MIAMI ISG

Welcome to the 2019 edition of the Miami ReportTM
For the last nine years, ISG has produced and published the Miami Report. In each report, we have
documented the unparalleled growth of South Florida and chronicled its journey in becoming an area
of global importance and its rise as a truly world-class destination.
Our market research department has worked tirelessly over the past several months tracking new
developments in order to present a clear picture of the current state of our condominium market.
Once again, we have assembled and graphically presented what we deem to be critical information for
real estate industry leaders as they make decisions on future development and investment.
The constant changes in political climates of our neighbors to the south, Central and South America,
and the strength of the U.S. dollar have had a profound effect on the absorption of new developer condo
inventory over the last four years. This has resulted in a challenging condo market for urban centers reliant
on international buyers.
So where are we now and what lies ahead for our immediate future?
We believe the data we have assembled and are presenting will confront you with what we have labeled
a “supply shock.”
South Florida continues to be one of the fastest-growing areas in the United States. However, the
stubbornness of the high U.S. dollar has, for the most part,slowed any meaningful new condominium
development. Despite the slowdown, our data reveals just 2,101 unsold developer condo units in our
market area, with only 587 of these units being standing inventory. The remaining units are either
under construction or in the pre-construction phase. Even at the lower absorption rates of the past two
years, the total remaining unsold inventory should be absorbed in the next 18 to 24 months.
Developers are expecting to launch pre-sale campaigns for the next cycle in 2020. Factoring in the height
of these new towers, which are planned to reach 60 to 100 stories, it’s evident that most of these future
buildings won’t be available for occupancy until 2024 or 2025 at the earliest. What becomes clear is that
after the current developer inventory is sold, a buyer relocating in the next several years will need to look
solely to MLS/resale inventory to satisfy immediate needs, thus the title of this Miami Report, “Supply Shock.”
We trust you will find our report informative and concise. We have endeavored to present the current
conditions factually. We hope that this data will help you formulate your own conclusions and guide you to
take advantage of what the current state-of-the-market is offering as you develop your business plans.
Sincerely,
The Miami ReportTM
is produced for general interest only. It is not definitive and is not intended to give advice. Although high standards have been used in the preparation of the information, analysis and views presented in the Miami Report,
no responsibility or liability whatsoever can be accepted by ISG World, International Sales Group, LLC and/or Related ISG International Realty for the contents. We make no express or implied guarantee of the accuracy of any of the contents.
As far as applicable laws allow, we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly or indirectly from reliance on or use of its contents. Readers should not take or refrain from
taking any action as a result of information in the Miami Report.
CEO
Craig Studnicky
President
Michael Ambrosio
Chief Marketing Officer
Veronica Escobedo Gorson
President, RelatedISG International Realty
Alex Vidal
Creative Director
Edward Trelles
Director of Market Research
Athena Rossano
Editorial
Rebecca Stella
Senior Marketing & Communications Associate
Designers
Emiliana Zelkowicz
Graphic Designer
Maria Latorre
Graphic Designer
Contributors
Rowena Luna
Marketing Director, RelatedISG International Realty
Sergio Pintos
Executive V.P. of Sales
Chrystal Lozano
Marketing Associate
Lian Oteiza
Marketing Associate
Special thanks to: Becky Randel, MOR Printing, Inc., Element Image, Morphoto Inc., and Unsplash.com

C
PAGE
46
PAGE
50
PAGE
58
Transportation
South Florida’s inter-city rail service,
seaport and airports continue to expand
year after year, improving accessibility to
the region.
MLS/RESALE MARKET & RENTAL TRENDS34
Cultural &
Economic
Growth
The growth and diversification of the
sectors impacting Miami’s culture
and economy further position
Miami as a top global city.
LANDSCAPE OF THE FUTURE - A wave of new developments
in Greater downtown Miami is transforming the area into a
world-class neighborhood.
76
COMMERCIAL SNAPSHOT42
International
An update on some of the most active
international markets currently impacting
Miami real estate.
O
NT
E
S
T
N
0302
2019 MIAMI REPORT ISGWORLD.COM
ISG CITY WATCH: BRICKELL74
NEW CONSTRUCTION CONDO DEVELOPMENT
An analysis and current status of South Florida’s new
developer condominium market.
08
DEMAND - Florida’s population grows by more than
900 people everyday.
22
PAGE
Supply Shock
Featured Story
04Dwindling new developer condo
inventory paired with increasing
demand has resulted in a shocking
shortage of new condo inventory.
WEALTH REPORT24
Brickell City Centre
Echo Brickell
ON THE GROUND - Expert insights on the South Florida
real estate landscape from president of RelatedISG
International Realty, Alex Vidal.
78

FEATURED STORY
The accelerated decline of new developer condo inventory
2019 MIAMI REPORT
04
The dwindling of new developer
condo inventory paired with
increasing demand for South Florida
condo living has resulted in a shocking
shortage of new condo inventory that
the market has never seen before.
ISGWORLD.COM

Low Remaining
Developer Inventory
Based on the current
absorption rate, this remaining
developer inventory is projected to
be absorbed by 2021
SUPPLY
Of the 19,868 condominium units that were developed in the
current condo cycle and since 2012, 89 percent have been sold,
leaving just 2,101 new developer units available for sale across
South Florida, from Coconut Grove to Fort Lauderdale, east of
I-95. At the current rate of sales, the absorption projection for
this remaining inventory is as follows:
For more information on supply, see page 8.
587 Delivered Units................................................Estimated Sellout: 12 Months
1,331 Under Construction Units............................Estimated Sellout: 24 Months
183 Pre-Construction Units....................................Estimated Sellout: 24 Months
Remaining Developer Inventory

Florida’s Daily
Population
Growth
The number of
people Florida’s
population grows
by each day
(does not include second-home buyers)
DEMAND
Every day, Florida’s population grows by more than 900 people.
Of those moving to Florida from other countries and other states,
45 percent of them move to South Florida. While states like New York
and Illinois are losing population every day, Florida’s population growth
is the second-fastest in the country, resulting in an ever-increasing
demand for real estate.
For more information on demand, see page 22.
Miami-Dade............................................................. 82,308
Broward................................................................... 39,508
West Palm Beach.................................................... 26,338
Total....................................................................... 148,154
South Florida Yearly Population Growth Breakdown

New Condo
Development
Cycle
The year developers
plan to launch new
condominium developments
THE NEXT CYCLE
As shocking as the current low level of new developer condo
inventory is, it is the future supply of inventory that is more concerning.
The lack of condominium groundbreakings over the years is daunting
compared to South Florida’s history. Major real estate developers
expect to launch pre-sale programs for their next developments in
2020, kicking off the next condo cycle, with the majority of those
developments being delivered in 2024 or 2025 at the earliest.
For more information on the next cycle, see page 21.

