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 un-derway include the Miami Central train station and several new office buildings, as well as Miami Worldcenter, a mixed-use development with retail, residences, and a hotel.
Investor and landlord confidence continue
Miami’s unemployment rate has fallen to its lowest level in a decade, with job growth seen in the international trade, healthcare, tourism, and transportation sectors. In recent months wage growth has slowed, making this a more competi-tive market for attracting business. Moody’s Analytics predicts that Miami’s economic growth will continue to outpace the na-tion due to its ability to attract a talented and productive work-force. New rail service promises to bring economic develop-ment to downtown.
The CBD leads dispositions, but other submarkets saw strong sales too
Miami saw a slowdown in sales volume during 2018, with fewer trades completed, but pricing remains robust. In 2018, the 523,000 SF property known as Sabadell Financial Center at 1111 Brickell boasted a sale of $475 PSF and traded at $248.5 million, leading the market during the year. Also, the 290,000 SF Brickell City Tower traded for $117.3 million or $404 PSF.