Miami Commercial Land Prices Soar

Miami Commercial Land Prices Soar

Industry specialists had to conclude after a study of 537 land sales over the past 2 years that commercial land is selling at a robust pace compared with four or five years ago. Evidently now investors have more confidence and are seeing the benefits of an improving economy.

For the entire Miami Dade County “the average price per square foot of commercially zoned land in the last quarter was over $35 compared with less than $15 per square foot back in 2009,” Sandra Goldstein, broker and owner of Sandra Goldstein & Associates, told Miami Today. “The charts show demand is strongest in the downtown and central business districts.” The average price of commercial land in Edge water has reached $574, $461 in Brickell, $259 in Aventura, $147 Miami Beach, $125 Coral Gables and $4 outlying Miami Dade County. 

Prices for commercially zoned land have increased throughout the county by about 20%, said Tom Dixon, president of Dixon Commercial Real Estate. Land prices rise and fall more than other categories in real estate, said Jack Lowell, vice president of Flagler Real Estate Services LLC. “It has the biggest incremental value due to changes in zoning and, if the cycle is strong for residential, the demand for development becomes stronger,” he said.

“The sales volume taken over the past five years indicates a growing strong demand for commercial land in Miami Dade,” Goldstein said. “Over $700 million worth of commercial land was sold last year compared with $150 million in 2010.” With some many other approaching projects such us the Beckham soccer Stadium, Tommy Hilfiger buying the Raleigh hotel in South Beach, the Genting investment in the Omni CRA area, Brickell CitiCentre and Miami World Center entrepreneurs and financiers are eager to invest their capital with the expectation of above the market returns. The condominium boom in Miami Dade is in large part responsible of driving commercial land prices up. * Miami Today.

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