“There's been speculation about Latin American activity winding down, but those markets have historically acted like musical chairs—when one country slows down, another picks up and that's what's happening now as Brazil softens,” Grout says. “Interest among domestic buyers—and even Chinese buyers—is growing and sales at our Brickell Flatiron development have been consistently strong. Miami is an increasingly global market, and our residential product appeals to both international and US buyers.”

Nitin Motwani, managing principal of Miami Worldcenter, has an especially unique perspective on the retail front. The $2-billion project will bring to market a million square feet of retail space, 600,000 square feet of convention space, and an 1,800-room Marriot Marquis hotel. As he sees it, Downtown Miami has been one of the fastest-growing urban centers in the US over the past decade, and now we're seeing the rise of new mixed-use projects that will attract residents, retailers and visitors to the area.

“Construction of Miami Worldcenter is beginning this quarter, and everything we're seeing and hearing from residential buyers, international retailers and members of our community points to pent-up demand for what we're delivering,” Motwani says. “This is the natural next step in Miami's evolution as an urban city.”

David Martin, president of Miami-based developer Terra Group, says the world looks at Miami and sees high-rises, but Terra is seeing rising demand for residential and commercial product in low-density neighborhoods like Coconut Grove, North Beach, Doral, Weston and Pembroke Pines. “Sales volume is steady at our urban residential developments—Park Grove and 87 Park—and we're sold-out at Grove at Grand Bay and Glass in Miami Beach,” Martin says. “We are experiencing similar activity in suburban communities like Botaniko in Weston, and Modern and Neovita in Doral.