Miami office market vacancy to fall in 2012

Miami’s office market is projected to see its most significant annual decline in vacancy since 2006, according to a report from Marcus & Millichap. Miami’s market has attracted a number of U.S. and international firms in the last year, contributing to the vacancy drop. The firm projects vacancy in the Miami market to fall by 90 basis points this year to 16.2 percent, erasing most of what was a 120-basis-point jump in 2011. Asking rents are also expected to increase by 2 percent, along with a 3 percent rise in effective rents to $24.86 per square foot. — Alexander Britell