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

Largest Volume Executed YTD: Airport & Coral Gables 72% of Total Leases

Direct Class A: $49.79 PSF Direct Class B: $39.86 PSF

Year-to-Date Leasing 1.0MSF

CLASS A & CLASS B BUILDINGS 71% of SF Leased in Class A Buiding Year-To-Date Leasing

Pre-leased 20% Under Construction Inventory

15.4% Q3 2023 Direct Vacancy

732,65 SF Under Construction

SUBURBAN OVERVIEW

HIGHLIGHTS Adding a breather to supply levels, no buildings have yet to be delivered this year and less than 360,000 SF were under construction at the close of third quarter - with approximately 40% pre-leased. The Suburbs accounted for the lion’s share of Miami’s positive Q3 2023 absorption.

Percent SUBURBAN DIRECT VACANCY (%) 2013 - Q3 2023 25.0%

20.0%

SUBURBAN CONSTRUCTION PIPELINE

15.0%

Construction Type

Construction Status

Submarket

Address/Building Name

Class

Office Sqft

10.0%

Biscayne/Wynwood/ Design District Biscayne/Wynwood/ Design District

95 NW 29th St /Wynwood Plaza

Speculative Under Construction

B

266,000

5.0%

30 NE 39th Street/The Ursa

Speculative Under Construction

A

180,000

0.0%

Northeast Dade

3050 Aventura Blvd/[Old Safra Bank]

Speculative Under Construction

A

113,650

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Miami Beach

944 5th St/The Fifth

Speculative Under Construction

A

70,000

Biscayne/Wynwood/ Design District

2150 N Miami Ave/WNWD 21

Speculative Under Construction

B

63,000

Class A

Class B

Class A

Class B

Miami Beach

1752 Bay Rd/Eighteen Sunset

Speculative Under Construction

A

40,000

Biscayne/Wynwood/ Design District Biscayne/Wynwood/ Design District Biscayne/Wynwood/ Design District Biscayne/Wynwood/ Design District Biscayne/Wynwood/ Design District Northeast Dade

6001 NE 2nd Ave/ Magic City Innovation District

Speculative

Proposed

A

585,000

4201 NE 2nd Ave/Parterre 42

Speculative

Proposed

A

320,000

2750 NE 199th Street/Two Turnberry

Speculative

Proposed

A

220,000

2701 NW 5th Ave/LYNQ Wynwood - South Building

Speculative

Proposed

A

209,000

2600 Biscayne Boulevard/ 2600 Biscayne Boulevard

Speculative

Proposed

A

160,000

2703 NW 5th Avenue/ LYNQ Wynwood-North Building 120 MacArthur Cswy Block-B/ One Island Park Block-B

Speculative

Proposed

A

153,964

Miami Beach

Speculative

Proposed

A

132,522

Biscayne/Wynwood/ Design District

390 NW 25th St/ CORE Wynwood

Speculative

Proposed

A

123,206

Miami Beach

1680 Alton Road/The Alton

Speculative

Proposed

A

89,610

Biscayne/Wynwood/ Design District

2400-2500 N Miami Ave /LIVWRK Wynwood Office

Speculative

Proposed

A

88,518

Miami Lakes

14800 Oak Ln/Bob Graham Office Building

Build-To-Suit

Proposed

A

82,903

Cushman & Wakefield of Florida, LLC. / 12

Coconut Grove

3120 Commodore Plaza/Urbin Coconut Grove Work

Speculative

Proposed

A

60,000