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
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Nicky Jame and One Thousand Museum (Getty, One Thousand Museum)
Reggaeton artist Nicky Jam picks up downtown Miami condo
Reggaeton artist Nicky Jam picks up downtown Miami condo
48 and 76 East Flagler Street with Moishe Mana (Google Maps)
Moishe Mana’s downtown Miami buildings declared unsafe, ordered evacuated
Moishe Mana’s downtown Miami buildings declared unsafe, ordered evacuated
1905 Clint Moore Road in Boca Raton with Healthcare Trust of America interim President and CEO Peter Foss (Google Maps, Healthcare Trust of America)
Healthcare Trust of America buys Boca Raton medical offices for $50M
Healthcare Trust of America buys Boca Raton medical offices for $50M
Vlad Doronin, Jonathan Goldstein and CEO Satya Nadella (Getty)
Microsoft to lease 50K sf office at under-construction Brickell tower
Microsoft to lease 50K sf office at under-construction Brickell tower
2229 North Commerce Parkway in Weston and Montecito CEO Chip Conk (Google Maps, Montecito)
Weston medical office building trades for $17M
Weston medical office building trades for $17M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
Office building by Lincoln Road in Miami Beach trades for nearly $50M
arrow_forward_ios

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

Loading...