Downtown Miami Expected To Undergo Construction Spike: Study

MIAMI, FL — The Magic City has 12 acres of buildable potential in the downtown area, according to a recent study. That puts Miami on par with Los Angeles in terms of available land. The study also predicted that downtown Miami would undergo a construction spike in the years to come.

"As with most Floridians, Miami respondents indicated they prefer improved bus transport, better walkability and more bike lanes," concluded CommercialCafé, a nationwide commercial real estate listings platform that compared 25 U.S. cities.

Dallas had the most buildable land in its central business district followed by Las Vegas, Austin, San Antonio and Phoenix. Miami ranked 16th in the study. Los Angeles ranked 15th.

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The study noted that Miami's central business district is now the ninth most active in the United States in terms of construction after adding 2 million square feet to the city's urban core inventory over the past five years.

"There have been very few national studies of urban vacant lots, and not for lack of effort," according to CommercialCafé. "Widespread inconsistencies in property classification and data management make it very difficult to put together a comprehensive record."

The study noted that there is no new office space underway in downtown Miami, but a total of 2,271 residential units are nearing completion with an additional 3.7 million square feet of office space and 3,558 units still awaiting city approvals.

"Miami's central business district is bound to experience a spike both in construction activity and density in the coming years," the study concluded.

Click here to read more findings.

Photo by Paul Scicchitano