MIAMI/ SEPTEMBER 05, 2018 (STL.News)
South Florida office dollar volume rose to its highest value in the past three quarters, according to the new 2Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).
Miami-Dade, Broward and Palm Beach counties registered a combined $799.4 million in office sales in 2Q 2018, up 46.7 percent from the $545.0 million spent in 1Q 2018. It’s the most spent on South Florida office product since 2Q 2017 ($876.4 million).
“Steady job growth and population gains are encouraging more businesses to invest and expand in South Florida,” said 2018 MIAMI Commercial President Brian Sharpe, a commercial Realtor with Sharpe Properties Group in Hialeah. “Financial services, healthcare companies and major corporations are spending more on local office product, and it’s boosting our economy.”
The Quarterly Report – South Florida Commercial Real Estate includes stats on all property sectors.
Miami-Dade County More than Tripled its Office Dollar Volume from 1Q 2018
Miami-Dade County led South Florida’s surge in office dollar volume by posting $533.9 million in sales in 2Q 2018, more than three times the $143.9 million output in 1Q 2018.
Miami had the largest office transaction in South Florida in 2Q 2018. A partnership between Parkway Properties and investment giant KKR paid $248.5 million for the Sabadell Financial Center in Miami in June 2018. The deal marked one of the most expensive local office purchases since the Southeast Financial Center sold for $500 million in 2016.
Broward and Palm Beach counties saw per square foot office valuations rise quarterly and annually, while Miami-Dade saw valuations decline over the same periods.
South Florida Industrial Transaction Volume Increases in 2Q 2018
Miami-Dade and Broward industrial markets saw their highest transaction volumes, respectively, on a quarterly basis in more than a year in 2Q 2018.
South Florida industrial per square foot valuation continued to rise—settling at a value of $129 per square foot for a third consecutive quarter of growth. Miami-Dade had the highest at $142 per square foot.
South Florida Multifamily Transactions Increased 10 percent from 1Q 2018
South Florida multifamily transactions rose for the second consecutive quarter to 154 – a 10 percent increase from 1Q 2018.
Total dollar amount spent rose from 1Q 2018, registering the first $1 billion quarter dating back to 3Q 2017. The bulk was realized in Palm Beach County, which had more than $600 million in multifamily sales.
Miami-Dade Retail Posts Second Highest Dollar Volume in over a Year
Miami-Dade saw the second highest dollar volume of any county on a quarterly basis in over a year. Broward and Palm Beach counties saw strong gains from 1Q 2018.
In total, dollar volume transacted grew by nearly 10 percent to $715.1 million from the prior quarter but remains slightly below the $721.9 million transacted during the same period last year.
About MIAMI Commercial
MIAMI Commercial seeks to serve South Florida commercial members and to shape and unify the commercial real estate brokerage and service industry. The largest commercial REALTOR® association in Florida, MIAMI Commercial has more than 2,000 members in Miami-Dade, Broward, Palm Beach and Martin counties. MIAMI Commercial provides member services, including a legislative voice, education opportunities, a code of ethics, and networking opportunities that provide enhancement of the commercial REALTORS knowledge base and ability to service their clients. MIAMI Commercial participation facilitates networking opportunities. MIAMI Commercial hosts an annual conference, the largest commercial event in South Florida.
Vizzda (Visual Data) is a leading software and information provider to the Commercial Real Estate Industry. Vizzda’s comprehensive data tracks every commercial sale, new project, contact information, and debt. Founded in 2011, Vizzda serves many of the largest commercial real estate firms in the nation. Because it runs five to ten days faster than other providers, Vizzda’s clients enjoy unparalleled competitive advantages, including expanded deal flow, increased revenue, and access to the most active buyers and sellers in the industry.
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 98 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, MIAMI Commercial, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 46,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 178 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com.