Vacancy declined to 11.9% in Q3 2016, a reduction of 40 basis points (bps) quarter-over-quarter and 120 bps year-over-year.

Q3 2016 net absorption was 193,222 sq. ft., with 64,110 sq. ft., or 83.9%, in suburban submarkets and 129,112 sq. ft. in the CBD.

According to a report issued by the Miami Downtown Development Authority (MDDA), Downtown Miami’s population has grown to 90,000, an increase of 32% since 2010 and 150% since 2000.

The MDDA report also cites that the per capita income in downtown Miami increased by nearly 30% since 2010. The average household income exceeds $110,000 nearly double that of the national average and 83% higher than that of the City of Miami. In Brickell, the average household income is 16.1% higher at $127,758.