Miami office market worsens in 4Q: report

Conditions in Miami’s office market deteriorated further during the fourth quarter of 2009, with vacancy rates rising, rents dropping and net absorption negative, according to a market report by Newmark Knight Frank. The city’s vacancy rate rose to 20.6 percent, a 10-year high. Asking rents dipped to $30.16 per square foot, from $31.59 per square foot one year ago. Close to 1.7 million square feet of office space returned to the market in 2009, and 295,660 square feet of that space came online during the fourth quarter. TRD