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

Miami /
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 GlobeSt.com.

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

arrow_forward_ios
450 Royal Palm Way and the buyer H. William Perry. (Google Maps, Gunster)
Banker’s Row office building in Palm Beach sells for $17M
Banker’s Row office building in Palm Beach sells for $17M
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Marquis Miami (Wikipedia Commons, iStock)
Unstable connection: Internet company sues Marquis Miami condo association
Unstable connection: Internet company sues Marquis Miami condo association
Rob Gronkowski and 1100 Biscayne Boulevard (Getty; Miami Condo Investments/Photo Illustration by Kevin Rebong for The Real Deal)
Here’s a look at Rob Gronkowski’s Miami condo ahead of Super Bowl LV
Here’s a look at Rob Gronkowski’s Miami condo ahead of Super Bowl LV
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
5040 Northwest Seventh Street (Google Maps, iStock)
Northeast Capital pays $15M for Miami office building
Northeast Capital pays $15M for Miami office building
Jon Paul Pérez and Jorge Pérez with renderings of One Island Park (Related)
Related wins Miami Beach board approval for office project on Terminal Island
Related wins Miami Beach board approval for office project on Terminal Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...