In the spirit of classic and irreplaceable words like “educatamify,” “trainify,” and “splendific,” today I’d like to publicly claim a term I’ve been using, “suburburbinization,” defined as the trend toward the development of urban mini hubs in suburbs surrounding urban centers. In the Miami area, we have a few of these. I’m going to use one, Dadeland, as an example.
Downtown Dadeland Area (1 mile radius) Office Space Deliveries
Downtown Dadeland Area (1 mi. radius) Office Space PSF Sales Prices
A similar story exists with multi-family properties, likewise illustrated with charts of deliveres and prices, in this case per unit prices. Deliveries skyrocket as high-rise developments come on line. Sales prices likewise increase dramatically. To be sure, some of this rise, much perhaps, is due to ever nicer properties being developed. However, it is the case that the area has become more desirable as it has developed its own “suburburban” flair.
Downtown Dadeland Area (1 mi. radius) Multi-Family Deliveries
Downtown Dadeland Area (1 mi. radius) Multi-Family Sales Price Per Unit
To find these new “suburburban” areas, just look at the horizon. Wherever you see a new small skyline, you are likely viewing a developing “suburburban” community.
Charts couresty of Costar.