ISGWORLD.COM
NEXT CYCLE
Projected start of next cycle
Projected delivery of new developer inventory
in the next cycle
PROJECTIONS
07
Remaining developer inventory
2019 MIAMI REPORT
SUMMARY
CURRENT CYCLE
Florida’s daily population growth
(587 Delivered / 1,331 Under Construction / 183 Pre-construction)
Supply Shock Summary
Total new construction condo units currently available for sale in Brickell, Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District, Omni), Downtown
Miami, The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach), Aventura,
North Miami Beach, Coconut Grove and Key Biscayne since 2012
06

NEW CONSTRUCTION
CONDO
DEVELOPMENT
CURRENT CYCLE
NEWCONSTRUCTIONCONDODEVELOPMENT
0908
ISGWORLD.COM
Downtown Miami
Photo by Janis Laubergs
2019 MIAMI REPORT

New Construction Condo
Development Summary
Total new construction condo units sold and currently available for sale in Brickell, Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District, Omni),
Downtown Miami, the Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach),
Aventura, North Miami Beach, Coconut Grove and Key Biscayne since 2012
TOTAL DEVELOPER UNITS SOLD DEVELOPER UNITS REMAINING DEVELOPER INVENTORY
Total new construction condo developer units east of I-95 and available for sale since 2012
New Construction Condo
Inventory Analysis - Sold vs. Unsold
89% SOLD
As of May 2019
19,868
Total Units
17,767
Total Sold Units
2,101
Remaining Developer Inventory
(587 Delivered / 1,331 Under Construction / 183 Pre-Construction)
Macro 2016-2021 Absorption Analysis for
New Condos Built Since 2012
REMAINING DEVELOPER INVENTORY
11
10
CURRENT CYCLE CURRENT CYCLE
Jan 2012 Jan 2016 Jan 2017 Jan 2018
6,515
19,868
5,195
3,860
2,101
Summer
2020*
420*
1,340
Average Annual
Absorption
(Last 3 years)
*Projected
As of May 2019
2,498
Jan 2019
1,238*
Jan 2020*
Delivered Inventory Sold Out
Pre-Construction/Under
Construction Remaining
Dec 2021*
0*
15,054
Delivered
4,454
Under Construction
587 Unsold
1,331 Unsold
183 Unsold
360
Pre-Construction
TotalNewConstructionDeveloperUnits
96% Sold
70% Sold
50% Sold
Source: Developer Sales Reports, Miami-Dade and Broward County Property appraisers and onsite sales staff

Cassa Brickell 81Total Units100% SOLD
Echo Brickell 180Total Units
98% SOLD
Le Parc 128Total Units100% SOLD
Nine at Mary Brickell Village 390Total Units
100% SOLD
My Brickell 192Total Units
100% SOLD
SLS Hotel and Residences 453Total Units
100% SOLD
SLS Lux 450Total Units
100% SOLD
50Total Units100% SOLD
Smart Brickell Tower II 50Total Units66% SOLD
The Bond 323Total Units
100% SOLD
Smart Brickell Tower I
*Est. % Sold - Project won’t release the information
5,757 Total Units / 5,461 Sold Units (95%) / 296 Unsold Units
Brickell - 95% Sold
Total new construction condo units available for sale since 2012
SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS
D RECENTLY DELIVERED P PRE-CONSTRUCTIONUNDER CONSTRUCTIONU
250 Wynwood 11Total Units
Baltus House 167Total Units100% SOLD
100% SOLDWYNWO OD
DE SIG N DISTRIC T
E D G EWATE R
Hyde Midtown* 410Total Units100% SOLD
Aria On The Bay 648Total Units
96% SOLD
Canvas 513Total Units
Aston Martin Residences
One Thousand Museum 83Total Units82% SOLD
Paramount Miami Worldcenter 513Total Units
85% SOLD
MIDTOWN
D OWNTOWN MIA MI
OMNI
100% SOLD
Centro 352Total Units
48% SOLD
390Total Units
94% SOLD
96Total Units100% SOLD23 Biscayne Bay
Bay House 165Total Units100% SOLD
Biscayne Beach 399Total Units100% SOLD
The Crimson 90Total Units100% SOLD
Elysee 100Total Units49% SOLD
Icon Bay 300Total Units100% SOLD
Gran Paraiso
95% SOLD 333Total Units
Missoni Baia 249Total Units40% SOLD
26 Edgewater 86Total Units94% SOLD
Emilia Edgewater 30Total Units100 % SOLD
One Paraiso 280Total Units100% SOLD
Paraiso Bayviews 396Total Units99% SOLD
Paraiso Bay 100% SOLD *360 Condo tower only
*Bay homes not included
Biscayne Corridor - 94% Sold
Downtown Miami - 76% Sold
Biscayne Corridor: 4,633 Total Units / 4,358 Sold Units (94%) / 275 Unsold Units
Downtown Miami: 1,718 Total Units / 1,307 Sold Units (76%) / 411 Unsold Units
Total new construction condo units available for sale since 2012 (Wynwood, Design District,
Edgewater, Midtown & Omni)
Okan Tower 149Total Units
1100 Millecento 382Total Units
1010 Brickell
Brickell City Centre (Tower I) - Reach 390Total Units
Brickell City Centre (Tower II) - Rise 390Total Units
Brickell Heights East 367Total Units100% SOLD
Brickell Heights West 332Total Units100% SOLD
Brickell House 374Total Units
100% SOLD
Brickell Ten 155Total Units
100% SOLD
Brickell Flatiron 548Total Units
90% SOLD
B RICKELL
387Total Units
Una Residences 135Total Units45% SOLD
95% SOLD
100% SOLD
100% SOLD
70% SOLD
D
P
U
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
U
P
D
U
D
D
D
D
D
D
D
D
D
U
D
D
D
D
D
D
U
D
U
U
P 56% SOLD
YotelPad Miami 231Total UnitsU
74% SOLD
13
*Condo-hotel not included

MIAMI BE ACH/
S O UTH BE ACH
The Beaches - 85% Sold
Total new construction condo units available for sale since 2012 (South Beach, Miami Beach,
Bay Harbor Islands, Surfside, Bal Harbour, Sunny Isles Beach, Hallandale Beach and Hollywood)
Beach House 8
Edition Residences
Faena House
Glass
Louver House
Marea South Beach
One Ocean
Palau Sunset Harbour
Peloro on the Bay
Bay Breeze Residences
Kai at Bay Harbor
Le Jardin
O Residences
Eighty Seven Park
L’atelier
Three Hundred Collins
Pearl House
Sereno Bay Harbor
The Ivory
Ritz-Carlton Residences
321 Ocean
BAY HARB OR
ISLAND S
Bijour Bay House
Club at Bay Harbor
The Palm Residences
The Waters
Monad Terrace*
Harbor Park
57 Ocean
8Total Units
26Total Units
47Total Units
10Total Units
12Total Units
30Total Units
50Total Units
45Total Units
114Total Units
66Total Units
23Total Units
19Total Units
111Total Units
21Total Units
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
100% SOLD
85% SOLD
100% SOLD
100% SOLD
72% SOLD
100% SOLD
17Total Units
57Total Units
30Total Units
41Total Units
15Total Units
40Total Units
42Total Units
41Total Units
42Total Units
100% SOLD
96% SOLD
80% SOLD
100% SOLD
76% SOLD
100% SOLD
88% SOLD
80% SOLD
100% SOLD
D
U
D
D
D
D
D
D
D
U
D
D
D
U
U
D
D
D
D
D
D
D
U
D
D
D
U
U
Oceana 240Total Units
80% SOLDBA L H A RB O UR
Hyde Beach House
Hyde Resort and Residences
Sage Beach
Apogee Beach
H OLLYWO OD
BE ACH
342Total Units (Now including all residences)
85% SOLD
407Total Units
100% SOLD
Beachwalk
H A LLA NDA LE BE ACH
2000 Ocean*
400 Sunny Isles
Aurora
Residences by Armani Casa
Chateau Beach
Mansions at Acqualina
Muse
Parque Towers
Porsche Design Tower
Regalia
Ritz-Carlton Residences
Turnberry Ocean Club
Jade Signature
The Estates at Acqualina
SUNNY ISLE S
BE ACH
308Total Units
320Total Units
100% SOLD
212Total Units
192Total Units
242Total Units
78% SOLD
79Total Units
100% SOLD
132Total Units
96% SOLD
75% SOLD
96% SOLD
75% SOLD
D
D
U
U
D
D
U
D
D
D
D
D
U
U
U
D
D
U
D
D
NEWCONDOCONSTRUCTION
Fendi Chateau 58Total Units100% SOLDDSURF SIDE
Surf Club Four Seasons
Private Residences 150Total Units
87% SOLDD
The Sophie 26Total Units - Just releasedP
15
2000 Ocean*
64Total Units15% SOLDU
Arte Surfside 16Total Units13% SOLDU

