Save the Date
Commission  Meeting
Oct 27
Board of Architects
Every Thursday
Commission  Meeting
Streetscape 
Open House
Nov 18
Commission  Meeting
Dec 8
Meet Tony Silio,
the City's Ombudsman. 

For construction and permitting questions call Tony at 305-460-5206 or email asilio@coralgables.com
Economic Development Dept.
1 Alhambra Plaza, Ste. 617
Coral Gables, FL 33134
305.460.5311
QUOTE, UNQUOTE

"Coral Gables was a standout. Our new downtown office is a couple of blocks from Miracle Mile, where our team will enjoy a vibrant business environment and a wide variety of places to dine, shop and enjoy life."

Frank Grande, president of 
Quirch Foods
UNDER CONSTRUCTION

This mixed-use project going up at 2020 Salzedo St. will include a 48,000 SF office building and a 16-story apartment complex with 214 units separated by an open-air courtyard. 

For more information on the 40 development projects being proposed or developed in the City, visit coralgables.com/developmentprojects.
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"BUSINESS UPDATE"


















DIRECTOR'S MESSAGE
If you are holding this issue of the Coral Gables Business Update in your hand or reading it on a screen, you are one of more than 8,200 business owners who make The City Beautiful a thriving center of commerce. Every quarter, we hope to bring you the kind of information that will help your business make informed decisions. Our philosophy is simple. Skip the rhetoric and get straight to the facts. As a result, you'll see as many charts and numbers as words. We'll provide the data and let you be the judge. As a business owner, we think you'll appreciate that.

- Javier A. Betancourt, Director, Economic Development Department

EYES ON THE STREETSCAPE
Coral Gables has embarked on its Miracle Mile and Giralda Streetscape Project, which will transform the downtown into a more pedestrian-friendly, beautiful and vibrant center. The $24 million project will include garden areas, outdoor dining, improved lighting, wayfinding, public art and improved drainage. Construction is set to begin in the New Year.  

The City will have a Public Information Officer to work directly with businesses and establish a 24-hour project hotline and website. For more information, call the Public Works Department at 305-460-5000 or visit coralgables.com/streetscape.

CORAL GABLES GROSS SALES
The sum of gross sales in Coral Gables has nearly doubled over the past five years - 
from less than $3.7 billion in 2009 to more than $6.4 billion last year.

BUSINESS TRENDS

Due to the large demand for office space in Coral Gables, vacancy rates dropped from 15.6% in the 3rd quarter of 2011 to 9.8% in the 2nd quarter 2015, a 37% decrease, while the rental rates rose by 10.9% over the same period. That puts Coral Gables vacancies among the lowest in the nation, which averaged 15.6%, and only slightly higher than New York City's 8.9% vacancy rate.  The retail vacancy rate also dropped to 2.9% between the 3rd quarter of 2011 and the 2nd quarter of 2015. The low vacancy rates are sparking a demand for more office and retail space. Some 40 mixed-used projects are being developed or proposed that would add approximately 1.4 million square feet (SF) of commercial space. These trends lead to a vibrant business atmosphere creating great opportunity to grow businesses in the City Beautiful.  

(Rate & Vacancy data provided by CoStar)

Coral Gables Economic Development Dept. | 305-460-5311 | 1 Alhambra Plaza, Ste 617 | Coral Gables, FL 33134


Header image courtesy BH3 Management LLC

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