Has Miami’s CBD Moved South Of The River? Swire Says Yes

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.

 

 

 

 

 

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Anonymous
3 years ago

Does this guy have any clue that Miami Central and Miami World Center are under construction. The new CBD, designed for the pedestrian, with wide sidewalks, best tenants, new towers, mass transit, access to the highways, next to culture and entertainment is going to be Park West.

Anonymous
3 years ago

No lol. The CBD is south of the river. You are banking on potential. Just look at the area surrounding BCC. On top of that look at the development ON the river. You are crazy if you think the CBD is the worldcenter smdh. Stop living the pipe dream and open your eyes. Yes it will be a great project for the area once completed but it will never be Brickell ave or South Miami ave near the river. Lol

Anonymous
3 years ago

Here is Downtown Miami’s CURRENT office inventory breakdown:
Brickell – 6.7M SF
CBD (North of River) – 7M SF
* You can confirm this on the website of ANY office brokerage in Miami
Note that Brickell is basically built out and this does not include any of the new development north of the river.
You do understand that CBD means ‘Central Business District’ and not just where condos are, right?

Fortress (All Aboard/Brightline/Grupo Mexico)
3 years ago

“The CBD is now North of the river, and west of Biscayne” – All Aboard Florida/Fortress

Nitin Motwani
3 years ago

“The CBD will be at the epicenter of Miami World Center, and for that matter, it will be the center of the World, hence the name” – Nitin Motwani

Anonymous
3 years ago

Haaaaa ?

Anonymous
3 years ago

“The CBD will be at the epicenter of Miami World Center, and for that matter, it will be the center of the World, hence the name”

I think you better get the news out to the rest of world. Especially since Miami is not even ranked in the top twenty five cities in the world for businesses.

Anonymous
3 years ago

FYI, Fortress doesn’t own Grupo Mexico.

Anonymous
3 years ago

The mall needs to stay open later

Anonymous
3 years ago

The gravity of development is drawing the city northward (think Midtown, Wynwood, Design District). The World Center/MiamiCentral/Entertainment District synergy will ultimately counter-balance Brickell with dynamic infill like One Bayfront Plaza and Moishe Mana’s reimagined Flagler core taking up the slack. By mid-century, Miami’s hyper-CBD will define a cohesive urban swath extending from Omni’s 15th Street to Brickell’s 15th Road.

aceraroja
3 years ago

Dude built a mall with some condos and singlehandedly moved the CBD? Nah.

Anonymous
3 years ago

A little competition between BCC and MWC is a positive development! Let them compete and market everywhere. It’s only beneficial for Miami.

Anonymous
3 years ago

Swire marketing its property.

Fredric
3 years ago

The CBD does not change location just because Brickell has been heavily developed over the past 15 years or so. As others have pointed out, much of the development in the Brickell district has been condos, hotel rooms, rental apartments and retail. There has been some office development as well but not enough overwhelm the office space north of the river. Clearly the area north of the river is slated for more development and transformation in the near future than will happen in Brickell.

El Cid
3 years ago

Zoning designations may facilitate a more static CBD but the forces that underlie development do not always conform to form based codes such as Miami 21. Sometimes just the opposite that has to happen. Most of the Brickell area north of 15th street should be T6-80.

Anonymous
3 years ago

“Sure”

Copernicus
3 years ago

This is old news

Anonymous
3 years ago

Look, who gives a rat’s as…As far as I’m concerned, just redesign your eighty story building and get to building it!

Anonymous
3 years ago

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. LMAO

Anonymous
3 years ago

Well they need to start setting expectations now for future closings.

Anonymous
3 years ago

“little bit of softness”

There is more life in the morgue. If you go to the Apple store in Dadeland or the Falls the place is slammed with people. Damn shame because BCC is a beautiful building but sky high rent expectations are quickly turning this place into Omni 2.0.

Anonymous
3 years ago

They do know neighborhood names aren’t simply picked willy-nilly as per current capacity, right?

Anonymous
3 years ago

A year from now I say 20% of retailers will close

Anonymous
3 years ago

do you call you BlackCloud?

Anonymous
3 years ago

Retail slow? You don’t say. It’s impossible not to notice that when walking around there. I think there will be some heavy turnover in the next year or two, unless the retailers are resigned to simply having a presence there.

Anonymous
3 years ago

even the restaurants in place now are lackluster. I mean a mediocre coffee shop with pastries resembling a third world country bakery, a taco shop, and a few others. ARRGGGGGHHH
Horrible!!!!