Wynwood's Office Oversupply is a Myth
Everyone points to the vacant Class A space, but they ignore the deliberate warehousing of floors by institutional landlords waiting out the interest rate cycle.
The Inventory Squeeze Reaches Brickell
Class A office space in Miami's financial core has hit a sub-4% vacancy rate for the first time since 2018. Rents are up 12% YoY, forcing mid-market firms to look north.
By Elena Rostova
•
Oct 24, 2023
•
Commercial Market
Market Watch
-
Wynwood Norte Zoning Shift Finalized
Density bonuses approved for transit-oriented mixed-use.
-
Q3 Venture Capital in Miami Drops 14%
But seed-stage deals remain resilient in fintech.
-
Coral Gables Single-Family Inventory Stalls
Days on market double as sellers refuse price cuts.
The Price of Entry
Average asking rent per square foot for commercial real estate in key Miami districts, Q3 2023.
Brickell (Class A)
$88.50
Downtown
$62.00
Wynwood
$75.25
Coral Gables
$58.40
88.5
Brickell
62.0
Downtown
75.2
Wynwood
58.4
Gables
Essential Briefings
The Commercial Buyer's Playbook
A 4,000-word breakdown of navigating LOIs, environmental assessments, and closing in South Florida.
Read Guide →Relocating Your HQ to Miami
Tax implications, talent acquisition realities, and finding Class B space that doesn't feel like 1995.
Read Guide →Miami-Dade Property Tax Primer
How millage rates work, when to appeal, and forecasting holding costs for multifamily developments.
Read Guide →Cap Rate Evaluator
Stop using back-of-the-napkin math. Plug in actual Miami-Dade operating expenses to see if that multifamily listing actually cash flows.
Try the Calculator
Implied Cap Rate:
5.40%
Neighborhoods in Focus
View All →Recent Notable Commercial Transactions
| Date | Property | Type | Price | Price/SF |
|---|---|---|---|---|
| Oct 12, 2023 | 800 Brickell Ave | Office | $250M | $625 |
| Sep 28, 2023 | Wynwood Annex | Mixed-Use | $112M | $850 |
| Sep 15, 2023 | Miami Logistics Center | Industrial | $45M | $210 |
Source: Miami-Dade Property Appraiser records, updated weekly.
The Contrarian View
Unpopular opinions backed by local data, not national sentiment.
Why the SMART Plan Won't Save Doral
Industrial logistics have permanently altered traffic patterns in the west. Passenger transit alone cannot undo the last mile delivery bottlenecks.
Miami by the Numbers (Q3)
3.8%
Brickell Office Vacancy
12.4%
Industrial Rent YoY Growth
-14%
Miami VC Funding (Q3)
94
Days on Market (Gables)
The Sunday Feature
Who Owns the River?
A comprehensive mapping of every major parcel along the Miami River, tracking the shift from marine industrial to luxury mixed-use over the last decade.
Read the 5,000 Word Feature
River Parcels Map
Industry Briefs
08:15 AM
RevPAR stabilizes in Miami Beach despite room rate pushback
Luxury operators are reporting increased resistance to average daily rates above $800, leading to a subtle plateau in Q4 projections.
Yesterday
Medley industrial site trades for $28M to institutional buyer
The 110,000 sq ft facility was acquired by a joint venture focused on last-mile distribution infrastructure.
Oct 22
Another NYC wealth management firm plants flag in Coconut Grove
Leasing activity in the Grove remains strong as boutique financial firms prefer the walkable environment over downtown towers.
Interactive Tool
Miami-Dade Property Tax Reassessment Estimator
Buying a commercial property held by the same owner for 15 years? Your tax bill will explode upon reassessment. Calculate your realistic post-closing holding costs before you sign the LOI.
Voices on the Ground
MR
Marcus Reyes
Commercial Broker"The bid-ask spread on retail properties in Little River is laughable right now. Sellers think it's 2021, and buyers are looking at 8% interest rates."
SL
Sarah Lin
Zoning Attorney"The new Live Local Act modifications are causing chaos for municipalities trying to maintain density controls. Expect lawsuits."
JP
James Penner
Logistics Director"We literally cannot find contiguous space above 150k sq ft near the airport. We are being forced to look in Broward."
Miami Economic Pulse
Unemployment
2.2%
↓ 0.1%
Job Growth (YoY)
4.5%
↑ 0.2%
Port MIA Tonnage
11.2M
↓ 1.1%
MIA Passengers
50.6M
↑ 8.4%
Inflation (CPI)
5.8%
Elevated
Resource Library
Downloadable templates, spreadsheets, and legal primers for operating in South Florida.
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