Miami’s unemployment rate (4.0%) 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. Construction growth is especially robust, with major projects underway including 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, tourism, and transportation sectors. In recent months wage growth has slowed, making this a more competitive market for attracting business. Moody’s Analytics predicts that Miami’s economic growth will continue to outpace the nation due to its ability to attract a talented and productive workforce. New rail service promises to bring economic development to downtown. The Brightline's opening provides convenient passenger service between MIA, Fort Lauderdale, and West Palm Beach.
The CBD leads 2017’s dispositions, but other submarkets saw strong sales too
Miami saw an abundance of sales transactions during 2017, with more than $3.1 billion in office sales. In the spring of 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 this period. Also, the 449,076 SF SunTrust International Center traded for $127 million or $283 PSF.