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Brickell is one of the most important financial centers in the US., but defining it that way would be not recognizing its true magnitude. This corner of Miamiin recent years – especially since the pandemic until today – has been experiencing a real estate boom that not only has to do with the world of offices, but also with the residential area and, consequently, with commercial and gastronomic premises. .
According to some surveys, among which the one carried out by Time Out stands out, Brickell was distinguished as one of the most attractive neighborhoods not only in Miami, but also in the US. This appreciation is based on both urban development and the quality of life it offers.
According to specialists, more and more firms from all sectors are seeking to be present there. That is why every day the different brokers receive calls from the main brands and/or companies seeking to secure a place in the much-mentioned Brickell.
Brickell became synonymous with progress and opulence. “Those who live or work here can access both the best commercial brands and taste the most sophisticated gastronomic proposals from the hand of the most important chefs in the world,” says the Blanca Commercial Real Estate firm.
But this area does not stop, for this year it will continue with its process of consolidation and growth. “In recent times, large-caliber companies have landed in the area and this is a trend that, far from stopping, will continue to increase. With the arrival of important companies such as Citadel, one of the largest investment funds in the United States, Blackstone, Microsoft and Kaseya, which plan to expand and hire thousands of employees. As if that were not enough, the Miami-Dade Beacon Council announced the arrival of 51 companies – of different sizes – that will be established in the area in the remainder of the year. This would undoubtedly translate into significant growth in terms of employment and economic activity,” says Edgardo Defortuna, president, CEO & Founder of Fortune International Group.
According to Flavio Faillace, CEO Chief Energy Officer at SherlockFinder, Brickell found much of its consolidation in financial activity, but today – once the pandemic had passed – this was redefined and this place in Miami began to consolidate thanks to the development of other sectors, such as residential and retail. “Brickell, without a doubt, is one of the three most important financial centers in the United States. Making this sector of Miami a podium would place it in a privileged position: second (after New York and one step ahead of Chicago). An example of this is that most of the central offices of the main banking entities in the country are located here,” explains Faillace. And he adds: “But this is not the only example of its importance. In recent times, both premium residential projects and those linked to high-end hospitality have multiplied.”.
Enrique Urdaneta, a sector analyst specialized in the North American market, affirms that Brickell is the Manhattan of the south. “This sector of Miami went from being a quiet neighborhood to a dynamic business center with a surprising nightlife,” says Urdaneta.
Brickell currently has three distinct areas: South Brickell, New Brickell and Brickell Key. Each of them offers very different characteristics. “The first has a residential and family imprint. The second, that is, New Brickell offers a mix between residential towers and luxury office projects and is characterized by its cosmopolitan population. Finally, Brickell Key is an artificial island with a gated community that offers privacy, luxury and comfort to select inhabitants,” says Urdaneta.
For Faillace, this growth is accompanied by a huge and attractive gastronomic offer. “During the week the place has a lot of movement that comes from the offices. On weekends, it is the restaurants and entertainment proposals that attract the public”says Faillace.
Brickell’s gastronomic offer is as varied as the public that visits and lives there. There are everything from select cafes and bars, to boutique restaurants, to important gastronomic brands, many of which have Michelin stars. Among the most important firms are: Zuma and Sushiato (two Japanese proposals), Casa Tua and Cipriani (they raise the flag of Italian food), Tacology (a place that takes Mexican gastronomy to another dimension), The sea (for those looking for the freshness of Peruvian cuisine), Fifth The Footprint (Charrúa gastronomy) and The Henry (the place responsible for raising the gastronomic identity of the United States).
This place of Miami became a culinary center capable of satisfying the most demanding and best-trained palates.
For those looking to go shopping or are looking for entertainment proposals, there are two spaces: Brickell City Center and Mary Brickell Village. Both shopping centers have a wide and varied trend and mix, where luxury and exclusivity are present.. Although without a doubt, the main protagonist is the Brickell City Center, which offers proposals such as: Zara, Adidas, Apple, Starbucks, Casa Tua, Coach, Porsche, Babby Cottons, Rodilla, Victoria Secret, Lululemon, Urban Outfitters, Shake Shack, Tiffany & Co., Louis Vuitton, among others.
