Nicknamed the “Capital of Latin America”, Miami is the second largest city in the United States with a Spanish-speaking majority. During the rise of Fidel Castro in Cuba (1959), many Cubans sought refuge in Miami, increasing the population. Miami’s metropolitan population grew from one thousand to nearly five and a half million in the years between 1896-2006. With such a large concentration of people, and given its small land area, Miami has become the most densely populated city in the U.S.
Miami’s culture is deep and varied, due to the Latin influences brought from Cuba and around the world. These influences can be seen in music, fashion, arts, media, and especially the cuisine. Citizens have even adapted a unique dialect, referred to as “Miami dialect.” The majority of residents speak Spanish. Other languages spoken include Haitian Creole, Portuguese, and English.
The tropical weather makes outdoor activities here a year round pastime. Snorkeling, boating, and sunbathing along the sandy beaches being among the most popular activities. Miami has four professional sports teams to provide additional entertainment resources: Miami Dolphins, Miami Heat, Miami Marlins, and the Florida Panthers.
The Port of Miami, also nicknamed the “Cruise Capital of the World”, is the busiest port in cruise lines. Approximately one out of every seven of the world’s cruise passengers board in the Port of Miami, myself included. Miami International Airport is the largest travel gateway between Latin America and the U.S. These two points of entry for tourism contribute nearly $17 billion annually to the local economy.
Downtown Miami contains the largest concentration of international banks in the United States. Several large corporations are headquartered in Miami, including Burger King, Celebrity Cruises, Carnival Cruise Lines, and U.S. Century Bank. It is also the production center for Spanish language media programming for Telemundo, and a major music recording center for Sony Music Latin and Universal Music Latin Entertainment.
The heart of the city is downtown Miami, and is Florida’s largest and most influential business district. The other sections of Miami are partitioned into North, South, and West.
Miami’s office market is expected to remain strong due to demand, but growth will be at a slower rate.
Submarket | Vacancy Rate | YTD Net Absorption | Avg. Asking Rate |
Downtown | 21.3 % | (67,418) | $29.25 |
North | 23.4% | (2,931) | $22.10 |
South | 32.0 % | 17,180 | $23.87 |
Source: CBRE Miami Office Marketview Q3 2013