GREATERDOWNTOWN MIAMIDOWNTOWN MIAMIStudy of Retail Market Conditions - April 2017
Metro RentersHighly mobile and educated market live alone or with roomates in the urban core of the city. Late twenties and thirties. Spend largest portion of their income on rent, clothes and technologies. Resident live close to their jobs and usually walk or take a taxi to get around the city. Socializing and social status very important.
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Acknowledgement CreditGreater Downtown Miami Study of Retail Market Conditions – April 2017Prepared for the Miami Downtown Development Authority (DDA)By Integra Realty Resources (IRR)As of June 2017
This market research report is the second annual publication of retail market conditions in downtown Miami published by IRR. The report was commissioned by the Miami Downtown Development Authority (Miami DDA) to provide an e�ective framework for understanding the retail conditions, critical mass of retail, and relative opportunities within each submarket with an emphasis on future study of what factors are contributing to the success of downtown Miami’s retailers. The report aggregates proprietary and non-proprietary sources to provide a market-by-market snapshot for landlords and tenants to identify new opportunities in the marketplace by providing useful maps and coding of major projects by submarket that will drive new retail opportunities.
To that end, IRR Miami would like to acknowledge and thank Metro 1 Commercial, and the Commercial Industrial Association of South Florida (CIASF) for leading the way in their annual publication of the Wynwood Market Report. We borrowed liberally in layout and form, reconfirmed and re-stated many of the findings from that report into this framework. The Metro 1 Commercial team has been a long-standing advocate and partner in the success of downtown Miami’s evolution, and they continue to provide actionable market intelligence to be shared with their peers. In addition to Metro 1, IRR Miami on behalf of the Miami DDA has been aided significantly by many other retail brokers and owners including Konover-Stern, Mana Holdings, the Comras Company, CBRE, HFF, Colliers International, Cushman Wakefield, JLL, Charitt, Goldman Properties, Avra Jain, Seth Gadinsky, and Fortis Development.
For more information on this and other reports, please contact
IRR-Miami | Palm BeachDadeland Centre9155 S Dadeland Blvd.Suite 1208Miami, FL 33156305-670-0001
Anthony M. Graziano, MAI, CRESenior Managing DirectorIntegra Realty Resources (IRR) – Miami | Palm Beach
Virginie DorrisSenior Market Research AnalystIntegra Realty Resources (IRR) – Miami | Palm [email protected]
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Table of ContentsExecutive Summary ............................................................................................................................................................................4
Greater Downtown Miami Market Map .....................................................................................................................................5
Greater Downtown Miami Major Retail Properties ..........................................................................................................6
Summary of Proposed Major Projects......................................................................................................................................8
Market Comparison Analysis .........................................................................................................................................................9
Retail Sales ............................................................................................................................................................................................ 10
Brickell ......................................................................................................................................................................................................12
Retail ...................................................................................................................................................................................................13
Primary Market Area .................................................................................................................................................................. 14
Major Retail Destinations ..........................................................................................................................................................15
Recent Retail Deliveries, Under Construction and Transactions .......................................................................... 16
Downtown/CBD .................................................................................................................................................................................. 18
Retail .................................................................................................................................................................................................. 19
Primary Market Area .................................................................................................................................................................20
Major Retail Destinations ..........................................................................................................................................................21
Recent Deliveries, Under Construction and Transactions .......................................................................................22
Art & Entertainment District ....................................................................................................................................................... 24
Retail ................................................................................................................................................................................................. 25
Primary Market Area ................................................................................................................................................................. 26
Major Retail Destinations .........................................................................................................................................................27
Recent Deliveries, Under Construction and Transactions ...................................................................................... 28
Edgewater .............................................................................................................................................................................................30
Retail ...................................................................................................................................................................................................31
Primary Market Area ................................................................................................................................................................. 32
Major Retail Destinations ........................................................................................................................................................ 33
Recent Deliveries, Under Construction and Transactions ...................................................................................... 34
Midtown .................................................................................................................................................................................................. 36
Retail ..................................................................................................................................................................................................37
Primary Market Area ................................................................................................................................................................. 38
Major Retail Destinations ........................................................................................................................................................ 38
Recent Deliveries, Under Construction and Transactions ...................................................................................... 39
Wynwood ..............................................................................................................................................................................................40
Retail .................................................................................................................................................................................................. 41
Primary Market Area ................................................................................................................................................................. 42
Major Retail Destinations ........................................................................................................................................................ 43
Recent Deliveries, Under Renovation and Transactions ..........................................................................................44
Sourcing .................................................................................................................................................................................................46
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Executive Summary
• Downtown Miami retail comprises approximately 9.2 Million square feet of retail space across all seven defined downtown DDA markets. This inventory includes 625,000 +/- SF of flex/creative space in Wynwood, and nearly 900,000 SF of ground floor inventory within existing condo/mixed use ground floor retail marketwide. Rents vary widely by submarket, and even within the submarkets based on the quality of retail and its proximity to retail concentrations. Rent levels on a NNN basis range from the mid-teens to over $150/SF in the prime corridors.
• The delivery of Brickell City Centre marks the high point of retail deliveries, which has spiked vacancy in the short-term in the submarket. However, the project has delivered more critical mass and luxury retail to the breakout Brickell submarket. The project is also lifting rents in the area and sets a new high water mark for downtown retail rents.
• The downtown area’s improving retail fundamentals are driven by several factors. These include residential growth, organic employment growth, increased visitation, and increasing capture of county-wide retail demand.
• The majority of retail spending in Greater Downtown Miami comes from sources other than local residents, reflecting its large employment base and tourist attractions.
• IRR Miami’s analysis of retail conditions in downtown indicate a robust trajectory of
retail growth. Downtown has become a larger part of the tourist experience, which will be enhanced by new attractions such as Frost Science Museum, cultural landmarks, and diverse retail opportunities.
• The growing population base, particularly the growth in the conventional rental segment is creating opportunities for neighborhood convenience services and retail opportunities that serve more localized neighborhoods within downtown.
• There is no doubt that the current has shifted as retail is going urban, and consumer’s behavior has altered the retail landscape. Downtown presents the ideal mix of tourism, employees, residents, and students who all spend. Urban retail takes advantages of walkability, transit connectivity, and convenience. Downtown Miami has emerged as an incredible urban destination due to its maturity as an employment center.
• Further north is A&E, home to the city’s flagship art and science museums as well as the Adrienne Arsht Center as well as high-rise condos such as One Thousand Museum. Adjoining the A&E district is Overtown, an urban neighborhood home to the historic Lyric Theatre as well as county oªces at the Overtown Transit Village. Further north, Edgewater is an emerging residential corridor, while Wynwood and Midtown are emerging as Miami’s creative hubs.
Florida is known for its rich tourism attracting more tourists annually than any other state. Florida is now the third most highly populated state in the nation surpassing New York. The South Florida region (Miami, Fort Lauderdale, and Palm Beach) is the most populous area in the state and Miami is Florida’s largest metropolitan center. In just 15 minutes, 1.3 million residents can reach downtown; and 2.1 million residents in 30 minutes.
