Miami, home of the new and evolving. This city might not be coined the one that never sleeps, but we’re pretty sure that’s what’s going on. New businesses seem to pop up every day, the list of things to do in Miami continues to lengthen, and the phrase startups Miami has turned into a part of everyday diction.
Believe it or not, it was not so long ago that metropolis Miami was not keeping up with Miami Beach. The white and water attracted people from all over the planet with its beauty, charm and allure of an otherwise unattainable lifestyle.
Now, the city’s skyline is well designed, showing off the city’s commercial and residential prosperity. Densification of the city has allowed for affordable housing and living so that less affluent families and individuals can also embrace the magic of Miami.
In February, Miami’s Downtown Development Authority reported rental construction as very active with over 10,000 units in motion. In the last three years, rent increased on an annual average of five percent.
More people being able to afford housing has meant more jobs provided by more businesses. This includes a heavy supply from banks, private equity firms and hedge funds. It’s expected that the next five years will see an additional 20,000 office jobs come to Miami.
March saw the groundbreaking of the $2 billion, 27-acre Miami Worldcenter, a massive attraction downtown. It took twelve years to acquire all the land that will eventually don pedestrian-only streets lined with shops and restaurants, a 500-unit condo tower, a hotel and over a thousand rental apartments that attract moderate-income individuals and families.
The upspring downtown will continue to promote building and working in the city, keeping the surrounding suburbs mostly unattractive for now. This is largely due to the ensuing increase in traffic, which will make walking proximity to South Beach even more important.
Downtown Miami population has already doubled since 2000, and it’s projected for another 40 percent increase by 2019. Miami’s retail sector is also soaring. The division raked in over $4.5 billion in revenue in 2014, and in the three years, will bring in 1.4 million square feet of leasable space. You can only imagine what that will bring to the city!
To stay up to date on the latest happenings and upcoming developments in real estate, business and entertainment Miami, be sure to tune check in with VIAC! We’re the experts in the industry that believe luxury extends far beyond the home and into the heart of local lifestyle.