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Oct. 7
Business Update Networking
Oct. 13
UNDER CONSTRUCTION

Work is underway on the new home of Infiniti of Coral Gables. The car dealer's showroom and sales office center will be located on the first floor of the Bacardi Building,  2701 Le Jeune Road.
QUOTE, UNQUOTE

"Coral Gables is an international hub that attracts multinational companies such as ours. By moving our U.S. headquarters here, we are now even more connected to global partners and offices as well as our projects here in the U.S., including 11 in Florida."

Uri Man, U.S. CEO
Crystal Lagoons
PARK(ING) DAY

Coral Gables is encouraging all local businesses to participate in PARK(ing) Day 2016 taking place on Friday, September 16. PARK(ing) Day is an opportunity for people to temporarily turn on-street parking spaces into public places, raising awareness about the importance of a walkable, livable, healthy city. Businesses interested in participating must submit an application no later than September 2nd. 

Contact Matt Anderson for more information: 
305-460-5008 or 
manderson@coralgables.com
Economic Development Department

2121 Ponce de Leon Blvd.
Ste. 720
Coral Gables, FL 33134
305.460.5311
Business@coralgables.com

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DIRECTOR'S MESSAGE
As Coral Gables moves toward closing the books on FY16, the Economic Development Department is at work setting goals and objectives for FY17, focusing on enhancing the economic vitality of our business district. One of the major projects poised to positively impact the business community is our "Coral Gables Means Business" campaign, a multi-pronged approach to retain, expand and recruit quality corporate and retail businesses to the City. Attracting well-established, high-quality companies to Coral Gables will have a multiplier effect on the market as those professional services that cater to them are pulled into the City as well. One quality business at a time... this is how Coral Gables has built its esteemed international business community and upscale retail centers, preserving its distinction as a world-class city with a hometown feel.  

 - Javier A. Betancourt, Director
   Economic Development Department
EYES ON THE STREETSCAPE
Here's a sneak peek at the beautiful granite pavers in soft blue, grey and white hues being installed on the south side of the Mile. For more information on the project, visit the Streetscape website

The Miracle Mile and Giralda Avenue Streetscape project will be an economic catalyst for the area.

Source: NAIOP Research Foundation
BUSINESS TRENDS
Office vacancy increased slightly from 8.8% to 8.9% from Q1 to Q2 2016, with asking rates remaining around the same level, $37.40 PSF. There are two new buildings expected to be delivered to the market by Q4 2016: 1515 Sunset Dr. and 2020 Salzedo St., adding 116,825 SF to the market. The office building at 2121 Ponce de Leon Blvd. sold to Zurich North America for $57.5 million at $348.81 PSF - more than double the cost when it last sold 11 years ago.
Quoted Office Rental Rates
Retail vacancy decreased from 2.0% to 1.4% from Q1 to Q2 2016 with asking rates remaining around $36.10 PSF. There are several mixed-use projects coming soon to Coral Gables that will provide additional retail square footage to the market. Other areas in the County also experiencing vacancy rates below 1.5%, including Brickell at 1.2%, with asking rates of $76.94, and Aventura at 1.0%, with asking rates at $32.17.
Quoted Retail Rental Rates
WHAT BREXIT MEANS FOR
CORAL GABLES
Economists and business professionals alike are speculating on the wide-ranging effects of the United Kingdom leaving the European Union. How would Coral Gables be impacted? According to the US Census Bureau, the UK was ranked Miami's 5th largest trade partner from Europe in 2015 (data not specific to Coral Gables). Coral Gables houses several United Kingdom multinationals including BBC WorldWide, Barclays, and Diageo. A weaker pound may result in a reduction of imports with the UK, but the economic uncertainty could lead to an influx of investment dollars into Coral Gables, likely in the form of real estate. This investment in real estate can lead to a further decrease in the cap rate, making the City's real estate more valuable. Additionally, interest rates may continue to remain low due to the uncertainty of Brexit's global impact.