Allapattah 3q2015 Market Summary
The neighborhood of Allapattah has always been a somewhat forgotten place, but with a solid blue-collar base and a several strips of heavier commercial activity.
- Rents have grown at a moderate rate. Vacancies remain extremely low.
- Sales have remained consistently positive
- Sales of industrial buildings has improved steadily, and prices have seen significant improvement
- Allapattah is the last industrial neighborhood in the urban core of Miami. It remains one of the few places that can reasonable still house logistics, distribution and manufacturing close to downtown.
- A new wave of creative-use tenants, many displaced from Wynwood, are moving into the area
- NW 20 st from 15 ave to 27 ave was recently up-zoned from D1 (industrial) to T-6-8-O (commercial). This new zoning permits for mixed uses, such as retail, hotel, office, and residential.
- Although the tenant market along nw 20 st remains unstable, tenants from Wynwood that have been displaced due to increasing rents, are relocating to allapattah
- NW 7 ave is being re-positioned as West of Wynwood.
- NW 17 ave has found a new identity behind the Little Santo Domingo label. Several new developments are proposed there.
- As the recovery, or boom as some would already label it, progresses, land is becoming increasingly coveted.
-Carlos Fausto Miranda