In a recent interview with The Real Deal, our managing partners Devlin Marinoff and Tony Arellano shared valuable insights into the booming Wynwood real estate market. As key players in Miami’s commercial real estate scene, we at DWNTWN Realty Advisors have our finger on the pulse of this dynamic neighborhood’s growth and development.
Watch the full interview here:
Key Takeaways from the Wynwood Commercial Real Estate Boom Interview:
- Recent Deal Highlights: We recently closed a significant deal on the 2300-2400 block of North Miami Avenue. The $23.5 million transaction, at approximately $750 per square foot of land, set a historic price for the area.
- Diverse Investor Base: Wynwood is attracting capital from around the globe, including Turkey, Germany, New York, and California. Many investors are new to the market, indicating growing interest in the neighborhood.
- Growth-Driven Market: Investors are drawn to Wynwood’s growth potential. Unlike many other U.S. cities, Miami is still experiencing significant growth across various real estate sectors.
- Evolving Neighborhood: Wynwood is relatively young in its current form, with most modern developments less than 5 years old. The area is rapidly evolving into a live-work-play, non-car-dependent submarket.
- Development Pipeline: Currently, there are 2,100 multifamily units under construction, with another 1,200 planned. The neighborhood also boasts 36 buildings currently under construction.
- Competitive Rental Rates: Office rents in Wynwood range from $40-$80 per square foot, while retail rates on side streets are between $60-$80 per square foot, reaching over $100 on main avenues.
- Diverse Tenant Mix: The neighborhood is attracting a mix of large corporations, tech companies, and small businesses, as well as seeing an influx of traditional retail.
- Mixed-Use Development: Wynwood is experiencing growth across various sectors, including multifamily, office, hotels, and retail. Notable projects include The Moxy hotel, Arlo Hotel, and the upcoming Nomad hotel.
As Devlin Marinoff noted in the interview, “Wynwood is hitting on all cylinders.” This vibrant submarket continues to offer exciting opportunities for investors, developers, and businesses alike.
Stay tuned to our blog for more updates on Wynwood commercial real estate and other exciting developments in Miami’s commercial real estate market. For personalized insights or to discuss your next investment opportunity, don’t hesitate to reach out to our team at DWNTWN Realty Advisors.