The Real Deal, a New York based real estate publication, has an interesting article regarding office tower development in Miami. I have said in the past that Miami’s current residential boom will likely be followed by a commercial development surge. This seems only natural as, historically, throughout the nation, high density development has been primarily commercial/office. Miami has broken the mold with its mostly residential high density explosion in construction. Now, with the announcement of three new office towers (Brickell Financial Center, Met 2, and 1450 Brickell) the residential status quo could be shifting in favor of office space. The Brickell financial Center has already drawn the attention of MSNBC for its environmental friendliness.
This trend, should it continue and mature into a boom in office development, will likely result in taller skyscrapers than the residential boom has produced thus far. Also, the office towers are all inland and not on the Bay. This is another sign of skyline maturation since Miami’s urban development during its brief existence has been largely confined to bay areas. Two of the three office projects are in Brickell. Again, this signals a potential shift of the Central Business District (CBD) to the south of the Miami River. With so much activity, forecasting urban development patterns becomes rather challenging, but the latest news is good and all should hope that this office-condo pattern continues.