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We recently published an article on this blog about the impressive transformation of the Wynwood region in recent years. From a neighborhood occupied by warehouses and abandoned factories, Wynwood has evolved into an art stronghold and, little by little, reaches the “next level”, approaching the characteristics of trendy neighborhoods targeted by large offices, such as Brickell and Downtown.
The commercial segment (offices and establishments) in the Wynwood real estate market continues to grow. Large companies in the financial and technology sectors invade the region. And to serve all this new public of professionals and employees, restaurants and stores follow close behind.
The neighborhood has already shown strong demand for residential developments, which still offer low inventory compared to its downtown Miami neighbors. The commercial segment did not want to wait and is already projecting a promising future for the region. Companies are competing to occupy the still free spaces in the region.
A Wynwood differential are the large free areas for building open and spacious corporate spaces, a trend of the new corporate dynamics. The supply of this type of space is limited. Wynwood, with its large sheds, offers an almost unique product in this context in Miami.
The movement is proven by numbers! Rental prices have jumped by more than 20% in recent years.
Some big names of companies and brands that have chosen Wynwood to host their offices are: Spotify Technology, Blockchain.com, consulting giant PWC, Chase Bank, among others.
Demand for residential developments drives commercial sector
The increase in the number of residential developments in the region has boosted the retail and office submarket in Wynwood. The neighborhood emerges to be a leisure and work environment, in the style of Brickell and Downtown, with all the urban “vibe” that the central region of Miami has to offer.
Some recently launched residential projects deserve to be highlighted in the region, within this new scenario: Diesel Residences and Nomad Residences. Both with prices per square meter well above the average experienced in the neighborhood in the recent past.
It couldn’t be otherwise. Wynwood owes nothing to its neighboring neighborhoods. On the contrary, it is close to the Design District, Miami International Airport and the most famous beaches of the “Magic City”.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to find out about real estate opportunities in Wynwood or another area of Miami, get in touch right now and chat with me via WhatsApp: +1 305 318 6968 (Heloisa Arazi).