Regional Summaries

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Miami, FL

Occupancy in the Miami apartment market has been running high for a long while, an effect in part of restrained development in a market flush with condos, many of which, rental and otherwise, have provided competition for apartments. The vacancy rate for the first quarter of 2017 was 4.8%, down 30 basis points for the period following a 100-basis-points increase through 2016. It added 10 additional points by the end of April. Rent growth, all the same, remains strong for the metro market as a whole. At $1,387 and $1,334 per month, asking and effective averages for the first quarter were up 1.3% and 1.2% for the period following increases of 4.6% and 4.2% all told last year. April saw increases of 0.9% for each rate. VIEW APARTMENT LISTINGS >
The first quarter 2017 Miami warehouse/distribution sector vacancy rate remained low at just 7.7%. A quarter earlier, it was 90 basis points lower. The rate shed 40 basis points all told in 2016. By the end of April, the gap had already begun to close. A sum of 319,000 square feet of net absorption that month alongside no new supply deliveries reduced the rate by 50 basis points. High at $6.99 psf and $6.60 psf, average first quarter asking and effective rents for warehouse/distribution space were up 0.4% and 0.5% for the period following increases of 2.2% and 2.3% through all of last year-over-year. April recorded respective gains of 0.1% and 0.2%. VIEW INDUSTRIAL LISTINGS >
The vacancy rate in the Miami general purpose, multi-tenant office market for the first quarter of 2017 was 14.6%, up 60 basis points for the period following a 60-basis-points decline through all of 2016. The end-of-April rate was 14.7%. At $33.54 psf and $26.95 psf, first quarter metro market average asking and effective rents were up 0.1% and down 0.1%, respectively, for the period following increases of 3.1% and 3.2% all told last year. Each rate saw a 0.1% increase during April as the slow rent growth continued. VIEW OFFICE LISTINGS >
Vacancy in the Miami community-neighborhood shopping center market ended the first quarter of 2017 at 5.9%, up 10 basis points for the period following 2016’s 40-basis-points decline—and a very low rate for this property category. A 10-basis-points loss followed in April. At $27.50 psf and $23.57 psf, first quarter mean asking and effective lease rates were up 0.8% and 0.9% for the period following gains of 2.2% and 2.5% last year. April brought respective gains of 0.4% and 0.3%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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