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The Real Deal Miami

Once-empty downtown Miami condos reach 93 percent occupancy

March 09, 2012 12:00PM

Icon Brickell

The once-vacant “condo canyon” in downtown Miami has been almost entirely filled up, according to a report from the Downtown Development Authority, the Miami Herald reported. Approximately 93 percent of the 23,000 condominiums built in Miami since 2002 like Icon Brickell are now occupied. “I always encourage my clients to bring their checkbooks for the first month’s rent,” said Lauren Popham, a rental specialist with Jeanne Baker Realty. “There is a lot more demand than there is supply.” The 93 percent number, up from 65 percent in 2008, means about 1,000 units are vacant in the area. “We were hearing from everybody driving down the road: Hey, the condos are empty,” said Alyce Robertson, director of the Downtown Development Authority. “You never know what the numbers are going to say. What if they really were all empty?” [Miami Herald]