The Real Deal Miami

Miami office vacancy drops to 18.1 percent: report

January 24, 2013 12:00PM

Office vacancy in Miami-Dade County reached 18.1 percent in the fourth quarter of 2012, according to the latest MarketView from CBRE. That number was an improvement from a nearly 20 percent rate in the fourth quarter of 2011 — a 160 basis point decline. Miami saw more than 500,000 square feet of leasing activity in the final quarter of 2012, with positive absorption of 367,000 square feet and 324,000 square feet of new construction. The average direct asking leasing rate stood at $30.03 at the end of the fourth quarter. Coconut Grove posted the best total vacancy numbers of any submarket in Miami last quarter, at just 6.9 percent. —Alexander Britell