{"id":1004211639,"date":"2010-04-01T00:00:00","date_gmt":"2010-04-01T08:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/cpe-uncategorized\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\/1004211639.html"},"modified":"2022-12-08T20:16:42","modified_gmt":"2022-12-09T04:16:42","slug":"downtown-miami-population-growth-good-news-for-commercial-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\/","title":{"rendered":"Downtown Miami Population Growth: Good News for Commercial Real Estate Market"},"content":{"rendered":"<p><em><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/Danet-Linares-headshot1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/Danet-Linares-headshot1.jpg\" alt=\"\" width=\"155\" height=\"181\" \/><\/a><\/em><\/p>\n<p>Much has been reported on Downtown Miami\u2019s recent spike in residential occupancy, with nearly three out of four of the condo units built since 2003 now filled.<\/p>\n<p>The impact this population growth is having on Downtown\u2019s real estate economy is already being felt: the area\u2019s retail occupancy of 5% is among the nation\u2019s lowest as business owners flood the area to serve and employ new residents.<\/p>\n<p>The next question on the minds of many observers is what impact residential occupancy will have on Downtown\u2019s office market, where nearly 1.2 million SF of new class-A construction is slated to come online this year, beginning with 1450 Brickell, which delivered in February.<\/p>\n<p>To this point, several factors signal that Downtown Miami\u2019s growing residential occupancy will accelerate absorption of its new office product:<\/p>\n<ul>\n<li>\u00a0Downtown Miami\u2019s condo boom yielded something for everyone, from \u2018mansions in the sky\u2019 overlooking Biscayne Bay, to cool, affordable condos for young professionals. This means office users \u2013 from executives at the top looking to purchase, to professionals straight out of college looking to rent \u2013 can call Downtown Miami home.<\/li>\n<li>\u00a0While the vast majority of Downtown occupants are full-timers, the City\u2019s condo oversupply is appealing to foreign buyers in the hunt for a long-term investment. As a result, executives at multinational companies looking to establish a South Florida presence have Downtown Miami in their sights.<\/li>\n<li>\u00a0Now that a healthy base of residents is in place, corporate users are placing greater emphasis on Downtown\u2019s quality of life when evaluating their office location. Downtown is home to Miami\u2019s top cultural and entertainment destinations, a flurry of new restaurants, pedestrian-friendly streets, new parks and green spaces, and an efficient public transit system that helps make for an easy commute, giving the area a leg up on popular submarkets like Coral Gables.<\/li>\n<\/ul>\n<p>As more and more Downtown Miami units fill up \u2013 occupancy absorption is expected within the next 25 months \u2013 we\u2019ll be keeping an eye on office market stats. My guess is that steady population growth, coupled with a gradually-improving economy, will have a net-positive effect on the office market. The million-dollar question is what the extent of that impact will be.<\/p>\n<p>What do you think? Have you experienced a similar market dynamic in your hometown? Sound off in the comments section.<\/p>\n<p><em>Danet Linares is Executive Vice President of Blanca Commercial Real Estate.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Much has been reported on Downtown Miami\u2019s recent spike in residential occupancy, with nearly three out of four of the condo units built since 2003 now filled. The impact this population growth is having on Downtown\u2019s real estate economy is already being felt: the area\u2019s retail occupancy of 5% is among the nation\u2019s lowest as&hellip;<\/p>\n","protected":false},"author":952,"featured_media":1004506317,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39372],"tags":[],"class_list":["post-1004211639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cpe-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Downtown Miami Population Growth: Good News for Commercial Real Estate Market - Commercial Property Executive<\/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:\/\/www.commercialsearch.com\/news\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Miami Population Growth: Good News for Commercial Real Estate Market\" \/>\n<meta property=\"og:description\" content=\"Much has been reported on Downtown Miami\u2019s recent spike in residential occupancy, with nearly three out of four of the condo units built since 2003 now filled. The impact this population growth is having on Downtown\u2019s real estate economy is already being felt: the area\u2019s retail occupancy of 5% is among the nation\u2019s lowest as&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-04-01T08:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:16:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Danet-Linares-headshot1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1326\" \/>\n\t<meta property=\"og:image:height\" content=\"1539\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Downtown Miami Population Growth: Good News for Commercial Real Estate Market\",\"datePublished\":\"2010-04-01T08:00:00+00:00\",\"dateModified\":\"2022-12-09T04:16:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/\"},\"wordCount\":405,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Danet-Linares-headshot1.jpg\",\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-miami-population-growth-good-news-for-commercial-real-estate-market\\\/\",\"name\":\"Downtown Miami Population Growth: Good News for Commercial Real Estate Market - 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