{"id":1004540328,"date":"2021-06-25T03:20:45","date_gmt":"2021-06-25T11:20:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004540328"},"modified":"2022-12-07T05:47:25","modified_gmt":"2022-12-07T13:47:25","slug":"miami-market-update-magic-citys-stable-supply-growth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/","title":{"rendered":"Miami Market Update: Magic City\u2019s Stable Supply Growth"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004535278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/market-update\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=800\" class=\"alignright wp-image-1004535278 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>As of May, 2.6 million square feet of office space was taking shape within Miami, surpassing <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-development-pipeline-holds-steady\/\">last month\u2019s findings<\/a>, according to CommercialEdge data. The market\u2019s development pipeline has been steadily expanding since the beginning of the year, with an average of around 200,000 square feet added every month.<\/p>\n<p>Projects under construction made up 3.8 percent of total stock, a 20-basis point improvement over last month. Adding planned stock to the amount, the figure balloons to 8.2 percent of total stock, also higher than in April. Miami is the tenth-best performing market in terms of pipeline percentage, a list topped by Austin, Brooklyn and Charlotte.<\/p>\n<p>Strata Wynwood is the largest piece of Miami\u2019s mixed-use development inventory currently in the works. CIM Group is behind the 566,000-square-foot project, formerly known as Wynwood Square, which <a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-tops-out-miami-mixed-use-development\/\">topped out nearly a year ago<\/a>. Part of the rezoned arts district, the two-tower building will comprise 60,000 square feet of Class A office space across three floors, 23,500 square feet of retail, 257 residential units and 474 parking spaces. In early 2019, Sumitomo Mitsui Bank provided a $71.5 million construction loan for the development, which will deliver in the coming months.<\/p>\n<p>Agave Holdings broke ground on its 2.1 million-square-foot mixed-use project dubbed The Plaza Coral Gables in September 2018. The Plaza will be the largest development in Coral Gables since the city\u2019s inception in the early 1900s. The ensemble encompasses two office buildings, among which the first, the 392,568-square-foot Building 1, came online last year. Building 2, one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-10-office-projects-under-construction-in-miami\/\">biggest office projects currently in the works in Miami<\/a>, will offer 222,541 square feet, with completion slated for the second half of next year.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<\/em><a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-june\/\"><i>here<\/i><\/a><em>.&nbsp;We included properties of 25,000+ square feet in our research.<\/em><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The metro&#8217;s office development pipeline has been constantly expanding since the beginning of the year, CommercialEdge data shows.<\/p>\n","protected":false},"author":739,"featured_media":1004535278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004540328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Miami Market Update: Magic City\u2019s Stable Supply Growth - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/","og_locale":"en_US","og_type":"article","og_title":"Miami Market Update: Magic City\u2019s Stable Supply Growth","og_description":"The metro's office development pipeline has been constantly expanding since the beginning of the year, CommercialEdge data shows.","og_url":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-06-25T11:20:45+00:00","article_modified_time":"2022-12-07T13:47:25+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/","url":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/","name":"Miami Market Update: Magic City\u2019s Stable Supply Growth - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg","datePublished":"2021-06-25T11:20:45+00:00","dateModified":"2022-12-07T13:47:25+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-magic-citys-stable-supply-growth\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Miami Market Update: Magic City\u2019s Stable Supply Growth"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. 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