158Total Units
Aventura Park Square 131Total Units85% SOLD
Bellini 70Total Units100% SOLD
Echo Aventura 100% SOLD
Privé 86% SOLD
190Total Units
AVENTURA
North Miami Beach &
Aventura - 97% Sold
D
D
D
D
Oceana 100% SOLD
Grove at Grand Bay 100% SOLD
One Park Grove 60% SOLD
Two Park Grove 99% SOLD
Park Grove Club Residences 100% SOLD
Fairchild Residences
97Total Units
67Total Units
154Total Units
73Total Units
152 Total Units
KEY BIS CAYNE
C O C ONUT GROVE
Glasshaus in the Grove 60% SOLD 23Total Units
D
The Harbour
The Reserve at Marina Palms 99% SOLD
99% SOLD 425Total Units
468Total Units
NORTH MIAMI
BE ACH
D
D
U
U
U
D
D
Fort Lauderdale - 74% Sold
321 at Water’s Edge 23Total Units
Adagio on the Bay 12Total Units100% SOLD
55% SOLD
Aquablu Fort Lauderdale 35Total Units94% SOLD
Aqualuna Las Olas 16Total Units100% SOLD
Aquamar Las Olas 20Total Units100% SOLD
Aquavue Las Olas
100 Las Olas
8Total Units
113Total Units
75% SOLD
40% SOLD
Auberge Beach North Tower 57Total Units100% SOLD
Auberge Beach South Tower 114Total Units86% SOLD
Four Seasons Private Residences* 55% SOLD
Paramount Fort Lauderdale 95Total Units100% SOLD
90Total Units
Aquavita Las Olas 22Total Units100% SOLD
Gale Hotel & Residences 129Total Units100% SOLD
Adagio Fort Lauderdale Beach 31Total Units71% SOLD
The Conrad 290Total Units
Riva 100Total Units75% SOLD
33 Intracoastal 11Total Units100% SOLD
W Residences Fort Lauderdale 171Total Units
65% SOLD
Wave 18Total Units89% SOLD
60% SOLD
D
D
D
U
D
D
D
D
D
U
D
D
U
D
D
D
R
R
U
R NEWLY RENOVATED
638 Total Units / 588 Sold Units (92%) / 50 Unsold Units
SOLD DEVELOPER UNITSSOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS
Key Biscayne &
Coconut Grove - 92%
17
Arbor 83% SOLD 46Total UnitsU

New Construction Condo Development
Summary by Submarkets
Coconut Grove
Edgewater
Key Biscayne
Brickell
Miami Beach / South Beach
Surfside
Bal Harbour
Sunny Isles Beach
Hallandale Beach
Hollywood Beach
Fort Lauderdale
Design District
Midtown
Downtown Miami
BISCAYNE CORRIDOR
Wynwood
Aventura
Omni
Bay
Harbor
Islands
Miami River District
50% - 74% SOLD
Hallandale Beach ........................ 64%
Fort Lauderdale .......................... 74%
75% - 99% SOLD
Coconut Grove............................ 90%
Brickell ........................................ 95%
Downtown Miami ....................... 76%
Biscayne Corridor ....................... 94%
Miami Beach/South Beach ......... 79%
North Miami Beach .................... 99%
Surfside ....................................... 92%
Bay Harbor Islands ..................... 91%
Bal Harbour ................................ 80%
Sunny Isles Beach ....................... 86%
Aventura ..................................... 92%
Hollywood Beach ....................... 89%
Key Biscayne.............................. 100%
100% SOLD
North Miami Beach
Photo by Muzammil Soorma
19
CURRENT CYCLE
18

15
20
10
5
Total macro*
new construction groundbreakings by year for condos built since 2012 and east of I-95
*(Brickell, Biscayne Corridor, Downtown Miami, South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach,
Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale). Condo developments with 20 units or less not included.
2000 Ocean
Four Seasons Private
Residences
The Estates at
Acqualina
Glasshaus In
the Grove 57 Ocean
Okan Tower
Una Residences
Smart Brickell Tower II
YotelPad Miami
The number of South Florida condominium groundbreakings has significantly tapered
off from when this condo cycle peaked in 2014, indicating a winding down of the
current cycle.
2012
15
2013
20
2014
23
2015
18
2016
14
2017
11
2018
4
2019*
5*
2020*
0*
TOTAL GROUNDBREAKINGS
* Projected
Condo
Groundbreakings
Miami’s pre-construction
development cycle
timeline
Over the past three decades, the typical
high-rise condominium’s development
cycle, from inception to delivery, was a
two- to three-year process. Today, real
estate developers are building 50- to
100-story luxury residential towers, which
easily doubles the development and
construction timeline to five or six years.
0
0.5 years
1 year
1.5 years
2 years
2.5 years
4 years
Pre-Sale
Requirement Achieved/
Groundbreaking
Top Off
2023
2022
2021
2020
Completion
Pre-Sale
2024
2025+
3 years
3.5 years
4.5 years
5 years
21
NEW CYCLE INCEPTION*
DELIVERY*
Typical high-rise condominium
development cycle
20
CURRENT CYCLE
* Projected
NEXT CYCLE (projected)

22
2019 MIAMI REPORT
DEMAND
DEMAND
23
ISGWORLD.COM

According to Knight Frank’s Wealth Report, Miami is
expected to be the fastest-growing luxury real estate
market in the U.S. and the fifth fastest-growing in the
world in 2019.
Wealth Report
DEMAND
2524
Source: Knight Frank Wealth Report
MIAMI
fastest-growing luxury
real estate market in
the world
#5fastest-growing luxury
real estate market in
the U.S.
#1
Miami’s private jet industry
is soaring
As the ultra-wealthy flee high-tax states and
cold weather for South Florida, the market’s
private jet industry is seeing major growth,
with more and more flights taking off and
landing in South Florida.
increase in private flights
in South Florida
35%
Miami ranked a top global city for its
prime residential property
Highest earners in U.S.
leaving New York, Chicago,
Silicon Valley for Miami
Wealthy residents from high-tax states like New York, New Jersey,
Connecticut, Chicago and California are relocating to Miami and other
parts of South Florida and purchasing ultra-luxury real estate. This
group includes Wall Street hedge-fund managers, tech moguls, and
other high earners looking to escape the effects of the tax reform
law that was implemented last year by re-establishing their primary
residence in Florida. This trend has resulted in record-setting real
estate sales across the Miami area.
‘Tax refugees’ are
dropping between
$10 million and
$50 million on
ultra-luxury
Miami homes
Sources: Miami Herald & Privatefly
First-quarter luxury sales from
Coconut Grove - Fort Lauderdale Beach
Source: MLS Closed Sales
Single-Family, $5M+ Q1’17 Q1’18 Q1’19
Median Sales Price $10.9M $8.6M $12.4M
Volume $153.4M $103.8M $224.6M
Sales 14 12 18
Condos + Townhomes, $3M+ Q1’17 Q1’18 Q1’19
Median Sales Price $6.1M $6.3M $5.6M
Volume $225M $235.6M $254.7M
Sales 37 37 45
1. Madrid
2. Berlin
3. Paris
4. Cape Town
6. Monaco
7. Vancouver
8. Sydney
9. Los Angeles 10. Geneva
5. Miami

