Miami office vacancies keep dropping: report

CBRE credits lack of new construction for increased occupancy, rental rates

TRD New York /
Jul.July 24, 2014 04:30 PM

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.

The largest transactions completed during the second quarter included Pricewaterhouse Coopers’ lease for more than 43,000 square feet at Wells Fargo Center and Prestige Health Choice’s deal for 49,230 square feet at 9250 Northwest 36th Street in Doral.

Only 280,103 square feet of office space is under construction in the entire Miami market. CBRE’s report predicts the eventual return of office development, but at a “more moderate and drawn-out” rate than past cycles. — Eric Kalis


Related Articles

arrow_forward_ios
Eric Trump with Trump National Doral Miami (Getty, Trump Org)

Eric Trump is in driver’s seat as Trump Org reopens properties

Eric Trump is in driver’s seat as Trump Org reopens properties
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
Some of the world’s biggest banks — including Wells Fargo and Deutsche Bank — have engaged in a systematic fraud that allowed them to award borrowers bigger loans than were supported by their true financials (Credit: Alex Gottschalk/DeFodi Images; MANJUNATH KIRAN/AFP via Getty Images)

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...