Perception: Economy is in the dumps nationwide and Miami can’t compete with wealthier cities.
Reality: Step outside, it’s beautiful here. The economy is so diverse, many good trends can go undetected before they register on a macro level.
A New York Times article provided some interesting facts about commercial office space in the downtown Miami and Brickell area — which the article alternately referred to as the “central business district:”
- In 2010, Miami’s growth in commercial office space was 2nd nationwide, to Washington DC — 1.3 million sf to their 2.5 million sf.
- A delayed 40-story office tower will now be completed by August 2011, adding 600,000 sf in office space.
- Downtown Miami’s vacancy rate is currently 22 percent, about twice that of Washington DC.
- Asking rents in the new buildings are considerably less than $40 a square foot, when concessions are taken into account.
The New York Times article is copied at end of post.