“The commercial premises market in Brickell was greatly favored after the inauguration, in 2016, of Brickell City Center. This shopping center combines the best fashion brands with gastronomy and entertainment”says Faillace.
In addition, for those looking for nightlife fun, there are bars such as Sugar and Blackbird Ordinarywhere the public can enjoy from its rooftop (with the best panoramic views of the city) to dance spaces with live music.
When it comes to real estate, according to broker statistics, locals are practically flying. “The premises are rented very quickly and so are the offices. Furthermore, there are almost no stores for sale.“, agree Faillace and Fabio Faerman, director of Fortune Christie’s International. And they add: “The gastronomic sector predominates here. The second step of this ladder is occupied by clothing and accessories stores. While services are in third place.”
Rental values, per square foot, range between US$70 and US$100. Among the novelties for those who are on the hunt for a commercial premises, the 848 Brickell project stands out, a complex that is under construction and that will have a retail offer on the ground floor.
According to experts, the total area of class A offices in the area could double in the next five years, going from 437,000 m2 to 901,160 m2.
Besides, In that area there is a very low unemployment rate, unlike what happens in the rest of the country. “Here in the last quarter of 2023, vacancy was around 7.5%. While in other places in Miami such as Coral Gables, Wynwood or Downtown, vacancy is around 21.7%,” says Faillace.
Defortuna, meanwhile, affirms that the place has been experiencing a strong phenomenon of settlement for several years. “In the last three years, more than 150 large companies from different states have relocated to South Florida. A big factor in making this happen is the attractive tax benefits offered here, among other factors. Today, with its impressive skyline of skyscrapers and modern infrastructure, this neighborhood attracts both multinational companies and high-level professionals,” says the businessman.
Properties intended for offices, like residential properties and premises, are not in the marketing process for much time. “The publication time for a property does not exceed 90 days”says Faerman.
Regarding rental prices, class A offices are offered at prices around US$98 per year, per foot2 (that is, about US$8.16 per month). Meanwhile, in a coworking, such as WeWork – in Brickell City Center -, prices start at US$450 per month, in the case of shared desks. Exclusive positions amount to US$550 per month. While for those looking for closed spaces they should be willing to pay about US$820.
The search for locations to develop new proposals is leading investors and developers to buy old 20-story buildings to demolish them and build 60 to 80-story skyscrapers there. “Here everything that is developed are mixed proposals, which have homes, offices and commercial premises in their DNA. But since there is no more free land, players are on the hunt for buildings that usually have as their destiny: demolition. Here, this system became a trend, since it is much more profitable to tear down everything and build something new than to refunctionalize it,” says Faerman.
In Brickell There are nearly 200,000 m² of offices that are in different stages of construction. This places the area leading the ranking of m² in construction in the county.
One of the most ambitious projects is One Brickell City Centre, a development that has a scheduled delivery date for 2028 and is set to be the tallest commercial building in Florida (at 304 meters high). The complex will offer 130,064 m² of offices, on 68 floors, with units ranging from 2,300 m² to almost 5,000 m²..
Another complex that is under construction is Southside Park, at 1133 SW Second Ave., which will have a mix of 1,100 offices and apartments. In addition to offering 189 rooms, which will work hand in hand with an important hotel firm.
The third alternative that distinguishes among the new class A office proposals, is 848 Brickell, which is currently under construction. This is an important project that aims to become the most emblematic class A office building in Miami. The property, which will have 51 floors and an estimated surface area of around 80,000 m², will have 69,677 m² of class A offices, 3,716 m² with hotel services and about 700 m² for commercial premises., which will be located on the lower ground. In addition, it will have – according to the plans – more than 1,000 parking spaces. According to the developers themselves, this will be the future headquarters of Key International, in the city of Miami.
But the news for the area does not end here, since the automotive firm Mercedes-Benz plans to build its first skyscraper in the US there: Mercedes-Benz Places Miami. Be a 67-story mixed building, which will merge residences (about 790 – which will be sold between US$550,000 and US$4 million-), offices (76,200 m²), a hotel (with almost 200 rooms) and wellness spaces. The property promises to become an icon of design, luxury and innovation.
