3. FOURTH QUARTER 2010 MARKET STATISTICS
OfifceNotes
Avg Asking Dir
Total Availability Total YTD Net Construction Under
Submarket Building SF Lse Rate ($/SF/Yr)
% Vacancy % Absorption Completions Construction
Full Service Gross
Airport West 10,182,044 25.2 19.1 $24.82 (7,608) 0 0
Brickell 6,536,894 27.4 19.0 $35.49 81,319 0 605,886
Coral Gables 6,147,932 24.1 17.3 $33.39 (148,526) 0 229,000
Downtown Miami 7,605,092 27.5 19.4 $33.53 69,488 0 0
CBD Total 14,141,986 27.4 19.2 $34.44 150,807 0 605,886
Suburban Total 30,124,627 24.7 18.1 $27.25 (90,197) 0 229,000
Overall Total 44,266,613 25.6 18.4 $29.87 60,610 0 834,886
Class A Total 19,863,905 24.4 18.1 $36.10 518,993 0 834,886
Class B Total 18,163,864 26.6 19.4 $26.12 (258,185) 0 0
Class C Total 6,238,844 26.7 16.8 $21.97 (200,198) 0 0
Source: www.cbre.com/research
With several large tenants slated to move in 2011, the CBD
and Airport West submarkets are anticipating increased
negative absorption in the next first quarter of 2011.
2010 TOP 10 LEASES
SF Tenant Submarket
100,000 Amadeus Airport West 2009 had overall total availability of 21.4%
and total vacancy of 14.9%. It appears the
100,000 Discovery Channel Airport West market is reaching the bottom.
96,012 Nova Southeastern Univ. Kendall In comparison, 2009’s top 10 leases
averaged less than 40,000 square feet
CB RICHARD ELLIS :: MIAMI-DADE
91,000 Wells Fargo Downtown Miami and were primarily renewals of smaller
square footage. 2010’s strong activity by
80,000 Oceania Airport West large tenants is an indication of recession
recovery.
75,000 Vitas Downtown
65,000 Hunton & Williams Brickell
60,000 State Farm Airport West
50,000 Banco Sabadell Brickell
March 2011
40,000 JP Morgan Chase Brickell
Source: www.cbre.com/research