Growth in Miami’s office market “promising:” report

Downtown Miami
Downtown Miami

Miami’s office market is looking “promising,” according to Marcus & Millichap’s third quarter market report.

While Miami’s office market is still not back to its pre-recession levels, developers are bringing some 260,000 square feet of office space online in 2014, according to GlobeSt.

Marcus & Millichap is forecasting vacancy rates to drop 190 basis points to 14.8 percent in 2014. In 2013, Miami’s office market dropped just 80 basis points.

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The firm also predicts that average rent in Miami-Dade County will grow 2.8 percent to $29.24 per square foot in 2014, compared to last year’s 2.1 percent gain.

“Expansion in predominantly office-using employment sectors is likewise strong, led by professional and business services, and financial services,” M&M reports. “The booming housing market, growing need for healthcare, and foreign in-migration and investment will create office-using jobs in areas such as residential mortgage brokerage, port commerce and international banking.” [GlobeSt]Christopher Cameron