Cheaper travel to Miami from South America
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- Florida’s tallest building — the 868-foot, 85-story Panorama Tower built by Florida East Coast Realty — opened in Miami’s Brickell neighborhood. It is the tallest residential tower south of New York City and includes 821 apartments, a hotel and office and retail space.
- In Miami’s Wynwood section, a rental apartment building will replace neighborhood icons Wynwood Yard, a food incubator and event space, and O Cinema Wynwood, a movie theater and art space. The 11-story, 189-unit building will be Miami-based developer Lennar’s first apartment building in the city.
- Atlantic Pacific Communities won a bid to build a $172.8-million project in Miami’s historically black Overtown neighborhood, one block from Brightline’s MiamiCentral station. It will have 600 apartments — 60% of them either affordable or workforce housing — and retail.
- British micro-room hotel company Yotel will develop one of its first five condo/hotels in downtown Miami. YotelPad will have 208 condos ranging from 425 square feet to 700 square feet, as well as 250 hotel rooms.
- Property Markets Group opened X Miami, a 464-apartment building where people can rent either by the bed or by the unit.
- Sunny Isles-based Dezer Development paid $20 million to purchase Nova Southeastern University’s North Miami Beach campus, which houses health clinics. The university’s health clinics will remain in one building on the property for at least five years. Dezer will redevelop the property’s other two buildings.
- The California State Teachers’ Retirement System has committed at least $200 million to a joint venture with Miami-based commercial real estate financing startup 3650 REIT.
Miami Office Market
(classes A and B, central business district, 2nd quarter)
- Total Inventory: 12,155,789 square feet
- Vacancy: 15.6%
- Lease Rate: $45.48 per square foot
- Notable: Miami’s rental rates were among the highest in the region, with continued growth and diminished supply. The average asking lease rate for all classes in the central business district climbed to $42.66 per square foot.
Miami Industrial Market
- Total Inventory: 217,812,276 square feet
- Vacancy: 3.6%
- Lease Rate: $9.23 per square foot
- Notable: Nine new buildings were added to the inventory in the second quarter totaling 1.1 million square feet.
See more in Florida Trend's November issue:
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