Miami Leads the State with Low Commercial Vacancy Rates

Miami beat out the national average for every market except multifamily

                                                               

The city of Miami enjoyed another month of low vacancy rates, outshining all other metropolitan areas in Florida during the month of May.

Vacancy rates for the city’s industrial, multifamily, retail and office markets ranked lowest in Florida, according to data gathered by the National Association of Realtors.

Not only did Miami hold the top spot in the state, but it beat out the national average for every market except multifamily, which it missed by 0.1 percent.

The Miami Association of Realtors attributed Miami’s falling vacancy rates to the region’s bustling international trade, shrinking unemployment rate and lively tourism industry.

Here’s a breakdown of the vacancy data for May 2015:

• Office: 14.9 percent local, 15.6 percent national
• Industrial: 5.3 percent local, 8.4 percent national
• Multifamily: 4.4 percent local, 4.3 percent national
• Retail: 6.3 percent local, 9.6 percent national

“Miami has become a launching pad for new industries,” said Barbara Tria, the 2015 Miami commercial president, in a statement. “Technology companies and other businesses are moving to Miami largely because of the region’s top-tier cultural offerings, outdoor lifestyle, and affordability compared to other major cities around the globe.” — Sean Stewart-Muniz

Original content from The Real Deal