26 / 56
Cushman & Wakefield of Florida, Inc.
/
26
YTD
Completions
Under
Construction
Existing
Inventory
SF
Direct
Vacancy
%
Total
Vacancy
%
YTD Net
Absorption
Average
Direct RR
PSF Quoted
Aventura
Class A
0
74,336
762,524
6.4% 6.4% -2,446
$48.40
Aventura
Class B
0
0
212,500
4.8% 4.8% -3,100
$40.55
Totals
0
74,336
975,024
6.0% 6.0% -5,546
$46.21
OFFICE MARKET STATISTICS
| 3Q 2017
AVENTURA SUPPLY
HIGHLIGHTS
This upscale market is anchored by Aventura Mall, Florida’s largest, and the luxury, 300-
Acre Turnberry Isle hotel and golf resort. Nearly all of its inventory is comprised of Class
A product centered around these two iconic developments. Supply levels for both Class
A and B buildings remained extremely low among this small, nine-building submarket.
The current direct Class A vacancy stood at 6.4%. While this was the highest quarterly
rate in two years, it was still an impressive decline from the peak rate of 26.4% during
2009.
Aventura’s largest contiguous Class A blocks continued to be sublet offerings. This
included two separate 18,000 SF and 19,000 SF spaces at Harbour Centre. Located on
the 2nd and 6th floors, the sublease terms extend through 2026 and 2020, respectively.
The national retailer Fossil’s 11,000 SF, 8th floor space remained available for either
sublet (2021 term) or direct in Aventura’s newest (2013) building, Aventura Optima
Plaza.
This submarket has only two Class B buildings. Aventura View maintained single digit
vacancies since 2015. Only a few small spaces were available during 2017 with third
quarter’s largest contiguous office totaling 2,800 SF.
Unchanged from 2016, Turnberry Plaza, the other Class B competitor remained at or
near full occupancy since 2013. The building is situated next door to Aventura View.
Under construction activity included one 74,000 SF competitive for lease office
building, Canal Park. Completion was scheduled for year-end 2017. On the office condo
front, the 96,000 SF Forum Aventura was also under construction with completion
expected by mid-2018.
Responding to a lack of available space from a growing healthcare presence and
demand from this particular industry, was the proposed ICON Medical Tower, a 124,000
SF medical office condo building.
SF
Quoted Rate PSF
AVENTURA DIRECT VACANCY (%) 2007-3Q 2017
AVENTURA TOTAL NET ABSORPTION, 2007-3Q 2017
AVENTURA AVERAGE DIRECT RENTAL RATES, 2007-3Q 2017
Percent
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
AVENTURA Direct Vacancy (%), 2007-3Q 2017
Class A Class B
Percent
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
AVENTURA Average Direct Rental Rates, 2007-3Q 2017
Class A Class B
Qu d Rate PSF
Class A
lass
Class A
Class B
Class A
Class B
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
AVENTURA Total Net Absorption, 2007-3Q 2017
Class A
Class B
S