South Florida is a global tourist destination, especially for visitors from Latin America. The area is served by two major airports - Miami International Airport saw approximately 22.6 million deplaned passengers, while the Ft. Lauderdale International Airport saw another 14.5 million passengers. Miami is also the cruise capital of the world; PortMiami also hosted 5.1 million cruise passengers in 2016.
Greater Downtown Miami is the heart of the South Florida region. Greater Downtown Miami has traditionally been a regional employment center with a strong concentration of finance, banking, legal, real estate and professional services firms. The area now has reached a critical density with residents, workers, tourists, students and visitors; over 235,000 people spend time in Greater Downtown Miami daily. The daytime population is complemented by an active nightlife with nightclubs, restaurants, and bars open until dawn. Together, Greater Downtown Miami is now a 24-hour urban center anchoring a dynamically growing metro area. Residents, visitors, and workers in Downtown Miami contribute to retail spending daily.
Greater Downtown Miami is host to a unique array of neighborhoods that each have their own character. Brickell represents the modern financial hub of Greater Downtown Miami and sits at the intersection of Little Havana, Coconut Grove, and the Miami CBD. The CBD is the historic and tourism hub of downtown, with many of the city’s oldest buildings as well as the Bayside Marketplace and Bayfront Park.
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Greater Downtown MiamiSource: Miami-Dade County ITD, Miami DDA
Updated: April 20, 2017Disclaimer: This product is for reference purposes only and is notto be construed as a legal document or survey instrument.
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Miami DDAArts/EntCBDBrickellWynwoodOvertownMidtown
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South Brickell
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WestBrickell
East LittleHavana
Design District
The Roads
Allapattah
Health District
Greater Downtown Neighborhood Map
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Greater Downtown Miami Major Retail Properties - 2016
2017 Existing SF U/C SF % Growth Avg. Rents (NNN)
Brickell 1,585,639 50,000 6.5% $75-$125
CBD 2,430,494 400,000 36.4% $30-$40
A&E 818,578 [1] 15,000 1.8% $15-$30
Edgewater 733,511 12,075 [2] 1.6% $40-$60
Midtown 831,624 63,000 8.2% $40-$60
Wynwood 1,174,123 0 0.0% $50-$75
Overtown 176,146 0 0.0% $10-$25
Total (Unadjusted) Adjustments: 7,850,115 768,139 9.8% $45
Estimated Condo and Oªce-Retail 900,000 --- --- ---
Add'l Wynwood (1/3 of oªce/ind space) 627,000 --- --- ---
Total (Adjusted) 9,277,115 768,139 8.3% $45
Source: Integra Realty Resources
21%
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Overtown
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Source: Integra Realty Resources
Greater Downtown Miami Major Retail Properties - 2016
Existing Properties > 100,000 SFPipeline
Properties >100,000 SF
2015-2016 Changes Proposed Properties >100,000 SF
Brickell City Centre (505,000 SF)
Mary Brickell Village (277,983 SF)
Navy Federal Credit Union (204,108 SF)
None 680,152Miami River Walk (133,000 SF)
China City - Capital at Brickell (600,000 SF)
22 E Flagler/ Macy's Complex (487,000 SF)
Bayside (213,438 SF leasable)
Galeria Internacional (162,435 SF)
Seybold Building (150,000 SF)
Miami Worldcenter & Miami Central
Station (490,000 SF)
Met Square (113,508 SF)
56,509 [3] ---
Omni (150,000 SF retail+ oªce) 129,985 Miami Innovation District (TBD)
Braman BMW (143,221 SF) None 55,834 ---
Midtown Miami (509,946 SF leasable) None 290,319 [4] Walmart (203,000 SF)
Salvation Army (123,816 SF) None 149,624 [5] Mana Wynwood (TBD)
None None -18,648 [6]
Total (Unadjusted) Adjustments: 1,343,775
[1] Size discrepancies reflect CoStar remeasurements of existing buildings (71 NW 14th St, for instance, grew from 16,133 SF to 40,000 SF based on a March 24, 2017 listing) and migration of properties to retail from oªce and industrial or vice versa depending on the highest and best use at the time.
[2] Excludes 343,000 SF of oªce @3050 Biscayne classed by CoStar as retail do not appear in the pipeline.
[3] Mainly composed of Whole Foods (+41,000 SF) and reclassified space at 777 Mall (+73,000 SF).
[4] Reflects retail outside Midtown Miami development (mainly on NW 36th St) that was not previously included in IRR prior report.
[5] Reflects conversions of flex/reclassification of retail from other uses.
[6] Overtown submarket details are not subsequently provided because there is no defined node or critical mass of retail, and the size of the market did not lend itself to the submarket breakdown.
Greater Downtown Miami Demographics
POPULATION
88,540
DAYTIME POPULATION235,000
MEDIAN AGE
35
MEDIAN HOUSEHOLD
2
AVERAGE HH INCOME
$97,671
AGGREGATE HH INCOME$4.2B
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Summary of Proposed Major Retail ProjectsThere are a number of potentially transformative developments in the pipeline for greater downtown retail. Updates on these include:
• Miami Worldcenter has seen groundbreaking on its residential component. Vertical construction is well underway at Paramount, and the 7th Street Promenade rentals are also under construction. Over 150,000 square feet of retail is currently under construction while another 150,000 square feet of high-street retail, involving Forbes and Taubman, will begin construction this year..
• Met Square is also now well under construction, comprising both a rental tower and retail anchored by a Silverspot cinema. The mixed-use project is expected to be completed by 2018. Location: CBD Submarket
In addition to the above, several other projects with possible retail components are currently in the planning or approvals stage, although firm square footages have not yet announced. These include:
• Miami River Walk, located in Northwest Brickell, was revised in 2016 to include a hotel and a total of 266,000 square feet of retail and oªce space. A pre-development loan was secured in September.
• MiamiCentral Station, straddling the CBD and Overtown, is currently under construction, and train service is expected to begin by year-end 2017. Plans show that the retail will occupy most of the ground level frontage as well as several mezzanine retail/oªce spaces. Publix has signed a deal to open at 3 MiamiCentral.
• Miami Innovation District has begun site work, with the 4.8 acre Greyhound site at 1151 NW 1st Avenue being cleared in February 2017. Permitting for the project is currently in mediation under Florida’s Land Use and Environmental Dispute Resolution Act as a result of zoning changes.
• Midtown Miami has seen the delivery of Eve (formerly District 36) as well as the completion of Midtown 5 and vertical construction at Hyde Midtown, which will include SBE-branded restaurants similar to those at SLS South Beach and SLS Brickell. Midtown 6 recently received development approval with a ground-level grocery store.
• SkyRise Miami is advancing, with the majority of it approved. The final remaining piece of permitting is for the signature “Skyway” attraction, a modified Ferris wheel running on the outer edges of the building.
• Museum Park opened Frost Science Museum in May 2017, joining the Perez Art Museum Miami next door. The museum includes two retail spaces – a gift shop and a restaurant- on its ground floor.
• Mana Wynwood formally unveiled plans for the “Americas-Asia Trade Center” in April 2017. Mana expects the project to create 20,000 jobs and to contain 75,000 square feet of retail, along with 3 million square feet of oªce and showroom space and a 400-room hotel.
