Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.

Fort Lauderdale Vacancy Rates Office Industrial

Penthouse at St. Regis Residences, Miami Under Contract For $47 Million 6.jpg

August 3, 2026

The St. Regis Residences, Miami Passes 80% Sold As Penthouse Goes Under Contract For $47 Million

A penthouse at The St. Regis Residences, Miami is under contract for $47 million, marking one of the largest and highest-priced condominium transactions in Brickell's history and highlighting continued demand for ultra-luxury residences in Miami's urban core. The buyer, a New York family relocating to South Florida, has placed the two-story Charles Penthouse under contract at the waterfront development in South Brickell.

Development Spotlight: Colette Residences

Situated between Brickell's vibrant financial district and the tree-lined streets of Coconut Grove, the South Brickell neighborhood has become one of the city's most desirable addresses for buyers seeking a more intimate luxury living experience while remaining connected to the energy of Miami's urban core.

July 31, 2026

Wellness and Longevity-Inspired Crown Jewel Penthouse at Rivage Bal Harbour Revealed For $75 Million

A new, and final, oceanfront estate-style penthouse is up for grabs for $75 million at Rivage Bal Harbour, a 25-story, 56-residence tower developed by Related Group, Rockpoint, and Two Roads Development. A standout feature is its dedicated "Longevity Suite"— an in-home wellness wing anchored by an “Ammortal Chamber” and hyperbaric chamber, alongside a sauna, steam room, circadian lighting throughout the residence, advanced air and water purification systems, sleep-optimized bedrooms and more.