Miami Office Market Surges During 1Q 2014

Miami Office Market Surges During 1Q 2014

Miami’s business and commercial activity keep growing and consequently office and commercial space are in great demand. The Office market is picking up steam throughout Miami-Dade County and the outlook is bright based on good employment growth, limited new construction, scarcity of premium space and new-to-market tenants.

The county’s year-over-year office vacancy rate fell from 16.5 percent to 16.1 percent during the first quarter of 2014, according to Miami Today, which cited CBRE data. Year-over-year asking rents increased 29 cents to $30.72 per square foot. Miami’s Central Business District led the way, with asking sublease rates at certain Class A buildings reaching as much as $60 per square foot.

“We’re very bullish on office rents and vacancies poised to decline a couple of percentage points over the next few years before stabilizing in about 2015-2016,” CBRE director of research and analysis Quinn Eddins told Miami Today.

JLL reported steady vacancy declines in Miami’s Class A office sector since mid-2010, when the rate exceeded 22 percent. The current direct vacancy rate is 16.6 percent. All this activity is a positive indicator that Miami continues to develop its economy becoming a city with a wider panorama of financial and commercial opportunities. * Miami Today

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