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Cushman & Wakefield of Florida, Inc.
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4000 Ponce
355 Alhambra
550 Biltmore
Two Alhambra
121 Alhambra
2020 Salzedo
INVESTMENT SALES
DURING 3Q 2017
No buildings traded during the quarter.
CORAL GABLES PRICING
HIGHLIGHTS
While peak Class A pricing was reached during 2016 ($40.98 PSF), third quarter’s rate was
just slightly under at $40.54 PSF. Quarterly Class A rates have remained above the $40.00
PSF mark since 2016.
Third quarter Class A quotes in the $42.00 PSF range included 396 Alhambra (for its sublease),
550 Biltmore and BAC Colonnade. 355 Alhambra continued to quote $43.00 PSF for all of its
spaces. Higher pricing at the newest building, 2020 Salzedo, remained at $45.00 PSF while
121 Alhambra’s 14th full 23,000 SF floor had a quote of $47.76 PSF – the highest in the market
and an increase from midyear’s $46.50 PSF. Also on the higher asking rate range were Two
Alhambra ($44.50-$47.50 PSF), Columbus Center ($41.00-$45.00 PSF), 2525 Ponce ($45.03
PSF) and 220 Alhambra ($42.00-$44.00 PSF). Class A quoted rates for 4000 Ponce’s two
remaining spaces were up from last quarter’s $37.00-$38.00 PSF to the current $38.00-$39.75
PSF. Unchanged over the quarter, Miami Green’s last space was quoted at $38.00 PSF. The
asking rate for the 83,000 SF Bacardi Building sublet remained at $42.00 PSF.
Class B buildings reached a decade high quoted average of $35.73 PSF. Direct pricing has
increased annually since 2011. Among the highest full service asking rates were at 2121 Ponce
($39.50 PSF) and 95 Merrick ($38.50-$39.50 PSF), representing an increase from midyear.
Unchanged during the year, 901 Ponce’s 11,400 SF penthouse remained priced at $37.50 PSF.
An asking rate of $36.00 was quoted for 2555 Ponce’s upcoming (2018) full floor availability.
Asking rates at the under construction Sunset Office Center ranged from $35.00-$38.00,
triple net. Although operating expenses were not yet finalized, look to $15-$16.00 PSF as
this will be the first LEED Platinum Class A office building in Coral Gables. On a full service
basis, Giralda Place’s new West Tower building quoted $46.00-$48.00 PSF at the close of the
quarter.