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

Q3 2023

Number of Buildings

Direct Vacant Space

Sublease Vacant Space

Direct Vacant Rate

Overall Vacancy Rate

Y-O-Y % PT. Change

Direct Wtd. Avg. Rental Rate

Overall Wtd. Avg. Rental Rates

Y-O-Y % Change

Y-O-Y Leasing Activity

Y-O-Y % Change

Quarter Overall Net Absorption

YTD Overall Net Absorption

YTD Construction Completions

Under Construction

Inventory

Miami-Dade OVERALL Brickell Avenue

21

6,351,603

455,974

19,465

7.2%

7.5%

-0.4%

$78.24

$78.02

16.6%

142,583

-81.6%

10,368

-109,415

0

638,355

Downtown

16

6,451,452

1,382,240

15,449 34,914 158,879

21.4%

21.7%

-2.7%

$54.62 $60.76 $45.04

$54.58

7.4%

308,679

2.6%

-39,525

69,719

0 0

127,800

Miami CBD

37

12,803,055 26,955,524

1,838,214

14.4% 15.4%

14.6% 16.0%

-1.7%

$60.68 $44.69

12.3%

451,262

-58.1%

(29,157)

(39,696)

766,155

Miami Non-CBD

256

4,163,462

0.1%

0.4%

1,252,401

-28.6% (26,389)

