FYI Miami: November 2, 2023

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

CAN WE GO WITH THE FLOW?: A consultant would get $110,000 to study three potential routes for waterborne transit in Miami-Dade and determine if any would be financially feasible to operate if the Transportation Planning Organization approves today (11/2). One would flow from Homestead to Aventura, another would connect South Beach to downtown Miami and North Miami Beach, and the third would go along the Miami River from the river’s mouth to Northwest 87th Avenue and the Little River Canal. The nine-month study would build on studies the organization ordered in 2003, 2004 and 2017. The consultant would estimate ridership for each route, travel times and frequencies required, terminal needs, capital and operations costs, the number of passengers required to warrant the investment, potential funding sources, and government policy requirements needed to float the plan.

FLOWING AGAINST THE CURRENT: As average gasoline prices in almost every state fell for the sixth consecutive week, Miami’s prices rose 5.2 cents per gallon in the past week to $3.31, according to GasBuddy. Prices in Miami are 21.5 cents per gallon lower than a month ago and 1.1 cents higher than a year ago. The national average price fell 5.3 cents during the week to $3.45, down 36.3 cents from a month ago and 27.4 cents from a year ago.

CRIME REPORTS CHANGING: The Miami-Dade Police Department is doing away with its monthly reports of crime statistics and will instead allow the mayor and commissioners to see a dashboard of crime data that is more timely, a memo from Mayor Daniella Levine Cava to commissioners notes. The monthly reports followed uniform federal crime reporting guidelines that totaled crimes by categories and areas of the county. The mayor’s memo does not indicate availability to the public of the crime data, which are to be updated nightly.

BIG INDUSTRY DEALS EVAPORATE: The big deals for Miami-Dade County industrial space that typified a 2022 boom have plunged, with leases for 100,000 to 250,000 square feet dropping 71.5% from last year, brokerage Avison Young spotlights in its third quarter industrial market snapshot. “The highest demand in 2023 has been for spaces between 20,000 to 50,000 square feet, making up 36% of leasing activity,” the company reports. “Miami’s industrial vacancy rate remained remarkably low [at 2.4%] in the third quarter as general warehouse and manufacturing property subtypes took the lead for having the highest tenant demand,” which has “significantly reduced general warehouse vacancy rates to 1.7%”