Coral Gables Office & Retail Q3 2020 Market Report

Written by Jacqueline Coleman

November 5, 2020

CORAL GABLES MARKET OVERVIEW

The Coral Gables market remains a destination for multinational companies searching for space. With approximately 200 multinational companies currently calling it home, Coral Gables truly is an international community.

RETAIL

The Coral Gables retail market comprises of 3.7 million square feet with 324,000 currently under construction, which is 20% of the metro-Miami pipeline. Market rents average $47.14 per sq. ft., ranking sixth in the region. At the end of the third quarter 2020 vacancy was at 5.6%. The impact of Coronavirus continues to be seen in Coral Gables. The inventory of vacant storefronts around the city increased with availability up since last quarter to 205,913 sq. ft, which is a 5.6% vacancy rate. Retail and restaurant outlets have been operating with restrictions, but most entertainment businesses remain closed. Many retail businesses around Coral Gables are small businesses, and it is unclear how government support measures will impact the retail market overall. Call our team of experts for more market insight.

OFFICE

The Coral Gables office supply in Q3 of 2020 continued to increase. Vacancy rose to 10.3% with 11,278,000 sq. ft. available. This indicates that the demand for office leasing in the Gables is still not meeting the supply. Coral Gables ended the quarter with an additional 537,000 sq. ft. of office space under construction due to the new Gables Plaza project, which will contain both four and five-star office space when completed. 375,000 SF of space remains available in the project, at asking rents between $55-$62/sq. ft. The North tower is slated to deliver by the end of 2020 with the South tower following in 2021-2022. Despite muted leasing and rising vacancies in the short term, we believe the Coral Gables office market will have a strong recovery. Now may be a good time to secure a favorable lease rate on office space while inventory exists, giving tenants more options for affordable rents, especially if entering large, long-term commitments.

FEATURED LISTING!                                               // $38.00/SF (MG) //

2735 Ponce de Leon Blvd

2735 Ponce de Leon Blvd

1,500 SF available with prominent high visibility stand-alone storefront boutique office. Attractive lobby reception, private offices, conference area, private ADA bathroom, break kitchen, brand new 24/7 A/C.

 

 

John C. Lonardo, CCIM:

jlonardo@comreal.com

305-213-4050

Gavin A. Winston:

gwinston@comreal.com

312-618-0162

 

AVAILABLE LISTINGS

325 Alhambra Circle

325 Alhambra Circle

1,310 Rentable Square Feet available for immediate occupancy in AS-IS condition. This storefront offers excellent visibility and signage opportunity on Alhambra Circle which has exposure to approximately 6,500 vehicles in average annual daily traffic. The building accommodates two on-site parking spaces located at the rear of the building.

For Lease: $37.50/SF

 

John C. Lonardo, CCIM:

jlonardo@comreal.com

305-213-4050

Gavin A. Winston:

gwinston@comreal.com

312-618-0162

 

3250 Grand Avenue

3250 Grand Avenue

Ground-level retail space located in a mixed-use building. The building is well located at the entrance of one of the main arterials into the Coconut Grove Business District. 40’ frontage on Grand. Avenue Ideal for Retail & Office use.

 

Negotiable Lease Rate!

 

 

Lisa A. Tenn:

ltenn@comreal.com

305-978-9455

 

1516 – 1526 Ponce de Leon Boulevard

1516 – 1526 Ponce de Leon Boulevard

This completely renovated street level retail plaza features six retail bays with direct frontage on Ponce de Leon Boulevard and two retail bays on Mendoza Avenue. Mid-Modern Century Art Deco design with upgrades including new roof, HVAC systems, ADA compliant restrooms, impact resistant windows and doors, electrical panels, illuminated signage connections and more. Spaces range from 519 – 1,577 sq. ft. and may be combined.

For Lease: $32.00 – $34.00/SF

John C. Lonardo, CCIM:

jlonardo@comreal.com

305-213-4050

 Lisa A. Tenn:

ltenn@comreal.com

305-978-9455

 

The ComReal Coral Gables Team

ComReal is proud to celebrate our 40th year in South Florida Commercial Real Estate. Since 1979, we have earned our status as a respected leader in the community and as an early adopter of technologies. Our expert teams work with local companies with single requirements, as well as national and international firms with large portfolios and complex transactional needs. ComReal was named one of the Top 25 Commercial Real Estate Brokerages by South Florida Business Journal earlier this year. With a formidable reputation and the experience to back it up, it’s no wonder that ComReal is Commercial Real Estate.

office | retail | sale | lease | investment | property management

Contact Us: info@comreal.com

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