Have a look at the next installment in our monthly featured city series as we explore Miami and its commercial real estate scene.
Miami, Florida is the cultural, economic and financial center of South Florida with a population of over 470,000, making it the sixth most densely populated city in the United States. Downtown Miami also has the third tallest skyline in the United States, behind New York and Chicago, with over 300 high-rise buildings, 55 of which tower over 490 feet.
With a GDP of over $340 billion, Miami is a major leader in finance, commerce, culture, media, entertainment and international trade. What makes Miami unique is the city’s demographics. As the largest city with a Cuban-American plurality, Miami is nicknamed the Capital of Latin America.
Miami and its environs have many well known suburbs and neighborhoods. And, when talking with a local, make sure you don’t confuse Miami with Miami Beach, they are two separate municipalities. Home to the vibrant South Beach neighborhood, Miami is famous for its fine dining, nightlife and art deco architecture. Coconut Grove also gets a lot of recognition, especially for its CocoWalk mall.
Also, within the city of Miami is the Brickell neighborhood. With a population of over 31,000, Brickell is one of Miami’s fastest growing and dense neighborhoods. Brickell is considered to be the financial district of Miami, as well as home to what Miami residents call “Millionaire’s Row.” The new Brickell City Centre project is a mixed-use development that will have something for everyone, including entertainment, residential, retail and office components.
Amongst the various commercial towers, residential towers, consulates and marketplaces, Brickell boasts the two tallest buildings in the city. Sitting atop of the skyline is the Panorama Tower, a mixed-use 85 story skyscraper. Not only is the Panorama Tower the tallest building in Miami, it is the tallest building in all of Florida.
Plans to build a tower at 1101 Brickell Avenue were approved by the city in Miami in 2006. However, due to the crash of the housing bubble, the project was put on hold.
In 2009, a veteran local developer, Florida East Coast Realty, purchased the project site for $33 million. Site preparation for the construction of the large tower began in late 2013. When the project started, the FAA required the height of the tower to be no higher than 822 feet. In 2016, the developers were able to secure approval for a height increase to 868 feet.
When it topped out in late 2017, the Panorama Tower officially took over the mantle of the tallest building in Miami, surpassing the Four Seasons Hotel Miami. The project was officially completed in July of 2018, with a preliminary estimated cost of $800 million.
Once the tallest building in Miami (surpassed by the Panorama Tower in 2017), the Four Seasons Hotel Miami still sits as the second tallest building in the city of Miami and the state of Florida. The Four Seasons Hotel Miami stands at 781 feet and includes 70 floors of hotel, office and residential units.
After three years of construction, the Four Seasons Hotel Miami was completed in 2003 and sat atop of the Miami skyline for fourteen years. Inside the building are three separate lobbies, one for the office/health club portion, one for the residential portion, and the final serving as the hotel lobby. A total of 230,000 square feet of class A office space is scattered throughout floors 8 to 17.
The Four Seasons Hotel occupies floors 7 through 36, containing 221 rooms and 84 condo/hotel units. Finally, a total of 186 luxury condominiums occupy floors 40 through 70. The total cost of construction for the tower is estimated to be roughly $379 million.
QuantumListing members currently have more than 2 million square feet of commercial real estate for sale and lease in Miami. Of this 2+ million square feet, over 460,000 square feet of commercial space is for sale, while over 1.5 million square feet is for lease.
Let's take a further dive on the commercial space available in Miami on QuantumListing. The top three categories of commercial space available are Retail, Office and Industrial. As of this writing, QuantumListing’s Miami properties include in excess of 920,000 square feet of retail space, more than 670,000 square feet of office space and over 360,000 square feet of industrial space. On top of the current properties listed on QuantumListing, we are growing every week!
Searching on QuantumListing is easy and free for potential buyers and tenants. None of your listings are locked behind a paywall. This allows our members to increase the visibility of their commercial properties for sale and for lease. To start your search, just enter a city and state in the search box on our landing page or on the top of any pages once you are on our site.
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Each month, we feature a different city on our blog. Please leave a comment below to let us know which city you would like us to highlight next.