Miami Today talks to Tony Cho whose company Metro 1 Properties rents temporary space to galleries and artists for ArtBasel MiamiBeach. A recovery in Miami’s retail economy is limiting the number of spaces avaiable:
The commercial realty typically rents 15 to 25 spaces spread through neighborhoods such as the Design District, Wynwood Arts District, Upper East Side and the MiMo District. The gallery and warehouses spaces range from 1,500 square feet, Mr. Cho noted, to as big as 50,000 and even 100,000. Most tenants lease 2,500 to 10,000 square feet, with fewer requiring in excess of 25,000. […]
But Mr. Cho says space is much tighter this year, as neighborhoods like Wynwood and Midtown, with a high concentration of these urban spaces, have been renting them out to new businesses in the area.
“For the most part, there aren’t that many vacancies,” he said. “We had much more activity last year. We have a tremendous amount of interest, just less spaces to showcase.”
Temporary spaces go fast as Art Basel Miami Beach nears (Miami Today News)