Lease renewals are helping South Florida’s weak office market: report

Lease renewals are keeping Miami’s weak office market afloat, according to a Jones Lang LaSalle report cited by Globe St. With Miami’s total vacancy rate at approximately 20 percent and with Broward County close behind at 19.1 percent, landlords are boosting retention efforts, leading to big renewals across the region. For instance, Norwegian Cruise Line’s recent 199,000-square-foot renewal in Miami and State Farm and AT&T’s renewals in Palm Beach. “Many tenants are extending for three or five years, which certainly is a sign of confidence,” said Jonathan Kingsley, a senior vice president at JLL. “We’re seeing shadow space or sublease space come off the market. So these are all gentle signs only in submarket to submarket that are good signs of recovery that we are heading in the right direction.” [GlobeSt.] — Christopher Cameron

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