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The Real Deal Miami

Miami office market shows “signs of recovery”

July 19, 2012 11:15AM

Brickell

While total vacancy rose in Miami’s office market on a year-over-year basis in the second quarter, the sector “continued to show signs of recovery” in the period, according to a report from CBRE. The second three-month period of 2012 was characterized by several large transactions, including a 61,053-square-foot lease by Bright Star at Flagler Station and a 43,000-square-foot lease by Young and Rubicam in the Courvoisier Centre II complex on Brickell Key. Miami Beach was the county’s strongest submarket, with just a 9.2 percent vacancy rate. The next-highest rate is Aventura, which stands at 12.5 percent. — Alexander Britell