CONSTRUCTION, UTILITIES & ENVIRONMENT OVERVIEW
There will also be a rooftop bar offering panoramic views of Biscayne Bay and the Coconut Grove treetops. Moreover, there is a great deal of nonresidential construction taking place. Notably, infrastructure, healthcare and education building are all projected to experience positive market growth over the next two years. Infrastructure, in particular, is expected to see double-digit growth. The healthcare segment, in particular, is expected to see a strong rebound after declining in 2018, when market volume dropped 2.7%. It is forecast to grow 6.6% in 2019 and 6.3% in 2020. “We are seeing growth in healthcare, both in senior living and outpatient care. In several cases, we have been asked to design bed wings or patient rooms that can provide acute as well as intensive care. This type of layout allows healthcare facilities to have flexibility and adjust to the demand,” said LEO A DALY’s Egea. Other trends could spark more development, including in the restaurant sector. “There’s high demand in the restaurant industry,” says Michelle Gonzalez, broker/ owner at Floridian First Realty. “The Miami Modern (MiMo) area is continually growing and the whole Biscayne Corridor is changing because of its proximity to key areas such as the beach and the downtown. Downtown Miami is changing and re-shaping the neighborhood with trendy restaurant concepts such as juice bars and cafes, new hotels and breweries, and the revamping going on in the area will change
its look and feel. We’re a global city and will continue changing, but it’s important that the downtown flavor sets itself apart from the rest of the city.” Looking ahead Overall, the outlook for the construction sector in Miami is positive. Despite a saturation of luxury condos that the market is languidly absorbing, residential construction is set to show year-on-year growth thanks to continued foreign investment and demand for mixed-use development. Commercial construction is projected to slow in terms of market value over the next couple of years due to concerns over a potential recession, but there are still several notable projects underway or in the planning stage, indicating that while there is need for caution, there is still opportunity. Infrastructure remains one of the safest nonresidential construction sectors and is set to experience a 10% increase in market value in 2019. By far the greatest challenge faced by Miami’s construction sector is the ongoing shortage of skilled labor. Contractors are pulling out all the stops in an attempt to attract talented people with limited results. The wide variety of incentives offered, however, should eventually begin to revitalize the talent pool. Until then the labor shortage will act as the major impediment to a construction sector trying to keep pace with growing demand in Miami.
Miami is seeing high demand in the restaurant industry.