According to Commercial Edge, the country’s under-construction inventories continue to decline, but Miami’s office pipeline is shining.
The gap between Miami’s under-construction pipeline and the national average has steadily widened since the beginning of the year, opposed to the shrinking trend of the dominant pipeline. Still, Miami’s July pipeline was 10.4 percent smaller than at the same time last year.
A total of 34.4 million square feet of office space went online and 157.2 million square feet were under construction nationwide from the beginning of the year to July. Overall, the pipeline under construction has shrunk by more than 7 million square feet (4.5%) since the beginning of 2021 and is expected to continue to decline over the next few years. Miami, on the other hand, is one of the markets that expanded its office pipeline until 2021, along with Manhattan, Dallas, Philadelphia, Washington DC, Atlanta and Houston.
Miami North is the busiest submarket in the metro, with seven office developments materialized in July. The Gateway at Wynwood of R & B Realty Group, one of the largest projects in the fast-growing Winwood area and the fourth largest office project under construction in the metro, is nearing completion. 12-story Class A project Construction starts in early 2020 Represents a developer crossover to South Florida.
Winwood’s recent rezoning There is growing interest from local and external investors, from industrial to multipurpose. In early June, the district hosted the world’s largest Bitcoin conference. It was also the city’s largest face-to-face event since the outbreak of the pandemic.
CommercialEdge covers more than 8 million real estate records in the United States.View the latest Commercial Edge National Monthly Office Report here..
Miami Market Updates: Pipelines Endure National Trends
https://www.commercialsearch.com/news/miami-market-update-pipeline-withstands-national-trend/ Miami Market Updates: Pipelines Endure National Trends