Oct 13, 2016 - 0 Comments - Observations -

Video: 2006 Q2 Metro Miami Retail Property Update ~ 13th Straight Quarter of Asking Rent Increases

In this video update of the metro Miami retail property market from Reis a number of key metrics are discussed.  Highlights include:

  • Asking rents increased 0.9% in the second quarter of 2016.
  • All 5 submarkets of the Miami metro area recorded an increase during the quarter.
  • Average asking rent is 27.14 per square foot.
  • This is the 13th straight quarter of asking rent increases.
  • In the 13 quarter streak of growth increases, asking rents have increased by 12.0%
  • Asking rents have realized a 1.8% annual increse since 2006 Q3.
  • 67,000 square feet of retail space has been absorbed in the last 4 quarters, somewhat more than half of annual average for metro Miami since 2006.
  • Vacancy rate in metro Miami is 6.1%, 0.2% lower than average since Q3 2006.
  • The West Dade submarket has been the fastest growing market since 2006 Q3 with 744,000 square feet in completions, 36.7% of the total for the county.