Asking rents on the rise with notable increase in class A rates
In the third quarter of 2019, South Florida’s overall average asking rent stood at $35.97 per square foot (psf), reflecting an annual increase of 6.1% and 4.4% over the quarter. Rents ranged from $24.84 psf in the North Broward submarket, to $47.65 psf in Brickell. Class A asking rents increased at a sharper pace, rising 7.9% year over year and 5.5% over the quarter, to $41.45 psf. CBD and suburban rents increased by 4.5% and 7.3%, respectively, year over year through the third quarter. Over the trailing four quarters, the largest rent spikes were seen in the Hollywood/ Hallandale, Boynton/Delray, and Coral Gables/Grove submarkets.