As the populations of the world, country and state of Florida continue
to surge, a significant upward pressure is placed on the demand for
goods, services and housing.
Population Growth
United States Population Growth
It will only take 33 years
to add the next
73Mil*
people in 1914
100Mil
MILLIONS
100M
200M
326.8M
400M*
1800 1914 1967 2018 2051*
World Population Growth
BILLIONS
1.5B
3.5B
7.7B
9.8B*
1800 1914 1967 2018
It will only take 33 years
to add the next
2.1Bil*
people in 1914
1.5Bil
2051*
Florida Population Growth
MILLIONS
18M
20.6M 21.3M
28.9M*
1967 2006 2017 2018 2040*
*Projected Source: WorldPopulation.com & Statchat.com
6.6M
1998
MIDWEST
SOUTH
WEST
NORTHEAST
2018
MIDWESTWEST
NORTHEAST
2008
MIDWEST
NORTHEAST
WEST
Florida
#2
nationally in population growth
(2014-2018)
26
DEMAND
27
California........... 1,381 per day
Texas..................... 884 per day
Florida.................. 823 per day
New York.............. 580 per day
New Jersey........... 193 per day
Illinois................... 150 per day
Connecticut.......... 130 per day
Massachusetts...... 125 per day
Texas.................. 1,032 per day
Florida.................. 902 per day
California.............. 342 per day
New Jersey............. 55 per day
Massachusetts........ 14 per day
Connecticut............. -3 per day
Illinois.................. -123 per day
New York............. -132 per day
Texas.................. 1,200 per day
California.............. 994 per day
Florida.................. 473 per day
New York.............. 430 per day
Massachusetts........ 82 per day
Illinois..................... 75 per day
Connecticut............ 70 per day
New Jersey............. 55 per day
Regional Population Migration
The U.S. is experiencing a domestic migration trend and population shift from states in the
Northeast and Midwest to states in the South like Florida and Texas. According to U.S. Census
data, Florida had the highest level of net domestic migration from 2017-2018.
Sources: U.S. Census Bureau
SOUTH
SOUTH

Florida has consistently been one of the most desirable states in terms of weather and
tax climate, maintaining a strong average daily population growth throughout the last
couple of decades.
FLORIDA
1200
1000
800
600
400
200
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
NUMBEROFPEOPLEPERDAY
2018
823
747
789
818
911
862 827
869
890
550
437
343
522
701
645
671
803
1,002
1,063
900 902
Florida’s 20-year average
daily population growth
781
28
DEMAND
29
20 Years of Florida’s
Daily Population Growth

Florida’s Daily
Population Growth
Of the 902 people that Florida’s population grows by
each day, 45 percent of them are in Miami-Dade, Broward
and Palm Beach counties.
25%
Miami-Dade
55%
rest of the state
12%
Broward
(Fort Lauderdale)
8%
Palm Beach
of Florida’s daily population
growth occurs in South Florida
45%
Source: Demographics for the Bureau of Economics and Business
States with the largest daily
population growth
TEXAS
1
1,032
per day
28.7 Mil
total pop.
FLORIDA
2
902
per day
21.3 Mil
total pop.
CALIFORNIA
3
342
per day
39.5 Mil
total pop.
(2018)
Average daily population growth (last 20 years)
(1998 - 2018)
TEXAS FLORIDA CALIFORNIA
1,159
per day
781
per day
943
per day
Projected average daily population growth (next 20 years)
(2019 - 2040)
TEXAS FLORIDA CALIFORNIA
1,409
per day
946
per day
690
per day
30
DEMAND
31
Source: U.S. Census Bureau
Source: U.S. Census Bureau
Source: Statchat.com

Florida vs. New York
FLORIDA NEW YORK
#2in population growth
Florida
NUMBEROFPEOPLEPERDAY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
437
343
522
701
645
671
803
1,063
900
1,002
#1 inpopulationloss
NewYork
902
-132
people per day
in Florida
people per day
in New York
PhotobyBlakeConnally
32
DEMAND
33
New Yorkers seeking milder weather and lower taxes are increasingly
drawn to states like Florida, driving New York into a daily population loss
for the first time in history.
[Miami] is experiencing more
activity than usual from buyers
living in states like New York,
New Jersey and Illinois.
PhotobyJonathanRiley
Daily Population Growth (Florida vs. New York)

34
MLS/RESALE MARKET
& RENTAL TRENDS
Downtown Miami
Photo by Frank Charles
ISGWORLD.COM
MLS/RESALEMARKET&RENTALTRENDS
35

Condo MLS/Resale Market
Snapshot
Total new construction condo units delivered in Brickell, Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District, Omni), Downtown Miami,
The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach), Aventura,
Miami-Dade & Broward
Residential Snapshot
Single-Family Homes, Townhomes, Condos and Rental Units available on the MLS
MIAMI-DADE COUNTY
Total housing inventory: 1,024,211
Total Active Single-Family Homes.................... 6,932 0.68%
Total Active Condos / Townhomes................16,067 1.57%
Total Active Rentals.........................................10,865 1.06%
TOTAL ACTIVE LISTINGS..............................33,864 3.31%
LOW INVENTORY
ONLY 3.31%
of total housing units are available for sale or rent
in Miami-Dade County
3.31%
96.69%
(unavailable)
BROWARD COUNTY
Total housing inventory: 823,602
Total Active Single-Family Homes.................... 5.925 0.72%
Total Active Condos / Townhomes.................. 8,098 0.98%
Total Active Rentals........................................... 4,890 0.59%
TOTAL ACTIVE LISTINGS..............................18,913 2.30%
LOW INVENTORY
ONLY 2.30%
of total housing units are available for sale or rent
in Broward County
2.30%97.70%
(unavailable)
* Under construction/pre-construction projects not included, only those with certificate of occupancy.
36
Brickell
Total Units Delivered
(2012-2019)
Total Active
MLS Listings**
% Active
Downtown Miami/Biscayne Corridor
The Beaches
Aventura/North Miami Beach
Coconut Grove/Key Biscayne
Fort Lauderdale
4,974
4,588
2,575
1,442
544
931
783
690
444
261
83
107
15.74%
15.03%
17.24%
18.10%
15.26%
11.49%
Totals 15,054* 2,368 15.73%
37
(2012-2019)
15,054*
Total Active MLS Listings
2,368
% Active
15.73%
ISGWORLD.COM
Sources: U.S. Census Bureau & MLS Source: MLS
What is Total Housing Units?
Total single-family homes, townhomes,
condos and apartments for sale or
rent that have been delivered in
Miami-Dade and Broward County
Real Estate Rule of Thumb
5% of inventory on the market or below = a seller's market.
10% of inventory on the market or above = a buyer's market.
** Total active MLS listings as of May 2019

39
Unsold Developer Inventory
vs. MLS/Resale Absorption Analysis
TOTAL UNSOLD DEVELOPER INVENTORY TOTAL MLS RESALE’S SOLD
38
*Projected Source: MLS
Dec 2016
5,195
5,000
4,000
3,000
2,000
1,000
0
Dec 2017 Dec 2018 Dec 2019*
3,860
2,498
1,238*
88
259
455
638*
0*
1,000+*
MLS reported a 75% increase
in resale transactions in 2018 for
condos built since 2012
DEVELOPER INVENTORY DECLINING
TOTAL MLS/RESALES SOLD INCREASING
Dec 2021*
- Developer inventory SOLD OUT*
Total MLS/Resales sold
As developer inventory continues to decline,
MLS/Resale transactions continue to increase.

Condo MLS/Rental Market Snapshot
(2012-2019)
15,054*
Total Active Units Available for Rent
882
Average MLS Rental Absorption
(based on 2018 average absorption of 230 units per month)
4 months
*Under construction/pre-construction/multi-family projects not included.
40
41
Brickell
Downtown Miami/Biscayne Corridor
The Beaches
Aventura/North Miami Beach
Coconut Grove/Key Biscayne
Fort Lauderdale
Totals
(2012-2019)
4,974
4,588
2,575
1,442
544
931
15,054*
Total Active
for Rent*
234
370
117
104
34
23
882
Asking
$/PSF
$3.32
$2.88
$5.02
$2.60
$4.67
$4.45
$3.82
Rented 2017
$/PSF
$2.76
$2.61
$4.02
$2.20
$4.50
$3.23
$3.22
Rented 2018
$/PSF
$3.19
$2.63
$4.33
$2.40
$4.61
$3.49
$3.44
Source: MLS
* Total active MLS listings as of May 2019

