From the South Florida website: While the South Florida residential market has garnered attention with a profusion of new condos rising, the office market in the region is showing positive signs as well, a new report from CBRE shows.
Miami’s office sector finished the second quarter of 2014 with a 15.5 percent vacancy rate, down from 16.2 percent during the first quarter and 17.3 percent during the second quarter of 2013. Landlords completed 160 lease transactions totaling 877,000 square feet during the quarter. The market’s average asking rental rate was $30.83 per square foot, an increase of 12 cents from the first quarter. [more]