FYI Miami: March 24, 2016
Written by Miami Today on March 22, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
WORLDCENTER VOTE: Miami commissioners accepted a final plat of Miami World Center Plat 2 from Miami First LLC, Miami Third LLC, Miami Fourth LLC and Miami A/I LLC. The vote authorizes the city manager to execute and record related documents with the county. The land – between North Miami Avenue and Northeast First Avenue, and between Northeast Eighth Street and the Florida East Coast Railway right-of-way – is a major portion of the sweeping mixed-use Miami Worldcenter rising in Park West. The action replats 209,564 square feet, or 4.81 acres, in order to close the right-of-way of Northeast Seventh Street within the plat and to create one contiguous tract for development. The Plat and Street Committee, composed of the city’s departments of public works, planning, building, office of zoning, police, fire-rescue and solid waste, with representation of the law department, determined the plat conforms to subdivision regulations and Miami 21 zoning.
MORE PARK LAND: The Coral Way neighborhood will get a new pocket park after Miami commissioners agreed to buy a 6,900-square-foot lot at 2601 SW 13th St. from the Federal National Mortgage Association and spend up to $280,000 for the land, a survey, an environmental report, title insurance and related closing costs. The legislation says the city plans a park there to enhance the quality of life in the surrounding area. The land is about three lots east of Southwest 27th Avenue. Commissioner Francis Suarez advanced the land buy in his initiative to add more park space to District Four, which he represents. He said as the city becomes more urban, setting aside open space and park land becomes more important.
OFFICE RENTS, ABSORPTION UP: Miami-Dade ended the fourth quarter of 2015 with a 10.1% office vacancy, down from the prior quarter, with 436,524 square feet absorbed, according to NAI Miami’s most recent report. Vacant sublease space dropped to 169,971 square feet. Average rents were $31.20, up from the third quarter. Three buildings opened totaling 36,020 square feet, with 1,234,259 square feet still under construction. Net absorption compared with 455,414 square feet in the third quarter, 410,752 in the second and 54,588 in the first quarter. Office vacancies dipped from 10.6% at the end of the third quarter, 10.9% at the end of the second and 11.5% at the end of the first. Class-A projects reported a vacancy of 12.6%, Class-B’s at 11.1% and Class-C at 5.8%. The average quoted asking rent for available office space, all classes, was a 0.9% increase from the end of the third quarter, when rents were reported at $30.91 per square foot.