Coral Gables Office Real Estate Blog: Spanish Investment Grows Across Region
If global diversity is good for business, think of the Coral Gables office real estate market as a snapshot of a multinational community in motion. In the past, we’ve discussed how the Argentines, the Brazilians, even the French have descended upon the local real estate and business markets, bringing to South Florida investment capital, job opportunities and a vibrancy found nowhere else in the Americas. Now, it’s Spain’s turn.
The country recently was profiled as being a source of significant capital and investment in the local economy. Traffic and investment from Spain is up and is strong in the county - which is good for business.
As the landlord and developer of class A office space in the Coral Gables market area, we have witnessed this trend. Yet, we’ve known for years the influence and impact such diversity can bring to the marketplace.
According to various sources, including the U.S. Bureau of Economic Analysis, WorldCity, and the Spain-U.S. Chamber of Commerce – and as reported by the Miami Herald, one in three Spanish companies’ U.S. operations are based in Florida, with some 400 Spain-affiliated businesses registered in the state, creating 18,000 jobs with investment topping $6.5 billion. With investment at about $50 billion, Spain is the 11th –largest foreign investors in the country.
These statistics highlight the dynamic and evolving relationship South Florida has with the global community. Where some markets or states focus on relationships with other communities or states, in South Florida, we have a bigger map to draw upon. From the U.S. to throughout the Americas to greater Iberoamerica – including Spain – we are more than a “Gateway to the Americas.”
We are a gateway to the world.
Nowhere is this more apparent than in the office real estate market, which also provides a glimpse into the health of the local business community. As vacancies drop and tenants arrive, new opportunities arrive in kind – whether in the Coral Gables office market, or in Coconut Grove, Miami Beach or across South Florida.
And increasingly, they’re coming from countries like Argentina, Brazil, France – and Spain – furthering our global diversity and establishing us as a gateway to the world.