Downtown Miami could undergo construction spike in coming years: Study

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A new study by commercial real estate information services provider CommercialCafé, shows that Miami has 12 acres of buildable potential in the downtown area, Patch reported.

The urban development study also predicted that downtown Miami would undergo a construction spike in the coming years.

“As with most Floridians, Miami respondents indicated they prefer improved bus transport, better walkability and more bike lanes,” the study indicated.

Additionally, the study noted that Miami’s central business district is now the ninth most active in the U.S. in terms of construction after adding two million square feet to the city’s urban core inventory over the past five years.

“Miami’s central business district is bound to experience a spike both in construction activity and density in the coming years,” the study said.

The study combined a new inventory focused on vacant parcels located in central business districts, with in-depth research on CBD construction activity, as well as a 25-city survey that gauges what developments are most desirable to the local urban population.

“Our research shows that recent development efforts have failed to address the needs and wants of the citizens living and working in these 25 cities. The lack of affordable housing options continues to drive working Americans out of the cities, and even out of a home; however, new residential construction is too little and too high-end to fill the demand gap,” CommercialCafé said. “Urban sprawl has become a notable strain on residents, infrastructure, and local budgets, and is far behind the sustainable, compact, walkable communities that today’s Americans aspire to. Read on to see what our study uncovered and how we conducted our research.”

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