SOUTH FLORIDA Market Reports | Year-End 2018
Robust Leasing Activity Continues While Miami Solidifies Its Place as an E-Commerce Hub
The aggressive expansion of e-commerce continues to fuel Miami-Dade County's industrial market as developers push to keep up with demand. Due to the delivery of significant new speculative development during the fourth quarter, the overall vacancy rate increased slightly to 2.95%, an 80-bps rise over year-end 2017. As demand continues to outpace supply, the overall asking rental rate climbed further to $8.36, a $0.12 increase quarter-over-quarter. Miami-Dade County is also beginning to solidify its place as an international e-commerce hub and last-mile distribution centers near the urban core continue to be one of the most sought-after industrial products by investors.
Click Here to Download the Full Report: Miami Industrial Market Report | Year-End 2018
Healthy Leasing Activity Amid New Office Deliveries and Significant Growth in New-To-Market Tenant Interest
Miami-Dade County's economic fundamentals continued to flourish during the fourth quarter of 2018 as strong leasing activity occurred in key submarkets and new space delivered to the market. Despite 729,538 sf of office space delivering to the market during 2018, Miami-Dade County's overall vacancy rate only experienced a slight rise to 11.87%, a 177-bps increase year-over-year, indicating healthy demand for high-quality office space continues. Miami's office market will should continue to see positive gains in 2019 as economic fundamentals remain strong and interest from new-to-market tenants grow.
Click Here to Download the Full Report: Miami Office Market Report | Year-End 2018
Broward County/Fort Lauderdale
Significant New Development Underway as Motivated Developers Find Opportunity in an Increasingly Land-Constrained Market
Broward County's industrial market continued to tighten during the fourth quarter of 2018 as economic fundamentals remained strong and the growth of e-commerce continued to fuel new development. Broward County experienced a development boom over the last few years due to a lack of supply on the market caused by significant land constraints. Despite the dwindling supply of available land, highly-motivated developers still managed to deliver 1.9 million sf of new industrial product to the market during 2018. Amid a growing development pipeline, vacancy rates remain relatively flat and near historical lows in Broward County. It is expected that 2019 should be another successful year for the industrial market in Broward County as investor demand fuels new development and economic fundamentals continue to uphold the market.
NEW REPORT! Click Here to Download the Full Report: Broward County Industrial Market Report | Year-End 2018
Economic Incentives Foster Business Growth in Broward County as Significant Leasing Activity Takes Place in the CBD
Broward County's office market continued to strengthen as strong leasing activity took place throughout the fourth quarter of 2018. Several new corporate headquarters, such as JetBlue Travel Products and Virgin Voyages, were drawn to the market during 2018 due to the county's business-friendly tax environment, economic incentives dedicated to job growth, and greater regional connectivity created through the opening of the Brightline high-speed rail system (now Virgin Trains USA). The overall vacancy rate inched upwards to 10.69%, a 93-basis point (bps) increase over the previous year, as the trend in consolidating office space continues throughout the market. However, this trend is also creating opportunity for new tenants looking to expand. The office market faces significant land constraints in Broward County as most available supply has already been zoned for residential use. Despite this, consistent demand has sparked 941,273 sf of new office development projects in Downtown Fort Lauderdale, as well as in outer suburban submarkets like Sunrise, Plantation, and Hallandale Beach.
Click Here to Download the Full Report: Broward County Office Market Report | Year-End 2018
Palm Beach County/Boca Raton/West Palm Beach
Rents Continue to Rise in a Supply-Constrained Market as Major Institutional Players Enter the Market
Palm Beach County's industrial market continued to tighten during 2018 due to strengthening market fundamentals and the steady growth of e-commerce. A limited construction pipeline and scarce deliveries during 2018 further compressed vacancy rates as the overall vacancy rate fell to 2.84%, the lowest vacancy rate across the tri-county area. Investment activity has gained momentum in Palm Beach County as an increasing number of institutional investors are entering the market.
NEW REPORT! Click Here to Download the Full Report: Palm Beach County Industrial Market Report | Year-End 2018
Developers Respond to Growing Tenant Demand With Several Class A Office Projects Planned for the CBD
A positive business environment and strong economic fundamentals continue to fuel Palm Beach County's office market. The growth in office-using employment has created consistent demand in the market as vacancy rates have experienced a significant decline over the last five years. Developers have responded to increasing tenant demand with an uptick in planned developments throughout Palm Beach County. Currently, there is 1.17 million sf of planned office space scheduled to break ground during the first quarter of 2019, 65% of which is located within Downtown West Palm Beach. Palm Beach County's office market is expected to see further growth in 2019 as market fundamentals and employment continue their upward trajectory.
Click Here to Download the Full Report: Palm Beach County Office Market Report | Year-End 2018