The Real Deal Miami

Miami office vacancy tops national average

August 03, 2009 04:32PM

The Miami office market has the 17th highest vacancy rate in the
country, according to a Cushman & Wakefield report on second
quarter 2009 statistics for the U.S. office property market. The
national vacancy rate for central business districts rose to 13.7
percent from 12.5 percent at the end of the first quarter. The
vacancy rate rose to its highest level since the second quarter of
2005, when it
was 13.7 percent, but was still below its decade high of 15.5 percent,
which it reached in the second and third quarters of 2003. It
rose 3.5 percentage points since that time last year and 4
percentage points since the start of the recession in December 2007.
Miami had a vacancy rate of 16.1 percent, a 0.4 percent increase from
the previous quarter. TRD