Hope that renters will fill Brickell’s unsold new condos has prompted a
surge in leasing activity and bolstered the neighborhood’s commercial
real estate prospects. Touted as the next hot area of Miami’s condo boom, many towers stood
unfilled until developers began renting units, and the response has
given retail a push as well. New stores continue to open, cutting the
vacancy rate by more than 50 percent. In the first quarter of this
year, there was 63,000 vacant square feet of retail space in the
Brickell corridor, whereas in the first quarter of 2008, there was
142,000 vacant square feet. That’s welcome news for area realtors and developers caught in the
market implosion of the past 18 months. But not all commercial real
estate in the Brickell area is thriving. Retail leasing has improved,
but office vacancies are rising. [more]