ComReal’s market report for Q3 2019 is available now. Here’s an overview of our findings:
Miami has long positioned itself as a retail destination, and that focus has helped buffer the city against much of the sector’s growing pains: four out of the five retail rent growth metros are in Florida. In Coral Gables, retail vacancy rates remain stable, and sales activity was also healthy over the past four quarters, signaling strong investment conditions.
The office supply pipeline has also been steadily rising, but construction is close to levels seen across the country and absorption has slowed. This could place negative pressure on the office market–the major thing to keep an eye on in Q4 is market demand. That said, Miami continues to lead the country in co-working spaces, and Coral Gables is one of the top submarkets for that sector.