Miami Office Market Report (Q1 2021)

Miami Office Market Report (Q1 2021) 13 Apr 2021

Strong incentives programs are attracting considerable activity from new to market tenants and there is an unprecedented amount of pent-up leasing activity. Tenants currently in the market include Microsoft (30,000 sf), Chicago-based hedge fund Citadel (80,000 sf), and Baker & McKenzie for an unspecified amount. Several major office developers (Hines, Related Cos., Adler Group, Kushner Cos./Block Capital Group) are moving forward with significant new office and mixed-use projects despite a wave of new supply in 2019 and 2020, which will keep upward pressure on vacancy rates in the near term.

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