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Bayview Executive Plaza
Grand Bay Office Tower
GL Tower
One Cocowalk
Mayfair in the Grove
Continental Plaza
COCONUT GROVE PRICING
HIGHLIGHTS
Average quoted rental rates have correspondingly fluctuated with supply levels. Third
quarter 2017 Class A rates reached their highest average quote in over a decade and
marked a consistent annual rise since 2014.
Quoted rates for Class B space of $34.70 PSF were down from the previous two quarters.
Full service Class A asking rates at Bayview Executive Plaza remained at $39.50-$41.50
PSF while the quoted rates at Grand Bay Office Tower averaged just under $38.00
PSF. GL Tower’s third quarter rates averaged $40.50 PSF. SBS Biscayne Bank Tower
remained near full occupancy over the last several years.
Class B pricing for Continental Plaza was $37.50 PSF at third quarter. The 42,000 SF
sublet at Mayfair in the Grove had a $35.50 PSF asking rate.
Asking rates at the under construction One Cocowalk development ranged from a
full service, $52.00-$54.00 PSF which included an estimated $14.00 PSF operating
expense. Similar rates were being quoted at the now under construction Mary Street
development at $38.00 PSF, triple net. Operating expenses were also estimated to be
$14.00 PSF. Look to anticipated quoted rates of $40.00-$42.00 PSF for the planned
27@Lincoln project.
INVESTMENT SALES
DURING 3Q 2017
No buildings traded during the quarter.