Miami office market reports

Q4 2023

As of the end of November, Miami's unemployment rate decreased by 10 basis points compared to the third quarter, reaching 1.4%. This is 150 basis points lower than Florida's unemployment rate of 2.9%. Total nonfarm employment experienced a year over year increase of 3.9%, notably with professional and business services showing job growth of 6.1%.

$724M

Sales volume

Economic challenges, coupled with reduced office demand, led to a year-end office sales volume of $792 million, averaging $368 per square foot.

-90 bps

Trophy vacancy rates

Trophy office vacancy rates decreased by 90 basis points from the start of 2023 to the end, driven by the continued flight-to-quality trend.

4.2 msf

Leasing activity

Office leasing activity softened in 2023, resulting in a 24% decrease compared to 2022. However, 4.2 million square feet (msf) in leasing volume aligns with pre-pandemic normal levels.

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Get in-depth office market reports from commercial real estate experts in the Greater Miami area. Avison Young advisors look at Miami commercial real estate activities and the latest Miami statistics to provide you expert market research on Miami's office properties.

Explore different topics like the latest office market pricing trends and analysis of Miami's current office real estate market conditions. Gain a better understanding of Miami’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Miami's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Miami.

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