Miami office market reports
Miami’s office market remains strong and rent growth continues to soar amid demand from new-to-market tenants. Development interest has heated up in Wynwood and further growth in net absorption is expected from large move-ins scheduled for 2022.
Development interest has picked up in Miami and 1.7 million square feet (msf) of office space remains under construction at the close of the first quarter in 2022. Wynwood has garnered some of the most development interest with over 1.1 msf either under construction or proposed to deliver by 2024.
Net absorption started the year off strong in positive territory of 200,358 sf. Several large move-ins are still expected this year, which will boost absorption numbers later in the year.
Direct asking rent
Driven by an influx of out-of-state firms, direct average asking rents in Miami continue to rise to new heights with the overall asking rate reaching $46.92 per square foot (psf). For the first time in Miami’s history, landlords are beginning to push asking rates to $100 psf and beyond.
As leasing activity continued to flourish in the first quarter, total availability declined by 6.9% from year-end 2021. There is currently 11.5 msf of available space on the market in Miami.
Miami’s overall vacancy contracted during the first quarter of the year to 16.5% from 16.9% at the end of 2021. Unsurprisingly, some of the strongest declines in vacancy quarter-over-quarter occurred in submarkets where some of the strongest leasing activity has been taking place.
Investment sales were off to a healthy start in 2022 with over $188.9 million in sales transactions. Pricing remained steady at $313 psf.
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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.
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