Wynwood is the sixth most modern and visited street in the country, according to a new report from Cushman & Wakefield.
The industrial history of the area, the urban art and the increase of the millennial population contribute to the success of Wynwood, which has been driven by the smaller growth, according to the report. Almost 27 percent of the residents of the area are millennials. The average family income is only $ 44,350, and residential rentals are in the “$$$” category, which Cushman & Wakefield defines as “urbanites being a price out.”
Retail rentals, meanwhile, range from $ 45 to $ 80 per square foot, triple net. Tenants such as Panther Cafe, Shinola, Coyo Taco, Warby Parker, Marine Layer and Plant the Future are either directly or in the vicinity of Northwest Second Avenue, the main street of Wynwood.
Wynwood is “unlikely to be the main boom of this cycle,” while South of Fifth is already the main boom, according to the report. In the SoFi neighborhood, the average income of households in almost $ 78,000 housing rentals is “prices of the main luxury boom.”
The brokerage inspected real estate brokers, property managers, appraisers, consultants and other real estate professionals in hipness, livability and retail taste, housing and retail rentals, and demographics.
“Despite rising rents, the availability of efficient spaces and increasing pedestrian traffic will remain cold for the time being,” Greg Masin’s Cushman & Wakefield said in a statement. “Office users looking for creative work environments continue to keep Wynwood near the top of their list.