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South Florida

Report: Miami office vacancy up in 2Q

The office markets of Broward, Palm Beach and Miami-Dade counties showed an overall increase in vacancy rate and decrease in leasing activity so far in the second quarter of the year, according to the PricewaterhouseCoopers Korpacz Real Estate Investor Survey. The report comes less than a month after a report from CBRE announced that Miami’s office market showed the steepest increase in rents of any North American market in the year ending March 31st.

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Miami’s sublease vacancy rate more than doubled between the 1st quarter 2007 and the 1st quarter 2008, according to the report. Some experts believe that job losses in the financial services – down around 2,000 to 74,500 in the Miami-Miami Beach-Kendall metropolitan area between December 2007 and April 2008 – has been one cause for the decrease in office demand here.

Due to the tightening credit market, commercial sales activity has slowed down in the Miami area as well. Office sales volume totaled $130 million in Miami, $5.0 million in Palm Beach and $4.0 million in Broward County in the first quarter of 2008. Collectively, these markets were down 78 percent from sales in the first quarter of 2007.