On average, listings lease in the $40's per square foot per year. The Allapattah submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $26 per sqft per year. That's a 133% increase in rent.
Compared to the rest of the Gold Coast market, the Allapattah submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 7 listings have been listed, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 114% of the available leases in the Allapattah are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,090 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 3 floors. Most buildings in this market were built in 1977 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Allapattah residents. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.