3Q 2017 - Miami Occupier and Pricing Trends

AVENTURA PRICING HIGHLIGHTS

The area’s Class A rental rate was $48.40 PSF. Along with Miami Beach’s $48.65 PSF, these were the highest averages among all Suburban markets - a ranking which has been in place for several years. 2017 quarterly rates stood as the highest historical averages over the last decade. While down from 2016’s $42.59 PSF, Class B buildings still maintained average quarterly quotes above the $40.00 PSF mark during 2017. Third quarter’s quote of $40.55 PSF was the highest Class B rental rate among all Miami submarkets. The year opened with Harbour Centre reaching the $50.00 PSF mark for its Class A space, among the highest quote in Aventura. Following suit, One Turnberry Place maintained a $50.00 PSF quote over the last two quarters for its two remaining spaces. For Harbour Centre’s (2nd floor) 18,000 SF sublet, the asking rate was $44.50 PSF. Aventura View maintained its Class B average rate above the $40.00 PSF mark. Third quarter asking rates ranged from $44.71-$47.71 PSF.

Harbour Centre

At the under construction Canal Park building, average third quarter rates ranged from $40.00 PSF to $60.00+ PSF.

INVESTMENT SALES DURING 3Q 2017

No buildings traded during the quarter.

One Turnberry

Canal Park

Icon Medical Tower

Aventura View

Turnberry Plaza

Cushman & Wakefield of Florida, Inc. / 28