Sunday, June 2, 2013

Marcus & Millichap Reports Economy Gains Traction, Buoying Miami-Dade Retail



            Brickell CityCentre development, Downtown Miami, FL

MIAMI, FL -- The improving housing market, rising tourism and job growth are benefitting the Miami-Dade retail sector. Heavy foreign investment in the Miami condo market has shrunk the available supply of for-sale listings, and strong buyer interest has prompted developers into action.

Many of the new housing projects are high-density, mixed-use properties that contain a retail component. The largest of these developments under way is the four-block, mixed-use Brickell CityCentre in downtown Miami. The project will contain a 520,000-square foot upscale shopping center in addition to 800 condos, a hotel, and an office building.

The project is located near the Metromover’s  8th Street station, providing convenient access from other areas.

 In addition, there are 25 other planned residential projects downtown and eight currently under way, which will help support new retailers in Brickell CityCentre when the project opens in 2015.

Foreign condo owners and prospective buyers are helping boost tourism levels. Hotel occupancy in Miami was up 3.9 percent in the first quarter and the rise in tourism is supporting a jump in retail sales and retail jobs. Stores hired more than 3,100 workers in the first quarter of the year.
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For a complete copy of the company’s report, please contact: 

Gina Relva
 Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax
  

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