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MIAMI-CLASS A UNDER CONSTRUCTION ACTIVITY HISTORICAL TRENDS, 2007-3Q 2017
MIAMI-NEW CLASS A HISTORICAL DELIVERIES, 2007-3Q 2017
SF
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MIAMI - Class A Under Construction Activity Historical Trends
2007 - 3Q 2017
Snapshot among prime competitive assets
PEAK CONSTRUCTION ACTIVITY, LED BY THE
CBD, COINCIDED WITH 2007 RECESSION
SF
MIAMI SUPPLY
HIGHLIGHTS
One Suburban building was completed during third quarter (246,000 SF in Airport
West) – the first significant new Suburban delivery since 2012. The new building
pushed Miami’s total inventory above the 34.0 million SF mark, where nearly two-
thirds comprised Class A product. Even with new supply, Class A vacancy stayed
in the high 11.0% range during the year, still down by a full percentage point year-
over-year. Class B buildings saw vacancy levels rise with the current 15.2% rate the
highest posted since 2013’s 17.0%.
This quarter’s under construction levels totaled 770,000 SF, of which 50% was pre-
leased to date. The bulk or nearly 60.0% will be located in the Suburbs. Proposed
competitive office product in the pipeline continued its upward trend, which
totaled nearly 2.8 million SF at quarter’s end. The proposed space is almost evenly
divided between the CBD and Suburbs, although most projects had no precise
construction starts as of this writing.
MIAMI-CLASS A UNDER CONSTRUCTION ACTIVITY, 2007-3Q 2017
SF
SF
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MIAMI - New Class A Historical Deliveries
2007 - 3Q 2017
CBD Completions (SF)
SUBURBAN Completions (SF)
SF
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Downtown (CBD)
Aventura
Coconut Grove
Coral Gables
Miami Airport
MIAMI - Class A Under Construction Activity, 3Q 2017
SF
318,000
451,717
CBD SUBURBAN
Total SF Under Construction