It has been 10 years since Miami hosted its last Super Bowl back in 2010. Since then, Miami experienced an amazing transformation.
Ten years ago, we were still slowly recuperating from the 2008 market crash and better times were a long distance ahead. Today what we see in Miami its a very different scenario: A flourishing city full of people and with lots of great opportunity in many businesses, especially, in the Real Estate Market.
Downtown Miami was the area that experienced the great’s change of them all. With an unprecedented construction boom, Downtown Miami welcomed more than a dozen new skyscrapers, such as Zaha Hadid-designed One Thousand Museum Miami, CMC Group’s Brickell Flatiron and the massive and beautiful project Brickell City Centre.
Using data sourced by the Downtown Development Authority, we can see how new developments have helped increase population and economic growth and economic activity in downtown Miami. The 2018 study shows that more than 92,000 full-time residents live in the area (a 38% increase since 2010). Speculators say that we will reach 109,617 people when the 2020 census numbers are reported (a 67% increase since 2010).
Sales and Rentals in Downtown Miami
Back in 2010, the average price per square foot for a condo was $224. At year-end 2018, the price per square foot rose to $416. In January 2010, the average monthly rent for an apartment in Downtown was $1,765. At year-end 2018, the average rent for an apartment was $2,164 per month.
Another reason that explains this boom in the area is the number of new offices opened in the Downtown area. According to another DDA report, more than 6.3 million square feet of office space was leased in downtown Miami and Brickell since 2013. Miami is on the way of becoming a Hub for entrepreneurs having 72% of new office space leased to start-up tech and innovation companies.
According to the same study, today, Downtown Miami has 39 hotels registered with 8,504 rooms (Against 28 hotels and 6,404 rooms in 2010). This 33% increase in hotel inventory grew along with a huge increase in visitors, getting to the point where Downtown Miami is now ranking among the top-ten U.S. markets for hotel occupancy. The area attracts six million tourists annually.
It seems that not only the Super Bowl competing teams have changed since last time the city welcomed the championship, but also Miami’s worldwide perception as one of the most exciting cities in the world.