The Covid-19 pandemic, among many other factors discussed in this report, have propelled a mass corporate migration to Miami-Dade County. Companies and people alike have been enticed to the County’s low tax policies, looser Covid restrictions, economic incentives, and lower overall real estate costs.  

Over the past year, momentum has been building and a clustering of technology, financial, and wealth management companies has taken formation creating one of the largest emerging fin-tech hubs in the nation. You can read more about this formation in our Q1 2021 Miami-Dade County Office Market Report.  

In parts two through five, we analyzed the dynamics between four of Miami-Dade’s hottest office and luxury residential markets – Miami Beach, Coconut Grove, Brickell, and Downtown Miami. Join us in the final part of this six-part series as we draw conclusions using market comparison graphs for the office and residential markets discussed.  

Office Market Comparison 

Residential Market Comparison 

The mass influx of residents and corporations have been driving thecommercial office and luxury residential markets in Miami-Dade County so far in 2021. In this series we explored four key markets and found that closed residential transactions in Miami Beach experienced year-over-year increases greater than 200% in three different price ranges. We also found that Miami Beach experienced the greatest office rent growth year-over-year, Coconut Grove posted the largest net absorption during the pandemic, and that Brickell consistently achieves asking rental rates of at least $60 per square foot. Additionally, we found that each market’s asking rental rate for Q1 2021 (post-Covid) exceeded its asking rental rate of 2019 (pre-Covid) demonstrating strong demand for office space propelled by increased in-migration. This series displays that our increasing population drives growth in our residential markets and translates to growth in our commercial office markets. 

Download the full report here 

Also read: Part OneOverview Part TwoMiami Beach Part ThreeCoconut Grove Part FourBrickell | Part Five: Downtown Miami