In a story published by Miami Today, Joseph Hernandez, chair of the real estate practice group at Weiss Serota Helfman Cole and Bierman, discussed why there is less available retail space in Brickell as compared to downtown Miami.
According to Colliers’ second-quarter retail market report, Downtown Miami’s total retail space vacancy is at 20% going for $55.13 on average direct asking retail rate. On the other hand, Brickell’s retail space vacancy is at 7.6% and $58.19 average direct asking rental rate.
“There’s a lot more people who live in the south Brickell area who will still go shopping and eat-out in the area, who are the natural audience for those retail establishments and are keeping them afloat throughout the pandemic,” Hernandez explained.
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