42
COMMERCIALSNAPSHOT
43
2019 MIAMI REPORT
Photo by Janis Laubergs
COMMERCIAL
SNAPSHOT
ISGWORLD.COM

Retail
Miami boasts some of the most desirable retail
property in the world. Vacancies are below 4 percent
overall, while new neighborhoods for development
are constantly on the rise.
(2013-2018)
Under4%
Miami-Dade retail vacancy rates
* Projected Source: CBRE Research - Q4 2018
$40
$35
$30
$25
5%
4%
3%
2%
Miami-Dade retail asking rates and total market availability rate
2013 2014 2015 20172016 2018
Availability Rate
($PSF)
Vacancy Rate (%)
$36.59
3.2%
VACANCY RATEASKING RENT
2019* 2020*
Largest mall in the U.S.
is coming to Miami
Spanning 6 million square feet, the $4 billion American Dream Miami
will be a retail and entertainment complex about twice the size of the
nation’s current largest mall, the King of Prussia Mall in Pennsylvania.
retail and entertainment
complex
$4Bil
square feet
6Mil
Office
As Miami’s job market grows, so does the value of its office space. Price per square foot,
absorptions and completions are all up. One look at the burgeoning downtown area
tells you all you need to know about this thriving sector.
Vacancylevels
dropped
atarecord
paceto3.7%
Source: CBRE Research - Q4 2018
$50
$45
$40
$35
$30
$25
$20
Asking lease rate ($)
Q4 2012 Q4 2013 Q4 2014 Q4 2016Q4 2015 Q4 2017
$36.10
$27.18
CLASS BCLASS A
Q4 2018
Terminal
Lease rate (PPSF) $45.60
Net Absorption 76,000 SF
Completions 214,000 SF
8%
6%
4%
2%
0%
Overall Vacancy
2014 2015 2016 20182017
5-YEAR HISTORICAL AVERAGE = 5.4%
Miami’s strong economy and job growth suggest another strong
year for the industrial market in 2019. Similar to 2018, heavy
demand for warehouse/distribution space and continued trade
will support the market, keeping vacancy rates low.
Industrial
(2018)
15%
Miami-Dade retail rents
$45.60
$33.89
3.7%
Source: Cushman and Wakefield - Q4 2018 update
Source: Business Insider - May 2018
44
COMMERCIALSNAPSHOT
45
BrickellCityCentre
American Dream Miami

INTERNATIONAL
4746
INTERNATIONAL
Miami Beach
Photo by Raphaël Biscaldi

2019 MIAMI REPORT
48
Mexico
INTERNATIONAL
49
The growing population and desire from international buyers,
specifically from Latin America, have always fueled the Miami real
estate market. The high U.S. dollar and political uncertainty in several
Latin American countries over the last real estate cycle have had an
impact on the South Florida condominium market. Below is an update
on some of the most active markets for Miami currently.
International
Markets
Mexico’s current leftist government has created a sense of
cautiousness among high-net-worth individuals. We are currently
seeing an increase in Mexicans seeking to purchase high-end
condos and make other real estate investments in Miami as a
“plan B,” should their political situation change for the worse.
Wealthy Mexicans have always viewed Miami as a safe haven,
and are attracted to the social and financial security it offers.
Population: 123 Mil
President: Andrés Manuel López Obrador
Colombia
Over the past few years, Colombia has remained a fairly steady
market, with stable political and social conditions, even more so
since Iván Duque Márquez became President. We see constant
activity from Colombians buying real estate in Miami, both as
investments to diversify their portfolio with, and as second
homes, primarily in high-end condo buildings.
Population: 49.9 Mil
President: Iván Duque Márquez
Miami
in U.S. foreign buyer sales (2018)
#1
Florida
Argentina
Argentina is currently facing political, social and economic
challenges. The depreciation of the peso since Mauricio Macri
assumed office in 2015 has caused negative sentiment around
his presidency. With elections this October, there is some
suggestion that former president Cristina Fernández de Kirchner
could be re-elected, which could cause further economic and
social unrest for the country, prompting more Argentinians to
invest in Miami real estate.
President: Mauricio Macri
Brazil
Brazil is exiting one of the worst recessions in its history.
Last year, a new right-wing government won the election
and is creating a new image for the country in an effort to
generate economic confidence. High-net-worth Brazilians
are coming to Miami to buy real estate because they remain
uncertain about the future of their economy and enjoy the
security of the U.S. A policy shift to reform the country’s
pension system is crucial to Brazil’s economic growth and
could result in more interest in Miami real estate.
President: Jair Bolsonaro
Contributed by Sergio Pintos
ISGWORLD.COM
Source: National Association of Realtors

50
TRANSPORTATION
51
TRANSPORTATION
Miami
Photo by Eduardo Velazco Guart

“Brightline is at the forefront of innovation
in this market, and the ideal partner for Virgin
to work with to alter perceptions and traveling habits
across the United States.”
RICHARD BRANSON
Founder, Virgin Group
2019 MIAMI REPORT
Next stop: Orlando
Brightline/Virgin Trains’ planned future expansion includes
Orlando, with a station to be located at Orlando International
Airport. Virgin has filed plans and secured funding of $1.75 billion
for its expansion to Orlando, and has proposed to extend their
train service to Orlando’s theme park area, as well as Tampa.
Connecting Miami
Interstate 395, which connects Miami Beach to downtown Miami,
is currently undergoing an $800 million restructuring. The project
includes a design-focused statement bridge, as well as plans to
add 30 acres of urban parkland and revitalize parts of the historic
community of Overtown.
Florida’s intercity rail service, formerly Brightline, is rebranding
itself as Virgin Trains. Thanks to a new partnership with
Richard Branson’s Virgin Group, the train system will utilize
the international company’s brand recognition to help promote
its services, while Virgin makes a footprint in one of the
U.S.’s hottest markets.
By Land
Expected launch of
Orlando to Tampa service
2021
TRANSPORTATION
53
ISGWORLD.COM
Virgin Trains
$800Mil Interstate 395 Redesign
Current Station & Route
Future Station & Route
Fort Lauderdale
Miami
West Palm Beach
Orlando
Tampa
Theme Park
Area
Source: The Next Miami
52
Photos courtesy of Brightline

PortMiami, the busiest cruise
port in the world, once again
won Porthole Cruise Magazine’s
Editor-in-Chief Award for Best U.S.
Port in recognition for its customer
service, quality operations and all
around excellence.
Port
Miami
Carlos Gimenez, Miami-Dade County Mayor
Cruise capital of
the world
Anyone who drives over the I-395 causeway
is familiar with the impressive line of ships
coming in and out of PortMiami. Its cruise
terminals are among the most modern in the
world, hosting 22 cruise lines and 55 ships,
and setting the bar in passenger service.
Economic impact
$43Mil
Leading cruise port in
North America
#1
Source: Miami Dade County, PortMiami, Sun-Sentinel,
Cruise & Ferry, Travel Weekly year-long cruise lines
5
Soon to be the only port with
in new development
$500Mil+
Record-breaking
Cruise Lines
Port Everglades: 11 • Port Canaveral: 4
22
passengers in one day
(short 66 people for world record)
55,819
Record-breaking
Minimal construction cost
$300Mil
Sq. ft. corporate campus
350,000
Photo by Linval Ebanks
PortMiami welcomes Virgin Voyages
Virgin Group’s bold, new cruise line,
Virgin Voyages, is now in business. Its first
ship, Scarlet Lady, will set sail from
Virgin’s new PortMiami terminal in
April 2020. From no buffets on board,
to free Wifi and a focus on environmental
protection, Virgin Voyages will offer a
cruising experience that is quite different
from that of traditional cruise lines.
Terminals on the rise
On the heels of the completion of Royal Caribbean’s “Crown of
Miami,” comes Norwegian Cruise Line’s “Pearl” of Miami. Slated
for completion by fall 2019, the new terminal will welcome the
Norwegian Encore, the newest ship in the cruise line’s Breakaway
Plus class. PortMiami’s other major cruise lines also have big plans
in the works for their terminals.
Royal Caribbean’s
“Crown of Miami” cruise
terminal, the largest in
the U.S., is now open
Norwegian Cruise Line
Disney Cruise Line
MSC Cruises
Virgin Voyages
NEW TERMINALS TO COME FOR:
New $300 million
Royal Caribbean
HQ coming to
PortMiami
Royal Caribbean is expanding its main
headquarters at PortMiami. The new,
ten-story, 350,000-square-foot complex
breaks ground this year and is expected to
be completed by the end of 2020.
54
TRANSPORTATION
55
Source: World Travel Awards
Source: Cruise Ferry
Source: The Next Miami Source: South Florida Business Journal

