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South Florida

Miami’s office market tightens up

Office inventory is shrinking and prices are growing in Miami, according to a new Commercial Industrial Association of South Florida report.

Miami’s office vacancy rate fell to 17.3 percent in the first quarter from 17.4 percent at the end of 2013, according to the report cited by the Miami Herald.

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“Unemployment continues to drop,’’ Elizabeth Santos, vice president of Sime Realty Corp., told some 120 commercial real estate professionals in Miami.

“You’re seeing an influx of tech companies that want to be in a hot place — ‘hot’ as in ‘fun,’’’ said Don Cartwright, a JLL senior vice president.

Miami’s office rents increased 1.6 percent overall in the first quarter, compared with a year earlier, according to the CIASF report. [Miami Herald] – Christopher Cameron