Avison Young in Miami
Avison Young opened its South Florida offices in 2012 with 30 members joining from Flagler Real Estate Services. In December 2014, Avison Young grew the Miami office significantly by acquiring Abood Wood Fay Real Estate Group, LLC formerly known as Colliers International South Florida. Led by Donna Abood and Michael T. Fay the team offers a full suite of services including agency leasing, tenant representation, capital markets, project management and property management,with relationships across the country.
Miami’s capital markets team is a part of the Florida Capital Markets Group which completed more than $500 million worth of transactions in 2016 for some of the largest global owners and operators of real estate, as well as local and entrepreneurial owners and developers. The Miami leasing and management teams manage and lease class A trophy high-rise buildings as well as buildings in some of Miami’s most vibrant neighborhoods in both urban and suburban markets.
Whether you are an owner, investor, occupier or developer, we deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build a competitive advantage for your organization.
Miami-Dade County is a thriving and culturally diverse community situated in a strategic gateway location to the Americas, offering unmatched accessibility to global markets. In addition to providing an unparalleled quality of life, Miami also benefits from a diverse pool of multicultural, multilingual professionals. With more than 1,100 multinationals operating in South Florida, Miami-Dade County is an ideal choice for regional headquarters. Miami International Airport and PortMiami are leading economic engines, enabling Miami to quickly become one of the top global communities in international trade and commerce. Miami International Airport (MIA) handles over 40 million passengers per year, making it one of the central U.S. hubs for air travel, and PortMiami is among America’s busiest ports and recognized throughout the world with the dual distinction of being the “Cruise Capital of the World” and the “Cargo Gateway of the Americas.”
Miami’s diverse economy is also reflected in the variety reflected in its top private employers, which include the University of Miami, Baptist Health South Florida, Publix Supermarkets and American Airlines. Public employers are in the education, healthcare, government and military sectors, and Miami-Dade County Public Schools, county government, and the federal government are traditionally the region's three largest public-sector employers.
National and statewide economic growth continues to drive the expansion of Miami-Dade County’s office market. Market fundamentals remain relatively sound as demonstrated by a healthy decline in overall vacancy, along with positive net absorption throughout the county. As market conditions continue to tighten, developers are capitalizing on the opportunity with the development of high quality office space, most notably in the Downtown Miami and Brickell submarkets. Foreign capital also continues to play a pivotal role. World-class projects such as Brickell City Centre and Brightline will continue to foster Miami-Dade’s growth and development, and strong economic conditions will continue to support active leasing and attract institutional capital.
The Miami-Dade industrial market experienced robust growth in 2016. The Medley and Airport submarkets were the strongest performers of this past year, accounting for the largest lease deals and nearly half of the industrial market's total net absorption. Major lease activity for the year was led by KLX Aerospace Solutions Group (ASG), which committed to 500,000 sf at Countyline Corporate Park to house their new global headquarters and distribution hub. As market conditions tighten, new construction continues to take place in Miami-Dade’s most active industrial submarkets. In addition to the 1.7 million sf of space delivered in 2016, there is 3.4 million sf under construction and a substantial amount of space in the development pipeline that awaits groundbreaking.
Fueled by an active tourism industry, Miami’s retail market continued to register decreasing vacancy and rising rental rates in 2016. Traditional brick-and-mortar stores will continue to face the growing challenge of competing in an omni-channel marketplace, although progressive retailers are investing in technology that merges the online and physical experience to better service the consumer via social media and advertising efforts. Rising rental rates and decreasing vacancy, along with greater dependence on technological integration in retail outlets, are anticipated for 2017.
Investment interest continued at a robust pace and significant capital continued to chase deals in the Miami market, as demonstrated by strong investment activity throughout 2016. During the trailing 12 months ending December 2016, there were 287 sales of properties $2.5 million and higher, accounting for $5.3 billion and over 22 million square feet. The most significant sale in 2016 was Weingarten Realty’s purchase of Palms at Town & Country, located in Kendall. The center was sold for $285 million, or $427 psf. Investment sales during 2016 primarily involved private and institutional investors and cross-border capital, which together accounted for 83% of all sales.