Miami retail construction hits five-year high: report

Miami /
Oct.October 22, 2013 10:00 AM

Office vacancy in Miami-Dade County was at 17.4 percent in the third quarter, holding strong compared to last year, according to data from CBRE Group’s commercial MarketViews report.

It was at 17.6 percent in the second quarter, and 18.9 percent year-over-year. Retail vacancy is largely still at 4.2 percent, up from 4.1 percent last quarter and down from 5.3 percent this time last year.

Retail construction activity in Miami-Dade, meanwhile, reached its highest level since 2008, at a total of 1.3 million square feet. Retail investment sales are $89.5 million for the quarter and $535.1 million so far this year.

The unemployment rate in Broward County was among the state’s lowest in the third quarter, at 5.8 percent. Leasing activity was strong there, though the retail vacancy rate fell to 8 percent from 9.3 percent year-over-year.

In Palm Beach County, the office market is largely comprised of tenants seeking 5,000 square feet or less. Office vacancy dropped to 23.8 percent from 26 percent year-over-year.

A $28.1 million sale of a 10,000-square property at 225 Worth Avenue, occupied by clothing retailers Juicy Couture and Brooks Brothers, was one of the top retail deals in Palm Beach County, data show. — Mark Maurer


Related Articles

arrow_forward_ios
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Clockwise: River Landing, Delray Commons and the PulteGroup office space
Lease roundup: Driveshack, GoPuff ink leases & more
Lease roundup: Driveshack, GoPuff ink leases & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
CBRE CEO Bob Sulentic and Gordon Messinger (CBRE/Illustration by Kevin Rebong for The Real Deal)
Gordon Messinger joins CBRE from Cushman & Wakefield
Gordon Messinger joins CBRE from Cushman & Wakefield
From left: Miguel Solis, Mario Chirino, and Madelayne Garcia
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Arden Karson
Arden Karson launches real estate firm during Covid
Arden Karson launches real estate firm during Covid
Ivan Chorney and Michael Martirena
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...