Miami’s office market is healthy despite onslaught of new inventory

Jan.January 10, 2012 02:15 PM

Downtown Miami’s office market was healthy in the fourth quarter, according to a report released by Transwestern cited by

About 40,000 square feet of space was absorbed in the Central Business District, yielding a vacancy rate of 22 percent. Rents were about $41.24 per square-foot for Class A space and $26.10 for Class B buildings.

The modest vacancy rate doesn’t reflect the strength of the market, according to Walter Byrd, a managing director with the firm. “Considering the additions of three new buildings in the last year and a half, [there was a] fairly moderate vacancy rate in Class A products,” he said, referring to 1450 Brickell Avenue, 600 Brickell Avenue and the Wells Fargo Financial Center. “If you were to remove the new product out of stats, the vacancy rate is very healthy for this market.”

As a whole, Miami-Dade county had an office vacancy rate of 23 percent for Class A and 22.1 percent for Class B space, with rental rates averaging $35.94 for the former and $24.07 for the latter. [GlobeSt]

Related Articles

Renderings of the project with Yair Levy

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

Stephen Nostrand and 1548 Brickell Avenue

Historic Brickell Avenue building listed for sale

Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower