(Photo credit: dmargherite, Wynwood BID)
Wynwood’s emergence from forgotten industrial district to arts-focused urban destination is now entering its next phase — a true live-work-play neighborhood — according to a newly-released 2018-19 Wynwood Market Report commissioned by the Wynwood Business Improvement District (BID).
The BID, which represents the 400-plus property owners throughout the Wynwood Arts District, tapped respected real estate research firm Integra Realty Resources (IRR) to take the first-ever deep-dive look at the fundamentals of Wynwood’s real estate landscape. The resulting study shows a robust market that is — and will continue to be — shaped by new office and residential projects.
“Wynwood has undergone a major transformation over the past decade-plus, and with new residential and office projects now coming out of the ground, it’s clear that we’re poised for further changes that will truly bookend the district’s revitalization,” said Manny Gonzalez, Wynwood BID executive director. “The BID has worked hard over the years to implement the smart policies that are now allowing for this diversification of uses, while respecting the creative DNA that makes the district so unique.”
In creating the 2018-19 Wynwood Market Report, IRR took a detailed look at three fundamental elements of the real estate market within the physical boundaries of the Wynwood BID — multifamily residential, office and retail. Following are key takeaways from the report, which speak to the new residential and office elements coming to the district, as well as anticipated growth in the coming years.
• Both multifamily and office inventory in the Wynwood BID market area are poised to double over the next three years, as projects that are currently under construction are delivered;
• By 2020, the Wynwood BID apartment inventory is forecast to more than double, with the addition of two new buildings adding 464 rental units (an additional 682 units are proposed);
• The supply of office space in Wynwood is set to increase by 250 percent over the next three years, as four new, under-construction office buildings add 197,000 square feet of new product to the area;
• Driven by demand from local and national office tenants, proposed projects are slated to add an additional 538,000 square feet of new office space in Wynwood over the next 48 to 60 months, and
• The retail market in Wynwood appears to be reaching a point of stability, as rental rates have retreated slightly after six straight years of growth.
“Our in-depth study of the Wynwood BID market area shows a robust, well-developed retail sector, and fast-emerging multifamily residential and office sectors that will help diversify real estate offerings there,” said Charles E. Badell, MAI, managing director of Integra Realty Resources – Miami/Palm Beach. “Based on these findings, it’s reasonable to project that Wynwood will be home to a self-contained office sub-market — as well as a growing residential population — in the coming years.”
The report, along with related information, is available at WynwoodMiami.com and direct download at https://bit.ly/2Dbc6CC. Additionally, a limited number of hardcopies of the report will be available at the Wynwood BID’s office: 2751 N. Miami Ave., Suite No. 3.
The Wynwood BID is a municipal board of the City of Miami representing more than 400 property owners that comprise the 50-city-block Wynwood Arts District. Run by a board of directors who are property owners from the community, the BID works to enhance security and sanitation services in the neighborhood, advocate for the betterment of the area, raise awareness of advancements being made, and plan for the future of Wynwood.