• A number of projects along the Miami DDA’s boundaries are continuing as well. River Landing will be moving forward after issues between the developer and their lender were settled in 2016. Work is continuing on the final components of the Miami Design District’s third phase, and the first retail at Island Gardens – the Deck restaurant – had its preview opening last year and is expected to reopen later this year. Two successful hostings of the Miami International Boat Show have helped lead to a $45 million loan to restore it, which was authorized in 2016.
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Market Comparison Analysis
IRR Index Ranking
Downtown Area
Street Rents
High Street
Downtown Population
Retail Inventory
Market Tourism in visitors per
year
Downtown O�ce
Inventory
1 Los Angeles $60 $250 58,000 4,550,000 45,500,000 28,000,000
2 Miami $50 $150 85,000 9,200,000 15,000,000 21,500,000
3 Seattle $40 $75 75,000 3,775,000 19,200,000 40,000,000
4 Houston $35 $90 15,000 1,575,000 17,500,000 46,000,000
5 Orlando $25 $60 12,500 1,000,000 22,000,000 6,450,000
6 Ft. Lauderdale $35 $90 15,200 1,225,000 13,000,000 9,000,000
*The above submarket comparison was based on interviews with national Integra Realty Resources (IRR) o�ces, and proprietary and public data assembled by IRR for comparison.
Market Comparison Snapshot
IRR identified a list of comparable downtown areas, and has identified three distinct drivers to downtown retail sales. We selected five national comparative markets that are considered most analogous in the city’s scale, the size of the surrounding metro population, the level of tourism into the market as measured by visitation, and the size of the CBD oªce market o�ering daytime population drivers.
Miami is performing well on high street rents for premium locations where sales support new retail. What downtown Miami needs is the redevelopment of older street retail, with a continued emphasis on expanding new residential opportunities and drawing Miami-Dade residents and visitors to downtown for entertainment and recreation. New oªce supply is already underway, which will add to the daytime population base. The combination of these factors (visitors, workers, and residents) will continue to support rent levels and growth of the retail sectors downtown.
Miami is emerging as a 24-hour city, and it is drawing on an increasing downtown residential population when compared to Los Angeles, Seattle, Orlando, Ft. Lauderdale, and Houston. Miami leads in downtown resident population against these markets.
The rental ranges exhibited by each peer market are enhanced by the combination of downtown population (local spending); tourist visitors (discretionary vacation spending) and oªce inventory (downtown daytime spending).
Los Angeles tourism drivers support its high street rents, and overall street rents are supported by downtown oªce and relatively comparable population.
Miami is the second best performer in the peer set with a strengthening downtown population, and a fast-expanding market share of tourist spending. While lagging in downtown oªce inventory size, downtown Miami remains focused on experiential spaces, including art and cultural o�erings that continue to draw tourists and local Miami-Dade residents alike. This is supporting a large retail inventory downtown, and registering the second highest rent ranges across downtown peers.
Seattle has comparable drivers as Miami and Los Angeles, but rent levels and overall retail inventory is lagging.
The balance of the markets all compete fairly on most metrics except downtown oªce inventory and downtown population, and as a result the street and high street rents are a fraction of Miami and Los Angeles.
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Retail Sales
Category 2015 Sales ($M) 2014-2015 Change
General Merchandise, Mail Order $969.12 16%
Restaurants, Caterers $783.40 7%
Motor Vehicle Dealers, Camper Sales, Leasing, Repairs by Dealers $569.73 -22%
Grocery Stores, Convenience Stores $459.41 10%
Importing & Exporting $336.99 -17%
Home Entertainment & Musical Instruments, Electronics Shops $255.29 -31%
Clothing & Alterations $252.48 25%
Furniture Stores $166.00 26%
Rental Shops $143.45 7%
Graphic Arts & Printing Publishing, Engraving $122.41 3%
Insurance, Banking, Research, Income Tax Services, Information Services $82.25 54%
Auto Parts & Accessories $78.98 1140%
Interior Decorating, Painting, Paperhangers, Draperies $62.26 2%
Transportation $60.82 274%
Itinerant Vendors $43.73 -1%
Other Personal Services $33.17 -7%
Miscellaneous $30.52 -32%
Barber & Beauty Shops, Cosmetics, Health Spas $29.38 0%
Repair Shops $24.68 -21%
Taverns & Clubs. Liquor Stores $19.70 383%
Advertising $14.40 6%
Garages & Repair Shops, Body Shops $13.16 -8%
Second Hand Stores, Goodwill, Antique Dealers $7.83 45%
Gift, Card & Novelty Shops, Toy Stores, Hobby Shops $5.26 15%
Laundry & Cleaning Services $1.57 -
Shoe Stores $0.00 -100%
Grand Total $4,566 2.12%
Downtown Retail Spending by Category
The categorization of the type of sales reinforces that growth is occurring in both tourist and resident categories. General Merchandise growth, grocery and c-store sales growth, gift card, liquor and taverns/bars, banking and income tax services are all fundamental resident-driven categories. Clothing, furnishing, restaurant, rental shop growth are tourist-driven sectors.
Miami retail continues to benefit from the increased exposure of the downtown area to the broader Miami-Dade resident base and an expanding younger base of residents. Resident growth will continue to outpace the county-at-large due to housing expansion (rental and for-sale) in the market. Miami is delivering on the tourist experience, and new oªce developments are under construction to support continued job growth. The market demand for retail is essentially firing on all cylinders.
In terms of sales growth, Greater Downtown Miami has continued to outpace the rest of the county, driven by strong performance in the Wynwood/Edgewater submarkets. Core downtown submarkets of the CBD and Brickell have seen more mixed performance, however.
A total of $4.6 billion in retail sales were conducted in Greater Downtown and its environs, accounting for 5.36% of the county total vs. 5.25% in 2014.
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Retail Sales
Zip Code DDA Submarkets Non-DDA Neighborhoods 2015 Total Sales Growth
33127 Wynwood, Midtown Allapattah $582 19.02%
33128 CBD North Little Havana $48 -12.73%
33129 Brickell The Roads $101 -1.94%
33130 Brickell South Little Havana $570 -17.99%
33131 Brickell None $1,118 -8.51%
33132 CBD, A&E, Edgewater None $801 3.09%
33136 CBD, Overtown Civic Center $88 7.32%
33137 Edgewater, Midtown Design District $1,258 19.92%
DDA Total $4,566 2.12%
Countywide $85,137 -5.46%
Downtown Retail Spending Performance
In terms of sales growth between 2014 – 2015, the downtown market expanded 2.12% while the county overall dropped 5.46%, indicating downtown outperformed on retail sales. The sales tax data used to estimate the $4.566 Billion in retail sales downtown does not include Brickell City Centre, which opened in late 2016.
While the sales tax data includes some over-lapping “non-DDA” zip codes, the overall magnitude of sales in 2015 remained an impressive $492 per SF on average.
