Photo taken by Marc Averette
In 2008, when the recession and real estate downturn hit the country, new constructions were paused, prices went down and clients were few.
It’s been a long way since then, but it looks like Miami has not only recovered but will return even stronger.
Past February, Miami was ranked as the second city for foreign consumers shopping for U.S properties on Realtor.com. Positive economic conditions in many Latin-American countries have given the opportunity for wealthy families to relocate or grow their companies and establish a US presence in Miami.
Back in 2007, Miami’s financial district
reached its peak when two-building Courvoisier Centre on Brickell Key sold for $150 million, or about $450 per square foot. Since then, most activity took place in Downtown and the market was not very active.
However last month there was a dramatic change as two office buildings changed hands for a combined $254 million. One of the transactions was for $184 million, the sale of the Sabadell Financial center on 10thApril. The other one was the sale of Brickell Bayview center for $70 million.
These transactions support last week’s news about a new luxury condominium that will be built. It will become the tallest residential building in Miami and will be located in 1451 Brickell; it will rise 750 feet -or 60 stories- and will include 250 units.
Executive offices are joining the party as well. Regus has recently opened its newest offices at the Courvoisier Centre on Brickell Key
, an exclusive gated island community. This opening is a strong vote of confidence to the city and the Brickell area.
Experts agree these are not separate cases, they believe this will be the new tendency as activity is being seen in commercial, residential and rentals across the city.
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Labels: brickell key office rentals, Miami real estate, offices in brickell Av