The Real Deal Miami

Supply of new Miami-Dade office space to jump 278 percent

July 23, 2010 10:30AM

The Wells Fargo Center and 1450 Brickell account for most of the 1.5
million square feet of office space in Miami-Dade County slated for
delivery this year, a 278 percent jump from just 538,000 square feet
completed in 2009, according to a new report by Marcus & Millichap.
This new supply will weigh on important measures of office property
performance in the county by the end of this year. In particular, the
added space will contribute to a predicted 17 percent climb in the
office vacancy rate, according to the report. Asking rents are
expected to fall by 3 percent to $29.26 per square foot while effective
rents decline by 4.8 percent. Employment is projected to improve
by 0.2 percent, the report says. TRD