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<br />" <br /> <br />,,j <br /> <br />" <br /> <br />~J <br /> <br />Office rental rates in new buildings typically range from $20.00 to $35.00 per square foot. The low <br />end of the range is for office space in the suburban markets. The upper end of the range is for first <br />class office space in Downtown Miami, Brickell A venue, Coconut Grove and Coral Gables. <br /> <br />" <br /> <br />..J <br /> <br />" <br /> <br />The Greater Miami Industrial Market, as of the Fourth Quarter of2001, consisted of approximately <br />155,211,000 square feet of industrial space. The approximate percentage location of this space is as <br />follows: <br /> <br />-J <br /> <br />" <br /> <br /> <br />~ <br /> <br />~ <br /> <br />AIRPORT WEST <br />HIALEAH <br />CENTRAL DADE <br />NORTHNVEST/MEDLEY <br />NORTH DADE <br />SOUTH DADE <br />BIROIT AMIAMI <br />TOTAL <br /> <br />30% <br />15% <br />14% <br />14% <br />19% <br />4% <br />4% <br /> <br />" <br /> <br />,~ <br /> <br />" <br /> <br />" <br /> <br />,-.J <br /> <br />100% <br /> <br />" <br /> <br />" J <br /> <br />The major use of industrial space is warehousing/distribution which accounts for approximately 65% <br />ofthe occupied space. Manufacturing and technology occupy the remainder of the space accounting <br />for approximately 25% and 15% of the industrial space, respectively. <br /> <br />I-I <br /> <br />u <br /> <br />" <br /> <br />The county's vacancy rate for the overall Miami - Dade County industrial market for the fourth quarter <br />of2001 was 8.72%, Medley and Airport West had the highest vacancy rates, 16.13% and 10.09%, <br />respectively. Industrial rental rates generally range from $3.50 to $8.00 per square foot. The <br />median sale price per square foot in 2000 for industrial space in Miami-Dade County was $39.23, <br />by the first quarter of 200 1 it had increased to $48.11 per square foot. <br /> <br />,,,j <br /> <br />" <br /> <br />---.J <br /> <br />" <br /> <br />The continued slowness of the national economy, now officially in a recession, has contributed to <br />the weakness in the Miami-Dade County industrial market. Overall vacancy rates have decreased <br />and the general level of demand has decreased. The majority of the developers have placed all plans <br />for speculative development on hold. It is projected that by the second quarter of2002, the overall <br />economy will begin its recovery and that demand levels for industrial space will again increase. <br /> <br />o <br /> <br />r, <br /> <br />,~ <br /> <br />'-, <br /> <br />The number of single family residential permits decreased 6.8% from 6,166 in 1999 to 5,771 in <br />2000. Permits for 6,495 multi-family units were issued in 2000, down 2.9% from the 6,672 <br />permitted during 1999. The average sale price of a new residence in Miami-Dade County in 2000 <br />was $188,728 up 13.4% from $166,410 in 1999. <br /> <br />r, <br /> <br />.~ <br /> <br />LJ <br /> <br />(~, <br /> <br />,_J <br /> <br />--, <br /> <br />QUINLIVAN APPRAISAL <br /> <br />,---> <br /> <br />, , <br /> <br />16 <br /> <br />c..-! <br />