Brickell Avenue has once again claimed the title as Miami’s most expensive commercial street, as indicated by a recent study. Despite ranking ninth among the country’s top 15 most expensive streets, its significance resonates within Miami’s real estate landscape.
Why is this noteworthy? While many major cities grapple with the aftermath of the pandemic, witnessing central business districts struggle to regain their pre-pandemic allure, Miami presents a unique narrative. Contrary to the rise of peripheral urban areas in other cities, Brickell Avenue stands firm as a premier commercial hub, defying broader trends.
A notable shift has been observed nationally, with peripheral urban neighborhoods gaining prominence. In contrast, last year saw a significant shift, with 54% of the country’s most expensive streets situated in these areas, marking a notable increase from 39% in 2005, according to Axios D.C. ‘s Mimi Montgomery.
Delving into the macrocosm, the surge in Brickell Avenue’s prominence can be attributed to the migration of a substantial number of financial services tenants from other markets. This influx has propelled asking rents on Brickell Avenue to surge by an impressive 65% over the past two years alone.
Diving into the specifics, the average asking rent on Brickell Avenue in 2023 soared to $86.83 per square foot, with peaks reaching as high as $200 per square foot, according to the report’s findings.
In a broader context, Miami’s real estate landscape showcases other notable streets. Washington Avenue in Miami Beach and Biscayne Boulevard in Downtown Miami emerge as the second and third most expensive streets, respectively. Notably, Flagler Street in Downtown secured its place on the list for the first time, ranking 10th.
This report, conducted every five years, underscores the enduring appeal of Brickell Avenue. It’s worth noting that Brickell also held the top spot in 2019, reaffirming its consistent allure in Miami’s dynamic real estate environment. Additionally, previous leaders like Biscayne Boulevard in Downtown Miami have left a lasting mark, having held the top spot in 2010 and 2015.
In essence, Brickell Avenue’s continued prestige reflects Miami’s resilience and allure within the national real estate landscape, solidifying its status as a prime destination for commercial ventures and investment opportunities.