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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