68,657

46,678

732,650

Wynwood | Midtown | Design District

21

2,351,957

436,968

7,759

18.6%

18.9%

-4.2%

$66.25

$66.03

0.4%

219,264

-24.5%

52,956

138,218

46,678

509,000

Coral Gables

41

5,861,934

903,398

18,384

15.4%

15.7%

-1.5%

$50.90

$50.84

2.0%

299,117

-9.6%

-85,659

-40,474

0

0

Coconut Grove

13

1,229,870

58,367

26,554

4.7%

6.9%

1.3%

$54.41

$54.41

14.4%

74,464

-51.7%

-5,863

-6,623

0

0

Miami Beach

16

1,394,115

196,068

0

14.1%

14.1%

-2.3%

$74.31

$74.31

2.1%

25,479

-83.3%

11,827

14,727

0

110,000

Airport West

75

9,660,892

1,893,285

58,559

19.6%

20.2%

1.7%

$38.57

$38.52

4.0%

446,445

-20.5%

-10,689

-17,867

0

0

South Dade

32

2,734,008

337,377

5,853

12.3%

12.6%

3.8%

$41.22

$41.14

7.3%

69,807

-5.4%

-354

-31,700

0

0

Miami Lakes

28

1,445,544

226,988

33,248

15.7%

18.0%

-1.3%

$32.00

$30.15

-4.1%

59,257

170.5%

7,484

2,924

0

0

Northeast Dade

18

1,553,026

73,669

8,522

4.7%

5.3%

-0.2% -5.4%

$51.42

$50.83

0.0%

40,323

-65.3%

-7,707

-6,094

0 0 0

113,650

Coral Way

6 6

397,940

7,636

0 0

1.9%

1.9%

$33.14

$33.14

-7.0%

6,630

-75.1%

11,616

14,616

0 0

South Gables/South Miami

326,238

29,706

9.1%

9.1%

-2.9%

$51.31

$51.31

2.1%

11,615

-54.6%

0

930

Overall Totals

293

39,758,579

6,001,676

193,793

15.1%

15.6%

-0.5%

$50.20

$49.85

4.6%

1,703,663

-39.8%

-55,546

28,961

46,678

1,498,855

CLASS A Brickell Avenue

11

4,011,458

200,118

12,028

5.0%

5.3%

-1.4%

$98.28

$98.28

26.5%

99,697

-83.6%

7,601

-22,274

0

638,355

Downtown

7

4,514,273

902,987

13,061

20.0%

20.3%

-3.4%

$64.94

$64.77

9.1%

271,459

25.7%

-37,068

17,079

0

127,800

Miami CBD

18

8,525,731

1,103,105

25,089

12.9%

13.2%

-1.8%

$71.29

$71.10

13.0%

371,156

-55.0%

-29,467

-5,195

0

766,155

Miami Non-CBD

97

13,463,508

2,398,187

69,535

17.8%

18.3%

-0.5%

$49.79

$49.45

2.5%

732,860

-29.5%

-64,361

64,063

46,678

403,650

Wynwood | Midtown | Design District

10

1,104,006

317,277

5,206

28.7%

29.2%

-4.3%

$77.62

$77.62

15.1%

142,959

-37.5%

37,952

135,930

46,678

180,000

Coral Gables

19

3,078,060

640,272

3,963

20.8%

20.9%

-0.2%

$54.16

$53.96

0.8%

217,755

6.6%

-83,420

-42,328

0

0

26,852

-22.7%

0

0

0

0

$70.19

0.0%

Coconut Grove

5

626,917

31,294

0

5.0%

5.0%

2.7%

$70.19

Miami Beach

7

788,933

124,283

0

15.8%

15.8%

-3.7%

$76.64

$76.64

2.2%

16,399

-76.5%

5,418

15,636

0

110,000

Airport West

34

5,535,407

1,003,184

50,491

18.1%

19.0%

-0.6%

$40.71

$40.54

6.4%

262,707

-36.5%

-22,581

-32,515

0

0

South Dade

5

863,687

168,427

5,853

19.5%

20.2%

11.8%

$46.63

$14.00

-68.9%

25,532

165.7%

-5,385

-18,524

0

0

Miami Lakes

6

386,785

84,296

0

21.8%

21.8%

-4.0%

$33.41

$33.41

5.9%

31,957

260.6%

5,647

13,967

0

0

Northeast Dade

9

983,595

29,154

4,022

3.0%

3.4%

0.3%

$57.31

$57.03

0.6%

8,699

-86.5%

-1,992

-8,103

0

113,650

Coral Way

0

0

0

0

N/A

N/A

0.0%

N/A

N/A

0.0%

0

0.0%

0

0

0

0

South Gables/South Miami

2

96,118

0

0

0.0%

0.0%

0.0%

N/A

N/A

0.0%

0

-100.0%

0

0

0

0

Class A Totals

115

21,989,239

3,501,292

94,624

15.9%

16.4%

-1.0%

$57.24

$56.85

7.2%

1,104,016

-40.8%

-93,828

58,868

46,678

1,169,805

CLASS B Brickell Avenue

10

2,340,145

255,856

7,437

10.9%

11.3%

11.3%

$64.07

$63.89

24.5%

42,886

-74.4%

2,767

-87,141

0

0

Downtown

9

1,937,179

479,253

2,388

24.7%

24.9%

24.9%

$37.98

$37.98

3.2%

37,220

-56.2%

-2,457

52,640

0

0

Miami CBD

19

4,277,324

735,109

9,825

17.2%

17.4%

17.4%

$47.09

$47.11

18.1%

80,106

-68.3%

310

-34,501

0

0

Miami Non-CBD

159

13,492,016

1,765,275

89,344

13.1%

13.7%

13.7%

$39.86

$39.53

3.1%

519,541

-27.3%

37,972

4,594

0

329,000

Wynwood | Midtown | Design District

11

1,247,951

119,691

2,553

9.6%

9.8%

9.8%

$45.22 $45.28 $42.19

$45.04 $45.73 $42.19 $72.82 $36.19 $38.95 $28.74 $46.17 $33.14 $51.31 $41.82

8.6%

76,305 81,362 47,612

23.6%

15,004 -2,239 -5,863 6,409 11,892 5,031 1,837 -5,715 11,616

2,288

0 0 0 0 0 0 0 0 0 0 0

329,000

Coral Gables

22

2,783,874

263,126

14,421

9.5% 4.5% 11.9% 21.6% 9.0% 13.5%

10.0%

10.0%

13.3% -0.6%

-35.6% -60.2%

1,854

0 0 0 0 0 0 0 0 0

Coconut Grove Miami Beach Airport West South Dade Miami Lakes Northeast Dade

8 9

602,953

27,073

26,554

8.9%

8.9%

-6,623

605,182

71,785

0

11.9%

11.9%

$72.82

2.3%

9,080

-89.1%

-909

41

4,125,485 1,870,321 1,058,759 569,431 397,940 230,120 17,769,340

890,101 168,950 142,692

8,068

21.8% 9.0% 16.6%

21.8% 9.0% 16.6%

$36.19 $38.95 $31.24 $47.10 $33.14

3.0% 9.0% -8.4% -1.9% -7.0%

183,738 44,275 27,300 31,624 6,630

24.5% -31.1% 109.3% -39.1% -75.1% -44.2% -38.0%

14,648 -13,176 -11,043 2,009 14,616

27 22

0

33,248

9 6 4

44,515

4,500

7.8% 1.9%

8.6%

8.6%

Coral Way

7,636

0 0

1.9%

1.9%

South Gables/South Miami

29,706

12.9% 14.1%

12.9% 14.6%

12.9% 14.6%

$51.31

2.1% 7.6%

11,615

0

930

599,647

38,282

-29,907

329,000

Class B Totals

178

2,500,384

99,169

$42.09

Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2023 Cushman & Wakefield, Inc. All rights reserved.

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