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For the first time, Miami has topped the high-end residential price index according to a sales report issued by the Knight Frank firm that analyzes price changes for the most desirable and expensive properties in a given location in the market by value for 46 cities across the world.

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Experts project rent to continue to rise by 8.9 percent through the end of the year.

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The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.

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Related has made offers to unit owners at both Champlain Towers North and Champlain Towers East.

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With the future of offices still uncertain, Miami gained traction as an office boomtown. A slew of corporate giants and startups announced they would be opening up offices in Miami. But the office market has yet to produce eye-popping statistics matching the hype.