Miami office market reports
Q3 2023
As of the end of August, Miami's unemployment rate decreased by 100 basis points compared to August 2022, reaching 1.9%, which is notably lower than the U.S. unemployment rate of 3.8%. Job postings showed limited growth, with the consulting, research, accounting, and recruiting sector comprising most office-related job openings. Notable trends in Miami’s office market during the third quarter included an increase in asking rates, a rise in sale prices for premium properties, and a growth in sublease availability.
Asking rent rates
Miami’s office asking rates experienced one of the most substantial post-pandemic increases among major U.S. cities, with a 40% surge.
Trophy asset pricing
Trophy office buildings experienced a significant increase in pricing, driven by higher occupancy rates due to tenants seeking highly amenitized options.
Sublease availability
Sublease availability rose by 32.4% year over year, amounting to 993,000 square feet, as companies have started to rightsize their space requirements.
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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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