May 2, 2024 - News

Miami’s most expensive street: Brickell Avenue

Sommer Brugal

Picture of a street at an intersection with green lights. — Brickell Avenue at the onset of the pandemic. Photo: Joe Raedle/Getty Images

Brickell Avenue is Miami's priciest commercial street for the second time, per a new study by real estate group JLL.

It ranked ninth in the country's 15 most expensive streets.

Why it matters: Miami seems to buck the trend seen in other major cities, where central business districts have struggled to recapture tenants after the pandemic and as "off-core peripheral urban neighborhoods" become more dominant, per the report.

Last year, 54% of the country's most expensive streets were located in such peripheral areas, Axios D.C.'s Mimi Montgomery writes, as opposed to only 39% in 2005.

The big picture: According to the report, migration of "a large wave of financial services tenants from other markets" has driven asking rents on Brickell Avenue up 65% in the past two years.

By the numbers: Brickell's average asking rent in 2023 was $86.83 per square foot, with its highest hitting $200 per square foot, per the report.

Zoom in: Washington Avenue in Miami Beach and Biscayne Boulevard in Downtown Miami ranked as Miami's second and third most expensive streets, respectively.

For the first time, Flagler Street in Downtown made the list, ranking 10th.

Zoom out: The report is conducted every five years, and Brickell was also No. 1 in 2019.

Biscayne Boulevard in Downtown Miami held the top spot in 2010 and 2015.

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Miami’s most expensive street: Brickell Avenue

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