According to IRR’s interpretation of sales tax reports, the zip codes that comprise the DDA area (33127/Wynwood, 33137/Edgewater, 33136/Overtown, 33128/CBD, 33132/CBD, 33131/Brickell, 33130/Brickell, and 33129/Brickell from north to south) have outperformed Miami-Dade County as a whole in terms of spending growth between 2014 and 2015. The following table updates how DDA zip codes have performed in terms of sales growth as compared to Miami-Dade County as a whole:
Photo Credit: Nathan Gilbert
Photo Credit: fotoluminate © 123RF.COM
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Historical Retail Rents
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$100
$120
2012 2013 2014 2015 2016
2012
2011
2010
2009
2008
2013
2014
2015
2016
Net Absorption SF DirectDeliveries
0%
5.0%
10.0%
15.0%
20.0%
25.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
600,000 SF
500,000 SF
400,000 SF
300,000 SF
200,000 SF
-100,000 SF
100,000 SF
0 SF
$0
$20
$40
$60
$80
$100
$120
2012 2013 2014 2015 2016
2012
2011
2010
2009
2008
2013
2014
2015
2016
Net Absorption SF DirectDeliveries
0%
5.0%
10.0%
15.0%
20.0%
25.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
Brickell Primary Market Area Brickell Submarket
Existing Inventory 1,287,588 SF 1,585,639 SF
NNN Rent Per SF (Q1 2017) $127.54 $96.43
Vacancy (Q1 2017) 22.6% 18.9%
12-month deliveries 505,000 SF 505,000 SF
12-month absorption 195,536 SF 198,863 SF
Retail
600,000 SF
500,000 SF
400,000 SF
300,000 SF
200,000 SF
-100,000 SF
100,000 SF
0 SF
$0
$20
$40
$60
$80
$100
$120
2012 2013 2014 2015 2016
2012
2011
2010
2009
2008
2013
2014
2015
2016
Net Absorption SF DirectDeliveries
0%
5.0%
10.0%
15.0%
20.0%
25.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
*Short vacancy as Q4-2016 reflects stabilization of Brickell City Centre.
BR
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BRIC
KELL
AVE
.26
,500
AAD
T
38,5
00 A
ADT
S M
IAM
I AVE
.
S M
IAM
I AVE
.
SW 13TH AVE.
SE 8TH AVE.
SE 7TH AVE.
SW 15 TH RD.
MIAMI RIVER
BISCAYNEBAY
CAPITALGRILLE
TRULUCKS
KOMODO
COYA
CIPRIANI
PM BUENOSAIRES
MORTON’S
VISA O1
PERRICONE’SMARKETPLACE
QUINTALA HUELLA
RIVEROYSTER BAR
COYO TACO
GYU-KAKU
MARION
EDGE
FI’LIABAZAAR MARBY JOSE ANDRES
CANTINALA VEINTE
BRICKELLCITY
CENTRECINEMEX
BABYJANE
TUCANDELA/BARU
AMERICANSOCIAL
SUGAR
BIG EASY
TACOLOGY
PUBBELLYSUSHI
BLUEMARTINI
FADO
SEGAFREDOBLUME
RED BAR
BATCHGASTROPUB
BLACKBIRDORDINARY
BETTER DAYSRIVER
YACHT CLUB15TH
AND VINE
EL TUCAN
EAST
W MIAMI
FOURSEASONS
SLS
MANDARINORIENTAL
JW MARRIOTT
CVS
CVS
EQUINOX
STARBUCKS
STARBUCKS
TITLE BOXING
WALGREENS
LA FITNESS
FARMER’SMARKET
HOT YOGA BRICKELL
PUBLIX
PUBLIX
PUBLIX
Brickell Primary Market Area
$100 - $200+/sf NNN
$50 - $100/sf NNN
$35 - $50/sf NNN
Rents
Restaurants Entertainment/Bars Hospitality Food, Health & Wellness
MetroRail Stations
MetroRail
MetroMover Stations
MetroMoverBR
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14 Integra Realty Resources
Brickell Major Retail DestinationsBrickell City CentreBrickell City Centre is a mixed-use, $1 billion+ development that includes a hotel, two oªce towers, two condo towers, serviced executive apartments, and a 505,000 SF mall anchored by Saks Fifth Avenue and containing a mix of upscale and luxury retail heavily oriented towards apparel and fashion. Brickell City Centre is managed by the same company as Bal Harbor Shops, Whitman Family Development, and aims to replicate that experience in a mixed-use urban setting. The retail had its grand opening in Q4 2016. A luxury CMX cinemas opened in May 2017. Leasing of the remaining space is being handled by the Simon Property Group.
Mary Brickell VillageMary Brickell Village is a lifestyle retail center located along South Miami Avenue. With a retail mix heavily dominated by restaurants and bars, but also including an LA Fitness, an anchor Publix, and a number of boutiques, Mary Brickell Village has acted as the main neighborhood hub for Brickell and has stimulated retail and residential growth on the adjoining city blocks.
Demographics
POPULATION
34,975
MEDIAN AGE
34
MEDIAN HOUSEHOLD
1.73
AVERAGE HH INCOME
$102,130
AGGREGATE HH INCOME$2.3B
BR
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15Integra Realty Resources
BRIC
KELL
AVE
.
S M
IAM
I AVE
.
SW 13TH AVE.
SW 15 TH RD.
SE 8TH AVE.
SE 7TH AVE.
MIAMI RIVER
BISCAYNEBAY
9
3
17
2
416
811
10
14
5
1
15
6
13
12
7
Brickell City Centre
$1.05B Project 505,000 SF Retail 92% Leased $150 Median Lease Rate
SLS Brickell
$400M Project 453 condos,
124 hotel rooms 2 restaurants
(Fi’lia and Bazaar Mar)
Le Parc
128 Condos 270 Hotel Rooms
The Bond at Brickell
328 Condos 5,000 SF Retail
(Starbucks)
