Asia leads the way in Miami commercial investment

Jan.January 09, 2012 03:00 PM

While it garners an overwhelming share of the coverage, Latin America isn’t the only foreign region betting heavily on Miami real estate. As Seeking Alpha noted, Asian investors – led by Malaysian-based Genting – are now focusing on the city.

Asian companies like Miami because of the rapid growth of its tourism industry, Seeking Alpha said. In 2010 it hosted a record 12.6 million people, and the city is expected to draw more than 17 million in the near future. That growth supports businesses throughout the city and compelled Swire Pacific to plan for a $700 million Brickell CitiCentre, a retail, office, hotel and condominium project.

In 2011, Miami attracted $471.5 million in foreign commercial real estate investment, compared to $142 million and $120.3 million for Palm Beach and Broward counties, respectively, and $205 million for all non-South Florida counties combined.

Thanks to Genting, $252.3 million of the $951.2 million of foreign investment in Florida’s commercial real estate market came from Malaysia, the most of any foreign country. [Seeking Alpha]

Related Articles

Brickell City Centre (Credit: Wikipedia)

A three-story mini-golf is coming to Brickell City Centre

From top: Miami Produce Center, Mana Wynwood and Magic City Innovation District

Miami board votes to repeal Special Area Plans

Renderings of Brickell City Centre and Magic City

Miami may be closer to banning Special Area Plans

Janine Yorio

NYC startup to buy Miami condos at a discount and open to investors

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Brickell City Centr

Allegations of employee theft, retaliation and female harassment at Swire: lawsuit

Michael Fay, John Crotty, David Duckworth of Avison Young with 99 Riverside

Miami River site in Brickell hits market, could sell for $90M, broker says

Jolted: Elevator companies face lawsuits over injuries at two Brickell sites

Jolted: Elevator companies face lawsuits over injuries at two Brickell sites