Intelligence

Regional Summaries

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Miami, FL

Apartment
Vacancy in the Miami apartment market remains very low. The fourth quarter 2015 rate was 4.2%, down 10 basis points for the period but up 40 for the year. January 2016 added 30 points to the rate. At $1,291 and $1,245 per month, respective rates for the latest quarter were up 4.0% and 4.1% year-over-year. Gains for the quarter alone were 0.7% for both rates. January 2016 followed with gains of 0.3%. VIEW APARTMENT LISTINGS >
Industrial
Miami-Dade’s robust economy along with trade through Miami’s seaport and airport and the region’s strong commercial ties to Latin America provide solid fundamentals for the local warehouse/distribution market. Fourth quarter 2015 warehouse/distribution sector vacancy, low at 7.2%, was unchanged from both a quarter earlier and year-end 2014. An additional 100,000 square feet of net absorption in January 2016 alongside no new additions to supply shaved 10 basis points from the rate that month. Rent growth has improved. High at $6.81 psf and $6.42 psf, average fourth quarter asking and effective rates were up 1.8% and 1.9% for the year. Growth rates for the latest quarter alone were 0.4% and 0.5%, to which January 2016 added gains of 0.1% and 0.2%. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Miami general purpose, multi-tenant office market ended 2015 at 14.6%, a decline of 60 basis points since the third quarter and a loss of 90 for the year—and the lowest year-end rate reported by the firm for this market since 2008. January saw an additional 10-basis-points decline. At $32.50 psf and $26.13 psf, fourth quarter average asking and effective rents were up 3.5% and 3.6% for the year. Respective growth rates for the latest quarter alone were 0.7% and 0.8%, to which January 2016 added no notable changes. VIEW OFFICE LISTINGS >
Retail
Miami’s community-neighborhood shopping center market vacancy runs very low. At 6.0%, the fourth quarter 2015 rate was down 10 basis points from the quarter before and was down 80 for the year. Rent growth has been commensurately strong. At $26.70 psf and $22.81 psf, fourth quarter mean asking and effective lease rates for community-neighborhood center space were up fully 4.5% and 4.6% for the year. Gains for the fourth quarter alone were 1.5% for both rates. January 2016 followed with no new community-neighborhood center supply deliveries, net absorption at negative 4,000 square feet, a 10-basis-points increase in the vacancy rate, and gains of one cent each for the mean asking and effective rents. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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