2M+ ft² of office coming to Brickell 💰

Exciting news this week as Ken Griffin released the renderings for his $1B Miami supertall. It will be 54 stories, 1,032 ft high with 212 hotel rooms. And the main neighborhood value-add:
1.3 million square feet of office space. 

And a bit buried behind the Citadel HQ news was this:
Banco Santander is officially moving forward with their own 41 story Brickell tower, which will have a total of 1.6 million square feet, half of which will be offices.
(and something to be said about a news cycle where the Santander news gets buried)

Over 2 million square feet of Class A office is coming to Brickell.

I keep saying: this is early days of the wealth and talent migration.

Wealth Migration & Performance Near The Urban Core

When isolating for higher prices per square foot, we get a look at how prime, new product performs.

Coconut Grove & Coral Gables: SFH sales past $1K / square ft

The effects of the wealth and talent migration are clearly seen when we look at SFH sales past $1K / square foot in Coconut Grove & Coral Gables.

And this is before the new 2M+ square feet of office are added in Brickell.

Coconut Grove, which is the closest to Brickell & Downtown:

SFH sales past $1K / square foot: up 2,200% vs 2019 –> and 2019 is a full calendar year, 2024 data is through just July.

I anticipate that this pattern will continue as the wealth & talent migration continues.
Contact me for investment opportunities that align with this growth.

Remember: the market is not a monolith. The segments that are solutions for the wealth & talent migration are performing quite differently than older stock and in many ways, are in under supply.