Recent Retail Deliveries, Under Construction and Transactions
1 2 3 4
Recently Delivered
MetroRail Stations
MetroRail
MetroMover Stations
MetroMover
BR
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16 Integra Realty Resources
Brickell Heights
682 Condos 35,000 SF Oªce 55,000 SF Retail (incl.
Soul Cycle & Equinox)
SLS Lux
534 Condos, including
84 Hotel Rooms 20,000 SF Retail 44% pre-leased
Panorama
821 Apartments 208 Hotel Rooms 50,000 SF Retail 100,000 SF Oªce
Brickell Flatiron
549 Condos 25,000 SF Retail
Brickell Flatiron
$22.5M $907 PSF
(2016 – under contract) 24,800 SF Retail Condo
Four Ambassadors Hotel
$3.1M 801 Brickell Bay $329 PSF (2016) 9,495 SF (3) Retail Condos
Chevron 720 SW 2nd Ave
$8M $378 PSF Land (2016) 0.49-acre redevelopment
Mary Brickell Village
113.5M $581 PSF (2015) 195,000 SF Retail
Echo Brickell
180 Condos 5,000 SF Retail
1010 Brickell
387 Condos 11,500 SF Retail
Cipriani (Icon I)
$7.6M $738 PSF (2015) 10,305 SF Retail Condo
1100 Milecento
$10.5M $628 PSF (2015) 16,711 SF (3) Retail Condos
Jade Unit 1
$2.3M $740 PSF (2014) 3,105 SF Retail Condo
5
11
9
15
6
12
10
16
7
13
17
8
14
Under Construction
Representative Retail Transactions
BR
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Photo Credit: Marc Averette
DO
WN
TOW
N /
CB
D
18 Integra Realty Resources
CBD Primary Market Area CBD Submarket
Existing Inventory 2,430,494 SF 2,574,746 SF
NNN Rent Per SF (Q1 2017) $37.32 $35.13
Vacancy (Q1 2017) 10.4% 12.3%
12-month deliveries 0 SF 55,442 SF
12-month absorption -135,491 SF -114,423 SF
Retail
60,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
-60,000 SF
-80,000 SF
-100,000 SF
-120,000 SF
0 SF
$15
$20
$25
$30
$35
$40
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016 YTD
Net Absorption SF TotalDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
YTD
60,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
-60,000 SF
-80,000 SF
-100,000 SF
-120,000 SF
0 SF
$15
$20
$25
$30
$35
$40
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016 YTD
Net Absorption SF TotalDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
YTD
60,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
-60,000 SF
-80,000 SF
-100,000 SF
-120,000 SF
0 SF
$15
$20
$25
$30
$35
$40
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016 YTD
Net Absorption SF TotalDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2012
2011
2010
2009
2008
2013
2014
2015
2016
YTD
Historical Retail Rents Historical Retail Vacancy
5-Year Historical Absorption and Deliveries
DO
WN
TOW
N / C
BD
19Integra Realty Resources
Downtown/CBD Primary Market Area
PORT BLVD.
E FLAGLER
NE 8TH ST.N
MIA
MI A
VE.
NE 1
STAV
E.
NE 2
NDAV
E.
BISCAYNE BLVD.
BISCAYNEBAY
MIAMI RIVER
36,000 AADT
38,500 AADT
ZUMA
IL GABBIANO
TORO TORO
CVICHE 105
SOYA EPOMODERO
HARDROCK CAFE
BUBBA GUMPSHRIMP
PUBBELLY STATION
WOLFGANG’SSTEAKHOUSE
EPIC
INTERCONTINENTALMARRIOTTCOURTYARD
HYATTREGENCY
LANGFORD HOTEL
YVEHOTEL
JW MARQUIS
HOTELBEAUX ARTS
AREA 31
PAWN BROKER
AA ARENA
BAYFRONT PARK
BAYSIDEMARKETPLACE
MIAMARINA
MDC MUSEUM OF
ART & DESIGN
OLYMPIA THEATER
MIAMI CENTER FOR ARCHITECTURE
& DESIGN
MACY’SCHILDREN’S PLACE
MARSHALLS
ROSS
GAP
DISNEY STORE
VICTORIA’SSECRET
FOOTLOCKER
SEYBOLDJEWELRY
SUPPLY& ADVISE
LOST BOY
NEUSHOP
WHOLE FOODS
WALGREENS
WALGREENSSTARBUCKS
STARBUCKS
STARBUCKS
STARBUCKS
JUANVALDEZ CAFE
ORANGETHEORY
EXHALE
CVS
CVS
CVS
Restaurants Bars/Entertainment & Attractions Fashion & Boutiques
Hospitality Food, Health & Wellness
MIAMI RIVER
$25 - $35/sf NNN
$35 - $45/sf NNN
$45 - $65/sf NNN
$65 - $100/sf NNN
Rents
MetroRail Stations
MetroRail
MetroMover Stations
MetroMover
DO
WN
TOW
N /
CB
D
20 Integra Realty Resources
Bayside Marketplace & Bayfront ParkBayfront Park and Bayside are the main tourist draws to the Miami CBD, the city’s historic downtown. Bayfront Park is a large waterfront city park that is frequently used for large events such as the Ultra Music Festival each spring as well as portions of the Miami International Boat Show. It is bordered to the north by Bayside, an open-air shopping mall that includes souvenir shops, restaurants, and national chains like Bubba Gump, GameStop, Clarks, and Hard Rock Café as well as a marina and boat rentals. According to the Greater Miami Convention and Visitors Bureau, Bayside is among Miami-Dade County’s largest attractions, with 33.4% of visitors (2015) to the county spending at least one night downtown.
Flagler StreetFlagler Street is Miami’s historic “Main Street”, the heart of the city’s jewelry district as well as a major concentration of historic architecture and chain retail anchored by a Marshalls store on the east end and a major Metrorail station and county oªce complex, as well as the soon-to-be-completed Brightline train station, to the west. The City of Miami and Miami-Dade County are currently undertaking a multimillion-dollar streetscape improvement aimed at making this street more attractive and pedestrian-friendly.
Downtown/CBD Major Retail Destinations
Demographics
POPULATION
17,132
MEDIAN AGE
34
MEDIAN HOUSEHOLD
1.64
AVERAGE HH INCOME
$68,953
AGGREGATE HH INCOME
$539.6M
Photo Credit: Songquan Deng © 123RF.COM
DO
WN
TOW
N / C
BD
21Integra Realty Resources
Recent Deliveries, Under Construction and Transactions
PORT BLVD.
E FLAGLER
NE 8TH ST.
N M
IAM
I AVE
.
NE 1
STAV
E.
NE 2
NDAV
E.
BISCAYNE BLVD.
BISCAYNEBAY
MIAMI RIVER
12
511
9
1013
6
8
2 7
4
1
3
East Coast Building
55,442 SF Retail
1
Recently Delivered
MetroRail Stations
MetroRail
MetroMover Stations
MetroMover
DO
WN
TOW
N /
CB
D
22 Integra Realty Resources
Miami World Center Mixed use $2B
project including 563 condominium units; 1,291 rental units 360,000 SF of ground
floor retail, 600,000 SF convention center, and 1,800 room Marriott Marquis. Hines just announced a 600,000 SF oªce tower in MWC complex.
All Aboard Florida/ Brightline OneMiamiCentral, Two
MiamiCentral, Three MiamiCentral 180,000 SF retail,
800 residential units, 260,000 SF oªce, 250 hotel rooms, 280 residences
Flagler Street RedevelopmentThe Flagler Street renovation and beautification is geared to modernize downtown Miami, and make it more pedestrian friendly. The $13M project includes new bike racks, enhanced crosswalks, new street lighting, upgraded sidewalks and oak trees between the Dade County Courthouse east to Biscayne Boulevard.
