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Thursday, July 26, 2007

Miami restaurants market – Miami commercial real estate

Last month, a few restaurants closed business for good following a Miami commercial real estate tendency. Some Miami restaurants that have failed since 2006 are: Brana, Duo, M. Woods, Black Orchid Café, Zucca, among others. The main problems that Miami restaurants are facing seem to be the higher rents, insurances, property taxes and gasoline prices. The expenses mentioned affect the revenues that are already low.

In South Beach, one of the biggest tourist areas in Miami Florida, the rents for a restaurant space run as much as $100 per square foot, which means a monthly bill of $30,000 and $50,000. Miami commercial real estate investors in the restaurant business say that the sales always grow but the profits do not keep with the costs. At the end, the expenses and the competition are making it very hard to succeed while opening a Miami restaurant; however there are new players, such as: Devito South Beach and Prime Blue Grille.

If you are planning to invest in a Miami restaurant, experts suggest trying a new tactic by opening a smaller restaurant in a less-established neighborhood. For example, the Design Distric, Upper Eastside, and Downtown Hollywood seem to be pretty good choices among investors since they feature lower rents and an almost secure clientele of locals.

A new tendency in the Miami commercial real estate is the concept of neighborhood Miami restaurants which focus on simple cuisine with prices running from $50 with wine per person to $75 in the most expensive spots.

It is important to know that overall clients are not afraid to pay for a meal they consider has value. Proof of this are some of the most successful Miami restaurants including Nemo, Big Pink, and the very exclusive Prime 112 which has annual sales of approximately $19 million.

Another popular tendency in the Miami restaurants is big portions. Some examples of successful restaurants using this tactic are: Houston’s, Cheesecake Factory and Capital Grille.

InvestCommercialMiami.com hopes that you can find good tips that help you make your final decision if you are planning to invest in a Miami commercial real estate business.




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