posted by Schwartz Media Strategies, Miami Florida Public Relations
While Miami bore much of the brunt of the real estate collapse – especially our downtown district, which was overweighted with new condo units – it seems we’ve begun what looks to be a rather robust recovery.
A recent report from the Miami Downtown Development Authority and Goodkin Consulting/Focus Real Estate Advisors found that despite the common misconception that downtown Miami is still a ghost town, 74 percent of the 22,079 urban condominium units built since 2003 are currently occupied – a full 20% increase in less than a year. What’s more, the increased saturation in residency is driving a drastic expansion in retail businesses, restaurants, and nightlife, leading to a current retail vacancy rate of only 5.06%, which is among the five lowest in the nation. (For the full report, click here.)
Long story short, downtown Miami’s not dead; in fact, far from it! The Miami Herald reported this startling news today in a front-page story entitled “New life in downtown Miami as condos fill up: Condos in downtown Miami are no longer ghost towns as young professionals move in and drive new business to area stores and restaurants.” Read the full story here.
And to see what all the buzz is about, you can access the Miami Downtown Development Authority’s City Guide, which lists all the restaurants, clubs, bars, spas, gyms, and shops around town. Download the guide here. See you around town!