Availability continues to decline, but at a slower pace
South Florida’s overall availability rate declined 80 basis points over the quarter and 40 bps over the year, to 16.4% in the second quarter of 2019. In comparison, the average Class A availability rate declined by 60 basis points over the quarter and 30 basis points over the year, to 17.5%. Central Business District (CBD) and suburban market availability rates were comparable in the second quarter of 2019, now at 17.0% and 16.1%, respectively. Still, submarket availability varied widely, ranging from 12.5% in Coral Gables/Coconut Grove and 15.6% in Downtown Fort Lauderdale, to highs of 18.9% in West Miami/ Airport and 25.6% in Downtown Miami.