Miami’s Central Business District is no longer just north of the Miami River, according to Swire Properties.
Speaking to analysts in Hong Kong on August 17, Swire Chief Executive Guy Bradley said that Brickell City Centre had become a “game changer” since it opened in last year, attracting a “huge cluster” of residents and businesses from the beach and other parts of Miami.
“If the old CBD at one stage was deemed to be north of the river, it’s not going to be anymore,” Bradley said. “It’s actually pulling the city south of the river.”
Miami’s office market is looking “quite strong,” and the two office buildings at Brickell City Centre are performing well, he said.
One tower is at 100% occupancy, with the second now 75% occupied. There are active negotiations to fill the remaining space, according to Bradley.
Bradley was more cautious on the retail space at Brickell City Centre. The company was noting a “little bit of softness” in apparel sales at the mall, which he blamed on the general weakness in the overall U.S. retail market.
The Apple Store at Brickell City Centre was doing “really well,” and there are a “good deal” more food and beverage outlets still to open, which will continue to build traffic.
Retail space at Brickell City Centre is 88 percent leased, so the risk in contracts is mostly over, Bradley said.
The company has not changed the expected size or delivery date of the 80-story One Brickell City Centre tower since the previous analyst briefing in February. The project remains in planning, Swire says.