Office and apartment development in Miami’s urban core is outpacing other such areas in 11 major U.S. markets, according to recent data compiled by CoStar Group.
Miami’s urban core, which includes downtown, Brickell, Edgewater, Midtown Miami and Wynwood, accounted for 40 percent of new office construction in the city since 2010, which is higher than Boston, Chicago, Atlanta, Houston, Washington, D.C., San Francisco, Phoenix, Los Angeles, Dallas-Fort Worth and Philadelphia. During the same period, construction of new apartments ballooned by 66 percent in Miami’s urban core, far ahead of new construction growth in Chicago, New York City, Los Angeles, Washington, D.C. and six other major cities, according to the data.
Other highlights from the CoStar presentation include:
From the fourth quarter of 2010 to the fourth quarter of 2017, Miami urban core office rent growth more than 40 percent, outperforming the current national average for urban cores.