in flights to Latin America
and the Caribbean
#1Atlanta........................................... 988
Chicago......................................... 701
Dallas............................................. 592
Houston......................................... 521
Los Angeles................................... 817
New Jersey.................................... 411
New York..................................... 2101
San Francisco................................. 309
Washington................................... 790
DOMESTIC
Ecuador........................................... 48
Peru................................................. 42
Colombia......................................... 93
Venezuela........................................ 69
Guyana.............................................. 2
Suriname........................................... 5
Brazil.............................................. 121
Paraguay............................................ 4
Bolivia................................................ 9
Chile................................................ 31
Argentina......................................... 47
Uruguay............................................. 9
SOUTH AMERICA
Denmark............................................ 4
Turkey................................................ 7
London.............................................. 5
Russia................................................. 7
Israel.................................................. 3
Switzerland........................................ 3
EUROPE & MIDDLE EAST
Lufthansafirstto
offerfacialrecognition
departuresfromMIA
Passengers departing from Miami International Airport to Munich on Lufthansa flight 461
can now board with the quick click of a camera instead of a boarding pass and passport,
thanks to the airport’s launch of biometric exit technology.
Photo by Brandi Ibrao
56
TRANSPORTATION
57
Busiest airports
#1 New York (1,613)
#2 California (1,611)
#3 Florida (1,555)
#4 Texas (1,476)
#5 Illinois (1,376)
TOTAL DEPARTURES PER DAY BY STATE
Miami International Airport
Direct Weekly Flights
A sampling
Both Miami International Airport and Fort Lauderdale-
Hollywood International Airport are among the busiest in
the U.S. in terms of international passengers and flight
options. Each year, they continue to grow their airline
offerings and departures, and serve as top economic
engines for Miami-Dade and Broward counties, as well
as the state of Florida.
By Air
80MilPassengers
Miami International Airport &
Fort Lauderdale-Hollywood International Airport
$62Bil
in economic impact for Miami-Dade and Broward Counties
Source: Miami International Airport & Fort Lauderdale-Hollywood International Airport
Source: Flightfrom.com
Source: Miami International Airport
Photo by chuttersnap
of Colombia’s total
population
160%
of Argentina’s total
population
180%
To put it in perspective:
Source: Miami International Airport

CULTURAL &
ECONOMIC GROWTH
Institute of Contemporary Art
Photo by Juno Jo
58
CULTURAL&ECONOMICGROWTH
59

60
61
Referred to as “The Gateway to the
Americas,” Miami has long been a
crucial market for companies seeking an
international foothold, especially within
Latin America. Global corporations are
drawn to the city’s low taxes,
connectivity, multi-cultural population
and desirable quality of life. From
flourishing startups and Fortune 500
businesses, to the thriving tech scene,
South Florida’s also become a magnet
for talented professionals.
Economic
Landscape
largest in the U.S.
4th
Florida’s economy is the
best taxpayer ROI
#3
Florida
business climate index
#4
Florida
Florida’s economy tops $1 trillion
US WORLD NEWS
U.S. Ranking World Ranking
California 1 5
Texas 2 10
New York 3 12
Florida 4 17
New opportunity zone
program for investors
Studies of the new federal Opportunity Zone Program
are naming South Florida one of the most desirable
destinations for these types of investments. Because
Miami boasts a growing population, no state tax and
a strong real estate market, investors can take
advantage of delaying capital gains taxes by investing
in economically distressed communities.
Sources: bisnow, floridajobs.org
Tax comparisons: metropolitan areas
Personal
Income Tax %
Corporate
Income Tax % Sales Tax %
Florida’s Tax Advantages
Brickell
City State Local State Local State Local
Miami 0.00 0.00 5.50 0.00 6.00 1.00
New York 4.0-8.9 2.9-3.6 7.10 8.85 4.00 4.50
Los Angeles 1.0-9.55 0.00 8.84 0.00 8.25 1.50
Chicago 5.00 0.00 9.50 0.00 6.25 3.00
Houston 0.00 0.00 1.00 0.00 6.25 2.00
“Florida’s
economy is
thriving,
expanding at a
record pace.”
Local Personal
Income Tax 0%
State Personal
Income Tax 0%
State Corporate
Income Tax 5.5%“The program could
become the most impactful
federal incentive for equity
capital investment in
low-income and distressed
communities ever.”
Source: Tax Foundation 2019 State Business Tax Climate Index
Florida markets lead U.S.
for economic momentum
Florida’s economy is booming and has become the 17th
largest economy in the world. Cushman & Wakefield
evaluated markets around the country across a range
of factors indicative of economic momentum. Of the
10 cities with the most economic momentum, five are in
Florida. From growing populations that support strong
economic and commercial real estate fundamentals, to
the lack of state income taxes in the state, the dynamics
in these markets create a more favorable environment for
development and investment.
Source: Cushman & Wakefield
ECONOMIC MOMENTUM INDEX
Orlando
West Palm Beach
Tampa
Dallas
Austin
Houston
San Jose
Ft. Lauderdale
Salt Lake City
Miami
0 20 40 60 80 100 120 140
136
122
138
137
126
123
120
120
150
157
Sources: South Florida Business Journal,
Tax Foundation 2019 State Business Tax Climate
Index, WalletHub
LARGEST U.S. ECONOMIES BY STATE

62
63
ISGWORLD.COM
W Residences Fort Lauderdale
The traditional branded concept is a
hotel-led development with integrated or
linked residences. They naturally benefit
from the hotel brand (quality), management
(smooth running) and services (luxury).
In essence, this gives the owner the comfort
and performance of a home but with the
full benefits and luxury of a five-star hotel.
Real Estate
Trend:
Branded
Residences
What defines a branded residence?
The Value of Branded Residences
Sampling of South Florida’s
branded residences
PRIME LOCATIONS
Located in major, world-class cities as
well as luxurious beach and resort locales,
branded residences are found in the most
desirable destinations in the world.
HASSLE-FREE OWNERSHIP
Owners of branded residences enjoy peace
of mind that their property will be safe
and maintained in their absence, as well as
rental flexibility and the option to rent their
property through the development’s hotel
rental program.
PROFESSIONAL, TRUSTWORTHY &
CREDIBLE MANAGEMENT
Buyers can expect certain management
standards from these prestigious and
reliable brands, as well as an assurance of
quality and consistent re-investment in and
maintenance of the property and brand.
SUPERIOR SERVICES & AMENITIES
Reputable, respected and desired brands
consistently deliver 5-star service and
quality amenities to all residents.
OWNER BENEFITS
A branded residence typically comes with
owner-specific perks including exclusive
access or discounts to property amenities,
restaurants and other properties that the
brand operates.
STRONGER RESALE VALUES
Branded residences tend to sell at higher
prices than non-branded properties as
their limited availability and exclusivity help
maintain property values.
BY THE NUMBERS
properties in South Florida
40+
properties globally
400
branded units globally by 2023
69,000
Source: Knight Frank Branded Residence Report
“Buy into a reputable brand and you have the
assurance in the delivery and quality of the development as well
as professional management.”
Auberge Beach Residences & Spa
Fort Lauderdale
The Ritz-Carlton Bal Harbour
CHRIS GRAHAM
Graham Associates
2019 MIAMI REPORT

