Have return-to-office initiatives been successful in Miami after the pandemic? - United States
Have return-to-office initiatives been successful in Miami after the pandemic?
Miami’s office market has been through a challenging cycle since the onset of the pandemic as landlords and brokers have tried navigating government policies and return-to-office initiatives. Comparing the first week of January 2024 to the baseline of January 2019, the overall market has achieved a 65.8% recovery rate. The positive trajectory since hitting its low in April of 2020 indicates this significant rebound is expected to continue.
The urban market has outperformed the suburban market, showcasing its resiliency with an impressive recovery rate of 83.7%. The rapid recovery of this segment can be attributed to the vibrant live, work, and play atmosphere in urban areas.
The suburban market has also made strides with an overall recovery rate of 62.2%, which is a 12% increase since January of 2022. While the office market continues to struggle nationally across major cities due to the effects of the pandemic and remote work trends, Miami’s resurgence has stood out as a city on its path to normalcy.