The Design District’s sudden need for Luxury Retail vendors comes in part from the foreign buyers snatching up Downtown Miami Real Estate. These foreign buyers bring with them a dollar with values superior to ours, and are able to afford and even demand the luxury sector in Miami step their game up.
The Design District boasts that some retail building space are selling as high as $1,200 per square foot, a price that a majority of retailers could never afford. The average sales price for retail space at the moment is $500 per square foot—a price unseen during the real estate fall out.
The increase in luxury brands is pushing out the space or the need for discount retailers, a concept that did well during the recession but better replaced by luxury brands within the area.
Brands that are rooting in the design district include Luis Vutton, Christian Dior, Fendi, Bulgari, Pucci, De Beers, Celine and Marc By Marc Jacobs, Cartier, Hermes, Zegna, Tom Ford, Burberry and many more. Some have already opened their doors.
Photo Source: Miami Design District
Alexandra Horblitt for SydneyServerRealEstate.com