Rapid job growth in Miami’s tech sector
has made the city one of the most
attractive for technology professionals.
According to a recent report from
RentCafe, from 2014 – 2017, the Miami
metro area had the fifth-fastest rate of
tech job growth in the U.S., higher than
that of San Francisco, and growing by
more than 20 percent.
(projected to grow an
additional 11% by 2023)
40%
in the U.S. for startups
Miami
#1
Tech job growth
Miami becoming a true
“startup city”
For the last two years, the Kauffman Foundation, a
nonprofit focused on entrepreneurship, has ranked
Miami #1 in the U.S. for startups. Corporations from
all over the world, from Goldman Sachs to Endeavor
to Cambridge Innovation Center, are investing in
Miami’s burgeoning startup scene.
investment in co-working
spaces, accelerators and
events such as eMerge
Americas since 2012
$25Mil+
Source: miamiherald.com
Source: miamiherald.com
TheVentureCity brings Google
Launchpad to Miami
Miami-based tech startup accelerator and
consultancy TheVentureCity partnered with
Google Launchpad, a global acceleration
program created by Google for developers,
to bring the tech-focused workshop to Miami,
making it the first city to host the program
in the U.S. outside of Silicon Valley. The
intensive program aims to boost the growth
of startups in flourishing tech markets, which
further positions Miami as an international
startup launcher.
Source: prnewswire.com
Courtesy of Magic Leap
64
2019 MIAMI REPORT
invested in South Florida
startups
$1.38Bil
2018 SOUTH FLORIDA TECH MARKET
startup deals
128 in the nation in venture activity &
investments by dollar volume
11th
Ranked
Top venture capital-funded
South Florida companies
“We believe that Miami is on the cusp of something transformative -
and we know the data and trends back it up.”
FELICE GORORDO
CEO of eMerge Americas
2018 sampling
65
Source: eMerge Insights Report
A
Transformative
TechScene
ISGWORLD.COM

Miami’s tourism industry is extremely
robust, attracting a record 16.5 million
overnight visitors in 2018, up 3.5% from
2017. While Miami Beach remains home
to some of the area’s top hotels, the
region’s tourism boom has spread well
beyond the beaches. According to the
Miami Downtown Development Authority,
growth in tourism in downtown Miami
has led to a boom in hotel construction,
with nearly 4,000 new hotel rooms in the
development pipeline.
Hospitality
Top 10 hotel markets in the U.S.
1. New York
2. Oahu Island
3. San Francisco
4. Miami
5. Boston
6. Los Angeles
7. San Diego
8. Anaheim
9. Seattle
10. Washington, D.C.
Source: STR
“Miami – a vibrant, dynamic and truly cosmopolitan
destination that draws travelers from all over the world
– is the perfect market for our Waldorf Astoria brand.”
Danny Hughes
President for the Americas, Hilton
Miami is getting its first Waldorf Astoria
Hotel and Residences — and it will change
the city’s skyline
1,049FeetTall 200HotelRooms*
400Condos*
67
total number of visitors
23.3Mil
economic impact
$18Bil
2018
• Latin America and New York City
were key feeder markets in 2018,
contributing significantly to the total
overnight visitors.
• The top three countries of origin for
overnight international visitors into
Greater Miami were Brazil,
Colombia and Argentina.
HIGHLIGHTS
W Fort Lauderdale
Waldorf Astoria Hotel & Residences Miami
Image by ARX Solutions
Courtesy Property Markets Group
66
Source: South Florida Business Journal*Proposed
Source: GMCVB 2018 Visitor Industry Overview

ISGWORLD.COM
Miami loves art and art loves Miami.
A recent study by Americans for the Arts,
the nation’s leading nonprofit organization
for advancing the arts and arts education,
found that Miami-Dade’s arts and cultural
sector generates a whopping $1.43 billion
in economic activity annually. Additionally,
attendance at Miami-Dade’s cultural events
continues to grow, representing over
16 million global attendees annually.
Arts &
Culture
Arts and cultural economic
impact
$1.43Bil
annual visitors to Miami-Dade
cultural events and venues
16Mil+
Local and state revenue
$158Mil
Knight Foundation invests an additional
$37 million in Miami arts
This latest investment of $37 million brings the total arts funding that the Foundation
has contributed to the city since 2005 to $165 million, which supports the growth of
Miami as a force for arts and culture. The new funding will be invested in:
• Fostering the work of anchor institutions
• Promoting the creation of cutting-edge art in Miami
• Advancing training and learning opportunities
• Knight Arts open calls for ideas
69
CONTINUING SUPPORT OF THE
MIAMI ART SCENE
Nonprofit ArtCenter/South Florida has accumulated $100 million, more than any
other South Florida visual arts organization, to help grow Miami’s art infrastructure
and provide career support for emerging artists. In a move from South Beach to
Little Haiti, the ArtCenter will build a new $30 million facility scheduled to
break ground in Fall 2020 with a planned opening in Spring 2022.
A new $30 million, 40,000-square-foot art center will include:
• 22 studios for resident artists
• 2,500-square-foot exhibition space
• 120-seat theater
• Classrooms and work spaces
ART SPOTLIGHT
To commemorate the 35th
anniversary of Surrounded
Islands, Christo and Jeanne-
Claude’s renowned 1983
installation, Pérez Art Museum
Miami presented a special
documentary exhibition from
October 2018 – February 2019.
Surrounded Islands made a
lasting impact on the city’s
cultural history, marking the birth
of Miami’s international artistic
profile while anticipating its rise
as a hub for contemporary art.
Miami-Dade County is in the top ranks of comparable
American cities with New York, Chicago and
Philadelphia in the arts.
Adolfo Henriques
Chairman of the Miami-Dade Cultural Affairs Council
PhotobyGeorgePaganIII/WynwoodArtsDistrict
2019 MIAMI REPORT
68
Source: KnightFoundation.org
Photo by Ruben Ramirez
Source: The New York Times
Source: PAMM.org
Source: Miami-Dade County Department of Cultural Affairs
Art Center/South Florida
Miami art scene’s new $100 million player

Already a sports haven and home to four major professional
teams, including the Miami Dolphins, Miami Heat, Miami Marlins,
and Florida Panthers, Miami is now home to the future Major League
Soccer team Inter Miami CF, who’s ownership group is led by
David Beckham. The team is slated to begin play in 2020 in a new
training facility and stadium in Fort Lauderdale before relocating to
its permanent home in Miami.
Sports David Beckham’s MLS team
unveils name and crest
“Our mission to bring an MLS club to Miami is now complete
and we are deeply satisfied, grateful and excited.”
Miami will host the Super Bowl in 2020,
which will celebrate the NFL’s 100th
centennial season. While the big game
will be played at Hard Rock Stadium,
downtown Miami will be transformed
into the Super Bowl Live fan village.
Bayfront Park and Museum Park will
become “Super Bowl Park,” hosting a
full week of events including concerts,
large-screen broadcasts and numerous
activations.
Super Bowl
LIV
South Florida hosts
record-breaking
11th
Super Bowl
NFL celebrating
100th
Season
South Florida
#1
in number of Super Bowls
hosted
Estimated
$500Mil
in economic impact
2020
Inaugural season
begins
David Beckham
Inter Miami team owner and president of football operations
70
71
Source: Sun Sentinel
“I think Miami continues to grow, and get more
diverse and dynamic. In a lot of ways, I think Miami is
a curator for culture for the rest of the country, and in
some ways for the rest of the world.”
Tom Garfinkel
President and CEO of the Miami Dolphins and
Hard Rock Stadium

