{"id":1004584243,"date":"2022-06-07T05:28:46","date_gmt":"2022-06-07T13:28:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584243"},"modified":"2022-12-09T00:05:05","modified_gmt":"2022-12-09T08:05:05","slug":"miami-investment-volume-increased-in-april","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-investment-volume-increased-in-april\/","title":{"rendered":"Miami Investment Volume Increased in April"},"content":{"rendered":"

\"\"<\/a>Year-to-date through April, Miami\u2019s office market has seen $350 million in investment volume, with the average price reaching $367 per square foot, according to CommercialEdge<\/strong> data.<\/p>\n

In the first quarter of the year, the metro\u2019s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined of 425,000 square feet. In the first four months of 2021, office product worth $474 million had changed hands in Miami, at an average price of $310 per square foot.<\/p>\n

Across gateway cities, Chicago ($202 per square foot), Boston ($266 per square foot) and Washington, D.C. ($343 per square foot) recorded the lowest average prices through the first four month of 2022, while Manhattan ($949 per square foot), Seattle (538 per square foot) and the Bay Area ($515 per square foot) were the priciest.<\/p>\n

The largest sale that month was the trade of 555 Washington, a 68,000-square-foot, five-story building in Miami Beach. Boston-based The Davis Cos.<\/strong> picked up the asset for $52.3 million, or $768.5 per square foot\u2014more than double the metro\u2019s average up to that point in 2022. The seller, a partnership of BentallGreenOak<\/strong> and East End Capital<\/strong>, picked up the property<\/a> in 2018, for $38 million, or $558.8 per square foot.<\/p>\n

The trade of the 50Forty on 7th, a medical and professional office building, marked another notable sale in April for the metro. Valoro Capital Partners <\/strong>paid $18 million<\/a>\u2014or $217.5 per square foot\u2014for the nearly 83,000-square-foot asset to Northeast Capital Group<\/strong>. The seller <\/strong>purchased the property in early 2021, for $14.5 million, or $175.2 per square foot.<\/p>\n

CommercialEdge<\/a> covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A total of ten office deals closed in the metro that month, boosting the metro’s overall investment volume for the year.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004584243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nMiami Investment Volume Inflates<\/title>\n<meta name=\"description\" content=\"A total of ten office deals closed in Miami in April, boosting the metro's investment volume, that was off to a slow start in 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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