Miami office market reports
Office insights Q2 2021
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Total vacancy in Miami is at an eight-year high, totaling 16.9%, however leasing momentum is strong and sublease space is beginning to moderate. Asking rents are up significantly as the amount of activity and tenants in the market has landlords confident that they can achieve premium rates.
Unemployment rate in South Florida, down 790 bps from the height of the pandemic.
Florida’s rank in a WalletHub study of the top U.S. states for their rates of recovery, with industries gaining the most jobs over the year including leisure and hospitality, professional and business services, and trade, transportation and utilities.
Leasing activity totals over half of the total activity recorded in 2020 and is expected to grow through year-end 2021 at the same pace it has occurred year-to-date.
Total amount of vacant sublease space (in square feet) on the market in Miami, comprising only 4.7% of total vacant space. Some blocks placed on the market early in the pandemic by proactive landlords were opportunistic in nature and have either been leased or taken back by occupiers.
Rents have spiked significantly in the last year in Miami largely due to new construction deliveries and competition with a new trophy office tower, and some landlords are now asking $75 - $80.
Total office investment volume (in billions) in Miami for the period from Jan 2020 through Jun 2021. The largest sale during Q2 was Cardone Capital’s $93 million acquisition of Harbour Centre at Aventura.
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Get in-depth office market reports and insights 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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