Transformation Of The Miami Design District Set To Boost The Luxury Commercial Real Estate Market
The Design District has always been recognized as being one of the most upscale attractions within the Miami region and recent news about developments intended for the district has created quite a buzz as people look forward to seeing an even more amazing Design District once the development project has reached its completion.
Such a plan is sure to provide the Miami commercial real estate market with more reasons to feel optimistic, especially since there are now as many as 24 high-end retailers who are finally set on becoming a part of such an immense luxury fashion destination transformation that will be unlike anything that anyone has seen before.
Statements regarding the development project have already been released by the likes of Louis Vuitton and Hermès whose existing shops located at the Bal Harbour Shops in Miami Beach are going to be shut down in exchange for their new location at the Miami Design District.
Other signature brands that are looking forward to becoming a part of the anticipated transformation as per the deal on Louis Vuitton Moët Hennessy are Bulgari, Celine, Christian Dior, De Beers, Fendi, Marc by Marc Jacobs, and Pucci. Also, there are 10 Richemont brands that will become a part of the new Design District such as Cartier, Burberry, Tom Ford, and Zegna.
The development project is expected to generate such a substantial boost for the Miami commercial real estate market, especially among international investors who would like to cash in on the luxury niche offered within the region. Of course, many believe that the trend is certainly going to take off positively as such big names have already released their statements regarding their involvement.
While there are speculations going around with regards to how the Bal Harbour real estate market is going to be affected once signature boutiques withdraw from their current Bal Harbour locations, there seems to be no existing threat to as real estate experts have every reason to believe that today’s conditions reveal a very strong market with over $600 million worth of sales on properties sold at values with an average of $2,360 per square foot in 2011.
Furthermore, Bal Harbour expects new residents to become a part of their luxury shopping location as Balenciaga, La Perla, Stella McCartney, Panerai, and Alexander McQueen have already expressed their interest in moving into the series of today’s Bal Harbour shops.
While the outcome of the development project and the overall transformation of the Miami Design District has yet to be seen, the Miami commercial real estate market is definitely getting ready to take on the heavy amount of activity that is expected in the upcoming months as the it is already showing signs of being one of the best luxury shopping destinations in the world today.
Yaz Morgan
Miami Commercial Real Estate
