Miami commercial land prices surge

Commercial buildings in Miami
Commercial buildings in Miami

The price of commercial land in Miami is soaring, according to industry specialists in a study of 537 land sales over the past two years

“The average price per square foot of commercially zoned land in the last quarter was over $35 compared with less than $15 per square foot back in 2009,” Sandra Goldstein, broker and owner of Sandra Goldstein & Associates, told Miami Today. “The charts show demand is strongest in the downtown and central business districts.”

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Prices for commercially zoned land grew by about 20 percent in Miami-Dade in the last two years, Tom Dixon, president of Dixon Commercial Real Estate, told Miami Today. The average price of commercial land in the Brickell area has reached $461 per square foot.

“The sales volume taken over the past five years indicates a growing strong demand for commercial land in Miami Dade,” Goldstein said. “Over $700 million worth of commercial land was sold last year compared with $150 million in 2010.” [Miami Today]Christopher Cameron