Miami’s commercial vacancy rates have been steadily ranking among the lowest in Florida for the past few years. According to the Miami Association of Realtors’ Realtor Commercial Alliance, this means that there has been an increase in local investment from various global investors and companies.
An article published by Miami Edition regarding commercial news in real estate notes Miami’s vacancy rates for commercial sectors, stating that they are performing better than average for the United States as a whole, apart from the multifamily sector, which is .1 percent lower. The article details, “Miami’s vacancy rates for office (14.9 percent), industrial (5.3 percent), retail (6.3 percent), and multifamily (4.4 perfect) are the lowest among major cities in Florida,” (Gerrity, Miami Commercial Investment Activity Upticks, Aided by Low Vacancies). These numbers compare to the national vacancy rates as of May 2015, which were recorded by NAR and Reis, calculated in at 15.6 percent for office, 8.4 percent for industrial, 9.6 percent for retail and 4.3 percent for multifamily.
This information is partially the reason why Miami ranks as one of the world’s top global cities and continues to grow as a development platform for a variety of new businesses. According to Miami Edition, Miami Commercial Alliance President, Barbara Tria, commented:
“‘Technology companies and other businesses are moving to Miami largely because of the region’s top-tier cultural offerings, outdoor lifestyle, and affordability compared to other major cities around the globe,’” (Gerrity, Miami Commercial Investment Activity Upticks, Aided by Low Vacancies).
For more information regarding Miami’s commercial investment market, read this article published by Miami Edition, which details each sector of commercial development within the city.