Downtown Miami's Resident Occupancy Now 74%

Business Development & Real Estate News Flash
Full-time residents fuel 24/7 community

74% of the 22,079 residential condo units built in Downtown Miami since 2003 are now occupied, according to a new Residential Closings and Occupancy study by Goodkin Consulting/Focus Real Estate Advisors. This reflects a 12 percentage-point increase over the 62% occupancy rate found in a May 2009 baseline study.

Additional study findings include:

Occupancy and sales are accelerating: The past year has seen an average of 345 new leases
executed per month, while Q4 2009 saw 350 condo closings per month,
reflecting a 200% year-over-year jump in sales.
Nearly 9 in 10 occupants are full-timers: Primary residents account for 87% of
the occupied units, resulting in a vibrant Downtown community for the
first time in Miami's history.
Vacant condo supply is dwindling: The number of unoccupied new condos in Downtown has fallen by
more than 2,600 units since May 2009. To date, 68% of the units built
since 2003 have sold.