Edgewater, which sits between North 17th and North 37th streets and is bordered by the Florida East Coast Railway to the west and Biscayne Bay to the east, is a residential area primarily populated by young families. It is home to many historic early 20th century homes, as well as high and mid-rise residential towers along Biscayne Bay.
On the other side of the railway, and bordered by I-95 to the west, is Wynwood, an industrial neighborhood-turned-creative and startup haven not unlike Bushwick and Williamsburg in Brooklyn, and home to the Wynwood Art, Fashion, and Technology Districts. Formerly known as Little San Juan or El Barrio, Wynwood has undergone a large wave of development and gentrification over the past 20 years, but pockets of its Puerto Rican heritage remain. Developers have also made an effort to preserve and revitalize its existing warehouse architecture as a draw for young professionals and artists.
Wynwood-Edgewater Office Space | Lease & Data Trends
Currently, much of the office space available in Wynwood consists of repurposed warehouse and industrial space aimed at startups and creatives. However, market analysts predict that throughout the remainder of 2018 and heading into 2019, the locus of office inventory in Miami will begin shifting to suburban and emerging markets such as Wynwood. As of Q1, just under 200,000 square feet of inventory is under construction, all of it Class A space.
There is just over seven million square feet of inventory available, with an average asking rent of about $41 per square foot. Class A space accounts for just over four million square feet of this, coming it at around $49 per square foot. The remaining nearly three million square feet are Class B space, with an average asking rent of just over $30 per square foot.
The CUBE Wynwd development, scheduled for completion in Q4 2018, is expected to deliver close to 80,000 square feet of Class A office space, as well as nearly 10,000 square feet of ground-floor retail space. As the neighborhood continues to grow, drawing a young workforce with its flourishing arts and culture, employers are expected to follow. Consequently, more such developments will emerge, answering the demand for a greater variety of dedicated office space that can serve the needs of larger corporations and tech companies, as well as small businesses.
Growth in Coworking and Flexible Leases
While neighboring Edgewater continues to grow primarily as a residential area, it has also seen an increase in retail development since 2000 and can offer convenient and affordable housing for young professionals working in Wynwood.
What Our Brokers Say About Wynwood-Edgewater Office Space
Wynwood-Edgewater is a rapidly growing area boasting a vibrant arts, culture, and entertainment scene. The Midtown Miami development construction first began bringing investment and attention to the neighborhood in the early 2000’s, and since then, previously abandoned warehouses and industrial sites have been converted into restaurants, galleries, studios, and more.
The Wynwood Art District is home to over 70 galleries, museums, collections, and more, including the Wynwood Walls, a rotating outdoor exhibition of curated street art created in 2009 to build on the neighborhood’s existing graffiti. It is now one of the largest outdoor street art installations in the world. The Art District also hosts the Second Saturdays Gallery Walk on the second Saturday of each month, when local galleries, collections, and studios open their doors to the community with art, music, and refreshments.
The Wynwood Fashion District, which runs along W 5th Avenue from N 23rd to N 30th streets, is a hub of clothing stores, wholesalers, and textiles. There is also a Technology District, where coworking spaces like The LAB Miami and coding programs like Wyncode have moved in to support the growing tech and startup workforce in Wynwood.
Other attractions include Roberto Clemente Park, the Marguiles Collection at the Warehouse, the Rubell Family Collection, and the Calix Gustav Gallery. Wynwood has also become known for its restaurant scene, which is considered among the best in Miami. Our brokers recommend fine dining at Three, critic and “foodie” favorite Alter, KYU for Asian-fusion barbecue, and Kush for burgers and beer. For added scenery, there is 1-800-Lucky, an Asian food market with seven vendors selling a variety of dishes, and The Butcher Shop, a German-inspired beer garden. Finally, El Bajareque provides a reminder of Wynwood’s Puerto Rican roots.
Wynwood-Edgewater Neighborhood History
Edgewater, originally called Miramar, was once a thriving neighborhood for the merchant and professional classes. By the 1980’s, after a slow slide into decay as post-World War II economic growth stagnated, things had changed–rundown tenement housing, gang activity, and migration to other areas had rendered the neighborhood almost unrecognizable. However, Edgewater is once again growing and gaining attention. Since the early to mid-1990’s, intrepid Miamians have gradually bought up and fixed up old apartment buildings, and since the early 2000’s, Edgewater’s proximity to Wynwood’s art and fashion scene has been a source of renewed investment in the neighborhood.
Wynwood was an industrial neighborhood, nicknamed “Little San Juan” and “El Barrio” after an influx of Puerto Rican immigrants in the 1950’s. The Midtown Miami development project, starting in 2005, sparked rapid urbanization and revitalization to both Wynwood and Edgewater, and abandoned warehouses have been reopened as restaurants, dance venues, retail stores, art studios, and more. In 2010, the abandoned Wynwood Free Trade Zone was converted to a production studio, part of a growing film production industry in Miami. The Miami New Times has been headquartered in Wynwood since 2013.
Getting to, From, and Around Wynwood-Edgewater
Wynwood-Edgewater is serviced by the Metrobus, Miami’s free trolley service, the Metromover School Board station to the south, and the Metrorail to the west in Allapattah. Walkscore ranks Wynwood-Edgewater as the second most walkable neighborhood in Miami, and it is also very bike-friendly.