1Q 2018 Vizzda/MIAMI Realtors Commercial Report Released
MIAMI — South Florida multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties, according to the new 1Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).
“Increasing population, job growth and rising single-family home prices are increasing demand for South Florida multifamily properties,” said 2018 MIAMI Commercial President Brian Sharpe, a commercial Realtor with Sharpe Properties Group in Hialeah. “South Florida’s new transit options such as the new Brightline Miami-to-West Palm train service is fueling more multifamily growth.”
The Quarterly Report – South Florida Commercial Real Estate includes stats on all property sectors.
Palm Beach County Posts a Banner Quarter for Multifamily Sales
Palm Beach County posted a record 34 multifamily transactions in 1Q 2018, totaling nearly 2,200 units for $151,600 per unit. The West Palm/Riviera Beach and Green Acres/Palm Springs sub-markets had the most transactions with 12.
The South Florida tri-county region finished with 140 multifamily transactions in 1Q 2018, an 8.5 percent increase over the same period last year.
Miami-Dade County had the highest number of transactions at 65, which was in line with the third and first quarters of 2007 but lower than the strong showing in 4Q 2017. Broward, meanwhile, saw an increase in multifamily transactions because of a rise in transactions in Fort Lauderdale.
Miami-Dade County Shows Across the Board Retail Growth in 1Q 2018
Miami-Dade County retail enjoyed strong year-over-year growth in transactions, square footage and dollar volume transacted. Nearly half of the sub-markets in Miami-Dade County had price appreciation on a per square foot basis quarter over quarter.
South Florida average per square foot valuation for retail property increased by 11.1 percent to $304 market wide in the 1Q of 2018.
Broward had year-over-year declines in retail transactions, square footage and dollar volume. Fort Lauderdale was Broward’s only submarket with quarterly and annual growth in square footage transacted.
Palm Beach square footage transacted went down slightly but both transactions and dollar volume transacted increased on a quarterly basis.
Broward County Office Surges in Several Metrics in 1Q 2018
The Broward County office sector showed robust year-over-year growth in square footage and dollar volume. The sector posted 15 percent more office transactions than this time last year. The increase in sales volume led to a decline in per square foot valuations on an annual basis.
The Miami-Dade office market saw declines in transactions, square footage and dollar volume on an annual basis.
Palm Beach office also saw declines in all four metrics tracked by Vizzda. The Boynton Beach/Delray Beach is the submarket with highest per square foot valuation at $634 per square foot.
South Florida Posts More than 200 Industrial Transactions for the Fifth Consecutive Quarter
South Florida registered 213 industrial transactions in 1Q 2018, showing the continued strength of the market. South Florida is a top-tier U.S. industrial real estate market. New warehouses and distribution centers continue popping up throughout South Florida, adding jobs and boosting the economy.
The Miami-Dade industrial market saw the same number of transactions as the 4Q 2017 but saw declines in square footage and dollar volume transacted on an annual basis.
“While volume of industrial square footage declined in Miami-Dade, values did not,” Vizzda CEO Kris Thompson said. “This is indicative of an increased demand for a scarce supply. In layman’s terms, industrial properties in Miami-Dade are white hot.”
Broward saw a decline in industrial square footage transacted, number of transactions and dollar volume. Broward office’s first quarter of 2018 was the first quarter in which fewer than 1 million square feet of industrial property was transacted in more than a year.
The Palm Beach industrial market also saw declines on every metric other than transaction volume on an annual basis. The Green Acres/Palm Springs submarket grew its industrial transactions by double digits over the same period last year.
About MIAMI Commercial
MIAMI Commercial seeks to serve South Florida commercial members and to shape and unify the commercial real estate brokerage and service industry. The largest commercial REALTOR® association in Florida, MIAMI Commercial has more than 2,000 members in Miami-Dade, Broward, Palm Beach and Martin counties. MIAMI Commercial provides member services, including a legislative voice, education opportunities, a code of ethics, and networking opportunities that provide enhancement of the commercial REALTORS knowledge base and ability to service their clients. MIAMI Commercial participation facilitates networking opportunities. MIAMI Commercial hosts an annual conference, the largest commercial event in South Florida.
Vizzda (Visual Data) is a leading software and information provider to the Commercial Real Estate Industry. Vizzda’s comprehensive data tracks every commercial sale, new project, contact information, and debt. Founded in 2011, Vizzda serves many of the largest commercial real estate firms in the nation. Because it runs five to ten days faster than other providers, Vizzda’s clients enjoy unparalleled competitive advantages, including expanded deal flow, increased revenue, and access to the most active buyers and sellers in the industry.