Miami office vacancy at 20.4 percent in Central Business District: report

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Office vacancy in Miami’s Central Business District stood at 20.4 percent in the third quarter, according to a report released Monday by Jones Lang LaSalle. In the Class A market, there was a 22.1 percent total vacancy rate at the end of the third quarter, with a 16.8 percent vacancy rate in the Class B market. That means a total of 2.01 million Class A square feet vacant in the district, and 747,167 square feet of total vacancy in the Class B market. The average asking rent in Miami’s CBD was $35.63 in the third quarter, with an average rate of $40.65 for the Class A market. In suburban Miami, total vacancy was at 18.3 percent. Overall, Miami’s office sector had a 19.1 percent vacancy rate, according to the report. — Alexander Britell