“No top in sight” as Miami land prices soar
Scarcity isn’t the only thing driving up land prices in Miami, it’s also zoning.
“The primary reason we’ve seen an increase in value is because of zoning for higher use,” Devon White, vice president for CBRE’s brokerage industrial services in South Florida said.
Prices for these commercial parcels are back to peak levels, White told Miami Today.
“What drives demand is what a developer can do with the land and what the market can bear,” Patricia Birch, vice president for Gallaher & Birch, a commercial brokerage, said. “The demand for quality is high; properties in trophy locations always command the highest prices.”
And most industry insiders see prices continuing to soar.
“Land prices are continually going up,” said Jim Fried, managing director of the Aztec Group. “There’s no top in sight right now so we cannot see the ceiling.” [Miami Today] – Christopher Cameron