Q4 Market Report: Office and Retail

Written by Hayley Smith

February 7, 2020

ComReal Coral Gables is pleased to present our Q4 2019 Market Report for Office and Retail

The Miami retail market continued to perform well in 2019, but rent growth decelerated and vacancies
rose mildly, trending closer to the national average. Miami currently has the largest under-construction
pipeline, relative to inventory, among major U.S. metros. Coral Gables remains a Top 5 submarket in
the city, and there are several major mixed-use projects underway in the neighborhood. Demand is
forecasted to keep up as the local economy continues to perform well

 

Despite slowing employment gains nationwide, the Miami office supply sector experienced healthy
demand at the end of 2019 after a slow first half of the year. Vacancy rates remained stable in the city,
although supply is set to rise along with the construction pipeline. Coral Gables in particular is seeing a
high level of construction and deliveries that is slowing rent growth and leading to higher vacancy rates
than other parts of the metro area.

 

 

The ComReal Coral Gables Team

 

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