The Real Deal Miami

Miami-Dade office market closer to bottom

August 31, 2010 10:30AM

An office space for sale in Miami

While vacancy rates continue to increase in the Miami-Dade County office
market, staying above 16 percent, the pace at which the vacancy rate has
increased over the last few quarters has started to decline, according
to the mid-year review from Colliers International for South Florida.
This could signal the formation of a bottom in the office-space market.
According to the report, there was a positive net absorption of 200,000
square feet, the greatest amount of positive absorption seen since the
first quarter of 2008. Average asking rents in the market are
down to below $30.50 per square foot for the second quarter in a row,
now at approximately $30.25 per square foot, the seventh consecutive
quarter of rental-rate declines for Miami-Dade office. TRD