Research

MARTA drives $1.4 billion in annual economic activity and supports nearly 25,000 jobs, according to the Cushman & Wakefield report.

For-sale inventory in June remained tight, at a 3.9-months' supply for single-family homes and 5.5-months' supply for townhouse-condo properties, according to Florida Realtors.

Renters in the region absorbed approximately 9,155 units so far this year, which was roughly three times the number of units absorbed during the first half of 2017 and which far outpaced the 6,336 apartment deliveries year-to-date.

Dr. Jerry Parrish, Florida Chamber Foundation chief economist, who forecasted earlier this year that Florida would reach the new $1-trillion economy threshold sometime in 2018, says the milestone was achieved last week. He notes that Florida is adding $2.74 billion each day to the state's GDP.

There were approximately 303,656 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), a gain of about 10% over the previous quarter, says WCRE's Jason Wolf.

Meanwhile, the vacancy rate in the District rose to 14% in Q2 -- an increase of 170 basis points (bps) year over year and the city's highest vacancy rate since 2014.

The Miami office market in the second quarter continues to show signs of leveling off, JLL reports. The market year-to-date has registered 153,698 square feet of negative office space absorption and a total vacancy rate of 14.2%.

There were 140 multifamily transactions in South Florida in the first quarter of this year, an 8.5% increase as compared to a year earlier. Multifamily per-unit prices also rose in Miami-Dade, Broward and Palm Beach counties.