Silverspot Cinema at Met Square 300 SE 3rd Ave 113,500 SF of retail,
including 80,000 SF 17-screen Silverspot Cinema
501 N Miami Ave
$18.1M $483 PSF for land (2017) 37,500 SF Mixed-use
redevelopment
Miami World Center (partial)
$45.25M 220$ PSF for land (2017) 205,353 SF
Conference Center
Marinablue Retail Condos
$14.94M $1,570 PSF (2016) 9,500 SF (7) retail
condos
50 Biscayne Blvd CU8
$600,000 $1,140 PSF (2016) Ground Floor Retail
Condo Unit
Vizcayne Retail Condo
$27.2M $490 PSF (2015) 55,000 SF Ground
floor Retail
Whole Foods
19.63M $480 PSF (2015) 41,000 SF
Supermarket
Bayside Marketplace $196M $1,960 PSF (2015) Partial
interest transferred (49%) – the property is on a ground lease owned by the City of Miami 205,000 SF Lifestyle
Center
201 NW 1st Ave
$6.3M $481 PSF (2015) 13,090 SF Retail
2
6
10
3
7
11
4
8
12 13
5
9
Under Construction
Representative Retail Transactions
DO
WN
TOW
N / C
BD
23Integra Realty Resources
Photo Credit: Preve Beatrice © 123RF.COM
A&
E
24 Integra Realty Resources
A&E Submarket
Existing Inventory 1,268,575 SF
NNN Rent Per SF (Q1 2017)
$23.66
Vacancy (Q1 2017) 4.3%
12-month deliveries0 SF
12-month absorption-49,500 SF
Retail
Historical Retail Rents Historical Retail Vacancy
40,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
-50,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
40,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
-50,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
40,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
-50,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
5-Year Historical Absorption and Deliveries
Demographics
POPULATION
14,675
MEDIAN AGE
35
MEDIAN HOUSEHOLD
1.73
AVERAGE HH INCOME
$79,394
AGGREGATE HH INCOME
$663.9M
A&
E
25Integra Realty Resources
A&E Primary Market Area
MACARTHUR CSWY.
PARROT JUNGLE TR.
WATSONISLAND
NE 14TH ST.
NE 11TH ST.
NE 12TH ST.
NE 15TH ST. BISC
AYNE
BLV
D.
NE 2
ND A
VE.
N M
IAM
I AVE
.
BISC
AYNE
BLV
D.
395
BISCAYNEBAY
BISCAYNEBAY
129,500 AADT
STK
VERDE
THE DECKAT ISLAND GARDEN ICHIMURA
JAPANESE
CASABLANCA ON THE BAY
BRAVA BYBRAD KILGORE
TONY CHAM’SWATER CLUB
FOOQ
’S
E11EVEN
CLUB
SPA
CE
MUSEUM PARK
PEREZ ARTMUSEUM MIAMI
PHILLIP AND PATRICIA FROSTMUSEUM OF SCIENCE JUNGLE ISLAND
MIAMICHILDREN’S
MUSEUM
MIAMIYACHTCLUB
ADRIENNEARSHT CENTER
KNIGHTCONCERT HALL
FREDERICSWITZERGALLERY TRINITY
CATHEDRAL
SEA ISLEMARINA
FLOY
D
HEAR
T NI
GHTC
LUB
THE
HANG
AR
MICROTHEATER
MIAMI
VIACOMINTL. STUDIOS
MIAMIINTERNATIONALUNIVERSITY OFART & DESIGN
BLINDPIG
ACMELOUNGE OMNI
BAYSHORE DESIGN CENTER
BOOKS & BOOKS
ME MIAMI
HILTON MIAMIDOWNTOWN
DOUBLETREE BYHILTON BISCAYNE BAY
MARRIOTT MIAMIBISCAYNE BAY
RX PHARMACY
MACARTHUR CSWY.
PARROT JUNGLE TR.
WATSONISLAND
NE 14TH ST.
NE 11TH ST.
NE 12TH ST.
NE 15TH ST. BISC
AYNE
BLV
D.
NE 2
ND A
VE.
N M
IAM
I AVE
.
BISC
AYNE
BLV
D.
395
BISCAYNEBAY
BISCAYNEBAY
129,500 AADT
STK
VERDE
THE DECKAT ISLAND GARDEN ICHIMURA
JAPANESE
CASABLANCA ON THE BAY
BRAVA BYBRAD KILGORE
TONY CHAM’SWATER CLUB
FOOQ
’S
E11EVEN
CLUB
SPA
CE
MUSEUM PARK
PEREZ ARTMUSEUM MIAMI
PHILLIP AND PATRICIA FROSTMUSEUM OF SCIENCE JUNGLE ISLAND
MIAMICHILDREN’S
MUSEUM
MIAMIYACHTCLUB
ADRIENNEARSHT CENTER
KNIGHTCONCERT HALL
FREDERICSWITZERGALLERY TRINITY
CATHEDRAL
SEA ISLEMARINA
FLOY
D
HEAR
T NI
GHTC
LUB
THE
HANG
AR
MICROTHEATER
MIAMI
VIACOMINTL. STUDIOS
MIAMIINTERNATIONALUNIVERSITY OFART & DESIGN
BLINDPIG
ACMELOUNGE OMNI
BAYSHORE DESIGN CENTER
BOOKS & BOOKS
ME MIAMI
HILTON MIAMIDOWNTOWN
DOUBLETREE BYHILTON BISCAYNE BAY
MARRIOTT MIAMIBISCAYNE BAY
RX PHARMACY
Watson Island
$25 - $35/sf NNN
$35 - $45/sf NNN
$45 - $65/sf NNN
Rents
Restaurants Bars/Entertainment & Attractions Fashion & Boutiques
Hospitality Food, Health & Wellness
ACME
MetroMover Stations
MetroMover
A&
E
26 Integra Realty Resources
A&E Major Retail Destinations
Club CorridorThe Arts and Entertainment District is Greater Downtown’s main nightlife location. NE 11th Street and North Miami Avenue are lined with nightclubs, bars, and speakeasies, including the 24/7 E11even as well as Club Space, 1306, and Club Heart.
Museum ParkThe former Bicentennial Park just south of I-395 contains the 2013 Perez Art Museum as well as the Frost Science Museum, completed in 2017. The Perez Art Museum has several retail spaces, including a gift shop as well as the popular Verde restaurant.
Watson Island/Jungle IslandThis island o� the coast of the Arts and Entertainment District contains a number of tourist draws, including a Japanese garden as well as the Miami Children’s Museum and Jungle Island, a theme water park that was recently sold for $60 million and is slated for millions in upgrades and expansions.
The Grand Retail PlazaThis hotel and condominium adjoining the Omni complex to the east contains a shopping mall on the ground floor, including boutiques as well as the restaurants Tony Chan’s Water Club and Casablanca.
A&
E
27Integra Realty Resources
Recent Deliveries, Under Construction and Transactions
MACARTHUR CSWY.
PARROT JUNGLE TR.
WATSONISLAND
NE 14TH ST.
NE 11TH ST.
NE 12TH ST.
NE 15TH ST. BISC
AYNE
BLV
D.
NE 2
ND A
VE.
N M
IAM
I AVE
.
BISC
AYNE
BLV
D.395
BISCAYNEBAY
BISCAYNEBAY 2
4
13
MACARTHUR CSWY.
PARROT JUNGLE TR.
WATSONISLAND
NE 14TH ST.
NE 11TH ST.
NE 12TH ST.
NE 15TH ST. BISC
AYNE
BLV
D.
NE 2
ND A
VE.
N M
IAM
I AVE
.
BISC
AYNE
BLV
D.
395
BISCAYNEBAY
BISCAYNEBAY 2
4
13
Watson Island
MetroMover Stations
MetroMover
A&
E
28 Integra Realty Resources
Miami World Center
Portions of Miami World Center extend into the A&E district.
