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Regional Summaries

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Miami, FL

Apartment
The vacancy rate in the Miami apartment market increased notably in 2016. It closed the year at 5.2%, up 110 basis points for the year, up 90 during the fourth quarter alone, and the highest rate recorded by Reis for this market since mid-2011. At $1,370 and $1,317 per month, asking and effective averages in the fourth quarter were up 4.7% and 4.3% for the year. Gains for the fourth quarter alone were 1.0% and 0.4%. January 2017 saw no change in the vacancy rate, 99 units of net absorption, and asking and effective rents up 0.4%. VIEW APARTMENT LISTINGS >
Industrial
Vacancy remains low in the Miami warehouse/distribution market. The fourth quarter 2016 warehouse/distribution sector rate was just 6.8%, down 20 basis points for the period and down 40 for the year. With net absorption in January 2017 not keeping pace with that month’s large delivery total, the rate added 50 basis points. High at $6.96 psf and $6.57 psf, average fourth quarter asking and effective rents were up 2.2% and 2.3% year-over-year. Gains for the fourth quarter of 2016 alone were 0.7% and 0.8%. January followed with an essentially flat performance. VIEW INDUSTRIAL LISTINGS >
Office
Occupancy in the Miami general purpose, multi-tenant office market remains favorable. The vacancy rate in the fourth quarter of 2016 was 14.0%, down 30 basis points for the quarter and down 60 for the year. At $33.52 psf and $26.97 psf, fourth quarter average asking and effective rents were up 3.1% and 3.2% for the year. Gains for the fourth quarter alone were 1.1% and 1.0%. January 2017 saw a 10-basis-points increase in the vacancy rate with asking and effective rents down 0.1% for the period. VIEW OFFICE LISTINGS >
Retail
Fourth quarter 2016 vacancy in the Miami community-neighborhood shopping center market was just 5.7%, down 40 basis points for the period and down 50 for the year. Rent growth in this sector, very strong in 2014 and 2015, slipped in 2016. At $27.28 psf and $23.37 psf, fourth quarter mean asking and effective lease rates were up 2.2% and 2.5% for the year after increases of fully 4.4% and 4.5% all told in 2015. Gains for the fourth quarter alone were 0.4% and 0.6%. The small negative net absorption total that followed in January 2017 brought a 10-basis-points increase to the vacancy rate and essentially no change to average rents. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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