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

ECONOMIC INDICATORS 2023 Q3

1.8% 10.1% Miami Unemployment Rate Quarter following shutdown

August 2023 June 2020

HIGHLIGHTS Miami continued its healthy climb into a national player within the office sector as economic fundamentals improved. The county’s unemployment rate fell by 70 basis points year-over-year (YOY) to 1.8% at the close of Q3. Tenant, residential, and tourist retention and attraction is still tracking as Miami’s nonagricultural jobs increased by 37,900 from this time last year. From 2021-2022, Miami recorded the 8th highest net migration in the U.S. and is projected to have healthy net migration through 2027.

SOUTH FLORIDA Hottest Migration Destination Among Top Metros

4 10 of the in the Nation # Top

Current tenants touring for office space totaled nearly 2.7 million square feet (msf) and were led by the following industries:

2023-2026 Forecasted Net Migration

2023-2026 Forecasted Net Migration

Dallas, TX

542,000 SF Business Services

277,500 SF Financial Services

213,500 SF Legal

Phoenix, AZ

Houston, TX

South Florida, FL

Atlanta, GA

400,000 SF Cruise

274,000 SF Healthcare

144,600 SF Real Estate

Orlando, FL

Austin, TX

Tampa, FL

Charlotte, NC

312,500 SF Tech

269,000 SF Education

100,000 SF Government

Seattle, WA

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Source: Redfin, Bloomberg; Wealthmanagement.com

Source: Cushman & Wakefield Research

Cushman & Wakefield of Florida, LLC. / 1