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Cushman & Wakefield of Florida, Inc.
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54
Lincoln Road
1688 Meridian
1674 Meridian
MIAMI BEACH PRICING
HIGHLIGHTS
An island off of the mainland of Miami, this submarket has scarce and extremely
expensive land for development. It is a top global tourist, shopping and entertainment
destination and one of the most dynamic hotel and housing markets in the country. Most
of the development is upscale with luxury waterfront condominiums and residential
neighborhoods. As such, the office market has some of the highest average rental rates
in the market.
Both classes of space continued to register peak direct rates at third quarter. For the
Class A set, this figure reached $48.65 PSF full service. Not only was this the highest
quoted in the entire Suburban market, but the figure represented an 8.9% gain over
the end of 2016. As for Class B average rates, this quarter’s $39.76 PSF full service was
second-highest in the Suburbs, after Aventura.
At the 1111 Building (1111 Lincoln Road), the first quarter 2017 asking rate for the penthouse
space was quoted at $51.00 PSF, full service. The rate increased to $55.00 PSF at
midyear and remained unchanged during third quarter. This is a small 2,700 SF office.
Class A asking rates at 555 Washington were quoted at $45.50 PSF while at Lincoln
Place’s only remaining (2,500 SF) space, rates were $42.00 PSF at the end of the
quarter.
Third quarter rates at 1688 Meridian were increased over the last two quarters on the
lower end of the quoting spectrum from $43.00 PSF to the current $44.00 PSF and
ranged up to $46.00 PSF.
INVESTMENT SALES
DURING 3Q 2017
No buildings traded during the quarter.