72
73
Year after year, Miami continues to top
itself in terms of the quality and quantity
of its educational offerings. The private
schools are top-notch, the magnet
schools have been ranked among the
best in the U.S. and Florida International
University, the city’s public research
university, is breaking records for growth
and performance.
Education
Miami-Dade County Public Schools is now home to 21 certified
magnet schools, more than any other district in the U.S. Seven
of those schools have earned the bonus “Demonstration”
designation for exceeding the criteria outlined in the
Magnet Schools of America (MSA) Standards of Excellence.
Miami tops country in certified
national magnet schools
Southside Elementary
K-8 expansion to be completed
by 2021
Mater Brickell Preparatory Academy
New facility to be completed
by 2021
Avenues: The World School
Manhattan-based private academy
to open Miami location in 2022
New Schools Coming to
Miami’s Urban Core
in U.S. for total number of magnet schools
#1
Florida ranked
#1 Florida 581
#2 California 529
#3 Texas 260
MAGNET SCHOOLS BY STATE
New performance scores from the Florida
Board of Governors of the state’s public
universities ranked Florida International
University (FIU) second in the state, just behind
the University of Florida (UF) in Gainesville.
FIU’s increase in these key performance
measures resulted in additional funding
for the school.
FIU second behind UF in
new performance score
An influx of wealthy out-of-state buyers seeking to avoid
the effects of the recent tax reform is creating huge waiting
lists at Miami’s most elite private schools. The schools are
seeing a big increase in applications from families from
New York, New Jersey, Chicago, Boston and California.
As the wealthy flock to Miami, private
schools report massive waiting lists
U.S. News & World
report recently
ranked Florida
the #1 state for
higher education
for the second year
in a row.
Miami schools say they are seeing a sharp uptick in demand
as a result:
• Palmer Trinity School says the number of families from
New York and New Jersey have doubled in the past year.
• Miami Country Day School has seen an uptick in applicants
from New York, Boston, Chicago, Los Angeles and Houston.
• Gulliver Schools has seen a lot of interest from families
moving to Miami both from high-tax states and
around the world.
• Ransom Everglades School’s waiting lists are always full.
Source: South Florida Business Journal
Source: Business Insider
Source: Miami-Dade County Public Schools / Florida Department of Education

74
With its booming population, surge of new condominiums
and hotels and some of the hottest new bars and restaurants,
the Brickell neighborhood has become one of the
fastest-growing destinations in the country. A magnet for
both business and tourism, this highly accessible and
thriving district offers a true “live, work, play” lifestyle.
ISG City Watch:
Brickell
WHY BRICKELL?
of Greater Downtown Miami’s
population resides there
45%
visitors go to Brickell every year
15Mil
concentration of international banks in the
U.S. & second-largest financial hub outside
of New York’s City’s financial district
#1
New Construction
Beyond mixed-use development Brickell City Centre, the neighborhood’s
$1.05 billion anchor including two condo towers - Reach & Rise, office
buildings, the EAST, Miami hotel and 500,000 square feet of retail, other
major new developments to the area include Echo Brickell, SLS Lux and
Brickell Flatiron.
Creative Culture
Phillip and Patricia Frost Museum of Science
Pubbelly Sushi
Connectivity
Get everywhere you need to go in Miami with
Brickell’s easy access to public transportation
including the Metromover, Miami Trolley and Virgin
Trains, as well as a variety of ridesharing options.
Delicious eats
From top-rated Italian, Asian and Latin cuisines, to some of the
best sushi in the city, Brickell offers an extensive list of trendy
and tasty restaurants including Casa Tua Cucina, NAOE and
Quinto La Huella.
75
Wellness Lifestyle
Staying fit and active is a breeze in Brickell. Take a jog around
beautiful Brickell Key, or enjoy a yoga class in downtown’s
Bayfront Park.
Brickell City
Centre
Baywalk
Metromover
Source: Forbes
Just north of Brickell, residents and visitors can enjoy the city’s best
cultural destinations, from premier performance and entertainment
venues like the Adrienne Arsht Center for the Performing Arts, to
world-class art and science museums like Pérez Art Museum Miami.

Greater Downtown Miami is rapidly
evolving into a world-class neighborhood.
A wave of transformational new
developments is coming, adding to
its accessibility, pedestrian-friendliness,
retail and tourism offerings, and
changing the landscape of Miami forever.
The 1,000-foot observation tower and
entertainment center is a revolutionary
structure that will capture Miami’s
energy and exhilaration.
The Biscayne Green project will convert
sections of Biscayne Boulevard into a
grand promenade with sitting areas,
green spaces, and “activations” including
art exhibits and activities.
The $802 million project will completely
reconstruct the existing interstate, create a
signature bridge that will span 1,025 feet
and transform the area beneath I-395 into
55 acres of open communal green space.
The $2.7 billion mixed-use development
is the biggest in the U.S. after New York’s
Hudson Yards and will include 450,000
square feet of retail and a condo tower
complete with a flying cars SkyPort.
The 10-mile linear park, urban trail
and living art destination will connect
communities, improve pedestrian and
bicyclist safety and create over
120 acres of open space.
Museum Park
PortMiami
AmericanAirlines Arena
Bayside
Pérez Art
Museum Miami
Phillip and Patricia
Frost Museum
of Science
Freedom
Tower
Brickell City
Centre
Adrienne Arsht Center
for the Performing Arts
Landscape
of the Future
The UnderlineMiami WorldcenterI-395 Signature BridgeBiscayne GreenSkyRise Miami
Bayfront
Park
Baywalk
Virgin Trains USA
Metromover
Metrorail
Source: Miami Downtown Development Authority, Florida Department of Transportation,
Miamiworldcenter.com, Miami Today News, Bisnow
76
77
Status: Under construction Status: Planning phase Status: Under construction Status: Under constructionStatus: Under construction

On the Ground
Expert Insights on the South Florida Real Estate Landscape
Alex Vidal
President
RelatedISG International Realty
Q: The Miami Report is highlighting shockingly low
levels of developer condo inventory in South Florida.
Are you seeing any similarities in the MLS/resale
market for single-family homes?
A: In Miami-Dade and Broward counties, there are
approximately 13,000 active single-family homes
available for sale. This may sound like a large number,
but it’s actually less than 1% of total housing units in
these markets.
MLS has reported that Miami-Dade and Broward have
sold close to 32,000 homes per year over the last 3
years, largely driven by our surging population growth.
Therefore, the 13,000 active single-family homes
represent only five months of supply. So, yes,
single-family home resale inventory is following the
same trend as the low developer condo supply.
Q: What are you seeing in terms of condominium
resales on the MLS?
A: There are currently 21,000 condos active on the
MLS between Miami-Dade and Broward counties.
MLS has reported annual resales of condos equaling
24,800 per year over the last 3 years. That means there
is approximately one year of condo inventory on the
market.
Condo resale inventory is following a similar trend as
that of single-family homes, for the same basic reasons.
In fact, we expect condo resale velocity to accelerate
as developer inventory continues to shrink.
Q: What impact has the 2017 change to the federal
tax law had on the general real estate market in South
Florida?
A: We’ve seen an immediate impact on the ultra-
luxury market as a result of this recent change to the
tax law. As an example, for single-family homes above
$5 million, total sales volume jumped from $103.8
million in Q1 2018 to $224.6 million in Q1 2019. For
condos above $3 million, total sales volume increased
from $235.6 million in Q1 2018 to $254.7 million in
Q1 2019.
Most of this activity is fueled by tax refugees from
high-tax states like New York, New Jersey, Illinois and
California.
Q: At the moment, what are the most active
neighborhoods for resales for both single-family
homes and condos?
A: When it comes to resales of single-family homes,
the most active submarkets are currently Fort
Lauderdale, Pembroke Pines and Miramar.
For condo resales, the most active submarkets are
Fort Lauderdale, Miami Beach and Brickell.
78
2019 MIAMI REPORT
For over 26 years, ISG World®
has been honored and privileged to work with some of the
most respected and talented professionals in the real estate industry, from developers,
architects, engineers and designers, to brokers, vendors and of course, our dedicated employees.
To engage ISG today is to harness the talent, network and creativity that provides our clients
the competitive edge necessary to succeed in the South Florida marketplace.
International Sales Group, LLC • 2875 Northeast 191st
Street • 2nd
Floor • Aventura, FL 33180
305.931.6511 • isgworld.com
+$10 Billion in sales
110 Developments
26 Years
Clients include

HEADQUARTERS
International Sales Group, LLC
2875 Northeast 191st
Street • 2nd
Floor
Aventura, FL 33180
305.931.6511 | isgworld.com

MIAMI ISG

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