The Real Deal Miami

Miami office market gains strength

February 10, 2012 12:00PM

Wells Fargo Financial Center

Office vacancy in Miami-Dade County was at 19.1 percent at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.” In Broward County, the overall vacancy rate was at 27.3 percent at the end of last year, and Palm Beach had the highest vacancy in the tri-county area at 27.3 percent. There are no office projects under construction in Broward and Palm Beach counties, according to the report.  — Alexander Britell