Miami’s unemployment rate at its lowest level since 2008
Financial services will continue to provide a stable source of jobs and income over the next five years in Miami, which is home to the East Coast’s largest concentration of international banks south of New York City.
Major construction projects underway include the MiamiCentral train station and several new office buildings.
Investor and landlord confidence continue
Miami’s unemployment rate holds steady at its lowest level in more than a decade, with job growth robust in the healthcare, education, and professional services sectors.
Wage growth has slowed, even as metro GDP growth has outpaced the national average.
The CBD leads dispositions, but other submarkets saw strong sales too
Investment sales volume declined during the fourth quarter of 2019 to $136.5 million from the third quarter’s tally of $430 million, which was the highest quarterly level in a year. This brings Miami’s annual total to just over $900 million in 2019, below annual volume in recent years. Sales pricing also declined in 2019, with the fourth quarter’s average of $283 PSF below averages seen in the third quarter as well as the previous year.
Miami continues to attract a variety of investor profiles, but institutional buyers have been especially active over the past two years.