Miami-Dade office market continues surge

Miami /
Apr.April 23, 2014 01:30 PM

A lack of new construction and strong employment growth is helping Miami-Dade County’s office market chip away at vacancies and raise rents.

The county’s year-over-year office vacancy rate fell from 16.5 percent to 16.1 percent during the first quarter of 2014, according to Miami Today, which cited CBRE data. Year-over-year asking rents increased 29 cents to $30.72 per square foot. Miami’s Central Business District led the way, with asking sublease rates at certain Class A buildings reaching as much as $60 per square foot.

“We’re very bullish on office rents and vacancies poised to decline a couple of percentage points over the next few years before stabilizing in about 2015-2016,” CBRE director of research and analysis Quinn Eddins told Miami Today.

JLL reported steady vacancy declines in Miami’s Class A office sector since mid-2010, when the rate exceeded 22 percent. The current direct vacancy rate is 16.6 percent. [Miami Today]Eric Kalis


Related Articles

arrow_forward_ios
Tyler Heckaman, Alejandro Arellano, Brad Berzins and Noah Gens (Getty)
Movers & Shakers: Eden Multifamily hires Florida land acquisition director
Movers & Shakers: Eden Multifamily hires Florida land acquisition director
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
 Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
Stephen Ross bets on West Palm office development — again
Stephen Ross bets on West Palm office development — again
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...