Brickell has been on the fast track towards making a prominent impact on not only the local Miami business economy but also the national and global business community. Brickell is situated in downtown Miami and is known for it’s eclectic community of nightlife, restaurants and most importantly, prominent businesses.
Mostly renting to business professionals, Brickell caters to the professional business person and is an ideal location for any business person, CEO, president or entrepreneur. Additionally, Brickell has been attracting more and more nationally and globally recognizable brands who have either expanded or developed their brand leveraging a healthy Brickell commercial real estate market.
The Brickell real estate market has seen an incredible boom in recent years as it has continued to expand, adding more big name businesses and continuing to grow the local entertainment scene by adding restaurants, bars and nightclubs to the neighborhood at an impressive rate. This information can give you a great look at Brickell homes for sale and what to expect when shopping in that market.
According to the Miami Herald article posted in 2015:
“I like where we are in the market,” said developer Ugo Colombo, who has launched sales for the 64-story Brickell Flatiron where units average $700 per square foot. “We’re selling at a normal, steady pace. Too much demand creates too much supply, which in turn leads to oversupply.”
The crucial moment will come in the first half of 2016, when about 2,000 condo units are delivered, in addition to 1,000 rentals, according to the DDA study.
Developers are watching to see how quickly those units are snapped up.
“I don’t think anybody’s rushing to market right now,” said Ryan Shear, a principal at Property Markets Group.
Echo Brickell, an ultra-luxury PMG project under construction with 180 units, will likely be the first downtown Miami project to break the $1,000-per-square-foot sales barrier. (Prices for new construction downtown average between $600 and $750 per square foot, compared to between $1,200 and $1,500 per square foot in end-user markets such as Coconut Grove and Coral Gables, and $1,700 to $2,000 per square foot in Miami Beach.)
“We’re seeing a whole lot of interest in retail, office and hospitality work,” Cardello said. “Look what’s happening with Brickell City Centre, with Miami World Center, with the Design District, with Wynwood.
This directly impacts the Brickell homes for rent market which is in incredibly high demand. Brickell is also stocked with upscale units and they are constantly building and development extraordinary Brickell apartments throughout the area.
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