Nicknamed the \u201cCapital of Latin America\u201d, Miami is the second largest city in the United\u00a0 States with a Spanish-speaking majority. \u00a0During the rise of Fidel Castro in Cuba (1959), many Cubans sought refuge in Miami, increasing the population. \u00a0Miami\u2019s metropolitan population grew from one thousand to nearly five and a half million in the years between 1896-2006. \u00a0With such a large concentration of people, and given its small land area, Miami has become the most densely populated city in the U.S.<\/p>\n
Miami\u2019s culture is deep and varied, due to the Latin influences brought from Cuba and around the world. \u00a0These influences can be seen in music, fashion, arts, media, and especially the cuisine. \u00a0Citizens have even adapted a unique dialect, referred to as \u201cMiami dialect.\u201d \u00a0The majority of residents speak Spanish. \u00a0Other languages spoken include Haitian Creole, Portuguese, and English.<\/p>\n
The tropical weather makes outdoor activities here a year round pastime. \u00a0Snorkeling, boating, and sunbathing along the sandy beaches being among the most popular activities. \u00a0Miami has four professional sports teams to provide additional entertainment resources: Miami Dolphins, Miami Heat, Miami Marlins, and the Florida Panthers.<\/p>\n
The Port of Miami, also nicknamed the \u201cCruise Capital of the World\u201d, is the busiest port in cruise lines. \u00a0Approximately one out of every seven of the world’s cruise passengers board in the Port of Miami, myself included. \u00a0Miami International Airport is the largest travel gateway between Latin America and the U.S. \u00a0These two points of entry for tourism contribute nearly $17 billion annually to the local economy.<\/p>\n
Downtown Miami contains the largest concentration of international banks in the United States. \u00a0Several large corporations are headquartered in Miami, including Burger King, Celebrity Cruises, Carnival Cruise Lines, and U.S. Century Bank. \u00a0It 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.<\/p>\n
The heart of the city is downtown Miami, and is Florida\u2019s largest and most influential business district. The other sections of Miami are partitioned into North, South, and West.<\/p>\n
Miami\u2019s office market is expected to remain strong due to demand, but growth will be at a slower rate.<\/p>\n
| \n Submarket<\/p>\n<\/td>\n | \n Vacancy Rate<\/p>\n<\/td>\n | \n YTD Net Absorption<\/p>\n<\/td>\n | \n Avg. Asking Rate<\/p>\n<\/td>\n<\/tr>\n |
| \n Downtown<\/p>\n<\/td>\n | \n 21.3 %<\/p>\n<\/td>\n | \n (67,418)<\/p>\n<\/td>\n | \n $29.25<\/p>\n<\/td>\n<\/tr>\n |
| \n North<\/p>\n<\/td>\n | \n 23.4%<\/p>\n<\/td>\n | \n (2,931)<\/p>\n<\/td>\n | \n $22.10<\/p>\n<\/td>\n<\/tr>\n |
| \n South<\/p>\n<\/td>\n | \n 32.0 %<\/p>\n<\/td>\n | \n 17,180<\/p>\n<\/td>\n | \n $23.87<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n Source: CBRE Miami Office Marketview Q3 2013<\/p>\n |