MIAMI – (RealEstateRama) — South Florida total retail transactions increased 7.5 percent year-over-year in 3Q 2018, according to the 3Q 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). Read the complete report: http://bit.ly/Miami3Q2018CRE
Miami-Dade, Broward and Palm Beach counties registered 216 combined retail transactions in 3Q 2018, up 7.5 percent from the 201 retail transactions posted in 3Q 2017. It marked South Florida’s second consecutive quarter of retail transactions growth and the first time since 3Q 2017 South Florida retail has recorded more than 200 transactions in a quarter.
“Retail follows rooftops,” said MIAMI Commercial President Jennifer Wollmann, an associate with EWM Realty International in Coral Gables. “South Florida’s population boom, a strong housing market and booming tourism are driving South Florida retail growth. As Broward and Palm Beach counties residential population grows, many retailers are finding opportunities in Broward and Palm Beach.”
Miami-Dade County, Broward Retail Transactions Each Jump More than 15 Percent
Miami-Dade County’s 83 retail transactions in 3Q 2018 represent a 15.2 percent increase from 2Q 2018 and tie the second-highest quarterly total for the past five quarters. Dollar volume for retail property also enjoyed its second highest value from 3Q 2017.
At $477 per square foot, Miami retail valuations for retail property are nearly 67 percent above the average realized in 2Q 2018 and represent the first quarterly average above $400 in over a year.
Broward County retail sales increased to the highest level in more than year, recording 83 transactions with strong quarterly and annual growth.
Palm Beach, meanwhile, posted 50 retail transactions in 3Q 2018, up 6.4 percent year-over-year. The figure tied with 2Q 2018 for the most sales in over a year. Consistent transaction volume of about 50 sales has yielded a wide range of dollar and square footage volumes over the previous year.
Broward County Industrial Average Price Increases to $131 per Square Foot
Average price per square foot in Broward County rose to $131 per square foot in 3Q 2018, the highest for the market since 1Q 2018.
In Miami-Dade County, the total square footage of industrial transacted continued its growth from 2Q 2018 and registered a total above 3.5 million square feet for the first time since 3Q 2017.
Palm Beach industrial sales were down for a second straight quarter resulting in declines in square footage and dollar volume transactions. But the magnitude of the reduction of the latter two metrics was roughly the same, resulting in per square foot valuations that were unchanged from 2Q 2018.
Miami-Dade County Multifamily Dollar Volume Jumps 133.6 Percent
Miami-Dade County multifamily dollar volume increased by more than 133.6 percent, from $232.9 million in 2Q 2018 to $544.2 million in 3Q 2018.
Broward County saw substantial increases in both dollar volume transacted and units sold on transaction volume that was consistent with the previous two quarters. Broward multifamily realized its highest per unit valuation in more than a year at just over $203,600 per unit in 3Q 2018.
Palm Beach multifamily total dollar volume hit its lowest point in five quarters. Dollar per unit fell by 34.6 percent to $153,000.
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, such as its annual Outlook conference, one of the largest commercial events 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.
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, MIAMI Commercial, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 46,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 204 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com.