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As vacancy rises in Downtown and rents skyrocket in Brickell, tenants may gravitate North of the Miami River

  • Ever since the redevelopment of Brickell in the 1970s from a low-density enclave of Miami’s elite to a high-density urban neighborhood, Miami’s CBD has been split north-south across the Miami River. Over the last three decades, Brickell gradually expanded its office and residential inventory, eventually surpassing Downtown in terms of both residential as well as day-time population.

  • While the Brickell office market tightened after the effects of the Great Recession waned, the ever-increasing gap between the metaphorical banks of the Miami River continued to grow. Brickell saw its Class A vacancy rate decline from a high of 29.9 percent in Q3 2011 to a record low of 10.3 percent at the closing of 2017, whereas Downtown experienced an increase of its vacancy rate to 22.2 percent.  Meanwhile, rents have stagnated in Downtown around $45.0 per square foot, while rents in Brickell have continued to soar to a record $52.7 per square foot.

  • Will the gap between Brickell and Downtown continue to grow, or will tenants soon turn to more cost-effective options North of the River?​

Source: JLL  Research

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