3 / 56
Cushman & Wakefield of Florida, Inc.
/
3
MIAMI
OVERVIEW
ECONOMIC
HIGHLIGHTS
There was no discernible overall effect on the September 2017 U.S. unemployment rate
(4.2% - a new 10-year low) when Hurricane Irma made landfall in Florida which caused
severe damage, primarily in the Keys, southwest Florida and other parts of the Southeast.
Miami ranked among the top ten
“
Major American Cities of the Future 2017-18
”
Foreign Direct Investment, Financial Times of London
Miami International Airport was named
“
Best Freighter Hub
”
in the world.
Freighters World Conference 2017, Air Cargo News
Major Office-Using Employment Industries
Miami Forecasted Growth 2016-2024
Florida Population and Jobs
Expect Robust Growth
September 2017’s job report saw year-over-year drops in unemployment for both
Florida (3.8% from 4.9%) and Miami (4.6% - from 5.7%). Statewide, however, private-
sector businesses were severely impacted by the storm as indicated by the reduction of
job numbers solely for the month of September. In Miami, losses over the month were
among the largest reported since mid-2008 for Professional and Business Services,
while Information and Financial Services remained mostly unchanged.
Miami’s top three fastest-growing industries forecasted for the 2016-2024 period were:
Construction 17.7%%
Education and Health Services 17.0%
Professional and Business Services (PBS) 14.2%
Miami’s upcoming occupier demand, by way of current tenants touring the market,
paralleled forecasted office-using industry growth. A snapshot of the 2.3 million SF of
tenant requirements revealed a diversified list of companies where the great majority
fall within the following employment sectors:
Banking / Finance
798,500 SF
Retail Trade
540,000 SF
Media &
Entertainment
288,000 SF
Healthcare
131,500 SF
Law Services
156,000 SF
Banking/Finance
Florida will remain
one of the nation’s
top three states
Look to Florida
gaining another
TOP
3
798,500 SF
Miami Tenant Tours
Unusual for Miami,
54.0% of current tours
comprised requirements
of 75,000+ SF - with
three firms well above the
100,000 SF mark.
Source: Florida Department of Economic Opportunity
14.2%
PBS
1.6%
Information
6.6%
Financial Activities
1
+
2016-2024
Million Jobs