Office vacancies hit two-year low

Sign Up for the undefined Newsletter

Miami office vacancies have dropped to 16.8 percent, the lowest mark in
two years, according to a report from Cushman and Wakefield released today. That number
represents a fall from 18.6 percent at the end of the first quarter,
and the lowest vacancy rate since 2009, when it was 16.1 percent. The Class A
vacancy rate fell to 18.2 percent, down from 20.6 percent at the end of
the first quarter. There have been a total of 1.3 million square feet of
new leases this year, a 4.6 percent increase from the 1.2 million
square feet of leasing at the same time last year. Asking
rents have remained virtually unchanged, ending the second quarter at
$30.10 per square foot, a slight increase from $29.99 per square foot at
the end of the first quarter. — Alexander