3Q 2017 - Miami Occupier and Pricing Trends

COCONUT GROVE PRICING HIGHLIGHTS

Average quoted rental rates have correspondingly fluctuated with supply levels. Third quarter 2017 Class A rates reached their highest average quote in over a decade and marked a consistent annual rise since 2014.

Quoted rates for Class B space of $34.70 PSF were down from the previous two quarters.

Full service Class A asking rates at Bayview Executive Plaza remained at $39.50-$41.50 PSF while the quoted rates at Grand Bay Office Tower averaged just under $38.00 PSF. GL Tower’s third quarter rates averaged $40.50 PSF. SBS Biscayne Bank Tower remained near full occupancy over the last several years.

Class B pricing for Continental Plaza was $37.50 PSF at third quarter. The 42,000 SF sublet at Mayfair in the Grove had a $35.50 PSF asking rate.

Asking rates at the under construction One Cocowalk development ranged from a full service, $52.00-$54.00 PSF which included an estimated $14.00 PSF operating expense. Similar rates were being quoted at the now under construction Mary Street development at $38.00 PSF, triple net. Operating expenses were also estimated to be $14.00 PSF. Look to anticipated quoted rates of $40.00-$42.00 PSF for the planned 27@Lincoln project.

Bayview Executive Plaza

INVESTMENT SALES DURING 3Q 2017

No buildings traded during the quarter.

Grand Bay Office Tower

Mayfair in the Grove

Continental Plaza

One Cocowalk

GL Tower

Cushman & Wakefield of Florida, Inc. / 33