The numbers have rolled in and things are looking a bit brighter for landlords. They would like to crow about a strong recovery, but I would describe it as tepid at best. Overall Miami-Dade had 125,000 sf of absorption and overall vacancy is at 19%. Employment numbers continue to improve so it appears that we are slowly pulling ourselves out of the deep doldrums. The healthiest submarkets are Aventura (10% vacancy) and Miami Beach (9% vacancy). The weakest markets are the Biscayne Blvd. corridor (38% vacant) and Miami Lakes (27% vacant). Coral Gables and Airport West are 15% and 19% vacant respectively. The new construction downtown continues to weigh down that area with a 22% vacancy rate. Until 600 Brickell leases up, this market will still show a high vacancy rate, however, much of the vacant space is consolidated in the newly completed buildings.
Here are the big lease transactions for the first quarter:
|Tenant||Sq Feet||Submarket||Transaction Type|