- I was in Miami over New Years and was fortunate enough to view some of the new developments going up there.
- There is apparently a huge demand for high-rise living in the Miami area.
- And, as a result, developers keep adding to the Miami skyline with residential housing.
Its here. A new year. 2022. I hope everyone had a safe and fun holiday. And is looking forward to a great and profitable 2022.
I was lucky enough over the break to travel to Miami. My main purpose was to watch my Michigan Wolverines play the Georgia Bulldogs in the National Semifinals. Unfortunately, that did not go as planned.
But while I was there, I took the opportunity to see what was going on in Miami. It had been a while since I have been there and I wanted to see what the housing and real estate landscape looked like. So that’s what we will talk about in this week’s blog – Miami developments.
Commercial Real Estate Landscape has Changed Since I Last Visited
I do not remember the exact last time I was in Miami, but I can definitively say it was during the great crash of the late 2000s. So I would estimate it was in the 2008 timeframe.
I know it was during this time because it was one of the most remarkable scenes I have ever seen. Downtown Miami was filled with high-rise condos – and almost all of them were empty. At least it appeared that almost all of them were empty. It was eery and sad. But the locals assured me that it was only temporary and they would all soon be filled. And its my understanding that they were correct.
Current Miami Residential Landscape is Beset with High-Rise Apartments and Condos
It was interesting, therefore, to be able to drive around the Miami area and see what the residential market looks like now. As I remembered, it is dominated by high-rise condos and apartments.
It is amazing how many high-rises are all throughout the Miami area. Its hard to believe there are that many people to fill all of them. This is, obviously, purely anecdotal but I spoke with a friend who is familiar with the market. He told me that not only are there enough people to fill them, but it is actually difficult to find a place to live. Indeed, current occupancy rates for apartments appear to be approximately 95% – even with a 25% increase in rents over the last year.
It would seem, therefore, that we will probably see more high-rises going up in the next couple of years in the area. At least twelve new projects were announced in 2021. And I reckon there will be many more this year.
Some Condos have Very Cool Designs
Many condos that go up in Miami, however, are not just normal looking buildings. Its Miami. They have cool designs and painting on them. I especially found this in an area called Wynwood – which is an art district.
No doubt these cool buildings help attract residents. And it adds to the developing Miami skyline.
It was fun to get to drive around Miami and see all the high-rise developments. If you have not been there, its clear that the demand for high-rise living is huge in Miami. And developers continue to build to meet that demand.