On the industrial front, vacancy rates fell to 9.5% in Dade County. However, rental rates are still declining as landlords compete for tenants. The currently asking rental rate is about $7.50 per square foot. There is no new construction activity, and nothing in the pipeline for the next 12 months.

Bel inked the largest lease deal of the third quarter, taking down 340,000 square feet at the Lincoln Logistics Park in Medley. AMB made the largest industrial purchase, acquiring Palmetto Park for $66.75 million from TA Associates in August.

Retail vacancy rates are holding steady at about 6%, one of the lowest in the state. Dade County saw 100,000 square feet of positive retail space absorption in the third quarter, with asking rents at about $22.50 per square foot. That’s a 10% decline from a year ago. The largest retail transaction of the year happened in third quarter: Country Walk Plaza, a 100,000-square-foot shopping center, sold for $275 per square foot with a cap rate of less than 6%.

“The general conversation these days is that things aren’t as bad as they were last year,” Morcate says. “The tone may shift depending on who you are talking to, but it’s flat and flat is better than down. We expect a drawn out correction over the next coupe of quarters, and then slow growth. It’s going to take a long time to get back to what we once considered good.”