Q3 Market Data Highlights Continued Strength of CRE in South Florida

As Miami-Dade, Broward and Palm Beach Counties continue to experience robust growth across all asset classes, Colliers has released the preliminary Q3 market data for the office, industrial and retail markets

Report Highlights:

 

  • Miami-Dade:

·      The retail market vacancy rate decreased to 3.2%, and the average direct asking rate continued to increase, hitting $43 NNN.

·      The office market vacancy rate decreased 0.4%, and the direct asking rate increased by over $3 PSF to $57.09 for Class A space.

·      The industrial market had an all-time low vacancy rate of 2.1% and the direct asking rate for warehouse and flex space increased.

  • Broward:

·      The retail market hit a new high direct asking rate, $26.56.

·      The office market direct vacancy rate declined for the sixth consecutive quarter, asking rates continue to increase.

·      The industrial market vacancy decreased to a new low, 3.1%, and asking rates increased.

  • Palm Beach:

·      The retail market vacancy rate decreased for the sixth consecutive quarter to 3.6%, and the direct asking rate reached another new high, $28.02.

·      The office market vacancy rate decreased to 8.1%, and asking rates increased by over $1 PSF.

·      The industrial market vacancy rate increased slightly to 3.1%, and direct asking rates reached new highs for warehouse and flex space.

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