As an increase in demand and population continues to fuel developments and leasing activity in Brickell, limited new office developments are compressing vacancy rates and causing substantial increases in asking rents. Class A rents in Brickell ended Q4 of 2022 at $90.45 per square foot, a nearly 25% increase year-over-year.
According to a Miami moving trends report by relocation tech company moveBuddha, Brickell is thriving as the No. 1 ZIP code for inflow in Miami-Dade. In 2022, there were 184 moves into Brickell, for every 100 out of the area. Brickell has stayed a hotspot for luxury and commercial real estate developments, and as new people continue coming in, the report says it will continue to fuel the attraction to the area for investors and professionals.
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