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<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 Avenue, Coconut Grove and Coral Gables. <br /> <br />The Greater Miami Industrial Market, as of the Third Quarter of2003, consisted of approximately <br />189 million square feet of industrial space. The approximate percentage location of this space is as <br />follows: <br /> <br /> % OF TOTAL <br />MARKET AREA MARKET SPACE <br />AIRPORT WEST 32% <br />HIALEAH 18% <br />CENTRAL DADE 12% <br />NORTHWESTfMEDLEY 16% <br />NORTH DADE 13% <br />SOUTH DADE 5% <br />BIRD/T AMIAMI 4% <br />TOTAL 100% <br /> <br />The major use of industrial space is warehousing/distribution which accounts for approximately 65% <br />of the occupied space. Manufacturing and technology occupy the remainder of the space accounting <br />for approximately 20% and 15% of the industrial space, respectively. <br /> <br />The county's vacancy rate for the overall Miami-Dade County industrial market for the third quarter <br />of 2003 was 9.3%, Medley and Airport West had the highest vacancy rates, 10.2% and 12.7%, <br />respectively. Industrial rental rates generally range from $4.00 to $8.00 per square foot. The <br />median sale price per square foot in 2001 for industrial space in Miami-Dade County was $47.19, <br />by the first quarter of 2003 it had increased to $53.61 per square foot. <br /> <br />The continued slowness of the national economy, now beginning to climb out of a recession, has <br />contributed to the weakness in the Miami-Dade County industrial market. Overall vacancy rates <br />have increased and the general level of demand has decreased. The majority of the developers have <br />placed all plans for speculative development on hold. It is projected that by the fourth quarter of <br />2003 and into 2004, the overall economy will begin its recovery and that demand levels for industrial <br />space will again increase. <br /> <br />The number of single family residential permits decreased 6.8% from 6,166 in 1999 to 5,771 in <br />2000. Since 2000, the number of permits has increased to 6,600 in 2002. The average sale price of <br />a new residence in Miami-Dade County in 2003 was $302,158 up 10.3% from $273,918 in 2002. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />16 <br />