“The Deck”
Restaurant “the Deck” at Island Gardens is currently under renovations.
Miami World Center
$45.25M 220$ PSF for land (2017) 205,353 SF – Mixed-use
redevelopment
Parrot Jungle/Jungle Island
$60M $218 PSF for leasehold
transfer, expansion of site is expected (2017) 275,300 SF of Retail
1
3
2
4
Under Construction
Representative Retail Transactions
A&
E
29Integra Realty Resources
EDG
EWAT
ER
30 Integra Realty Resources
Edgewater
Existing Inventory 733,511 SF
NNN Rent Per SF (Q1 2017) $53.09
Vacancy (Q1 2017) 3.9%
12-month deliveries 63,000 SF
12-month absorption 3,090 SF
Retail
Historical Retail Rents Historical Retail Vacancy
60,000 SF
70,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
60,000 SF
70,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
60,000 SF
70,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
5-Year Historical Absorption and Deliveries
EDG
EWATER
31Integra Realty Resources
Edgewater Primary Market Area
NE 29TH ST.
NE 20TH ST.
195
BISC
AYNE
BLV
D.
NE 2
ND A
VE.
31,500 AADT
132,000 AADT
37,000 AADT
BISCAYNEBAY
LULU’SNITROGENICE CREAM
LA BOTTEGAON THE BAY
MATTHEWKENNY CUISINE
CEVISHIROPERUVIAN SUSHI
THE DAILY
JACK’S
ENRIQUETA’S
LA LATINA
LAGNIAPPE
MIGNONETTE
THE SACRED SPACE
BINNO. 18
BUNBURYMIAMI
VLADALOUNGE
STAPLES
MIAMIBICYCLE
MODANIFURNITURES
BRAMANDEALERSHIP
KOM
ALL 4CYCLING USA
VICE CITYBEAN
PUBLIX
STARBUCKS
WALGREENS
FITBOXMETHOD
FIGHT CLUB
COREFITNESS
PRICE CHOICEFOODMARKET
BUNNIE CAKES
HAMPTONINN
Restaurants Bars/Entertainment & Attractions Shops/Retail
Hospitality Health, Lifestyle & Wellness
$25 - $35/sf NNN
$35 - $45/sf NNN
$45 - $65/sf NNN
Rents
EDG
EWAT
ER
32 Integra Realty Resources
Demographics
POPULATION
17,158
MEDIAN AGE
35
MEDIAN HOUSEHOLD
1.79
AVERAGE HH INCOME
$65,992
AGGREGATE HH INCOME$622M
Edgewater Major Retail Destinations
PublixEdgewater contains one of Greater Downtown Miami’s four operating Publix locations located at NE 18th St and Biscayne.
Braman Miami2060 Biscayne Boulevard is the center of Braman Miami’s auto dealership
EDG
EWATER
33Integra Realty Resources
NE 29TH ST.
NE 20TH ST.
195
BISC
AYNE
BLV
D.
NE 2
ND A
VE.
31,500 AADT37,000 AADT
BISCAYNEBAY
132,000 AADT
3
4
5
2
1
6
Recent Deliveries, Under Construction and TransactionsED
GEW
ATER
34 Integra Realty Resources
1 2
3
Recently Delivered
2900 Biscayne
$4.8M $923/SF (2016) 5,200 SF Street retail
2501 Biscayne Blvd
$13M $2,502/SF (2016) 5,194 SF of retail with
potential redevelopment for high-rise (T6-36a-O)
BDB Miami Site
$64M $187 PSF for Land (2015) 320,082 SF
54 6
National YoungArts FoundationIn 2014, this organization/arts school opened in the former Bacardi campus on Biscayne. The property includes an art gallery designed by Frank Gehry as well as several rentable event spaces and lounges.
The Sacred SpaceOpened in 2016-2017, the Sacred Space is an open air complex that comprises the Plant restaurant, the Matthew Kenney culinary school, a wellness-oriented boutique, and event spaces.
Paraiso Bay1,347 condos with ground floor retail and restaurants including a beach club.
Representative Retail Transactions
Under Construction
EDG
EWATER
35Integra Realty Resources
Photo Credit: Marc Averette
MID
TOW
N
36 Integra Realty Resources
Midtown Primary Market Area Midtown Submarket
Existing Inventory 605,713 SF 919,368 SF
NNN Rent Per SF (Q1 2017) $59.30 $53.65
Vacancy (Q1 2017) 7.3% 14.3%
12-month deliveries 0 SF 63,000 SF
12-month absorption -13,394 SF 23,010 SF
Retail
60,000 SF
80,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
60,000 SF
80,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
60,000 SF
80,000 SF
40,000 SF
20,000 SF
-20,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Historical Retail Rents Historical Retail Vacancy
5-Year Historical Absorption and Deliveries
Demographics
POPULATION
6,238
MEDIAN AGE
34
MEDIAN HOUSEHOLD
2.5
AVERAGE HH INCOME
$55,467
AGGREGATE HH INCOME$146M
MIDTO
WN
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Midtown Primary Market Area
195
95
NE 29TH ST.
NE 36TH ST.
N M
IAM
I AVE
.NW 2
ND A
VE.
132,000 AADT
WORLD OF BEER
BAR LOUIE
BARDOT
THE MBUILDING
BAKEHOUSEART COMPLEX
CYPRESSTAVERN
SALUMERIA 104
BLACKBRICK
SAKAYAKITCHEN
BOCCEMIDTOWN
OYSTER BARSUGARCANE RAW BAR
NOVECENTOMIDTOWN
BISTRO CASSISCHEF LEON MIAMI
RIVIERA FOCACCERIA
GIGI
THE GANG
PROHIBITIONSPEAKEASY
PROOF
PROPOSEDWALMART
PETSMART
NORDSTROM RACK
WEST ELM
DICK’SSPORTING
GOODS
ROSSTARGET
MARSHALLS
PARTY CITY
HOMEGOODS
GUESS
CLIMAOUTDOOR
OSCAR CARVALLO PARIS
STYLE HUNTERS STARBUCKSCVS
THE BOXBARRY’S BOOTCAMP
Midtown Major Retail DestinationsThe Shops at Midtown MiamiThe Shops at Midtown Miami is a major regional open-air mall that includes big box stores like Target, Marshalls, Ross, and Nordstrom Rack as well as street retail that includes boutiques and restaurants such as Sugarcane, Sakaya Kitchen, Bocce, and BlackBrick.
$25 - $35/sf NNN
$35 - $45/sf NNN
$45 - $65/sf NNN
Rents
Restaurants Bars/Entertainment & Attractions Shops/Retail
Health, Wellness & Food
MID
TOW
N
38 Integra Realty Resources
Brown Jordan
$13M $1,774 (2016) 7,328 SF retail
Murphy’s Truck Building
$18M $369 PSF (2016) 48,790 SF land
(redevelopment)
31-51 NW 29 St
$7M $253 PSF (2016) 27,600 SF of land 10,750 SF proposed retail
3300-3326 N Miami Ave
$12.8M $736 PSF (2015) 17,380 SF retail
Midtown Walmart
+/-200,000 SF
Hyde Midtown
410 condos 60 hotel rooms retail and restaurant
Eve at the District
Mixed-use high-rise containing 195 apartments and 63,117 SF retail.
