Miami Seeking Budget Relief Looks Abroad to Revive Commercial Real Estate

Commercial property is showing signs of life as overseas buyers purchased $447.9 million worth in the first six months of 2011, according to Real Capital Analytics Inc., a New York-based researcher. That’s almost 10 times the $48.1 million in all of 2010 and twice the $209.5 million in 2009.

Drawn by a weakening dollar and low prices, overseas commercial-property investors probably aren’t looking for profits from quick resales, a practice that helped fuel a condominium-building boom, said Ben Thypin, Real Capital’s market-analysis director.

“The large-scale projects indicate the interest to stay in the market a significant amount of time,” he said in a telephone interview. “I think of Miami more along the lines of a San Francisco or Manhattan.”


Read More: http://www.bloomberg.com/news/2011-07-12/miami-seeking-budget-relief-looks-abroad-to-revive-commercial-real-estate.html

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