Nearly $4.5 billion flew into the Greater Downtown Miami retail market in 2014 — a promising figure for the city’s 6.5 million square feet of retail space that’s projected to increase when mega-projects like Brickell City Centre and Miami Worldcenter come to fruition. Home to five percent of Miami-Dade County’s total retail, the greater downtown area, which includes the Arts & Entertainment, Brickell, Central Business District, Edgewater, Midtown and Wynwood submarkets, outperformed the county in terms of retail spending growth in 2014.
Integra Realty Resources Inc. shed light on the evolving commercial sector Friday when senior managing director Anthony M. Graziano presented the consulting firm’s latest market report to the Miami Downtown Development Authority’s board of directors. Detailing the movement happening in the city’s urban core, Graziano said today’s stores and restaurants are ringing in about $500 worth of annual sales per square foot.
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