Located on the Atlantic coast of Florida, the city of Miami currently hosts a residential population of nearly 410,000 inhabitants. The Miami metropolitan area, which currently is home to roughly 5.5 million individuals, is considered the 8th largest of its kind in the United States. Miami’s diverse array of economic, cultural and geographic attractions have made it one of the most popular tourist destinations in the United States. Over the last several decades, Miami has transformed itself into one of the region’s leading centers of finance, business, culture and art. Business owners seeking rental properties for lease here, including office space for rent and commercial space for rent, will be able to take full advantage of the immense interest placed upon this city and develop a platform that is advantageously positioned for future growth and success. Neighborhood zones through Miami proper and the Miami metropolitan area are currently home to a diverse collection of businesses that range widely in size and scope.
Median household income levels in Miami are approximately $29,000, well below the state average of $45,000. The reasons for this are two-fold. Many of the higher paid professionals working in Miami choose to live in one of several affluent suburbs located on the outskirts of the city. These areas are considered highly attractive for those hoping to raise a family outside the hustle and bustle of downtown Miami. Additionally, it is important to remember that a substantial portion of the most expensive residential properties located in downtown Miami are owned by foreign investors. Although it’s easy to get caught up in the glitz and glamour of this city, it is important to remember that much of the wealth found in Miami belongs to individuals who either commute into and out of the city or are simply purchasing investment properties. That being said, the city remains a vibrant economic hub and a crucial element of international finance and trade. In 2012, the World Cities Study Group ranked Miami an “Alpha-World City.” According to recent studies, roughly 20% of the local population here is currently living below the poverty line.
Miami provides locals and tourists with a vast array of fun and exciting attractions, many of which have received critical praise from international tour guides and cultural critics. Some of the more prominent museums and exhibitions in Miami include the Frost Museum, the Miami Art Museum, as well as Art Basel Miami, considered to be the largest world’s largest annual art exhibition. Miami is also home to a unique collection of musical arts, including symphonic ensembles, rock bands and electronic music. The Winter Music Festival, one of the largest celebrations of electronic music, occurs in Miami each year. Traditional folk music from Cuba and Haiti can also be found throughout the city.
Miami is currently home to four professional sports teams, including the Miami Dolphins (football), the Miami Heat (basketball), the Miami Marlins (baseball) and the Florida Panthers (hockey). These professional franchises bring a substantial amount of attention and business to Miami on an annual basis. Travelers to the city are likely to be able to attend a sports event here throughout the year.
Following the 2008 financial crisis, the city of Miami was dealt a massive economic blow. The city of Miami has long been known as an international port, due largely to its advantageous positioning and close proximity to Latin America. Between the years of 2008 and 2012, the local real estate market was devastated and is only now beginning to return to its former levels of opulence. Since its inception, Miami has been a popular destination for migrants from Cuba, Haiti and various other countries in Central and South America. This level of diversity can be seen in the architecture, cuisine and social fabric of the city at large. Many of the now iconic neighborhoods in Miami, such as Coral Way, were first erected in the opening decades of the 20th century. Miami has long been considered a cosmopolitan crossroads for various business and cultural enterprises, and it is likely that it will continue to serve as such for many years to come.
As stated previously, the population of Miami features a unique collection of cultures and heritages from around the world, the most popular points of origin between Central and South America. Due to Miami’s close proximity to Cuba, the city has long served as a bastion of Cuban culture in the United States. The University of Miami is also responsible for bringing a substantial number of foreign students to the city on an annual basis. Upon graduation, many of these individuals attempt to find work in an around the city itself, further diversifying the cultural framework of this area. Of the nearly 184,000 household found in Miami, nearly 40% featured married couples. In recent years, a large number of migrants from the Caribbean have further enriched the cultural framework of this unique melting pot.
Miami has entered into a new phase of growth and development following years of dormancy that occurred as a result of the aforementioned 2008 financial crisis. As real estate prices yet again soar in Miami, the city’s opulence is restored to its former glory. Miami’s reputation as a world business center continues to be reinforced through sustained investment in both the financial and technology sectors here. In the past three years, Miami has undergone a “building boom” with a vast number of new high-rise office and residential properties being developed in the downtown region of the city. Yet another fascinating and lucrative industry, Miami’s burgeoning biotechnology sector is based within the Civic Center region of the city.
The staggering pace of development in Miami has proven to be quite attractive for many business owners who are hoping to fully and quickly establish themselves in a city that may soon become an even more dominant economic force than it already is. Downtown Miami is currently home to many of the city’s most successful office-based and retail enterprises. Although rental properties in this particular area of town far outweigh those found in other areas of the city, they offer the best possible visibility for those who are passionate about their success.
Real time and historical data on commercial real estate listings in Miami.
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