Empira Group at AFIRE’S 2024 Winter Conference
This week, in partnership with Arquitectonica and Swire Properties Inc. (USA), Empira Group hosted a Miami market presentation and interactive walking tour of Brickell for some of the best minds in commercial real estate during the AFIRE Winter Conference.
Perched 38 floors above the bustling streets of Brickell, conference attendees took in unmatched views of Miami while learning about the evolution of one of the largest financial districts in the US.
Rafael Aregger, Head of Investments US, emceed the presentation, diving deep into South Florida’s residential supply/demand profile and ongoing need for high quality residential offerings. He spoke about the “Brickell Boom” – significant private and public investment of $10+ billion in new infrastructure projects and expansions to continue increasing the attractiveness of Miami – and noted that while Brickell is one of the fastest growing submarkets in the state, with its population tripling over the last 20 years, there’s a significant undersupply of inventory (especially newer properties.) Empira’s two upscale multifamily development sites in the Brickell area are due for delivery in 2025/2026.
Substantial local investment will lead to economic growth and more employment which will drive high unit absorption, increasing rents, and low vacancies for the foreseeable future.
To bring the presentation to life, Empira Group guided attendees on a walking tour of Brickell, providing a firsthand look at notable Miami real estate and mixed-use assets that are fostering community among the area’s fast-growing population. Tour stops included 𝗕𝗿𝗶𝗰𝗸𝗲𝗹𝗹 𝗖𝗶𝘁𝘆 𝗖𝗲𝗻𝘁𝗿𝗲 (an ultra-modern complex spanning nine acres), 𝗠𝗮𝗿𝘆 𝗕𝗿𝗶𝗰𝗸𝗲𝗹𝗹 𝗩𝗶𝗹𝗹𝗮𝗴𝗲 (a lifestyle center merging an eclectic mix of upscale dining, shopping and entertainment options) and 𝗕𝗿𝗶𝗰𝗸𝗲𝗹𝗹 𝗔𝘃𝗲𝗻𝘂𝗲 (the Park Avenue of Florida with significant sites that help make up approx. 1 million SF of class A office space currently under construction in Brickell.)
As for some fast facts, did you know …
🔹 South Florida is #1 for net income migration since the pandemic
🔹 In the last 10 years alone, South Florida’s population grew by 408,000 – a 7.1% increase. Over the next 10 years, it’s expected to grow by 510,000 (8.3%)
🔹 The gap between cost of renting vs. cost of owning is now greater than 100% – the widest it’s ever been – which will keep driving demand for rental housing
🔹 43% of households will be renters in South Florida in five years
🔹 Currently, there is only (1) multifamily rental unit for every 2.6 rental households; this is one of the highest ratios of rental households to multifamily rentals anywhere in the US, indicating strong rental demand and the need to build more rental units