Just Released: Analytics Miami 2025 Q4 Report & Forecast Themes of the week: Wealth Migration • 2025 Q4 Report & Forecast • New Interviews Wealth migration is the theme of the week, and will be the theme of the century. Global HNWI relocations reached record levels in 2025 and still increasing into 2026. Within the United States, a clear trend persists: high value tax payers are relocating and our feeder jurisdictions are predictably increasing their hostilities to capital. The net effects of California billionaire tax are obvious. Recall that Bezos moved to Miami when his home state proposed a wealth tax. He would have accounted for 45% of the theoretical revenue. Today I read that the Netherlands is likely to start taxing unrealized capital gains at 35%. One starts to wonder what these regimes may start doing to curtain inevitable exoduses. Wealth mobility is real. Miami's emergence as a destination for wealth is evident in the year-end and Q4 numbers.
2M+ ft² of office coming to Brickell 💰
Follow actions, not words 🙌
Ana Bozovic spoke at Rock The Market 2024 about how visionaries are doubling down on their Miami positions.
Case in point: this week Ken Griffin unveiled his renderings for his new global HQ on Brickell.
Download my full Q2 2024 Miami Real Estate Report
Exciting news this week as Ken Griffin released the renderings for his $1B Miami supertall. It will be 54 stories, 1,032 ft high with 212 hotel rooms. And the main neighborhood value-add:
1.3 million square feet of office space.
And a bit buried behind the Citadel HQ news was this:
Banco Santander is officially moving forward with their own 41 story Brickell tower, which will have a total of 1.6 million square feet, half of which will be offices.
(and something to be said about a news cycle where the Santander news gets buried)
Over 2 million square feet of Class A office is coming to Brickell.
I keep saying: this is early days of the wealth and talent migration.
Wealth Migration & Performance Near The Urban Core
When isolating for higher prices per square foot, we get a look at how prime, new product performs.
Coconut Grove & Coral Gables: SFH sales past $1K / square ft
The effects of the wealth and talent migration are clearly seen when we look at SFH sales past $1K / square foot in Coconut Grove & Coral Gables.
And this is before the new 2M+ square feet of office are added in Brickell.
Coconut Grove, which is the closest to Brickell & Downtown:
SFH sales past $1K / square foot: up 2,200% vs 2019 –> and 2019 is a full calendar year, 2024 data is through just July.
I anticipate that this pattern will continue as the wealth & talent migration continues.
Contact me for investment opportunities that align with this growth.
Remember: the market is not a monolith. The segments that are solutions for the wealth & talent migration are performing quite differently than older stock and in many ways, are in under supply.
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