The Real Deal Miami

Miami-Dade County office vacancy falls to 15 percent, lowest since 2009: report

November 13, 2012 01:30PM

The office vacancy rate in Miami-Dade County has fallen to just around 15 percent, according to a third-quarter report from Colliers International South Florida. That represents the lowest office vacancy rate in the county since 2009. At this pace, vacancy rates will have fallen over 1 percent by the end of this year. The county’s long-term trend suggests a decline in rental rates, but over the short term Miami’s rental rates are leveling off, something that could point to a bottom, the report said. The county’s average asking rental rate is hovering around $28.50 per square foot, a number that has remained largely the same since the summer of 2011. — Alexander Britell