Brickell Avenue is the priciest commercial street in Miami

Brickell Avenue is Miami's priciest commercial street for the second time, per a new study by real estate group JLL.

• It ranked ninth in the country's 15 most expensive streets.

Why it matters: Miami seems to buck the trend seen in other major cities, where central business districts have struggled to recapture tenants after the pandemic and as "off-core peripheral urban neighborhoods" become more dominant, per the report.

• Last year, 54% of the country's most expensive streets were located in such peripheral areas, Axios D.C.'s Mimi Montgomery writes, as opposed to only 39% in 2005.

The big picture: According to the report, migration of "a large wave of financial services tenants from other markets" has driven asking rents on Brickell Avenue up 65% in the past two years.

By the numbers: Brickell's average asking rent in 2023 was $86.83 per square foot, with its highest hitting $200 per square foot, per the report.

Zoom in: Washington Avenue in Miami Beach and Biscayne Boulevard in Downtown Miami ranked as Miami's second and third most expensive streets, respectively.

• For the first time, Flagler Street in Downtown made the list, ranking 10th.

Zoom out: The report is conducted every five years, and Brickell was also No. 1 in 2019.

• Biscayne Boulevard in Downtown Miami held the top spot in 2010 and 2015.

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