Daily Archives: November 20, 2007

Is Miami Home to the Most Foreign-Born Residents?

Technically, no. That unique distinction is reserved for Sweetwater, FL. Although in Miami-Dade County, City-Data (the source of the list) factors it in as an independent municipality. This is the same for all municipalities within Miami-Dade. In Fact, in the City-Data U.S. Top 100 list of Cities with the Highest Percentage of Foreign Born Residents, the City of Miami ranks fifteenth. Let’s take a look at the top twenty:

  • Sweetwater, Florida (74.9%)
  • Fountainbleau, Florida (73.0%)
  • Hialeah, Florida (72.1%)
  • Hialeah Gardens, Florida (69.9%)
  • Westchester, Florida (69.0%)
  • West Miami, Florida (68.9%)
  • University Park, Florida (66.5%)
  • Chamblee, Georgia (66.1%)
  • Coral Terrace, Florida (66.1%)
  • Tamiami, Florida (65.4%)
  • West New York, New Jersey (65.2%)
  • Langley Park, Maryland (64.5%)
  • Doral, Florida (62.8%)
  • Seven Corners, Virginia (61.2%)
  • Miami, Florida (59.5%)
  • Mecca, California (59.4%)
  • Kendall West, Florida (59.3%)
  • Olympia Heights, Florida (58.9%)
  • Kendale Lakes, Florida (58.8%)
  • Union City, New Jersey (58.7%)
  • Fourteen of the United States’ top twenty cities (pop. 5,000+) with the most foreign-born residents are part of Miami’s metropolitan area. Not only does Miami, as a metropolitan area, top the U.S. list, but dominates it. Actually, Miami tops the world’s list–ahead of Toronto and L.A. Although this isn’t exactly breaking news, seeing how City-Data further breaks down the foreign-born list really highlights Miami-Dade County’s unique demographics.

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    Protecting the Urban Development Boundary

    The information below was sent to me by Dawn Sheriffs of Cleanwater.org: Urban sprawl strikes again! In 2006, with your help the Hold the Line successfully kept the Urban Development Boundary (UDB) from being moved west into Florida’s Everglades to accommodate sprawling development that would strain Miami-Dade’s already backlogged infrastructure.

    Four new pending applications have been filed to open another 178 acres of Miami-Dade to development outside the line. An additional application is expected that seeks to add another 7,000 residential homes to the county’s roads, schools, and utilities increasing both traffic and pollution.

    Empty chambers at community council meetings lead to only 1 out of the 4 applications being recommended for denial.

    Miami-Dade’s citizens can’t afford to pave wetlands and permit new developments that will draw from our already taxed water supply and jeopardize the Everglades.

    We are asking anyone who is able to attend to show up at the Miami-Dade County Commission hearing on Tuesday, November 27, 2007 and show your support!. For those who cannot be there, please visit www.udbline.com to complete an “action alert” asking your Commissioner to protect the Urban Development Boundary.

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    Commercial Development Outook: Central Business District

    Using the latest DDA Development Activity Report, I created the chart below. It represents commercial space that has been built since 2002, current active construction, and commercial projects that have been approved but remain inactive.

    Chart: Derived from the DDA Development Activity report, the chart above, which is separated by retail and office use, represents new commercial space added to the market since 2002, current construction, and approved but inactive commercial development.

    As is the case with Brickell Village, 2008-09 represents a significant hike in new commercial space for the CBD market. At 803,000 sq. ft. of new construction, the Central Business District, ironically, falls short of Brickell Village’s over 1.4 million sq. ft. of new office space coming into the market.

    Here’s what CBRE’s Market Pulse has to say about the office market outlook for the next two years:

    Market space is expected to remain tight until 2009 when nearly 2 million square feet of new space hits the office market. The CBD has not seen new space added to the market since before 2004. Even Brickell Village saw new space since 2004. This brings into question whether Brickell Village is emerging as more of Business District than Miami’s Financial District–north of the River. Plans for Tibor Hollo’s One Bayfront Plaza, in the CBD, may add 2 million square feet of new office space to the CBD, which keeps the CBd in the game, but there haven’t been any major developments in this respect, yet.

    In the meantime, expect vacancies to decline and rents to rise as indicated by the CBRE charts below:

    Charts: CBRE Market Pulse; Vacancy Histories, and Rental Rate Averages

    Since the 3rd Quarter of 2004, the average asking rate for rental was $24.61 per sq. ft. and is now at $28.10. Vacancies have gone from 14.1% in the 3rd quarter of 2004 to 8.4% in 2007. Let’s take a look at absorption patterns since 04′:

    Chart: CBRE Completion versus Yearly Net Absorption

    You will notice that 2004 ended with negative absorption–30.5 thousand square feet were vacated. 2005 was followed up with slightly over 300 thousand sq. ft. of space being filled. Since then, absorption has lingered at around 80,000 sq. ft. a year with no new inventory added to the market. For all intensive purposes,the CBD’s office market has been dull. With more new office space coming online during the next to years than the last five, both Brickell Village and the CBD office markets will be tested. If absorption versus new space is sufficiently high, then both office markets are likely to become more desirable for new commercial development.

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