{"id":26059,"date":"2009-10-06T10:22:19","date_gmt":"2009-10-06T14:22:19","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=26059"},"modified":"2019-04-23T20:55:33","modified_gmt":"2019-04-23T20:55:33","slug":"brickell-downtown-miami-midtown-miami-the-sky-is-the-limit","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/brickell-downtown-miami-midtown-miami-the-sky-is-the-limit\/","title":{"rendered":"Brickell \/ Downtown Miami \/ Midtown Miami: The Sky Is the Limit"},"content":{"rendered":"<p style=\"text-align: justify\">Brickell \/ Downtown Miami \/ Midtown Miami is a dynamic and changing landscape with a vibrant\u00a0<strong><strong><span style=\"color: #3366ff\">retail <\/span><\/strong><\/strong>and\u00a0<strong><span style=\"color: #3366ff\">restaurant<\/span><\/strong> corridor, world class\u00a0<strong><strong><span style=\"color: #3366ff\">office<\/span><\/strong><strong> <\/strong><\/strong>buildings and gorgeous\u00a0<strong><strong><span style=\"color: #3366ff\">condominiums<\/span><\/strong><\/strong> designed for the South Florida professional. New changes have made way for an even more impressive live\/work environment attracting professionals from all over the world to live, work and enjoy the South Florida lifestyle.<\/p>\n<p style=\"text-align: justify\">Last Thursday, I had the pleasure of attending a panel hosted by the Realtor Commercial Alliance at Miami&#8217;s Chop House.\u00a0The panel was comprised of <strong><a href=\"http:\/\/ewm.com\/agent\/detail\/503\" target=\"_blank\" rel=\"noopener noreferrer\">Ronald A. Shuffield<\/a><\/strong> (President of <strong><span style=\"color: #3366ff\">Esslinger Wooten Maxwell<\/span><\/strong>), Jack Lowell (Vice President of Flagler Development), Tony Puente (Senior Vice President at Fairchild Partners), Sergio Rok (Head of Rok Enterprises) with Alice\u00a0Robertson<strong> <\/strong>(Executive Director of the DDA Miami) as\u00a0Special Presenter\u00a0and\u00a0Leo Zabezhinsky\u00a0(Manager, Business Development &amp; Real Estate DDA Miami) as moderator.<\/p>\n<p style=\"text-align: justify\">It was a very informative session with each panel member bringing his expertise to bear and helping all of us in attendance paint a more complete picture of Brickell \/ Downtown Miami. Below are a couple of notes and stats that I was able to capture of this wide ranging discussion.<\/p>\n<p style=\"text-align: justify\"><strong><span style=\"color: #3366ff\"> Quick Office Stats:<br \/>\n<span style=\"color: #3366ff\"><br \/>\nClass A<\/span><span style=\"color: #000000;font-weight: normal\"> &#8211; \u00a0 \u00a0 Existing 7,923,724 SF \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Occupancy: 87.2%<br \/>\n<strong><span style=\"color: #3366ff\">Class B<\/span><\/strong> &#8211; \u00a0 \u00a0 Existing 8,173,994 SF \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Occupancy: 81.3%<br \/>\n<strong><span style=\"color: #3366ff\">Class A<\/span><\/strong> &#8211; \u00a0 \u00a0<em><span style=\"color: #3366ff\"><strong>Under Construction<\/strong><span style=\"font-style: normal\"> <\/span><\/span><\/em>1,200,000 SF<br \/>\n<strong><span style=\"color: #3366ff\">Average Rental Rate (Class A):<span style=\"font-weight: normal\"> <\/span> <\/span><\/strong>$38.32<br \/>\n<strong><span style=\"color: #3366ff\">Daytime Population:<span style=\"font-weight: normal\"> <\/span> <\/span><\/strong>194,000<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\">The class A office buildings under construction are Met 2 Miami (part of the Metropolitan Miami family) with 753,200-square-feet of office space and 1450 Brickell which will consist of\u00a0576,379-square-feet, both of which are scheduled for completion by first quarter of next year.<\/p>\n<p style=\"text-align: justify\">Both buildings have significant new tenants signed to long term deals with the law firm Bilzin Sumberg Baena Price &amp; Axelrod LLP signing the last lease at 1450 Brickell just a few weeks ago.<\/p>\n<p style=\"text-align: justify\">At first glance, and given current market conditions, one may wonder why are these companies making long term investments in Brickell \/ Downtown Miami?<\/p>\n<p style=\"text-align: justify\">Besides the amazing view corridors of Biscayne Bay, the proximity to the airport and mass transportation, companies are preparing themselves for the 21st century. They are using technology and advances in construction techniques to make more efficient use of their space and they are fixing their costs by taking advantage\u00a0of a generational rent situation.<\/p>\n<p style=\"text-align: justify\">The question is: <strong><span style=\"color: #3366ff\">why isn&#8217;t your company doing the same thing?