Miami office vacancy reaches 18 percent

Miami’s Central Business District showed a vacancy rate of 18 percent at the end of the second quarter, according to a report from Integra Realty Resources. The average asking rent in Miami was $32 per square-foot, which represented a 1 percent growth rate. In Miami’s suburban areas, the vacancy rate reached just 14 percent, with an average asking rent of $25 per square-foot. Miami’s suburban office markets have similarly seen 1 percent rent growth. The data followed a CBRE report showing Miami’s overall office market vacancy rate to be 19.2 percent. — Alexander Britell