Press Releases

May 31, 2018


MIAMI – Miami-Dade County’s office market continued to reflect near record-low vacancy in first quarter 2018, posting at 12.3 percent. Consistently low vacancy over the past several quarters has prompted the highest levels of new construction since 2010, with 811,731 square feet under construction as of first quarter, according to research by Transwestern.

“Though construction activity in Miami-Dade has increased dramatically over the past few years, developers of core office projects in the Miami Central Business District remain cautiously optimistic and continue to evaluate their strategy to capture the next roll of organic lease expirations,” said Christopher Dubberly, Transwestern Vice President. “The upward pressure on rents in Brickell, along with increasing traffic congestion, should attract tenants across the river to Downtown where large blocks of space with better highway access are coming on line.”

More than half of the office development in Miami-Dade – 422,379 square feet – is concentrated in Coral Gables which reported an 8.3 percent vacancy rate, the second lowest behind Coconut Grove at 7.4 percent, in first quarter 2018. Overall asking rents continue to climb with Class A rates averaging over $50 per square foot in Miami Beach and Brickell.

“With a large amount of new supply slated over the next three years, completions are expected to outpace net absorption,” said Glenn H. Gregory, Transwestern Managing Director. “But for the time being, market conditions in Miami are ripe for a continuation of the steady, positive growth we experienced during 2017. Our forecast for 2018 remains optimistic.”

Download Transwestern’s full first quarter 2018 Miami office market report at: https://transwestern.com/market-reports

ABOUT TRANSWESTERN

Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.

Media Contact:

Typhanie Stewart

954.873.2204

typhanie@stir-communications.com

twmediarelations@transwestern.com

Christopher Dubberly

Vice President

Miami, Florida

+1 (305) 808-7318