Whereas transaction quantity was flat, costs rose by 20 p.c year-over-year.
Miami’s deal quantity within the first half of the yr shrunk considerably in comparison with final yr’s findings: on the similar level in 2021, workplace gross sales within the South Florida metro amounted to $1.25 billion. Whereas off to a sluggish begin within the first quarter of 2022, the next three month had been extra eventful when it comes to funding exercise. On a nationwide stage, deal quantity rose from $30.03 billion recorded year-to-date by way of June 2021, to $43.71 billion a yr later.
Whereas transaction quantity is down on a year-over-year foundation, the common worth per sq. foot has risen in Miami and reached $356 per sq. foot year-to-date by way of June—marking a 21 p.c uptick since mid-2021. The Magic Metropolis was the third least expensive amongst gateway markets within the first half of the yr, after Washington, D.C. ($300 per sq. foot) and Chicago ($168 per sq. foot).
Throughout the 18 workplace transactions that had been listed by CommercialEdge within the second quarter of the yr, the $286.5 million sale of 1221 Brickell was by far the most important. One of many greatest workplace trades of the previous yr, Rockpoint Group bought off its 408,600-square-foot Class A asset to The Citadel Group, at a worth that reached $701.2 per sq. foot. The 27-story constructing final modified arms in 2017, for $155 million. Inbuilt 1986, the high-rise is LEED Gold licensed.
One other important deal that closed within the second quarter of 2022 was the off-market commerce of Crossroads III, a 95,777-square-foot medical workplace constructing in Plantation, Fla. A three way partnership of Anchor Well being Properties and Harrison Road picked up the asset from Starwood Capital Group, for $45.5 million.
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