Prohibition Restaurant
$3.25M $663 PSF (2015) 4,900 SF restaurant
2
1
8
3
64 75
Recently Delivered
195
95
NE 29TH ST.
NE 36TH ST.
N M
IAM
I AVE
.NW 2
ND A
VE.
1 4
3
8
7
2
56
Recent Deliveries, Under Construction and Transactions
Under Construction
Representative Retail Transactions
MIDTO
WN
39Integra Realty Resources
Photo Credit: Phillip Pessar
WYN
WO
OD
40 Integra Realty Resources
Wynwood Submarket
Existing Inventory 1,174,123 SF
NNN Rent Per SF (Q1 2017) $64.20
Vacancy (Q1 2017) 9.1%
12-month deliveries 49,268 SF
12-month absorption 36,479 SF
Retail
Historical Retail Rents Historical Retail Vacancy
60,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$70
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
60,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$70
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
60,000 SF
40,000 SF
50,000 SF
20,000 SF
10,000 SF
-10,000 SF
30,000 SF
-20,000 SF
-30,000 SF
-40,000 SF
0 SF
$0
$10
$20
$30
$40
$50
$70
$60
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
2012 2013 2014 2015 2016 YTD
Net Absorption SF DirectDeliveries SF
0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
5-Year Historical Absorption and Deliveries
WYN
WO
OD
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Wynwood Primary Market Area
NW 29TH ST.
N M
IAM
I AVE
.
NW 2
ND A
VE.
NW 5
TH A
VE.
NW 2OTH ST.
95
219,000 AADT
7,200 AADT
32,000 AADT
MIAMI CAFE
R HOUSE
MR BLOCK
WYNWOOD DINER
WOOD TAVERN
NUNSHEN
PRIDE & JOY BBQFIREMAN DEREK’S
JIMMY’Z KITCHEN
SALTY DONUT
BEAKER & GRAY
VISA 01
SUVICHE
KUSH
ZAK THEBAKER
TACO STAND
WYNWOOD5TH AVE
JUGOFRESH WK&BKYU
JOEY’S
GK GASTRONOMIE
PANTHER COFFEE
DR SMOOD
BARRIO
WYNWOODBREWING CO.
CONCRETE BEACHBREWERY
J WAKEFIELDBREWING
WYNWOOD ARCADE
SOHOSTUDIOS
WYNWOOD WALLS THE BAR NEXTDOOR
WYNCODE
WYNWOODPARK
WYNWOOD 26
WYNWOOD YARD
BRICK HOUSEBXLDR BEER MKT.
VONDOM
CABLE URBANMODERN
L’APPARTEMENTPLANT THE FUTURE
REDWARBY PARKER
BOOKS & BOOKS
RUBELLMUSEUM
MANAWYNWOODCONVENTIONS CENTER
OLIVER COLE GALLERY
BROTHERS &BRAWLERS
BASEELEMENTAL
ROBERT FONTAINEGALLERY
GALLERY 212
ASCASO GALLERY
MVM
TRES ART
DKONCEPT
$35 - $45/sf NNN
$45 - $65/sf NNN
$65 - $100+/sf NNN
Rents
WYN
WO
OD
42 Integra Realty Resources
Wynwood Major Retail DestinationsWynwood WallsWynwood Walls, one of the core attractions of the submarket, is an open-air, free gallery of street art that includes restaurants, a gift shop, and several courtyards lined with graªti.
Northwest 2nd AveueNorthwest 2nd Avenue is Wynwood’s retail Main Street. It includes restaurants and bars such as Wood Tavern and R House as well as numerous galleries and boutiques.
Wynwood ArcadeWynwood Arcade is a boutique shopping mall that’s one of the major retail properties outside of the 2nd Avenue corridor. It is home to the popular Salty Donut shop as well as fashion and lifestyle shops.
Demographics
POPULATION
2,325
MEDIAN AGE
34
MEDIAN HOUSEHOLD
2.77
AVERAGE HH INCOME
$29,696
AGGREGATE HH INCOME$21M
WYN
WO
OD
43Integra Realty Resources
Recent Deliveries, Under Renovations and Transactions
NW 29TH ST.
N M
IAM
I AVE
.
NW 2
ND A
VE.
NW 5
TH A
VE.
NW 2OTH ST.
NW 27TH ST.
NW 22ND ST.
NW 24ND ST.95
1
2
3
5
6
9
10
11
7 8
4
12 13
Wynwood Arcade
22,990 SF of retail
Wynwood Block
23,000 SF of retail
2121 NW 2nd Ave
24,000 SF of retail
1 2 3
Recently Delivered
WYN
WO
OD
44 Integra Realty Resources
Wynwood Showcase/Treehouse
7,806 SF Retail/Oªce
143 NW 23rd St
5,000 SF Restaurant
2210 NW 1st Pl
17,000 SF of retail
310 NW 24th St
8,300 SF divided in (4) restaurants
250 Wynwood CU1 & CU2 $2.995M $882/SF (2017) 3,396 SF divided in 2
restaurants
Wynwood Assemblage
$35.35M $1,655/SF (2016) 21,358 SF of retail
2100 Block
$22M $820/SF (2016) 24,763 SF of retail
Wynwood Showcase $3.85M $493/SF building $290/SF land (2016) 7,806 SF Retail (Sold
for adaptative re-use)
2700 NW 2nd Ave
$30.75M $563/SF Land (2016) 54,560 SF of land
Wynwood Gates
$13M $725/SF (2015) 17,954 SF of retail
4
8
12
5
9
13
6
10
7
11
Under Renovation
Representative Retail Transactions
WYN
WO
OD
45Integra Realty Resources
46 Integra Realty Resources
Sourcing
Analytic Content Retail Rental Rates Retail Node/Corridor Identification Proprietary SubmarketVacancy and Rent Analysis
Greater Downtown Miami Map Demographics Data (Brickell, CBD, A&E)
Greater Downtown Miami Major Retail PropertiesSubmarket’s Market Area RentsExisting Retail Square footage InventoryRetail Rental Rates (current and historical)Historical retail data: absorption, deliveries, retail rental rates, and vacancy Recent deliveries, under construction, and representative transactionsUnder construction
Demographics DataTapestry SegmentationBusiness Summaries
47Integra Realty Resources
Wynwood Temperature map credit: Metro 1 Wynwood Market Report 2017
Photography courtesy of Nathan Gilbert www.ngpaintings.com; Miami DDA Archives, IRR Image Library; 123RF.com; Alamy
Publication design by Netalia Shapse www.netaliashapse.com
Disclaimer & Acknowledgement
The information provided herein is for informational purposes. This publication does not render legal, accounting, appraisal, counseling, investment, or other professional advice. Should such services or other expert assistance be needed, it is recommended that the services of a competent person or firm, having access to the details of the situation, be employed.
Recent deliveriesProperties under constructionRepresentative transactions
Sourcing