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.