 7:30am on Sept. 22 at Soho Studios. Sign up here.