<\/span><\/strong><br \/>\n&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<br \/>\n<strong><span style=\"color: #3366ff\">Quick Residential Stats:<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><strong> <\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"color: #3366ff\">Residential Units (Total):<span style=\"font-weight: normal\"> <\/span> <\/span><span style=\"color: #000000;font-weight: normal\">34,475<br \/>\n<strong><span style=\"color: #3366ff\">Population (Current):<span style=\"font-weight: normal\"> <\/span><\/span><\/strong> 45,000<br \/>\n<strong><span style=\"color: #3366ff\">Median Age:<span style=\"font-weight: normal\"> <\/span><\/span><\/strong>40<br \/>\n<strong><span style=\"color: #3366ff\">Average Household Income:<span style=\"font-weight: normal\"> <\/span><\/span><\/strong>$72,100<br \/>\n<strong><span style=\"color: #3366ff\">Per Capita Income:<span style=\"font-weight: normal\"> <\/span><\/span><\/strong>$33,875<br \/>\n<strong><span style=\"color: #3366ff\">College Educated:<span style=\"font-weight: normal\"> <\/span><\/span><\/strong>50%<br \/>\nSource:\u00a0\u00a0ESRI<\/span><\/strong><\/p>\n<p style=\"text-align: justify\">Current facts and trends indicate that about 500 new occupants a month are moving into the downtown area. About 15% of these new occupants are buyers. The other 85% are tenants that are taking opportunity of the the great deals being offered by developers and owners. \u00a0Please note that these are numbers based on the Multiple Listing Service and doesn&#8217;t include occupants that dealt directly with the developer or For Sale By Owners. If we were to account for those, the 500 number would be higher. At this current rate, we are filling up a building or two a month.<\/p>\n<p style=\"text-align: justify\"><embed type=\"application\/x-shockwave-flash\" src=\"http:\/\/picasaweb.google.com\/s\/c\/bin\/slideshow.swf\" width=\"400\" height=\"267\" flashvars=\"host=picasaweb.google.com&amp;captions=1&amp;hl=en_US&amp;feat=flashalbum&amp;RGB=0x000000&amp;feed=http%3A%2F%2Fpicasaweb.google.com%2Fdata%2Ffeed%2Fapi%2Fuser%2Fcolivares%2Falbumid%2F5392530060480291697%3Falt%3Drss%26kind%3Dphoto%26hl%3Den_US\"><\/embed>\n<\/p>\n<p style=\"text-align: justify\">This means that if you are interested in buying for yourself or for investment, the time to do so will be now because median prices haven&#8217;t been this low in years and as the facts and trends above show, available inventory is decreasing by the day.<\/p>\n<p style=\"text-align: justify\">If you are looking to rent a condo in the Brickell \/ Downtown Miami, the time to take advantage of rental rates and incentives from the developer is now. Current inventory shows a 3-month supply, well below of what constitutes a healthy market. Pretty soon, the deals being offered by the developers will go the way of the dodo meaning you will be losing your chance to rent in a gorgeous condominium a stone&#8217;s throw away from your job as well as great attractions and venues.<\/p>\n<p style=\"text-align: justify\"><strong><em><span style=\"color: #3366ff\">Whether buying, selling or leasing, don&#8217;t let opportunity pass you by!!!<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify\">Oh, by the way\u2026if you know of someone who is thinking of buying, selling or leasing space whether residential or commercial who would appreciate the kind of service I offer, I\u2019d love to help them. \u00a0So, when you think of these people, drop me a line or just give me a call with their name and number. \u00a0I\u2019ll be happy to follow up and tend to their real estate needs. Thank you for trusting me and Esslinger-Wooten-Maxwell Realtors with your real estate needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brickell \/ Downtown Miami \/ Midtown Miami is a dynamic and changing landscape with a vibrant\u00a0retail and\u00a0restaurant corridor, world class\u00a0office buildings and gorgeous\u00a0condominiums designed for the South Florida professional. New changes have made way for an even more impressive live\/work environment attracting professionals from all over the world to live, work and enjoy the South<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/brickell-downtown-miami-midtown-miami-the-sky-is-the-limit\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5603,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[15,1785,1841,2795,2871,2965,3665,3905,4283,6561,6901,131,133,8705,8831,9843,10129],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brickell \/ Downtown Miami \/ Midtown Miami: The Sky Is the Limit - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/brickell-downtown-miami-midtown-miami-the-sky-is-the-limit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brickell \/ Downtown Miami \/ Midtown Miami: The Sky Is the Limit - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Brickell \/ Downtown Miami \/ Midtown Miami is a dynamic and changing landscape with a vibrant\u00a0retail and\u00a0restaurant corridor, world class\u00a0office buildings and gorgeous\u00a0condominiums designed for the South Florida professional. New changes have made way for an even more impressive live\/work environment attracting professionals from all over the world to live, work and enjoy the SouthRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/brickell-downtown-miami-midtown-miami-the-sky-is-the-limit\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2009-10-06T14:22:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:55:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Carlos R. 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