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Regional Summaries

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Miami, FL

Apartment
With demand falling behind new supply over the two-year span ending with 2016, the Miami apartment market vacancy rate had been rising. It did not, however, rise very high. It ended the latter year at 5.2%, up 130 basis points from two years prior. The rate for the third quarter of 2017 was 4.8%, up 10 basis points for the period but down 40 year-to-date. The imbalance that followed in October, though, pushed the rate back to 5.0%, where it remained through November. Rent growth has remained strong. At $1,447 and $1,391 per month, respective asking and effective averages for the third quarter were up fully 5.6% and 5.5% year-to-date following increases of 4.6% and 4.3% through 2016. Gains for the latest quarter alone were 1.0% and 1.1%, to which October and November added the combined increases of 0.5% and 0.3%, respectively. VIEW APARTMENT LISTINGS >
Industrial
Despite recent increases, Miami warehouse/distribution vacancy remains low. At just 6.8%, the third quarter 2017 rate was up 40 basis points from both the quarter before and year-to-date following a 50-basis-points decline in 2016. October brought no change, while November brought a 10-basis-points drop in vacancy to 6.7%. Third quarter asking and effective rates for Miami-Dade warehouse/distribution space were $7.10 psf and $6.71 psf, respectively, up 1.7% and 1.8% year-to-date following increases of 2.3% apiece through 2016. Each average added a penny in October and another in November. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy remains favorable in the Miami general purpose, multi-tenant office market despite recent increases. The rate at the close of the third quarter of 2017 was 14.9%, down 10 basis points for the period but up 80 year-to-date following a 50-basis-points decline through all of 2016. October’s substantial negative net absorption added back 50 basis points, with the rate settling at 15.2% in November. Rent growth has slowed markedly. At $33.73 psf and $27.11 psf, third quarter metro area average asking and effective rents were up just 0.7% and up 0.5%, respectively, year-to-date following increases of 3.1% and 3.2% all told in 2016. Gains for the third quarter alone were 0.2% and 0.3%. Each rate saw a 0.2% increase during October and a 0.1% increase in November. VIEW OFFICE LISTINGS >
Retail
Vacancy in the Miami community-neighborhood shopping center market ended the third quarter of 2017 at just 5.8%, same as the quarter before and up 20 basis points year-to-date following 2016’s 60-basis-points decrease—a very low rate for this property category. As of November, the vacancy rate had remained unchanged. Rent growth in the community-neighborhood center market, very strong in 2014 and 2015, slowed in 2016 but has increased again in 2017. At $28.00 psf and $23.99 psf, respective third quarter mean asking and effective lease rates were up 2.7% each year-to-date following gains of 2.1% and 2.5% in all of 2016. Gains for the latest quarter alone were 0.8% apiece, to which October and November added increases of 0.2% each month to each rent category. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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