The Medley and Miami Airport submarkets had a direct vacancy rate of 10.2%, while the Central Dade submarket had the lowest rate, at 2.1%. The county's rate was 7.1%.
Medley also had the highest overall vacancy rate--11.9%--in the county for that period. The Miami Airport submarket followed, with an 11.4% overall vacancy rate. The lowest such rate was in Central Dade, at 3.3%. Countywide, the overall rate was 8%.
In the third quarter, just one submarket--Central Dade--had a negative year-to-date absorption, at negative 51,050 sf, according to the report. The highest positive year-to-date absorption was in the Hialeah submarket, at 183,644 sf, followed by the Medley submarket, with 163,358 sf. The total Miami-Dade County year-to-date absorption was positive at 708,715 sf.
The report also found the highest gross average rental rate for the quarter to be $7.19 per sf in the Miami Lakes submarket--a dollar more than the countywide average rate of $6.19. The lowest rate was $4.41 per sf in Hialeah.
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