NEW-Miami Occupier and Pricing Trends_C&W Q3 2023 RFS

BRICKELL CBD

BRICKELL DIRECT VACANCY (%), 2013 - Q3 2023

Percent 20.0%

15.0%

SUPPLY HIGHLIGHTS Demand growth continued to ease back, barely outpacing supply during Q3, as year-to-date net absorption remained in the red by nearly 110,000 sf. This can be attributed to the slight reduction in office footprint from existing tenants while other smaller or midsize companies have opted for affordability by relocating to the downtown corridor or close by in nearby suburban submarkets.

10.0%

5.0%

0.0%

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Class A

Class B

OFFICE MARKET STATISTICS | Q3 2023

Class A

Class B

YTD Completions

Under Construction

Existing Inventory SF

Direct Vacancy %

Total Vacancy %

YTD Net Absorption

Average Direct RR PSF Quoted

BRICKELL TOTAL NET ABSORPTION, 2013 - Q3 2023

Brickell Class A Brickell Class B

0

638,355

4,011,458

5.0%

5.3%

-22,274

$98.28

SF

300,000

0

0

2,340,145

10.9%

11.3%

-87,141

$64.07

200,000

Totals

0

638,355 6,351,603

7.2%

7.5% -109,415

$78.24

100,000

DEMAND HIGHLIGHTS The submarket experienced a healthy recovery beginning in 2021 with the overall vacancy rate falling well below the 10.0% threshold, signifying tight market conditions. At the close of Q3, the vacancy rate of 7.6% was one of the lowest throughout the state. Leasing activity totaled nearly 150,000 sf through the first three quarters of this year, a noticeable decrease by 81.6% from the new deals reported during the same time one year ago. PRICING HIGHLIGHTS Brickell Avenue’s allure to new companies from outside the market pushed pricing for office space to levels never once thought possible. Deals are being signed well over the $110 psf FSG market and asking rents for premier Class A space are ranging between $150 and $200 psf FSG.

0

(100,000)

(200,000)

(300,000)

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Class A

Class B

Class A

Class B

BRICKELL AVERAGE DIRECT RENTAL RATES, 2013 - Q3 2023

Quoted Rate PSF

Buildings commanding the highest FSG rents included: • 830 Brickell Avenue - $160.00-$200.00 psf • 701 Brickell - $120.00-$140.00 psf • Brickell World Plaza - $100.00-$115.00 psf • 801 Brickell - $90.00-$120.00 psf • Brickell Key Centre I & II - $85.00 - $115.00 psf • 1450 Brickell - $95.00-$110.00 psf

$120.00

$100.00

$80.00

$60.00

$40.00

$20.00

$0.00

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Class A

Class B

Class A Class B

Cushman & Wakefield of Florida, LLC. / 7